A recent order of the Ontario Superior Court illustrates the complexities of the right of rescission in real estate transactions. The purpose of the remedy of rescission is to restore the parties to the position they were in prior to the entering into of the transaction in question. When there has been a conveyance of interests in real property and consequently, the transfer of legal ownership of those interests, which often triggers tax consequences, restoring the parties to their pre-contractual position and unwinding the transaction can be complicated and is akin to “putting Humpty Dumpty back together again.”
The recent … Continue Reading
The Supreme Court dismissed an appeal this week from the Quebec Court of Appeal in Immeubles Jacques Robitaille inc. v. Québec (City), 2014 SCC 34. The appellant developer had challenged an offence notice issued by the municipality for permitting or tolerating non-conforming parking use contrary to the municipality’s zoning and planning by-law. The developer, in challenging the notice, relied in part on acquired rights based on the use of the parking lot. The question that was raised was whether the doctrine of estoppel could be pleaded by a defendant in penal proceedings dealing with an application of … Continue Reading
In a topsy-turvy world, the relative strength and stability of Canada’s economy continues to attract foreign investment, including our commercial and residential real estate sectors.
Since it may not always be advantageous for foreign companies to incorporate a Canadian entity, Canadian businesses are more likely today than ever to have dealings with non-resident companies, whether as buyers, sellers, landlords, tenants or financiers.
Transacting with a foreign company raises a host of issues that need to be thought about. To illustrate just one, consider a situation where a Canadian landlord wants to enforce a covenant in a lease – say a … Continue Reading