With the continued exponential growth in mixed use developments which often take the form of separate components subject to condo declarations and in many cases multiple condo declarations as between the residential and commercial components, buyers and mortgage lenders will consider additional factors during their due diligence and as part of future management of the various components.… Continue Reading
Those who claim a builders lien must comply strictly with the requirements of the Builders Lien Act, and owners (or at least their counsel) are frequently on the lookout for liens that can be extinguished for a failure to satisfy such requirements. The recent BC Supreme Court decision in Stanley Paulus Architect Inc. v. Windmill Holdings Ltd., 2014 BCSC 1816 serves as a reminder of one fundamental requirement: in order to claim a lien there must be an “improvement” within the meaning of the Act. More particularly, there is no “improvement” where construction has not yet commenced … Continue Reading
It is not uncommon for parties to enter into contracts for the purchase and sale of real estate that contain defects which may affect their enforceability.
To be enforceable, a purchase contract must set out the essential terms of the agreement; in particular, it must clearly describe the “three Ps” (parties, property and price) and other key terms such as the completion date and the particulars of any vendor financing or leaseback. Although these legal requirements are well known, even the most experienced real estate professional will occasionally fail to adequately describe one or more essential terms in a purchase … Continue Reading
Building on Michael’s post from last week, another issue facing foreign investors in the Canadian real estate market are restrictions on the acquisition and ownership of land in the Prairie Provinces.
Alberta’s Foreign Ownership of Land Regulations (the “Regulations”) restrict foreign acquisition of interests in mainly rural land by the establishment of a scheme of controlled and uncontrolled land. Controlled land typically refers to farm land and ranches – the Regulations provide that controlled land means land in Alberta, excluding Crown land, land within the boundaries of a city, town, new town, village or summer village, and … Continue Reading