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The Lay of the Land DEVELOPMENTS IN CANADIAN REAL PROPERTY LAW

Tag Archives: vendor

BCSC Considers the Organizing Principle of Good Faith in the Context of Lawyer’s Approval Clauses

Posted in Litigation

Introduction

In 2014, the Supreme Court of Canada in Bhasin v. Hrynew[1] formally recognized the “organizing principle of good faith” in Canadian contract law. Since then, many Canadian courts have had occasion to interpret and apply this principle in the context of real estate transactions. A recent decision of the B.C. Supreme Court, Zhang v. Amaral-Gurgel,[2] adds to this line of authority, offering insight into the application of the principle of good faith in the context of lawyer’s approval clauses.… Continue Reading

Is Time on Your Side? Best Practice for Purchase Contract Date Extensions

Posted in Commercial, Construction

The “time is of the essence” clause in a standard purchase contract is often treated as “boilerplate”, but this short, simple statement can be critically important, as it makes it “essential” that the parties perform their obligations by the relevant dates and times specified in the contract (e.g., the date by which a deposit must be paid or closing must occur).  What is not well understood is that, if the parties subsequently agree to extend a date specified in the contract, they may lose their ability to rely on the “time is of the essence” clause.  This somewhat … Continue Reading

Timber! Potential Pitfalls When Purchasing Private Managed Forest Land in British Columbia

Posted in Land Use, Policy

Prospective purchasers of private managed forest land in British Columbia (land classified as “Class 7 Private Managed Forest Land”) should be aware that:

  • future property assessments for the land may be higher than the purchaser is expecting on account of timber previously harvested on the land; and
  • the purchaser may incur exit fees if the purchaser removes the property from the Private Managed Forest Land class.

BC Assessment values private managed forest land based on the land’s bare land value, but also on the added value of the timber situated on the land. Importantly for a prospective purchaser, the timber … Continue Reading

Beyond Borders

Posted in Commercial, Policy

Real estate marketing has traditionally been regionally focussed. Though the size of the region can differ, buyers were thought to be more likely to approach opportunities which were geographically convenient. What is geographically convenient for an institutional investor differs from what is geographically convenient for a first-time home buyer.

Development property listing in Lisbon, Portugal

While this may still be true, vendors and brokers are increasingly catering to international investors. In a recent newsletter posted on Property Biz Canada, it was reported that Century 21 recently launched a new global listings website, providing consumers around the world … Continue Reading