I was recently asked to present to a group of realtors and mortgage brokers on the latest trends and developments in real estate and real estate law. As I took time to reflect, I realized that the majority of developments and trends that have impacted real estate closings over the last year revolve around Covid-19.
The pandemic has created some unique challenges and opportunities for real estate lawyers and our clients. Below are some key points to keep in mind when selling or purchasing a home in the current market, which I hope will be helpful!:
Interest rates are at an all time low as the central bank has reacted to the pandemic accordingly. This coupled with ongoing supply issues has created a sellers market unlike one we have seen before. With interest rates so low, banks have seen an unprecedented volume of mortgage and refinance applications. As a result, we have seen some banks, who are already dealing with understaffing, being unable to process mortgages on short notice. We highly recommend that clients start their mortgage approval process early and well in advance of their closing date to avoid closing delays. The days of quick closings or rush closings are gone!
Bidding wars are inevitable. On numerous occasions at Accord Law, we have seen purchasers submitting offers, often on multiple properties, and then getting cold feet and failing to provide a deposit after the offer has been accepted. In order to protect sellers, we always recommend sellers obtain a substantial deposit upwards of 5% of the purchase price. Purchasers must understand that once an offer is fully executed and firm, not providing a deposit does not relieve them of their contractual obligations and they will still be held liable. There is no “cooling off period” for residential resale real estate!
Due to the circumstances involved in multiple offer situations, purchasers and sellers are being placed in positions where they have to make consequential decisions quickly and often without legal advice. We suggest making sure that you are represented by a Realtor, who has a team of professionals including lawyers, mortgage brokers, and inspectors at their disposal, so you can seek timely advice during these critical moments.
Due to health and safety concerns, the Law Society has allowed law firms to verify our clients’ identity virtually, through video calls. This change has allowed our office to act for clients throughout the Province, and our client’s outside of the GTA no longer have concerns of having to travel to our office prior to closing. For your convenience and safety, Accord Law is fully equipped to close deals remotely through video conferencing, and our team is available to assist you every step of the way!
Accord Law Professional Corporation 1457 McCowan Road, Suite 209 Toronto, ON M1S 5K7 Tel: 416-288-8000 asaini@accordlaw.ca www.accordlaw.ca
Angat Saini
Angat Saini is the owner of Accord Law Professional Corporation as well as a highly experienced Barrister and Solicitor. After having completed studies at the University of Toronto in Bachelor of Arts — Public Policy in 2007, he developed his education further through J.D., Law and LL.B., Law from 2008 to 2011. Angat also developed experience as an articling student at Greenburg Turner before becoming an Associate, finding his way to KPMG Law LLP in 2012.
This experience, much of it at a large Bay Street firm in downtown Toronto, helped to bolster his proficiency in immigration and business law even further. In addition, his several years of dedication as a successful real estate agent now enables clients to benefit from his insider, comprehensive knowledge of real estate law. Angat is a registered member of the Law Society of Upper Canada, capable of delivering sound legal counsel in six languages including English, Hindi and even Polish.
Clients of all walks of life, from individual applicants to large multinational corporations, can depend on Angat’s wealth of knowledge and practical skills based on real-world experience.
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Terms and Conditions
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Privacy Policy
Accord Law Professional Corporation is a firm that specializes in Real Estate, Immigration, and Business law with offices in Toronto, Ontario. The lawyer[s] and staff at Accord Law Professional Corporation (sometimes referred to as “we”) are committed to protecting your privacy. This Privacy Policy outlines how we handle your personal information to protect your privacy.
Privacy Legislation
Since January 1, 2004, all Canadian organizations engaged in commercial activities have been required to comply with the Personal Information Protection and Electronic Documents Act (“PIPEDA”) and the Canadian Standards Association Model Code for the Protection of Personal Information incorporated by reference into PIPEDA. These obligations extend to lawyers and law firms, including Accord Law Professional Corporation.
In addition, an Act respecting the Protection of Personal Information in the Private Sector has been in force in Quebec since 1994 and sets out rules regarding the collection, use and disclosure of personal information within that province.
Lastly, as a professional services firm, we have professional and ethical obligations to keep confidential the information we receive in the context of a lawyer-client and agent-client relationship.
Personal Information
Personal information is defined in PIPEDA as information about an identifiable individual, but does not include the name, title or business address or telephone number of an employee of an organization. In other words, it does not include the information that one expects to find on a business card.
Consent to Our Collection of Personal Information
In most cases, we obtain your consent to collect, use and disclose your personal information. Usually, if you retain our firm, we assume that we have your implied consent to our collection and use of your personal information, however, at times we may ask for your express consent, either verbally or in writing. Generally, we collect your personal information directly from you at the start of or during the course of your retainer with our firm. Sometimes we may obtain information about you from other sources such as a government registry or other professionals who serve you.
Use of Personal Information at Accord Law Professional Corporation
We use your personal information to provide legal advice and services to you, to issue invoices and to maintain our database of clients. In addition, if you apply for a position with Accord Law Professional Corporation, we will use your personal information to assess your candidacy. Lastly, we may use your contact information (name, e-mail and postal address) so that we may communicate with you about recent developments in the law, keep you abreast of Accord Law Professional Corporation news and invite you to our firm events.
Withdrawal of Consent
You may withdraw your consent to our collection, use and disclosure of your personal information at any time, subject to legal and/or contractual restrictions and upon reasonable notice. Your withdrawal of consent to our collection, use and disclosure of your personal information may impact our ability to represent you and provide you with legal advice.
You can ask us not to send you marketing communications by following the opt-out instructions in each communication or you may let us know by contacting us at info@accordlaw.ca.
Disclosure of Personal Information
Generally, we do not disclose your personal information to third parties without your consent unless permitted or required by applicable laws or court orders. The following are some examples where we may disclose your personal information: such disclosure is necessary to collect fees or disbursements; we contract with a third party to provide us with certain services such as archival file storage or insurance. (In such cases, we will use contractual or other means to ensure the third party service provider is bound by obligations regarding privacy which are consistent with this policy); or we engage expert witnesses or other law firms on your behalf.
Accuracy of Your Information
It is important that the information that we have on file be accurate and up-to-date. If, during the course of the retainer, any of your information changes, please inform us so that we can make any necessary changes. We may also ask you from time to time whether your personal information is up-to-date.
Safeguards
Accord Law Professional Corporation uses various safeguards to ensure that your personal information is protected against loss, theft, misuse, unauthorized access, disclosure, copying or alteration. These include: security of our physical premises; our professional obligations; security software and firewalls to prevent unauthorized computer access or “hacking”; and internal passwords that restrict access to our electronic files.
Access to your Personal Information
You have a right to challenge the accuracy and completeness of your personal information and to have it amended, as appropriate. You also have a right to request access to your personal information and receive an accounting of how that information has been used and disclosed, subject to certain exceptions prescribed by law. For example, if the requested information would reveal personal information about another individual, your request for access may be limited or denied. If your request for access is denied, Accord Law Professional Corporation will notify you in writing of the reason for the denial.
To request access or to amend your personal information, please contact the lawyer with whom you normally correspond or write to our Privacy Contact at the address below. Accord Law Professional Corporation will respond within thirty (30) days of receipt of your written request.
Challenging Compliance
Accord Law Professional Corporation will respond to inquiries about its policies and practices relating to its handling of your personal information. Inquiries should be directed to Accord Law Professional Corporation’s Privacy Contact using the contact information below. Accord Law Professional Corporation will investigate all complaints and will respond within 30 days of receipt of a written inquiry. If the complaint is found to be justified, Accord Law Professional Corporation will take appropriate measures to resolve it, including, if necessary, amending this Policy and its procedures.
Website Privacy
Like most other commercial websites, we may monitor traffic patterns, site usage and related site information to optimize your visit to our website.
We do not use cookies or any electronic means to collect personal information from you or your computer; however, our website server will automatically collect IP addresses. We may view the IP log from time to time, for example, to maintain the security of our website. We do not link the IP addresses to other personally identifiable information.
Privacy Contacts
If you have any questions or complaints about this Policy or the handling of your personal information, if you wish to withdraw your consent to our use of your personal information, or to request access to or update any information we have on file, please contact the lawyer with whom you are dealing, or contact:
Commission d’accès à l’information du Québec
480 St. Laurent
Suite 501
Montreal, Quebec
H2Y 3Y7
Telephone: 514.873.4196
Toll Free: 1.888.528.7741
Changes to this Privacy Policy
We may change this Privacy Policy from time to time. Any changes will be posted on our website at accordlaw.ca and will be made available upon request through your contact at Accord Law Professional Corporation. Please check from time to time to ensure you are aware of our current policy.
