Mortgage Investment Corporations in Ontario and Income Tax Act (MICs)
Mortgage Investment Corporations in Ontario and Income Tax Act (MICs) In the early 1970s, the government of Canada believed a housing crisis was looming. In 1973, they created MICS as a part of the Residential Mortgage Financing Act to encourage private lending and make investments in residential mortgages and real estate more accessible to smaller […]
Breakdown of Power of Sale in Ontario
Breakdown of Power of Sale in Ontario When a homeowner in Ontario falls behind on their mortgage payments, the lender has the legal right to sell the property to recoup the money owed. This is known as a power of sale. While this process can be stressful and overwhelming for homeowners, understanding the details of […]
Ultimate Guide on Effective Collaboration with a Real Estate Law Firm for MICs
Ultimate Guide on Effective Collaboration with a Real Estate Law Firm for MICs For Mortgage Investment Corporations (MICs) operating in Ontario, establishing a strong legal partnership is crucial to navigating the regulatory landscape and ensuring long-term success. In this post, we’ll outline key factors for effective collaboration between MICs and their real estate law firms. […]
Tenanted residential properties under the power of sale in Ontario
Tenanted residential properties under the power of sale in Ontario For tenants, borrowers and lenders, it’s essential to know the legal implications when a lender takes possession of a residential property subject to a tenancy agreement. What happens to tenanted residential properties under the Power of Sale in Ontario? In accordance with the Mortgages Act, […]
Breakdown on Fees That Can be Claimed by a Lender.
Breakdown on Fees That Can be Claimed by a Lender. As a lender, it is important to understand what fees you can legally charge borrowers. While there are many types of fees that lenders may want to charge, not all fees are allowable under the law. It is important to understand what fees are permissible […]
Understanding the Notice of Sale and Its Legal Requirements
Understanding the Notice of Sale and Its Legal Requirements A notice of sale is a document that a lender issues to a borrower who has defaulted on their mortgage, notifying them that the lender intends to take possession of and sell the property. The notice of sale serves as the lender’s authorization to sell the […]