Investing in commercial real estate can be challenging. You have to make decisions based on data, not what property you “love.” You need to understand what commercial purpose best suits that particular property, whether it be retail, residential, mixed use, or even industrial. You need to understand how to handle the property’s existing tenants and what kind of tenants you will want to seek going forward, as well as how to find and attract those future tenants. Above all, though, you need to know how to avoid the many pitfalls that lurk in the commercial real estate world.
The majority of residential real estate transactions in Ontario are completed pursuant to the Ontario Real Estate Association (“OREA”) standard form of agreement of purchase and sale (the “Agreement”). The Agreement strives to balance the buyer and the seller’s rights and promotes consistency and certainty in residential real estate transactions. This article will provide a review of some of the key provisions found in the Agreement to allow the reader to understand the contract which underpins the majority of residential real estate transactions in Ontario. This article is not an exhaustive review of the Agreement’s contractual provisions. Should you require assistance in understanding your obligations in the purchase or sale of a residential real property, please do not hesitate to contact the Beganyi Professional Corporation, and we would be happy to assist you.