Real Estate

Enclaved Purchasers

Did you know that the right of all purchasers who did not lodge and/or submit their sale contract or assignment agreement before the District Land Office lapses on 31.12.2022?

The recent legislation is judged to be fair as it is undoubtedly a significant step for the protection of the purchasers who have fully paid the agreed purchase price according to their sale agreement and have not yet receive the separate title deed of their immovable property for reasons beyond their control.

The legislator in an attempt to further help and assist those purchasers who have not filed their sale agreement or their assignment agreement before the District Land Registry has set the deadline for filing an application with the Court on 31.12.2022. Read more…

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Buying a Century-old Property: An Extra Measure of Care Is Required

While looking for a home, you fall for a century-old residence: what should you do? Make sure you carry out certain verifications before closing the sale. Although the legal warranty of quality applies regardless of the building’s age, courts generally have more stringent expectations towards buyers of older properties. The Superior Court illustrated this in the recent case of Auchintek c. Gerkes, 2022 QCCS 2637.

In that case, the plaintiff was asking for more than $430,000 in damages from the seller for latent defects in a property that she had bought in 2004. The defendant raised two key arguments for his defence: the buyer’s negligence in having failed to perform an inspection on a dwelling built in 1910, and failure to give notice within a reasonable time. The quantum of the damages was also in issue.

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New York City’s “Guaranty Law” Remains Legal — For Now

When the COVID-19 pandemic struck in 2020, it brought New York City to a standstill. In response to the worsening pandemic, then Gov. Andrew Cuomo passed a series of Executive Orders mandating the closure of non-essential businesses with the intent of limiting the spread of the deadly disease. Many businesses in the City were forced to temporarily close and found themselves unable to meet their rental obligations.In response, New York City enacted Administrative Code § 22-1005, entitled “Personal Liability Provisions in Commercial Leases.” This provision is commonly known as the “Guaranty Law” and is largely intended to protect personal guarantors of commercial leases from facing liability for obligations incurred at the early height of the pandemic, between March 7, 2020 and June 30, 2021. While the Guaranty Law remains in effect, it is facing a significant constitutional challenge in federal court. Read more…

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EXTENSION OF THE CANADA EMERGENCY RENT SUBSIDY AND RELATED MORATORIUM

The Canada Emergency Commercial Rent Assistance (“CECRA“) program expired on January 31, 2021,1 and the moratorium on eviction and distress rights of landlords against commercial tenants under the program along with it. However, the Canada Emergency Rent Subsidy (“CERS“) program, enacted under Bill 229 on December 17, 2020, O Reg 763/202 also includes such a moratorium. A summary of CERS and the current moratorium is contained below:

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NON-DOMESTIC RATES RELIEF TO ALLEVIATE THE IMPACT OF COVID-19 ON BUSINESSES

Non-domestic rates, also called business rates, are taxes paid on non-domestic properties to help pay for local council services. Non-domestic rates are based on the Rateable Value of a Premises. The Rateable Value is determined by the Scottish Assessors, who are an independent body.

Each year in the budget the Scottish Government sets the tax rate along with any reliefs that may be available. Read more…

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THE IMPACT OF COVID-19 ON MISSIVES

Everyone and every sector has been impacted by COVID-19 and the property market has been no exception. Whilst in the first lockdown which started on 23 March 2020, the property market stopped, that has not been the case in this second lockdown that we are all currently facing.

Unlike the first lockdown, the property market is still moving, the Registers of Scotland have kept the application register open for registering new title and interest in property in the Land Register and so transactions can still complete. Read more…

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THE COMMERCIAL LANDLORD IN A PANDEMIC: WHAT TO DO ABOUT LEASE ARREARS

It will come as no surprise to hear that a large number of commercial landlords are becoming increasingly concerned about accruing or ongoing arears which have arisen (or been exacerbated) by tenants struggling in the current commercial climate.

The government has introduced legislation which has an impact on this [The Coronavirus (Scotland) Act 2020 (“the Coronavirus Act”)] and have also released some guidelines seeking to address and recognise the inevitable conflict that has arisen between landlords and tenants [The Code of Practice for Landlords and Tenants of Commercial Property (“the Code”)]. The requirements of the Act are mandatory, whereas the Code is advisory. Read more…

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THE RULE OF 14 WHEN TENANTS FALL BEHIND WITH RENT

For many businesses and sectors, 30th September 2020 was supposed to be the end date of the plethora of legislative changes brought into force by the Coronavirus (Scotland) Act 2020. However, as a result of secondary legislation, the Coronavirus (Scotland) Acts (Amendment of Expiry Dates) Regulations 2020, means the expiry date of 30th September has been extended to 31st March 2021.

For commercial landlords, this means the continuation of a 14 week minimum notice period before being able to evict tenants for non-payment of rent or other sums due. Previously, the minimum notice period was 14 days. So what does this mean for businesses operating as landlords?  Read the full blog.

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COVID-19: Home Renovations in the Red Zone

By Sydney Warshaw and Sara Laraichi, from our Business Law Practice Group

October 6, 2020 — Since October 1, Greater Montreal, Québec City and several parts of Quebec are plunged into the “red zone”. This represents the highest alert level for COVID-19 and came with several accompanying restrictions. Unlike in March, when the provincial lockdown was imposed uniformly across most sectors of society, this lockdown features a series of unique rules depending on economic sector and housing arrangements.

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MARKET BOOM IN THE WAKE OF NEW LBTT RATES

BACKGROUND

‘Unprecedented’ is surely the word of choice this year.  In a matter of months, coronavirus has redefined the way we work, live and interact with one another.  The various restrictions imposed to try and reduce the spread have profoundly impacted the global economy and things are almost certain to get worse before they improve.  In the midst of all of this, there is, however, some cause for optimism in the residential property market in Scotland where there has been a sharp rise in house prices with few properties staying on the market for long before successful sales are achieved. Read more…

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