The Working Group on Lawyers and Real Estate has established a sub-committee to consider the work undertaken in the purchase of a condominium. The sub-committee has received its mandate and will shortly undertake its work.
If anyone has any issue which he or she wants to bring
to the sub-committee's attention regarding the issue,
please contact the sub-committee's
secretary by email.
FOR CONSULTATION with all Ontario lawyers
The working Group sub-committee has prepared various documents to assist real estate lawyers and their purchasers in a resale condominium transaction. The sub-committee is requesting your comments and suggestions before it finalises these documents. Earlier we released a Master Chart and now we release for consultation five more documents. Please review all documents below and provide the sub-committee with your thoughts.
Chart - the Master Chart is meant to bring to purchasers' minds the items of concern and whether or not their lawyer will deal with it. For this reason, you will find each item has been marked as being Standard or Optional. The lawyer is required to address all Standard items as part of his/her regular retainer but Optional items will only be dealt with at the request of the client, which a lawyer may or may not accept, indicating any impact on the fees quoted. The sub-committee intended to identify all matters which a lawyer should minimally deal with. It is expected that lawyers can modify the chart they will provide to their clients to include more items, if they so desire, to establish that as their usual retainer.
2. Retainer - a draft retainer which directs clients to complete the Client Information Form and directs them to the Guide for more information. The sub-committee attempted to keep this retainer as short as possible but relevant and informative for clients.
3. Client Information
Form - this form hopefully will provide all the information the lawyer will need to complete the transaction.
4. Status Certificate
Review Report - this report will provide the client with a review of the important aspects of the status certificate that the lawyer considers and identifies issues which the client should be concerning themselves with.
5. Report to
Buyers - this report refers to the retainer and status certificate review report to keep it short and informative.
6. Buyers Condominium
Guide - this 48 page guide is meant to provide all the information clients might need and reduce the lawyer's time commitment to educate their clients on this type of real estate purchase. It is not meant to be read from cover to cover in one sitting but rather to be consulted on a as needed basis. The sub-committee hopes to eventually hyperlink the document (even to the other documents above) in order for the clients to access the information easier.
Your comments and suggestions are important to truly make these Ontario-wide documents which will be embraced by all. Please send an comments or suggestions to the secretary by email.
Thank you for
your interest, comments and suggestions.
A copy of the status certificate set out in the government regulations is attached here for
your easy reference.