Warranty

Caveat Emptor and Seller’s Lack of Knowledge of a Latent Defect #383

Legally Speaking

By Gerry NeelyB.A. LL.B. A Supreme Court judge concluded the following advertisement by a representative for the sale of a lot implied a warranty that the buyer could commence construction of a house without unusual expense or building methods:”0.59 (acre) building site in an area of executive homes. South West view property. Fully serviced lot.

Title Insurance – Part 2 of 3 #322

Legally Speaking

By Gerry Neely B.A. LL.B A lender’s policy, whether residential or commercial, contains the basic risks plus a broader coverage than is provided in the buyer’s policies, referred to in Column 321. Those risks include, interesting enough, the invalidity of the mortgage due to usury laws, encroachments on to or from the insured lands. These

Lease – Renewal, No Renewal Agreement, Initial Lease Terms Binding Upon Tenant; Operating Expenses Not Defined and Therefore Uncertain; UFFI – Damages for Breach of Warranty #278

Legally Speaking

By Gerry Neely B.A. LL.B The omission of wording in a lease renewal clause that the renewal would be void if the parties were unable to agree upon the renewal terms, led to some surprising results, at least for the tenant. The right to renew the initial term for a further period of three years,

Implied Warranty – Purchase of an Incomplete New Residence #226

Legally Speaking

By Gerry Neely B.A., LL.B. When a buyer contracts to purchase a residence before construction of it is complete, the law implies a warranty in favour of the buyer that the work will be done in a good and workmanlike manner, the materials will be suitable and the building will be fit for habitation. The warranty

UFFI Warranty #175

Legally Speaking

By Gerry NeelyB.A., LL.B. A recent edition of the Bulletin contained a reminder that because of the risk of liability, licensees should not complete the UFFI disclosure statement on the standard Contract of Purchase and Sale. The timeliness of this reminder of the risks run by a vendor or a licensee who completes a disclosure

Area, Mistake Discovered After Closing #157

Legally Speaking

By Gerry Neely B.A. LL.B A vendor innocently misrepresents the area of his lot as 10 acres when it is only six acres. If the purchaser relied upon this misrepresentation and discovered the mistake BEFORE completing his purchase, the probability of the purchaser being able to repudiate the contract is high. That probability may be

Clauses in the Offer to Purchase #8

Legally Speaking

By Gerry NeelyB.A. LL.B. The Offer to Purchase used by the Multiple Listing Service of the Victoria Real Estate Board contains the following clauses:” . . . Balance of cash payment to be deposited in trust by the purchaser by 5 p.m. on ____________,19__. Balance of cash payment to be made to the Vendor and