September 21 FOLA Real Estate Update
Important reminders on upcoming changes and to submit feedback on several topics varying from the closing of the Land Registry Offices across Ontario to proposed changes to the New Home program.
Reminder of Meeting with Director Titles on September 24, 2020
If you have not already done so, please register for the Zoom Conference Call taking place on September 24 at 10 a.m with the FOLA Real Estate Reps and the Director of Titles, Jeff Lem. We hope that you can all join that call or have a designate do so.
We expect that there may be large numbers wishing to participate. We will accommodate up to 50 participants starting with the Real Estate Reps themselves or a designated replacement. You must register by no later than 5 p.m. on Sept 22, 2020. Even if you have previously indicated interest in attending, you must register for the meeting to receive the login credentials.
On Sept 23rd we will finalize the list of attendees and we will not be accepting any further registrations.
Register in advance for this meeting here. After registering, you will receive a confirmation email containing information about joining the meeting.
Please send any questions you may have for the Director of Titles to either ehorner@hp-lawyers.com or merredith@mpottawa.com. We will try to get answers to as many as possible and they will be passed on in the order they are received. We cannot promise to answer them all.
Wire Transfers
The Canadian Bar Association has been communicating with the Canadian Bankers Association with respect to continued issues and delays lawyers are experiencing with the existing wire transfer system. They are looking for specific details of wire transfer timing problems that they can share with the Canadian Bankers Association in an effort to help resolve the reliability of this service. If you have experienced a delay in the sending or receiving of wire transfers and you are willing to share the details, please send an email to Ray Leclair at ray.leclair@lawpro.ca with details including the banks involved, the amount transferred, the timing and any other details that might be relevant.
Payment of Wire Transfer Fees
It is FOLA’s position that each lawyer should be responsible for the fees charged by their own bank with respect to sending or receiving wire transfers. FOLA’s position matches that of the Provincial Working Group on Lawyers and Real Estate. Please see our Update of June 26, 2020 for further commentary on this position.
TLA Event: Land Registry Offices on the Web: a Lot from the DOT
The Toronto Lawyers Association (TLA) is hosting an online CPD with the Director of Titles on October 5, 2020 and has asked us to share the invititation with the FOLA real estate representatives.
Lawyers who are not members of the TLA can sign up on the TLA website to become a “Friend of the TLA” at no cost and receive the TLA Member rate for this program.
Ongoing Consultations
FOLA also included a list of ongoing consultations, and all comments for the following are due by October 19, 2020.
The following consultations relating to real estate issues are currently on-going:
Proposed Regulations to Support the Overhaul of Ontario's New Home Warranty and Protection Program
TARION Consultation regarding:
· A new requirement that vendors attach a Warranty Information Sheet to purchase agreements to provide clear and helpful warranty and other information at the point of sale.
· The evaluation criteria that should have to be met for a home to qualify for enrolment, and for a home to be enrolled, in the Ontario New Home Warranties and Protection Plan so that a vendor or builder can sell or build a new home.
· The provisions that should be included in standard vendor and builder agreements with Tarion.
· Temporary changes to registration renewal to allow for a seamless transition of this responsibility to the regulatory authority, if one is designated.
Check our earlier blog post for which Banks and How they’re accepting Wire Transfers