FOLA Real Estate Update
We thank our friends at FOLA again for this update regarding Wire Transfers and the Real Estate Liaison Group. Their latest update is below.
In an effort to keep real estate lawyers updated with the ever-changing situation, we have further information to be shared with the real estate lawyers in your association.
Wire Transfers – Fee Payments
We approached the Law Society with respect to the continuing issue that lawyers were facing with respect to the payment of wire transfer fees and we are very pleased to confirm that the Law Society has posted information for lawyers about wire transfers in its Covid-19 FAQs. The Law Society has echoed FOLA’s position that absent an agreement to the contrary, each lawyer is responsible for the wire transfer fees deducted by their own financial institution.
The Law Society FAQs are available at the following links:
Real Estate Liaison Group
We will be meeting with the Law Society Real Estate Liaison Group later this month to discuss various issues, including updates to the standard DRA and multi-party DRA and the definition of “lending client” in Rule 3.4-13 of the Rules of Professional Conduct.
If and when we receive further information of interest to the real estate bar, we will pass it along.
Stay up to date with FOLA’s real estate information at https://fola.ca/real-estate-law.