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Although buying property with someone else is exciting, it is also risky. Before you rush to sign the contract for purchase, it would be sensible to consider whether executing a co-ownership agreement is appropriate in your circumstances.
What is a co-ownership agreement?
A co-ownership agreement is a legally binding document entered into between 2 or more co-owners. This document will include terms to provide certainty as to how each co-owner will navigate the various issues associated with property ownership. The terms serve as a record of each co-owner s intentions as to how issues are to be resolved and can avoid the need for costly legal proceedings, or worse a breakdown in the relationship between co-owners.
Summary
The Government of Ontario recently introduced legislation that
proposes to combine an existing cluster of five land and
environmental tribunals into a single entity called the Ontario
Land Tribunal (OLT). The OLT will merge the Local Planning Appeal
Tribunal (LPAT), the Environmental Review Tribunal (ERT), the
Conservation Review Board, the Mining and Lands Tribunal, and the
Board of Negotiation.
Bill 245, the
Bill 245 ) is an omnibus bill that
includes the proposed enactment of a new
Ontario Land Tribunal
Act, 2021 (the
Act ), which would
amalgamate these five tribunals. The government states that Bill
245 will improve access to justice for Ontario residents and
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Bill 229 extended Ontario s ban on a landlord s eviction
and distress rights vis-à-vis commercial tenants that were,
or would have been, eligible for the Canada Emergency Commercial
Rent Assistance ( CECRA ) program (the CECRA
moratorium ).
The Government of Ontario has now enacted a regulation to Bill
229. O. Reg.
763/20: NonEnforcement Period – Prescribed Tenancies (the Regulation ) is effective as of December 17, 2020,
introduces an end date to the existing CECRA moratorium, and also
introduces a new moratorium tied to the Canada Emergency Rent
Subsidy ( CERS ) program (the CERS
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On February 8, 2021, the Government of Ontario released its
framework for the gradual re-opening of the province. It indicated
that as local infection rates improved, each of the 34 public
health regions would be transitioned to a revised colour-coded
framework with new and modified measures. As of the date of
writing, in-store shopping at non-essential retail stores is once
again permitted, with restrictions, in all regions except Toronto,
Peel, and North Bay-Parry Sound.
Where in-store shopping at non-essential retail is permitted,
there are many restrictions, capacity limits, and other obligations