Growing numbers of Canadians are exploring interest-free halal mortgages. These mortgages come in two forms: murabaha and musharaka. Currently, only three Canadian financial institutions offer halal mortgages, but with the increasing Muslim population in Canada, there's potential for mainstream banks to tap into this market, providing a significant business opportunity for real estate professionals.
Read MoreShort-term rentals (STRs) in Canada present a complex landscape, with varying regulations and perspectives from homeowners and local governments. Real estate lawyers play a crucial role in providing guidance on mortgage qualifications, and navigating municipal regulations to ensure clients comply with the ever-changing STR landscape.
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Discover the growing trend of co-ownership and how it offers increased buying power, community building, and entry into the real estate market. Explore the differences and challenges of multi-partner ownership, innovative financing models, and the importance of expert legal guidance.
Read MoreThere were several features released in July for RealtiWeb, specifically for the Alberta version. From integration with Lender Lawyer Connect (LLC) and releasing the ability to set the client’s location when remote signing, there were several updates to RealtiWeb Alberta. Don’t worry, we released features in our other applications too.
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We’re starting April with new features for RealtiWeb in Alberta. Start handling construction draw mortgages in your RealtiWeb file.
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Bob Aaron, Toronto real estate lawyer and contributing columnist for the Toronto Star, has a comprehensive column on the impact this recently recognized holiday will have on deals with a September 30th closing date. Read more.
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It’s becoming more common for wire transfers to be used in real estate transactions, whether it’s receiving mortgage funds or discharging a mortgage. There’s definitely certain things to consider before sending or receiving wire transfers from third-parties (and even clients).
Read MoreThe latest updates from FOLA have been posted. There’s a new mortgage discharge escalation list available on the Canadian Bankers Association. As well, reminders regarding Teraview increasing their fees earlier this month and two changes FOLA’s seeking input on.
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Since the start of the COVID pandemic, a concern has been the acceptance of wire transfers for mortgage discharges. As this situation has continued, mortgage lenders are now incorporating wire transfers into their processes. To help you out, we’ve put together this list of mortgage lenders with their requirements.
Read MoreThis week’s update from FOLA’s real estate committee includes news that RBC is now accepting mortgage discharges by wire and a recap of their meeting with Ontario government staff on remote commissioning and remote notarization.
Read MoreWe have received notice of an email update to the policy of MCAP that they are again allowing mortgage refinances to be closed through individual solicitors. We are hearing that RMG Mortgages, a division of MCAP Financial Group, has issued the same update via email.
Read MoreRoyal Bank of Canada has started including the following announcement on identity verification during remote signing meetings with it solicitor instructions.
Read MoreScotiabank has updated its position on Identity Verification for video conferencing during the COVID-19 pandemic. A notification has been included with its recent solicitor instruction packages.
Read MoreThis week’s update from FOLA includes Client ID Requirements, Expired ID and Wired Transfers. Another good read for real estate lawyers!
Read MoreSome solicitors are receiving Scotiabank instructions that clearly state they must meet with their clients face to face. While others are receiving a notice along with their instructions which give direction on how to sign mortgage documents via video conference.
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