Extensive experience in a broad range of real estate transactions
Real estate law covers the buying, selling, and use of real property (i.e., land and any structures on the land). Any legal issues related to this property are also covered under real estate law.
Steinbergs LLP provides a broad range of services for a wide array of real estate transactions. Representing a diverse clientele including developers, builders, private and commercial lenders, real estate investors and residential property owners, we handle a variety of real property matters, from individual buying, selling and refinancing of residential properties to complex commercial real estate transactions.
The purchase and sale of property involves the transfer of property rights and/or ownership interest in a property between two or more parties. The process of transferring an owner’s rights to a purchaser in return for financial consideration involves a variety of activities and tasks which must be completed within a specific time frame and done so in accordance with the terms and conditions set out in the agreement of purchase and sale.
At Steinbergs LLP, we have decades of experience in safeguarding our clients’ interests and guiding them through various stages of real estate transactions. This process runs the gamut from reviewing and negotiating Listing Agreements or Buyer Representation Agreements between clients and their real estate agents to reviewing the agreement of purchase and sale and related documents, conducting title and off-title searches, drafting and negotiating closing documents, and ultimately closing the transaction while ensuring that all legal and financial conditions and obligations are met.
A commercial lease is a contract for an individual or business to rent space from a landowner for the purpose of performing its business activities. Although the foundational concept of a commercial lease is similar to a residential lease, it is important for lessees to know that -- unlike residential leases in which tenants enjoy a vast collection of protection measures by regulatory authorities -- tenants in commercial leases have very limited restrictions... and that is where we at Steinbergs come in to help protect you.
Regardless of the size of your leasing portfolio, whether you are the owner of a single building or a national landlord, or a tenant of a single office or a national franchise, our specialized lawyers can assist you in navigating every step of the leasing process from drafting and negotiating letters of intent, drafting, negotiating and executing commercial leases, to resolving disputes in an economical and efficient manner. And we will seamlessly handle all these tasks while maintaining our focus on preventing issues before they arise.
The Mortgages Act in Ontario defines a mortgage as any charge on any property for securing money or money’s worth and includes mortgages in which the funds are advanced from an individual, a corporation, as well as funds advanced by a financial institution (i.e., banks).
If a borrower defaults on their obligations under the terms of the mortgage, the lender has various remedies which it can exercise in order to recuperate its loan. For example, one such remedy that is frequently employed in Ontario allows the lender to sell the mortgaged property pursuant to a private power of sale. Another remedy, which is less frequently used as it involves court proceedings, allows a lender to take absolute ownership of the property in exchange for full and final payment of the outstanding loan.
Since its inception in 1972, Steinbergs LLP has acted for countless lenders and borrowers on residential and commercial mortgage transactions and mortgage enforcement proceedings. Whether you are a residential property owner, a private lender, a major bank, or a developer, our lawyers have extensive experience in drafting and negotiating loan and security documentation. We guide clients through every step of a variety of real estate financing transactions in order to ensure that their rights and interests are protected and/or their loans are properly and adequately secured.
"Great firm. Professional and knowledgeable. Courteous but not stuffy. Would definitely use them again when needed."
Dr. Lennard Weiss, Orthodontist
"This was my first time working with Sean and his team. Very happy with the transaction, very thorough and explained the details in a way we can understand. I was able to get copies of documents to review beforehand which made it so much easier to think of any questions I might have. The transaction went smoothly."
Alex Marynovych, Small Business Development Manager, Scotiabank
In one such deal, Steinbergs acted for a purchaser of a vacant land with site plan approval for multiple townhouses. The vendor believed that it had sold below market value and was suffering from buyer’s remorse. It refused to close the deal. Working together with litigation counsel, we registered a Certificate of Pending Litigation on title and brought an application in court for specific performance. The vendor arbitrarily elected to set a new closing date on short notice, hoping our client would default. Nevertheless, we and our client prepared for closing and were ready, willing, and able to close the transaction on the arbitrarily set closing date. Once again, the vendor refused to close. Legal proceedings continued until a settlement favourable to our client was negotiated. The parties mutually agreed to a new closing date, and the deal finally closed.
"Great service and expert advice... looking forward for more deals in the near future."
Nawar Mahfooth
