Law Times

Law Times • November 2, 2009 FOCUS PAGE 13 Forms online but no data on who is using them Continued from page 9 available online, to date there's no telling how many people are accessing them. But with law- yers able to facilitate transac- tions anywhere in the province, it's important that they use the standard forms. "Because the world's gotten smaller, it's forced us all to get along and adopt this protocol to make everyone's lives easier, including our clients," Udell says. "It's critical to understand that the practice of real estate in the province of Ontario is, for all intents and purposes, Interest rates add to worries Continued from page 9 Still, Steven Pearlstein, a real estate practitioner at Minden Gross LLP, says the market in Canada has been showing signs of recovery compared to the United States. "There are a lot more buy- ers out there, and the thing that's driving the market right now is the historically low in- terest rates," says Pearlstein. "Employment is important in driving the market as well and here, employment is higher, it has ticked up, so it has not been as much of a problem." He adds that "the housing market is more active than the commercial side." But while he expects the new HST "will have some im- pact on the cost of real estate commissions," he doesn't think lawyers' fees will deter home- buyers from pursuing a good deal in the resale market. "Everybody in the deal makes only a few dollars here and there, and for lawyers it's an extra $80 on the legal fees, which is so minimal." To date, his firm isn't pro- viding homebuyers with any discount on fees. His main concern surrounds the ramifi- cations for the construction in- dustry, which could affect the province's "The employment construction rate. industry is a job creator," and with the HST added to purchases over $400,000, "now there's a disin- centive to buy a new house." But while he adds that sales of both new and resale homes would indeed be dampened by a rise in interest rates as well, so far he's taken a wait- and-see attitude. "What we've seen [is that] to some degree with rates coming down, it isn't impacting sales yet. Ei- ther people are buying to close before next July or, be- cause rates are low enough, they want to get in on those mortgage rates," he says. "But some are worried that in a year from now, rates are going to be higher, which could make a bit of a difference." LT Untitled-9 1 www.lawtimesnews.com 10/26/09 3:36:58 PM supposed to be the same." Udell notes that in some cases, the segregated approach across the province is the result of one or two practitioners who are reluctant to accept change. "In each community, we've adopted certain standards and protocols that I call levels of comfort, and usually it's one person in each community who screams the most, is the most de- manding and not necessarily the most reasonable, and becomes the squeaky wheel who gets the grease and gets something added to the [community] document. Eventually, what happens is that the practice in eastern Ontario doesn't necessarily co-ordinate with the practice in western On- tario," he says. "We're trying to bring every- body back to a mean ground where everybody should be so it's not difficult for us to close a deal in another part of the prov- ince taking into consideration that I can register a document anywhere in the province." In the Greater Toronto Area alone, real estate lawyers were using a variety of closing documents from a number of software companies, all which differed to some degree. The standard forms developed by the working group can be com- pleted and revised online and in- clude the following documents: an agreement of purchase and sale for a residential property; an agreement of purchase and sale for a condominium resale; an agreement of purchase and sale for a commercial property; and an agreement to lease. Lawyers have gotten notice of their availability through newsletters and e-mails from the various groups involved, Udell says. Clare Brunetta, who has a general law practice in the northern Ontario city of Fort Frances, has been involved as a volunteer with the working group on the documents project and is also a member of the CDLPA. He says that due to the summer holidays, neither group has been able to meet and discuss the dissemina- tion and promotion of the standard forms to lawyers across the province. "We really haven't had a lot of time to get together and focus on the delivery of the materials at this point," he says. He expects, however, that a more concerted effort to promote their usage and no- tify lawyers how and where to access them will come about soon when the work- ing group and CDLPA host their respective biannual meetings. In the meantime, the documents are available on- line at www.lawyerswork- inggroup.com and at several other real estate resource web sites such as www. lawyerdonedeal.com. LT Lawyer Jerry Udell participated in the working group that formulated the standard documents. [ Keeping real estate transactions where they belong – in your office. ] At Stewart Title, it's how we work that sets us apart. We deal in title insurance and related products, under- taking no part of the transaction that has traditionally fallen to lawyers/notaries. Since our inception into the Canadian market, you will find that we have consistently combined com- prehensive coverage with unparalleled support for lawyers/notaries. We are dedicated to streamlining your practice and increasing your revenue through our programs and innovative technology solutions. At Stewart Title, we know it's our relationship with our customers that determines our success. That's why service is the foundation of our business and integrity, the keystone in all our dealings. Canadian Head Office (Toronto): (888) 667-5151 Atlantic Canada: (888) 757-0078 Western Canada: (866) 515-8401 Québec: (866) 235-9152 www.stewart.ca

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