People who bought pre-construction condos years ago are now struggling to close the transactions due to changing market conditions and rising interest rates.
Mark Morris, a real estate lawyer, is dealing with many such cases. Morris explains the current falling market is causing many buyers to be unable to close their transactions, leading to legal problems. He advises buyers to secure large deposits to protect themselves in case of a breach. He also suggests that buyers should hire lawyers who specialize in real estate to navigate through potential issues.
Guest: Mark Morris, Legalclosing.ca Professional Corporation
Mark is a professor at the Lincoln Alexander School of Law and a regular resource for real estate brokers and lawyers through the Ontario Real Estate Legal Discussion Group. He’s won many of Law's top awards including, L'Expert's Rising Star Award, Canadian Lawyer's Most Influential Lawyer Award and the Financial Times' Maverick and Mover Award. In addition, the previous firms that he co-founded and built have won the Financial Times Innovative Lawyers Award and the Canadian Business's Startup 50 Award.
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