Author: Andrew Brunton
Andrew provides business owners, business managers and individuals with business law, franchise law and real estate law advice. Andrew advises residential and commercial real estate owners on the purchase, sale…
Where a proponent proposes a land use for Crown lands within a First Nation’s traditional territory, the Crown has a duty to consult the First Nation with respect to the effect on the First Nation’s traditional use of the land. Proponents are often very engaged in the consultation process, as it is the proponent who stands to gain from approval of the land use. Cases interpreting the Crown’s duty to consult are divided into three types: (1) those where an Aboriginal group asserts that it has a specific Aboriginal right, but has not yet proved that the specific
When a lender takes a mortgage over First Nations land “owned” by a non-Band member, their security is different than the security they typically receive for mortgages on other land. In such a situation, the lender takes a mortgage over a leasehold interest in the land, not over the land itself.
Over the past few months, we have provided insights into how to prepare for the sale of your business. This month’s article focuses on options for payment upon closing of the sale.
Vendor Financing
In November’s issue of Legal Alert, we provided a brief summary of issues business owners should consider prior to selling their incorporated business. Our advice included starting the planning process early in order to maximize the value that a third party will place on the business. Part of that planning should include readying your business for a due diligence review by the purchaser. A purchaser’s due diligence usually takes place after signing of a letter of intent or purchase agreement, but before the agreement to purchase becomes binding on the purchaser
Studies have shown that a majority of Canada’s small business owners plan to retire within the next ten years. Many of these business owners plan to sell their business to either a family member or a third party. We believe that business owners hoping to sell should start the planning process as soon as possible.
Asset Sale v. Share Sale
In an economy where credit is tight for certain purchasers of real estate, vendors may want to consider alternative financing arrangements in order to make their property more marketable. Vendors have two primary alternatives: to sell the property to the purchaser under an Agreement for Sale or to sell the property subject to a vendor take-back mortgage.
About Legal Alert
Pushor Mitchell’s “Legal Alert Blog” evolved from our long-running “Legal Alert” client newsletter. Here, we share news our clients need to know, such as changes to the law, major case decisions, industry trends, and other legal issues that affect people and organizations in B.C. Occasionally, we also share firm news and announcements, as well as stories about our involvement with community groups throughout the Okanagan.
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