, some residents may be scratching their heads as to what exactly a NOSI is and if their home is affected.
While the bill itself is set to be passed sometime in the spring, Ontario homeowners may have questions about NOSIs right now. That’s why CTV News Toronto spoke with Bob Aaron, a Toronto-based real estate lawyer, to get some answers.Before the tool was exploited, NOSIs were used by “legitimate businesses” in the past, Aaron told CTV News Toronto in a recent interview.
“Then they say to the homeowner, ‘You can't sell your house unless we get paid, and you're gonna have to prepay 20 years of interest, so give us $30,000.’”“The only way is to call a real estate lawyer and say, 'Can you please search my title and check if it's on there?’ You would only do that if you recently bought an air conditioner or a furnace, some big ticket item that you signed a lot of papers for and you're not sure what's in them,” he said.
In some past cases, Aaron said homeowners have told their lawyers to go to court and fight the NOSI, but he warns that is a costly endeavour. “If the government changes the law and retroactively removes all these from title, thousands and thousands across the province, then it'll be done at no charge to the homeowners.” Homicide unit investigating after human remains found at site of house fire in Brampton: Peel policePolice identify 29-year-old man shot and killed at Etobicoke condo buildingRCMP seize more than 60 guns, 10,000 rounds from Sask.