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REAL ESTATE For Steen, however, as for many other lenders' lawyers, the most dif- fi cult cases to deal with are the ordinary home- owners who end up over their heads in debt and "are scrambling to do everything they possibly can to save their homes." These are situations that require empathy, he says, since it is in everybody's interests, including the lenders', to try to help them and avert the tragedy of families with chil- dren being evicted with no place to go. Yet there comes a point where a lawyer acting for a mort- enforcement of a mortgage than putting one in place." — SILVANA D'ALIMONTE BLAKE CASSELS & GRAYDON LLP "It's a rule of thumb that lawyers spend 10 times more time in began practising in 1979. But the last signifi cant recession in the Ontario property market was in the early 1990s and end- ed almost 15 years ago. That means there are many younger lawyers whose only experience is of practising in a grow- ing market and, he says, "a lot of them have never even thought about dealing with mortgage defaults." Pearlstein and other veterans of past recessions have been gage lender has to set that empathy aside and take an objec- tive view, upholding the law and distancing himself from the consequences, says Steen. He notes that thousands of people have been foreclosed by his offi ce. "If I spent my nights think- ing about that, I don't think I'd be sleeping well." What to watch for in commercial defaults Steven Pearlstein, a lawyer at Minden Gross LLP in Toronto, has seen three cycles of real estate boom and bust since he kept busy recently sharing their wisdom and experience with younger colleagues in seminars and continuing legal education courses. He says such events also attract experienced lawyers who haven't been called upon to deal with defaults over the past decade and now need a refresher course. And they will fi nd there have been huge changes since the early 1990s, so there is much for all to learn. One major development, according to Pearlstein, has been the overhaul of bankruptcy and insolvency legislation, together with the development of large law fi rm practice groups devoted to this area. It's now necessary for real estate lawyers to work with insolvency lawyers, particularly on large No other resource provides such detail and clarity for the complete spectrum of Canadian mortgage law Falconbridge on Mortgages, Fifth Edition Walter M. Traub Since 1919, Falconbridge on Mortgages has held its position as the most comprehensive treatise and practical interpretation of Canadian mortgage law available. It includes expert commentary, detailed guidance, practical analysis and quickly guides you through even the most daunting aspects of modern Canadian mortgage law. In looseleaf format, it also provides regular updates on all aspects of changing Canadian mortgage law making it the most up-to-date resource available. I'll be a little late for dinner, dear. Value your time? Then you'll value our technology! Industry leader in legal software for real estate, corporate and estates for over a decade The choice of 2500 law firms, The Conveyancer generates required documents (including lender forms), tracks undertakings, exchanges data with Teraview® (ON) and SPIN (AB) and integrates with four title insurers. Comprehensive corporate records software tracks changes and generates prescribed forms, registers, ledgers, share certificates, resolutions, minutes, correspondence, etc. Integrated e-filing and extracts. The Estate Administration module automates Rule 74/75 forms plus scores of letters and documents. The Estate Accounting module simplifies recording of financial transactions, and generates reports in "passing of accounts" format. Gain a solid understanding of: • mortgage enforcement in an insolvency context • mortgages and subdivision control under the Ontario Planning Act • environmental issues affecting the mortgagee • spousal rights in mortgaged land • dealing with condominiums under the Ontario Condominium Act, 1998 • the law with respect to mortgagees and environmental liability Looseleaf & binder • $320 • Releases invoiced separately (1-2/yr) P/C 0563035000 • ISBN 0-88804-367-8 For a 30-day, no-risk evaluation call: 1 800 263 2037 or 1 800 263 3269 www.canadalawbook.ca Tel: 416.322.6111 Toll-free: 1.866.367.7648 www.doprocess.com 22 JANU AR Y 2009 www. C ANADIAN Law ye rmag.com Traub-Falconbridge on Mortages (CL 1-4sq).indd 1 12/16/08 1:55:23 PM Canada Law Book is A Division of The Cartwright Group Ltd. • Prices subject to change without notice, and to applicable taxes. CL0109 frequently Cited in decisions court across Canada