Chris and Sally Were Successful Professionals Who Decided That the Time

question 8

Essay

Chris and Sally were successful professionals who decided that the time had come to escape city living and move to a country home.While their tastes led them to desire all the conveniences of modern living,they had further decided that they wanted a home with "character." In the course of their search,they met Johnston,a real estate agent.They told him they were looking for "an older home with character."
Johnston showed them a number of country homes,all of which were older.Each was rejected in turn,for a variety of reasons.In a number of instances,the home did not appear suited to being remodeled with cathedral type ceilings,or did not lend itself to the addition of a large glass solarium,which was a feature that the couple wanted.In each case,upon finding one of these two facts to be evident,they left the properties with Johnston and returned to his car with him to view the next home on the list.
At one of Johnston's listings,Chris and Sally finally found what they were after.The home clearly lent itself to the modifications they desired,and it certainly had the character they were looking for.Chris and Sally were delighted when they and Johnston noticed a decorative brass plaque six inches square beside the front door which read "Old Taylor Farmstead,1855," and underneath "Heritage Canada."
Chris and Sally signed Johnston's standard offer-to-purchase form,which was later accepted,and took it to their lawyer to close the sale.While in their lawyer's office,Chris mentioned the addition of the solarium to the home,and their lawyer informed them that since the property had been designated as a heritage property by Heritage Canada,modification in any material way to the property would be impossible.Chris and Sally immediately instructed their lawyer to commence action against the owner of the property and the agent,Johnston.
Discuss the legal issues raised in this case.

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Definitions:

Storage Costs

Expenses associated with keeping goods stored in a warehouse or other facility until they are sold or used.

Interest Rate

The interest rate a borrower incurs for the money lent to them by a lender.

Market Value

The current price at which an asset or service can be bought or sold in a marketplace.

Interest Rate

The cost of borrowing money, usually expressed as a percentage of the amount borrowed, paid to the lender over a specified period.