Does a real estate lawyer have a fiduciary duty to disclose material facts to a lender client?
Ontario, Canada
The following excerpt is from Law Society of Upper Canada v. James, 2016 ONLSTH 176 (CanLII):
Real estate lawyers have a fiduciary duty to disclose material facts to a lender client, even if the client does not request the specific information. Material facts are facts that, when assessed objectively, would have been important to a lender in deciding whether to approve the loan and/or advance funds. Speculation as to what the lender would or would not have done had the material fact been disclosed is unhelpful and irrelevant. Law Society of Upper Canada v. Baksh, 2006 ONLSAP 6
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