ARCHIVED BLOG POSTS
2011
Herewith means “at the same time as”, “contemporaneously”, or “now”. There is also an extended definition contained in the agreement of purchase and sale which means within 24 hours of acceptance. These additional words are included as part of the standard OREA pre-printed form. So, unless th...
09/11/2011
ORES Index Trend (+ -) June 20111 July Index Residential Real Estate Greater Toronto Area 147.42 142.42 CPI 114.53 113.77 gold 351.96 380.71 oil 216.79 219.65 TSX 144.51 140.65 Nasdaq 134.48 133.65 S&P 111.80 109.40 Dow Jones 118.55 115.78 ORES Real Estate In...
09/09/2011
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Terms Posted Rates Preferred Rates 6 MONTHS 4.45% 4.40% 1 YEAR 3.50% 2.64% 2 YEARS 3.85% 2.99% 3 YEARS 4.35% 2.99% 4 YEARS 4.99% 3.09% 5 YEARS 5.39% 3.49% 7 YEARS 6.35% 4.49% 10 YEARS 6.75% 4.79% Rates are subject to change without notice. *OAC E&OE Other Rates: CURRENT PRIME RATE IS 3.00% PRO...
09/09/2011
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Ontario Real Estate Source Terms Bank Rates Preferred Rates 6 Month 4.45% 4.40% 1 YEAR 3.50% 2.64% 2 YEARS 3.85% 2.99% 3 YEARS 4.35% 3.09% 4 YEARS 3.99% 3.09% 5 YEARS 5.39% 3.39% 7 YEARS 6.35% 4.49% 10 YEARS 6.75% 4.79% Rates are subject to change without notice. *OAC E&OE Prime Rate is 3.00% Var...
09/07/2011
Binding Negotiations Collateral Agreement (the Elements) Ontario Real Estate Source By Brian Madigan LL.B. You have made a decision to utilize the OREA e-mail clause (or your own modified clause). The OREA clause is as follows: E-Mail Authorization CLAUSE The new clause, seen below, can be inser...
09/05/2011
Binding Negotiations Collateral Agreement Ontario Real Estate Source By Brian Madigan LL.B. You have reached a decision to use the OREA e-mail enabling clause in the agreement. It is as follows: NEW CLAUSE The new clause, seen below, can be inserted into Schedule A of the APS. In addition to any...
09/05/2011
Risk Management in Internet Real Estate Negotiations Ontario Real Estate Source By Brian Madigan LL.B. This is something of a difficult issue. The Electronic Commerce Act (ECA) which came into force in October 2000 was somewhat unclear when it came to real estate deals. Both RECO and OREA ha...
09/05/2011
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Conditions in an Agreement Ontario Real Estate Source By Brian Madigan LL.B. Question: An agreement of purchase and sale contains following statement: The Buyer agrees to pay the balance of the purchase price subject to adjustments by certified cheque to the Seller on closing. This offer is co...
09/04/2011
RECO’s Caution Concerning the Use of Electronic Signatures Ontario Real Estate Source By Brian Madigan LL.B. Here is a Registrar’s Bulletin published by RECO: "Use of electronic signatures The Electronic Commerce Act, 2000, (ECA) was created to facilitate the exchange of electronic inform...
09/03/2011
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Real Estate Negotiating by E-mail in Ontario Ontario Real Estate Source By Brian Madigan LL.B. The Ontario Real Estate Association (OREA) just introduced its new e-mail clause for Agreements of Purchase and Sale. So, here’s what they say about the new clause: “You’ve got mail:...
09/03/2011
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