ARCHIVED BLOG POSTS
2016
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Caveat Emptor on Kitec Question: Does the Listing Agent have to disclose the presence of Kitec plumbing on the listing? Answer: The basic principle is “Buyer Beware”, so that means everyone is out there to fend for themselves.The Listing Agent has to tell the Seller that there’s “Kitec”.The Buye...
08/05/2016
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Adding a New Party to the Deal (Ontario) Question:Is there a correct way to add a new party or additional party to a real estate deal Answer:You can do this by:1) a new Agreement,2) an Amendment,3) a two party Assignment,4) a three party Assignment, or5) a Direction.Each method is a little differ...
08/05/2016
Handling Commission Reduction Proposals (Ontario)Question:Does a Listing agent have to disclose to other potential Buyers, if one Buyer’s Agent proposes to reduce his commission?Answer:The quick answer is “yes”, provided you agree and accept it.AdviceDon’t disclose it. But, that means you don’t d...
08/05/2016
Commercial bond yields CMB GoC Floating rateinsured cost of funds 5 Year - 1.07%*Canada housing 12/15/21 [-0.04] 5 Year - 0.61%CAN 0.75 03/01/21 [-0.03] 0.95% [-] 10 Year - 1.61%Canada housing 09/15/26 [...
08/05/2016
Agent Thwarted in Attempt to Cheat Homeowner (Discipline)This is an interesting case where the agent attempted to take advantage of the client but failed in his attempt. His reward was an $8,000 fine from RECO.Gordon Sumner, a real estate agent was delighted to receive an unsolicited phone call o...
08/03/2016
TERM POSTED Preferred RATES* Open 1 Year 6.30% 6.30% Fixed 1 Year 2.89% 2.29% Fixed 2 Year 2.84% 2.14% Fixed 3 Year 3.39% 2.20% Fixed 4 Year 3.89% 2.44% Fixed 5 Year 4.64% 2.39% Fixed 7 Year 5.30% 3.44% Fixed 10 Year 6.10% 3.84% Variable Rate 2.20% Prime Rate 2.70% Benchmark Rate 4.64% Cost per ...
08/03/2016
Terms Posted Rates Preferred Rates 6 MONTHS 3.14% 3.10% 1 YEAR 2.99% 2.29% 2 YEARS 2.84% 2.14% 3 YEARS 3.39% 2.24% 4 YEARS 3.89% 2.39% 5 YEARS 4.64% 2.49% 7 YEARS 5.30% 2.99% 10 YEARS 6.10% 3.59% Rates are subject to change without notice. OAC E&OE Prime Rate 2.70% 5 yr variable 2.30%
08/02/2016
Furnace Rental – Just Found Out Before ClosingQuestion:I am the Buyer’s agent. Three days before closing I just found out the furnace is a rental. What can be done?Answer:The furnace is a fixture in most cases. Fixtures go with the house.The Furnace company would need to have a mortgage, lien or ...
08/02/2016
Rainmaker
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Brian Madigan
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