ARCHIVED BLOG POSTS
2016
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Law of Defamation (Ontario)It is important to know and understand the law of defamation for the purposes of “social media”.Defamation consists of two parts:1) libel, and2) slander.One is verbal the other is written. An action in defamation does not require proof of actual damages. Substantial Ju...
10/05/2016
Mortgage No Longer Conveys Title to LandWhen parties inquire about “mortgages” and “title” to their properties, there are some important historical points.The original first mortgage was an actual transfer of the title to property. Prior to any registry system, the owner would exchange the title ...
10/05/2016
Terms The Bank Preferred Rates 1 Year 2.84% 2.29% 2 Years 2.79% 2.24% 3 Years 3.39% 2.49% 4 Years 4.09% 2.39% 5 Years 4.79% 2.49% 7 Years 5.85% 3.39% 10 Years 6.09% 3.69% VIRM 2.70% 2.20% The prime rate is 2.70%
10/05/2016
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 ...
10/04/2016
A Very Poor Explanation of the Buyer Representation Agreement The Buyer Representation Agreement requires explanation in order to be enforceableJudge J.B. McNulty delivered a Judgment in the case of Century 21 People’s Choice Realty Inc. v. Saleem on 29 March, 2016. In that case, the Trial Judge ...
10/03/2016
Should the Agents Be “Present” During an Open House? (Ontario)Question:Should the Agents Be “Present” During an Open House?Answer:RECO requires at least one registrant to be in attendance for home inspections (unless the Seller agrees, otherwise).For TREB members, the Buyer’s representative has t...
10/03/2016
Agents Need to Confirm the Language of CommunicationThis advice arises from a recent trial and the Judge’s comments regarding the use of an interpreter. In fact it was the misuse of the Interpreter at trial which caught the Judge’s attention.Trial Judge’s comments on the issueJudge J.B. McNulty d...
10/03/2016
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%
10/03/2016
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Price Allocation Among 4 LotsQuestion:I'm selling a waterfront acreage that is split into 4 parcels. For financing purposes the buyer would like 4 separate offers with two of them being in the amount of $1. In reality, each of the four lots are of equal value. Are there any issues with doing this...
10/01/2016
Multiple Offers and Not Reducing CommissionsQuestion:I am the Listing Agent and I am hosting a multiple offer bidding war. One of the Buyer’s agents wants to throw in his commission to help his client Buyer (a family member). The Listing says “2.5% to co-operating brokerages”.How should this be h...
10/01/2016
Rainmaker
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Brian Madigan
LL.B., Broker
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