ARCHIVED BLOG POSTS
2016
Selling the House and the Severed Lot (Ontario)Two Lots (One with a House and One Vacant) Question: The client severed a back lot from her house. The first lot is now smaller and has the house on it. The back lot is a buildable lot and is vacant.Which would you sell first? Would you sell both to...
11/20/2016
When do you get the Buyer Representation Agreement Signed? Question:When do you get the BRA signed?The Choices: before we make an offer once I decide I want to work with these folks at office before I show any properties. after the deal is done Depends on t...
11/20/2016
Listing Agent Should Share Sales Information with Buyer Client Question:I am the Listing Agent and I have a buyer asking me for the previous sales report? Am I doing the sellers a disservice if I give them the info? Answer:If you have two clients then “factual market information about comparable...
11/19/2016
Should the Listing Agent Get a Copy of the Buyer’s Home Inspection Report?From time to time, the house just doesn’t pass the “home inspection”.The usual situation would be that the property is listed for sale. An agreement is struck with a condition placed upon the Buyer’s Approval of the Home In...
11/18/2016
Commercial bond yields CMB GoC Floating rateinsured cost of funds 5 Year - 1.40%Canada housing 12/15/21 [-] 5 Year - 0.96%CAN 0.75 09/01/21 [-] 0.96% [-] 5 Year - 1.49%*Canada housing 06/15/22 [-] ...
11/18/2016
Creating the Revocable OfferWorking Twice as hard on Bidding War NightFrom time to time, particularly in heated real estate markets it may be wise to draft a revocable Offer, that is, one which may be withdrawn prior to acceptance.Why?A better deal may come along!Consider Bob the Buyer, who wishe...
11/17/2016
Agreements Executed in Counterparts Question:I have a situation where the parties may not all be signing on the same document at the same time yet I want it to be binding on all parties.Answer:You are looking for the Counterparts Clause which reads as follows: “This agreement may be signed in an...
11/16/2016
Terms The Bank Preferred Rates 1 Year 3.04% 2.29% 2 Years 2.84% 2.24% 3 Years 3.44% 2.49% 4 Years 3.89% 2.39% 5 Years 4.64% 2.49% 7 Years 5.30% 3.39% 10 Years 6.10% 3.69% VIRM 2.70% 2.20% The prime rate is 2.70%
11/15/2016
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NEW Land Transfer Tax Rates in OntarioThe new Land Transfer Tax Rates in Ontario will be:Up to $55,000 X 0.5% of total property valueFrom $55,000 to $250,000 X 1% of total property valueFrom $250,000 to $400,000 X 1.5% of total property valueFrom $400,000 to $2,000,000 X 2% of total property valu...
11/14/2016
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The Real Estate Audit for Sales ProfessionalsThere are all kinds of audits. Usually, taxation by the Canada Revenue Agency (CRA) or Brokerage compliance by the Real Estate Council of Ontario (RECO).This type of audit is somewhat different.It is an audit of the actual sales professional in terms o...
11/10/2016
Rainmaker
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Brian Madigan
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