ARCHIVED BLOG POSTS
2018
Latent Defects: Material and Minor Distinguished in OntarioQuestion:What is the difference between a material latent defect and a latent defect? I understand a material latent defect must be disclosed, but I don't understand why a latent defect does not. Are they not the exact same thing?Answer:Y...
04/08/2018
Payment after Power of Sale Listing in OntarioQuestion:After power of sale proceedings are initiated and when the house is listed can the Owner who “went under” bring his account back to good standings and have listing cancelled after 35 days?Answer:The “35 days” is the normal redemption period.T...
04/08/2018
HIGH RATIO fixed term best discounted rates & posted rates as of April 6, 2018 Terms Posted Rates Preferred Rates 6 mos 3.14% 3.10%1 year 3.04% 2.99%2 year ...
04/06/2018
OREA Condo FORM Reference to Building NumberQuestion:There is a reference to the Building Number in the standard Form OREA condominium purchase agreement. Is that the municipal address or another number?Answer:The reference to Building No. anticipates that there will be some description of the p...
04/05/2018
Toronto Market Demonstrates Steady Progress in March 2018The Toronto Real Estate Board has just released its March statistics. Let’s have a look:GTA REALTORS® Release March Stats, TORONTO, ONTARIO, April 4, 2018 Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area...
04/05/2018
TERM POSTED Preferred RATES* Open 1 Year 6.30% 6.30% Fixed 1 Year 3.04% 2.99% Fixed 2 Year 3.24% 3.19% Fixed 3 Year 3.44% 3.04% Fixed 4 Year 3.89% 3.39% Fixed 5 Year 5.14% 3.19% Fixed 7 Year 5.30% 3.39% Fixed 10 Year 6.10% 3.84% Variable Rate 2.40% Prime Rate 3.45% Benchmark Rate 5.14% Cost per ...
04/05/2018
Inspection Clause and Contract TerminationQuestion:If a home inspection report reveals defects about the property can the buyer simply decide not to proceed? Answer:The law on this point was changed a few years ago by the Supreme Court of Canada.If Bob was the Buyer, you simply went to Bob and as...
04/05/2018
Term Posted Rate Preferred Rate Open 1 Year 6.30% 6.30% Fixed 1 Year 3.04% 2.99% Fixed 2 Year 3.24% 3.19% Fixed 3 Year 3.44% 3.04% Fixed 4 Year 3.89% 3.39% Fixed 5 Year 5.14% 3.19% Fixed 7 Year 5.30% 3.39% Fixed 10 Year 6.10% 3.84% Variable 2.40% Prime 3.45% Benchmark 5.14%
04/03/2018
Deposit is Irrelevant to Contract Formation in OntarioThe concept of a deposit is irrelevant to contract formation. It is just purely and simply another term in the contract. In fact, it’s not even a necessary term.There are two separate and distinct ways to confirm that a contract exists:1) D...
04/03/2018
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