Buyer must accept minor easements
December 11, 2009
In the standard form real estate agreement, the buyer asks the seller to provide a clean title to the property, with no defects.
Title insurance, surveys provide peace of mind
December 4, 2009
There are many title problems that may have existed before you took ownership that can come back to haunt you after closing.
Recent property survey has its advantages
November 27, 2009
Many buyers think that if they have title insurance, they don't need a survey when they purchase a home. In order to properly understand this issue, we first need to look at the advantages to a buyer of having an up-to-date survey when they purchase any property.
Make a checklist of chattels before you close the sale
November 20, 2009
Since my last article about chattels and fixtures, buyers have sent me emails about plasma televisions, thermostats and hot tubs removed prior to closing.
Danish disclosure policy has value
November 13, 2009
Since writing about the lack of protection for consumers against the discovery of defects in their home after closing, I have been swamped with emails from consumers, real estate salespeople and insurance experts. I also have learned my favourite new word: "ejerskifteforsikring."
Who pays when chattels, fixtures break?
November 6, 2009
What condition do the appliances have to be in on closing? What if the fridge breaks down one week after closing? What if the furnace stops working? Whose responsibility does it become?
Nail your chattels down in the agreement
October 16, 2009
Closet organizers. We can spend hundreds, even thousands of dollars on these contraptions to make maximum use of our closet spaces. However, who gets the closet organizer when the house is sold? Can the seller take it with them, or must it be left behind for the buyer?
Accurate disclosure good for both parties
October 9, 2009
The subject of property condition statements continues to generate articles across the country.
Property disclosure statement truths
October 2, 2009
Basement flooding. Mould behind the walls. Cracks in the foundation. These are just some of the stories I have received from buyers who discovered defects in their home shortly after closing, which were not disclosed by the seller.
Resale homebuyers also need consumer protection
September 25, 2009
I have often been puzzled that while the provincial government has introduced consumer protections for used car buyers, there is very little to protect resale homebuyers from unscrupulous sellers, even though these buyers may be making the largest purchase decision of their lives.
Be careful with wording of home inspection clause
September 18, 2009
The home inspection condition appears in almost every residential real estate transaction, yet it is surprising how many buyers and sellers do not really understand what the condition means and what their rights are once the condition is inserted.
Check on insurance before you submit an offer
September 11, 2009
If you have ever had difficulty making a claim to your insurance company, for any loss, then you understand that insurance coverage needs to be researched and understood clearly before you buy any policy.
Buyer beware of financing conditions
September 4, 2009
Most real estate offers are conditional on the buyer obtaining the necessary financing to complete the purchase. This condition is typically for a period of three to seven days, to give buyers the time to confirm with their mortgage broker or lender that they are approved for the necessary funds.
Seller, know thy buyer
August 28, 2009
Sellers receive offers from buyers every day in this country. Sometimes they may receive more than one offer, from different buyers, on the same day. How does a seller choose the right buyer, especially when the offers are similar in price? The decision can have dramatic consequences, especially if the seller has also bought a property and is depending on the proceeds of the sale to pay for their new purchase.
Flipping a new condo not an easy process but may be possible
August 21, 2009
I have received many questions from buyers, sellers and real estate salespeople about the rights of buyers and sellers when attempting to flip or assign an agreement to buy a new condominium unit.
How
to prevent your home from being flipped
August 14, 2009
You have owned your home for 25 years, having purchased it for $200,000. You sold it last
night for $450,000 and feel very good about it. How would you feel if your buyer turned
around the very next day and re-sold it for $500,000?
Flipping
properties can be taxing
August 7, 2009
You won a bidding war for a home last night and paid $400,000. You receive a call the next morning from one of the losing bidders, stating that they will pay you $425,000 for the
same property. Your deal is not supposed to close for two months. Can the first buyer do
this and make $25,000?
Be careful in multiple offer situations
July 31, 2009
Sellers or real estate agents lying through their teeth; opening up offers after the
allowed time period. Those are just a couple of the allegations I have received via email
following my recent articles on bidding wars.
How to
win in bidding wars
July 24, 2009
For sellers, bidding wars or multiple offers from buyers are a dream come true. Numerous
bidding wars took place in the United States and in many parts of Canada before the
economic meltdown of 2008, but for the most part, such widespread buying frenzies are no
longer taking place.
Preparation
can ease stress of bidding war
July 10, 2009
Multiple offers. Bidding wars. These typically take place in a seller's market, when there
are more buyers than available properties. Yet we are seeing bidding wars even today, when
the market is more balanced. It is very important that buyers are properly prepared for
this extremely stressful process.
End
tenant's agreement before putting home up for sale
July 3, 2009
If you are thinking of selling your home this year and a tenant currently occupies it,
then I recommend that you end the tenancy before putting your home on the market.
How
buyers can find the right agent
June 19, 2009
For most buyers, purchasing a home is one of the largest financial contracts they will
sign in their lifetime. It is extremely important they have the right real estate agent to
represent them, to make sure they obtain the property that fits their needs at a price
they can afford.
The
right agent can make all the difference
June 12, 2009
Selling a home or condominium is complicated. There is a lot of money involved and
potential liability if you are not honest with possible buyers about the condition of your
home. That's why it's important that sellers receive the highest quality of
representation, to make sure that they obtain top dollar for their property and also avoid
the risk of being involved in any kind of legal proceedings.
Buyers
beware of title promises to keep
June 5, 2009
One of the most misunderstood property rights has to do with promises on title, or what is
legally referred to as restrictive covenants.
Owners
need to know their boundaries
May 29, 2009
There is a lot of confusion between owners who live next door to each other and their
rights relating to the boundary lines between their properties.
The bare facts on full disclosure
May 22, 2009
When it comes to potential issues in real estate transactions, many relate to questions regarding a seller's obligation to disclose to a buyer any physical or psychological defect in a property.
