Now What ?? The Current Real Estate Market is Creating More Questions.

Another Great Article Written by Mark Weisleder

I found this article in my email this morning and thought it would be insightful to share. The article is written by Mark Weisleder who is a great real estate lawyer and author. He has articulated what is happening in this current real estate market and what buyers and sellers should be doing if they are faced with one of these situations.

Your buyer cannot sell their existing home, now what?

I am now being consulted by buyers who have purchased homes without any conditions and cannot sell their existing homes. This could be as a result of the recent government housing policy announcements, increased number of listings, uncertain lending conditions and fewer bidding wars. As such, you need to understand all the issues and consequences to provide timely advice and do what is necessary to protect your clients and your deals. Here are 5 things to understand:

1.) What if the buyer cannot close?

If the buyer cannot close, they will likely forfeit their deposit and be subject to a lawsuit from the seller, for the difference in the sale price if the seller now sells the property for a lower price than the buyer agreed to pay.

2.) What are some options available to the buyer?

One option is to approach the seller and request an extension of their own purchase agreement, so that they have more time to sell their existing home without panicking. Another option is to sell or assign their agreement to a third party buyer, to have another buyer take over their agreement, pay them back their deposit, and close directly with the seller.

3.) Do you need the seller permission to assign this agreement to another buyer?

Under the terms of the OREA re-sale agreement, no permission is required. However, it is best to be up front and work with the seller for a number of reasons. The seller salesperson could have a list of buyers who have already seen the property who may be willing to take over this deal. In addition, any new buyer would want to see the home and since your client does not yet own it, they have no right to show the home. By obtaining the assistance of the seller, you can show the home and hopefully arrange for a new potential buyer to take over.

4.) Who will pay the real estate commission?

The real estate commission will still have to be paid on both transactions. Therefore, the original buyer will likely have to sell for more than they paid, just to break even. In my experience, this should be made clear when trying to arrange this with the original seller, that the buyer will not be making any profit on this re-sale, and is just looking for someone to take over their purchase obligation.

5.) Who pays land transfer tax?

Land Transfer tax will only be paid once in this scenario, by the new buyer who finally closes the transaction with the seller.

In my experience, it is best to deal with all these issues early in the process, by being up-front and honest with your seller and finding a solution that works for everyone. By working together, you can likely reduce the potential losses on all sides and in most cases, complete the transaction to the satisfaction of everyone.

Mark Weisleder is a Partner, author and speaker at the law firm Real Estate Lawyers.ca LLP. Contact him at mark@realestatelawyers.ca or toll free at 1-888-876-5529

At our firm, we not only close real estate deals all over Ontario, we also provide timely advice on how to deal with any closing issue you or your clients may face.If you have any questions about any closing issue, do not hesitate to contact Mark toll free at 1-888-876-5529 or at mark@realestatelawyers.ca

 

Open House Today @ 50 McGill Drive 12 -2 pm 

Join us today at 50 McGill drive in View Lake today from 12 – 2 pm today. This wonderful bungalow is located in the lakeside community of view lake just east of Port Perry. 

This home has 2+1 bedrooms and 2 bathrooms. Basement was just renovated and a brand new gas  furnace installed in 2017

This Backlot property has deeded acces to Lake Scugog.

Other Property Featrues include:

  • Above Ground Pool
  • Large Lot backing onto a Golf Course
  • Circular driveway
  • Single Car Garage
  • Carport
  • Bunkie / Garden Shed with season water connection

Please contact me today for me additional details or drop by to one of 2 Open Houses this weekend 

SCOTT ROY sales representative 

REMAX JAZZ 

(905) 435-7355 direct / text 



Lake Side Bungalow – For Sale, 2 Beds + 2 Baths

Welcome to View lake on the Shores of Lake Scugog just east of Port Perry!

_MG_6957View lake is where you will find this Wonderful 2 Bedroom Bungalow on a huge lot backing onto the local renowned Wolf Run Golf Course. This home has a very pleasant layout with the dining area over looking the front yard which provides a view of Lake Scugog.

New broadloom in the living room and a gas fireplace makes for a warm and cozy area to watch movies or relax with the family.

2 Bedrooms on the main level surround the recently updated 4 piece bathroom. The _MG_6967unique layout and configuration also provides a side entrance from the carport and a main front entrance as well. There is also a single car garage with an access door to the back yard.

The huge yard has a large above ground pool with a deck and separate “Bunkie” / Garden Shed with seasonal water connection and hydro. Turn this into your Garden Hobby area, “Man Cave” or a really cool hideout place for the kids.

Te Basement was also recently updated with all new drywall, pot lights, new insulation, new furnace and new broadloom. You will also find a gas fireplace in the basement. This area is Currently an blank canvas to do what you like and or create your own living space.

There are so many options and opportunities with this home. Don’t Miss your opportunity to make this home your own.

For Additional Information of to book a private showing please contact me directly:

SCOTT ROY Sales Representative

REMAX JAZZ Inc. Brokerage

21 Drew Street, Oshawa, Ontario L1H 4Z7

(905) 728-1600 Office or (905) 435-7355 Direct / Text

Stunning Oshawa Home – 3 Beds + 3 Bath

734 Pascoe Court, Oshawa Stunning and Magnificently cared for! IMG_0223

734 Pascoe Court is a wonderful 3-bedroom Home with 3 Bathrooms. Home features a Marvellously Finished Basement, 2 Car Garage with direct access to the home. Location is ideal as you will find this home situated on a large corner lot on a quiet court that highlights the wonderful curb appeal. Don’t miss this opportunity to make this very special home your own.

Open House on Saturday April 22nd from 3-5 p.m. 

Home features sparkling Dining Room, Spacious Living room, Cozy main Floor Family Room and Wonderfully Renovated Kitchen. Flooring has Been Updated Throughout with a Pleasant Mixture of Hardwood Flooring and Broadloom on The Main Level and Broadloom and Laminate on the Upper Level.

Check out the Matterport “Dollhouse” virtual tour of this home by clicking on the link below:

Dollhouse Tour

The Gorgeous Master Bedroom Sprawls Across the Entire Back of the Home and has Walk Through Closets leading to Spacious 4 Piece Master Ensuite Bathroom. 2 Large Bedrooms and the Main 4 Piece Bathroom Make up The Rest of the Upper Floor.






Other Features Include:

  • Finished Basement with 1 Additional Bedroom
  • Above Ground Pool
  • Walk Out From Breakfast Area To Rear Deck
  • Large Corner Lot
  • Quiet Court
  • Main Floor Laundry

For additional information or to book a private showing please contact me directly:

SCOTT ROY

RE/MAX JAZZ INC. BROKERAGE

21 Drew St. ,Oshawa Ontario L1H 4Z7

(905) 728-1600 Office or (905) 435-7355 Direct/Text

Scott@lifeindurham.com

 

Port Perry Open House ! Sunday April 2nd from 2 – 4 pm

Join us today in Port Perry for an Open House at # 10 Orchard Road.

Wonderful Raised bungalow in a family friendly neighbourhood known as Apple Valley. This 3 + 1 Bedroom has 2 bathrooms, single car garage and not to mention the loads of potential. You will find this home located close to schools, shopping, restaurants and is across the street from the neighbourhood park.

 

 

Huge yard makes this home ideal for a young family or anyone with great gardening or landscaping ideas.

Join us Today, Sunday April 2 from 2-4 pm at 10 Orchard Road in Port Perry

 

 

 

For additional information please contact me directly: 

SCOTT ROY, sales representative

RE/MAX JAZZ Inc Brokerage 

21 Drew Street, Oshawa (905) 728-1600 office / (905) 435-7355 direct

scott@lifeindurham.com 

Lovely Raised Bungalow for Sale in Port Perry

_MG_4943Lovely 3+1 Bedroom Raised Bungalow In a Fantastic Family Friendly Neighbourhood of Port Perry.
Only 1 Family has cared for and loved this home for the past 38 years. Its Time for a new Family to start creating their own memories. This Home Is Conveniently Located Close To Shopping, Restaurants, Schools & Downtown Port Perry. There is also a local park across the street. There are 3 Large Bedrooms, 2 Bathrooms (1 is a powder room on the lower level that could be expanded into a larger 3 piece with some creativity). The Spacious Eat-In Kitchen has Walk Out To the Deck and into a Massive Backyard with Garden Shed.
The Lower has 1 Bedroom and Huge Rec. Room & Powder Room as well as  Direct Garage Access 
Extras and Additional’s about the Home: 
  • Landscaped Entry Steps 2015,
  • Roof 2009,
  • Driveway Paved 2012,
  • Hot Water Tank Owned,
  • Huge Back Yard with Garden Shed
  • All Existing Appliances (Fridge, Stove, B/I Dishwasher Clothes Washer & Dryer.Come with the Property) 
For Additional Information or to book your own Private Showing please contact me Directly:
SCOTT ROY, sales representative
RE/MAX JAZZ Inc. Brokerage
(905) 728-1600 office / (905) 435-7355 direct+text
scott@lifeindurham.com

Open House @ 189 Swindells St., Bowmanville 2-4pm Today


Join us today at 189 Swindells Street in Bowmanville and tour this wonderful family home. 

This home has 3 very generous sized Bedrooms including a huge Master Bedroom with 4 Piece en-suite and walk in closet. There are 3 Bathrooms, Finished Basement, Main Floor Laundry, Walk Out from dining area to one of the biggest backyards in the neighbourhood. 

Check the really cool 3D Matterport Tour of this home – click on the link below:

https://my.matterport.com/show/?m=ru7W3rHnEQN

We will be there from 2-4 pm today so come out and join us on this beautiful day !! 

Contact me directly for additional information: 

SCOTT ROY Sales Representative 

REMAX JAZZ Inc Brokerage

(905) 435-7355 direct

(905) 728-1600 office