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

 

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

RECORD HIGHS WITH 36 % INCREASE MAKE DURHAM HOTTEST MARKET

Article Taken Directly from the Durham Region Association of REALTORS® (DRAR) February 2017 Newsletter 

Durham Region Association of REALTORS® (DRAR) President Roger Bouma reported 595 residential transactions in January 2017, a 17 per cent increase from the same time last year. “Strong demand and low inventory are a few key factors in the booming price growth in Durham Region,” stated Bouma. There were 735 new listings in January 2017, a 7 per cent decrease compared to 788 in January 2016. “We’re seeing record highs in average selling price in January,” said Bouma. The average selling price in Durham reached $608,417 last month. In comparison, the average selling price was $446,117 during the same period last year; a 36 per cent increase. Homes have continued to sell quickly in an average of 15 days compared to 23 days last year. “This is a story that will continue to make headlines as strong price growth, short supply, and low interest rates continue in 2017,” said Bouma. In the past 10 years, the Durham Region’s average selling price has more than doubled, from $257,850 in 2006 to $533,828 in 2016. “There is no doubt that the Durham Region will continue to grow as we enter 2017, we’re already seeing a dramatic increase from the same time last year.” “The province-wide news that Durham Region will be receiving more funding from the gas tax program for transportation infrastructure is just another example of the great quality of life for families that live or wish to live in Durham,” said Bouma. Minister of Transportation Steven Del Duca announced on February 1 that Durham Region will be receiving approximately $10 million by 2019. “This news, coupled with the extension of the 407 east to the 115, the expansion of the GO Train, and the affordability of living, makes Durham Region one of the hottest markets in Ontario.

Super Semi For Sale – 78 Brownridge Place, Whitby, Ont.

_mg_7029We go live today !! All the hard work and preparations have been well worth it. We are taking this Fantastic Semi Detached home to market today.

3 Bedrooms + 3 Bathrooms, Open Concept Main Floor, Beautiful Kitchen and Breakfast has walk out to Patio and Back Yard. Main Floor also has a 2 Piece Powder room and Direct Garage Access. Garage has Parking for 1 Car and 2 additional Cars on the Driveway.

Finished Basement has an L Shaped Rec. Room and Unfinished Laundry Room and Storage Area.

Located in one of Whitby’s most desirable Neighbourhoods known as Williamsburg which has great schools, parks and is very close to many public transit options. The recently Completed Highway 407 and 412 provide new alternatives for commuting. You also have access to GO Train Stations (Whitby and Ajax) 

Large Back Yard has a Shed and plenty of space for the kids

Don’t miss this opportunity to make this special home you very own. For additional Information or to book your own private showing please contact me:

Scott Roy, Sales Representative

RE/MAX JAZZ Inc Brokerage.

21 Drew Street, Oshawa, Ontario. (905) 728-1600 Offie or (905) 435-7355 Direct

Scott@lifeindurham.com

 

 

Historical Gem For Sale In Blackstock, Ontario

 

Welcome to 3482 Church Street located in Blackstock Ontario

Built in 1870, and still retaining many of its original characteristics, welcome to 3482 Church Street, a beautiful heritage home showcasing many modern updates, and situated within Scugog’s historic Blackstock community.
Nestled amongst a lush tree canopy within this quiet rural town, the home showcases a recent addition to the original homestead, as well as substantially sized front and back yards that can be transformed into dream outdoor living and entertaining spaces.

The majesty of its past remains present through its original brick exterior accented with gingerbread details, and the covered porch which wraps around three sides of the home.

The hardwood floors of the entrance hallway and foyer, as well as the open concept living and dining rooms, were replaced in the 1940s, and have since been refinished and stained, giving the floors a more contemporary look. The arched entryway between the formal living and dining areas has a set of solid wood bi-fold doors that maintains a separation between the rooms when necessary.

Original finishes can be still found throughout most of the home, and some of these include many of the door and window trims, extra deep baseboards, crown moldings, as well as the hand crafted staircase and its hardwood bannister to the second level.

The well-appointed powder room showcases a reclaimed hemlock hardwood floor, an updated vanity, wall moldings, and its overall elegance is enhanced by a chandelier.

Off the main hallway is a room with new broadloom which is beautifully suited as a family room or home office, and which also has a separate entrance from the porch as well as a large bay window overlooking the side yard.

A newer addition to the home, the incredibly spacious kitchen and breakfast area is finished with reclaimed hemlock hardwood floors, and showcases a built-in bookshelf, pot lighting and modern ceiling light fixtures, updated modern cabinetry with ample pantry space, built-in fridge and dishwasher as well as stainless steel oven with gas cooktop, hand hammered copper sink, and has retained some of the original brick exterior as an accent wall.

The upper level showcases the original hardwood floors of the home, and also features updates such as new broadloom and ceiling light fixtures – while a small room at the end of the hallway has a folding ladder to gain access to the rooftop tower.

All the bedrooms are graciously sized rest spaces, and the master bedroom showcases a gorgeous chandelier, wall moldings that highlight the coved ceiling, and a 2-pc ensuite with pedestal sink.

The updated family washroom is finished with a freestanding bathtub with gorgeous chandelier above it, a space-saving vanity, and a separate shower area.

The second bedroom has two entryways, one off the main hallway and the other off the secondary hallway, and features large windows and ample closet storage – and the third bedroom also has large windows and plenty of closet space, as well as a pedestal sink for guest or family convenience.

The new addition also features an unspoiled living space on this level, which has the potential to be converted into a dream master bedroom.

Beautifully updated, this historically significant home is within walking distance to places of worship, a convenience store, the Blackstock Recreation Complex, Cartwright Central Public School, and Cartwright High School; and is just a short 10 minute drive to nearby Port Perry for many more everyday conveniences and amenities.

For more information, contact me

Scott Roy Sales Representative

Re/Max Jazz Inc., Brokerage

(905) 728-1600 Office or  (905) 435-7355.Direct

scott@lifeindurham.com

Unique Open House for a Unique Home

Join me on Friday Evening at 15199 Simcoe Street in the heart of Port Perry for an Open house in one of Port Perry’s most Historic and charming homes. _MG_4898

On Friday July 29th from 5:00 p.m. – 7:00 p.m. I will be Hosting an Open House at 15199 Simcoe Street. Come out to Port Perry and check out this wonderful home and when your done you can take in the sweet aromas and unique flavours over at Lakeview Park where the First Annual Port Perry Rib Fest will be taking place.

 

Charming Historical Home in the Heart of Port Perry. This Home was Built in 1873 and Offers a One of Kind Opportunity. If you are looking for Original Historic Charm to call your own, This could be your Future Home!  

Contact Me For Additional Information on this Wonderful Home

SCOTT ROY, Sales Representative

RE/MAX JAZZ Inc. Brokerage. 21 Drew Street, Oshawa, Ontario

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

Scott@LifeInDurham.com

 

Historical Beauty in Port Perry

Don’t Miss this Rare Opportunity to own one of Port Perry’s Most Historic Homes.

Welcome to 15199 Simcoe Street, Port Perry 

Charming and Historical Home located in the Heart of Port Perry. This Home was Built in 1873 and Offers a One of Kind Opportunity. If you are looking for Original Historic Charm This is Your Future Home!

This Wonderful Home Has 4 Bedrooms + 2 Bathrooms and One of the Most Unique Garage layouts you Have Ever Seen; The Garage is Accessed Through the Basement of the home and provides immediate access to Simcoe Street. With zoning in the area you could operate a great home based business.

Lovely Centre Hall Plan With Just over 2000 Square Feet and Some Original Hardwood Floors and many other original amenities including a working hand pump that operates a well in the back yard.

Kitchen Has Recently Been Updated and is connected to the Huge Dining Room. The Living Room provides a great area to relax with the Family. The Large Private Backyard is a bit of an Oasis in the heart of Historic Down and there is ample parking  for 4 Cars.

The Original Front Entrance of this home has been Converted to a Lovely Sun-Room and Sitting Area. The Master Bedroom Has Also Been Recently Updated and Also Has Another Lovely Sitting Room – Enjoy Coffee in the Morning Overlooking the Lush and Private Backyard or Take in a Book In this Quiet Little Oasis in the evening.  

Everything you Need is so Close By, You Can Walk to Historic Downtown and Most Amenities in Town Within 5 Minutes.

Don’t miss this Opportunity !!  

For Additional Information Please contact me:

SCOTT ROY Sales Representative

RE/MAX JAZZ INC. Brokerage

21 Drew Street, Oshawa, Ontario L1H 4Z7

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

scott@lifeindurham.com