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

 

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

 

 

53 Years in the Making !!!

Wow ! Do Not Miss this Opportunity !! _MG_0315

This Wonderful and Bright 3 Bedroom Bungalow in the Heart of Whitby has been waiting for just the right moment to re-enter the market, well today is the day!

701 Dunlop Street West is a 3 Bedroom +  1 Bathroom All Brick bungalow, which has a finished basement that also has 1 additional bedroom and another 3 piece bathroom. The lot is huge and I am sure you will be hard pressed to find another lot this big !! imagine 60 Feet wide by 164 Feet deep – the ideas are almost limitless.

More than just numbers on a Listing Sheet, the numbers here are memories, dreams and years in the making. Let me explain  This is a home that has been lovingly cared for 53 years by 1 Owner and has been a place where 4 generations have gathered to celebrate lifes’ many events.  1 Husband and 1 wife created a home, a place of rest and a welcoming environment where 53 Christmases were celebrated and well over 100 birthday parties took place and 1000 of memories created.

This is a wonderful home that needs little more explanation than that – Take Care  when walking through and drop by  for a visit this weekend at our Open House and see what a majestic and  fantastic house this is!!

For Additional Information please Contact me Directly:

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

 

 

Great Article about Collection VS Clutter?

The Following Article was taken from an email from the Organizing Lives – Check out Kim and Sandra’s Website at: Organizing Lives

You’ve got clutter. You know, that basement and those closets full of outdated items that you don’t use but won’t release. And you’ve got collections, a group of things you’ve dedicated time and effort to curating over the years. But what happens when the lines begin to blur between the two? Well, then it’s time to take action. Read on to really see the difference and to learn how to officially bring the battle of ‘clutter vs. collection’ to an end.

Good collections are displayed proudly. Few of us would happily put our junk drawers on display, because, well, it’s junk. If there are some items hidden in there that are worth showing off, take those out. Then, go through the rest with a goal of either keeping (and hiding), throwing out or donating.

Good collections employ an element of organization. What elevates a pile of books to a stack of collectibles? Well, it’s the same thing that takes a shoebox of photos to a visually appealing accent ~ organization. Whether that means tidying your mess or employing a more structured display, the key is making it look neat and intentional.

Good collections function as decor. Unfortunately, that pile of clothes on the floor

or mug full of pens taking over your desk are not aesthetically pleasing enough to
deserve the “collection” title. Try to compile items that work as decor instead, so you can happily leave them out for your guests to see as you continue collecting.

Good collections maintain consistency. The second you end up with a ‘one of these things is not like the other’ situation, the dynamic tends to shift away from a collection and more towards clutter, especially if the trend continues escalating to a ‘seven of these things are not like the other’ deal.

Good collections make use of a color scheme. Hoarding glassware isn’t hoarding glassware if you’re going all green or all pink. Go ahead and display items based on a common hue and you’ll instantly find yourself achieving a cohesive, collected look.

Good collections often have a timeless appeal.Your clutter will get old and (though it might not seem like it now) there will be a time when you have to finally purge at least some of it. With collections, however, you’ll find yourself enjoying the items you took time and effort to bring together even as decor trends change.

Good collections tell a story. This is a tricky one, because while that pile on your dining room table consisting of your work bag and receipts from the week’s grocery store stops does tell a story of a beautifully busy life, it will never get you to collection status. Show off items that reveal a hobby or show where you’ve been instead, like those vintage decanters you’ve brought back from every country you’ve traveled to.

Good collections tend to be more beautiful than practical. It’s not always the case, but it shouldn’t deter you from collecting beautiful, meaningful items that you would be content doing nothing with except keeping out for others to see.

Keep your collecting in check by cultivating a simple habit. Each time you’re tempted to add to your collection, ask yourself:

  • Why am I collecting this?
  • Does it give me great joy?
  • Do I find joy only in the finding/buying, not the having?
  • Will it become valuable one day?
  • If/when it becomes valuable, do I want to sell it? Pass it on to my kids? Do they want it?

Good collections get better as they grow. We tend to have an inverse relationship with clutter. As it increases, happiness and general home satisfaction dramatically decreases. A quality-curated collection, on the other hand………. Let it flourish!

The above article was written by  Kim & Sandra at Organizing Lives. 

Want a Unique Dinning Experience and Get an Education at the Same Time ?

Last week I had the privilege of attending our local Realtors Commercial meeting and Instead of the2015-04-23 09.09.20 typical and boring meeting room or conference centre, our meeting was held at the CFF at Durham College or the Centre For Food.

The CFF features an absolutely fantastic Dining Environment and Experience called Bistro 67 or B67. This is not only a unique Bistro or Dining experience its home to the new concept being introduced to local college students called the Food to Fork program. I was blown away by the entire experience and more so by the tour of the complete facility located right here in Durham Region at the Whitby Campus. I cannot encapsulate my experience as well as they do on their own website so I looked to the Durham College website for additional information to help tell the story.

The Following is from the Durham College Vision Page for the Centre For Food: 

The Centre for Food (CFF) follows the field-to-fork concept, which is based on the harvesting, storage, processing, packaging, sale and consumption of food – in particular the production of local food for local consumers. Durham College has adopted this concept and applied it to a diverse range of programs that crossover traditional academic schools with the curriculum, faculty expertise and equipment required to implement field to fork built into several of the college’s programs.

This incredible new learning centre features Bistro ’67, a full-service, green-certified teaching restaurant and lounge, and Pantry, a unique retail food store offering a delicious assortment of foods prepared by students.

Accommodating approximately 900 additional students studying in culinary, hospitality, tourism, agricultural and horticultural programs, the CFF features state-of-the-art labs including:

  • Food and beverage pairing labs
  • A hotel living lab
  • Classrooms and meeting spaces
  • A demonstration lecture theatre
  • Two greenhouses
  • A growth chamber
  • Bistro ’67

Development on the CFF is continually underway including extensive landscaping planning for the grounds surrounding the building. This includes plans for a future on-campus orchard, pollinator garden, greenhouse, demonstrator gardens, agricultural planting zone and arboretum.

Great Real Estate Advice from a Real Estate Lawyer

Over the past couple of years I have quoted from Mark Weisleder and shared many of his articles that provide unique tips to both Buyer and Sellers. Below is a recent video in which Mark talks about his book called “Put The Pen Down!”. Watch the interview and get yourself a copy or grab one for a family member or friend who might be considering buying or selling a home.

 

SCOTT ROY

RE/MAX JAZZ Inc Brokerage

21 Drew Street, Oshawa, Ontario L1H 4Z7

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

Scott@lifeindurham.com

Landmark Move in Quebec Real Estate

I Just finished writing about an experience potential clients of mine had working with a FSBO  (for Sale By Owner Company) and then I read this article in the REP (Real Estate Professional) Blog about 2 minutes later. This article was writen on December 3rd by an REP writer there is also a link at the bottom of this article back to the original.

REP Article:

In what will surely become a landmark move, the Québec Federation of Real Estate Boards (QFREB) has filed an application for authorization to institute a class action suit against a major for-sale-by-owner player in the province.

The proposed lawsuit accuses for sale by owner (FSBO) company DuProprio of “systematically engaging in deceptive advertising campaigns for years, misleading Québec consumers about the so-called savings associated with DuProprio’s services, and about the supposed advantages of its real estate services compared to those of brokers,” the QFREB said in a press release this morning.

The board conglomerate, which represents the province’s 12 real estate boards and 13,000 real estate professionals, says DuProprio explicitly promises its clients they’ll incur less financial strain by using its services as opposed to paying a real estate agent’s commission. The QFREB says that statement fails to consider the various real estate commission structures available to buyers and sellers.

Further, the QFREB asserts DuProprio slanders the industry by claiming agents do not protect consumers from the perils of purchasing real estate. Again, the FSBO company fails to consider the insurance programs offered by many brokerages for the purpose of consumer protection, the federation argues.

“In Québec, the legislator has ruled that real estate brokers should have received professional training and hold a licence issued by the OACIQ,” says Éric Vallières, a lawyer with McMillian, the Montreal firm representing the QFREB. “They are also subject to strict requirements and high standards of service.”

The fight against FSBO models is prevalent across the country, leading to advertising campaigns on both sides of the argument. Agents in the REP forum, however, have been pushing back against companies like DuProprio and Property Guys, arguing an agent’s services go well beyond an MLS post.

“If you get an experienced agent who knows how to negotiate, who spends money on advertising, who can do the open houses, who ensures they have a legitimate buyer, then you’re way better off than selling by owner,” Janette Graf-King, a real estate agent with Re/Max, says. “You get what you pay for.”

Original Article – http://www.repmag.ca/news/quebec-boards-file-motion-against-fsbo-186063.aspx

SCOTT ROY sales representative

RE/MAX JAZZ Inc Brokerage

21 Drew Street, Oshawa, Ontario L1H 4Z7

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

scott@lifeindurham.com