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Real Estate News from Popular Ontario Counties

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 3
Absolute Discretion Clause in Ontario after BhasinNumerous clauses will state “…the Buyer’s sole and absolute and unfettered discretion…”.The difficulty with the clause as it stands is that it may easily give the novice or the uninformed the wrong impression. However, things are slow to change, s...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
Listing Agent: Pre-Listing Inspection Liability (Ontario)Question:Is there any risk to a Listing Agent who suggests or recommends a Pre-Listing Home Inspection?Answer:The actual risk to the Listing Agent should they recommend a pre-listing inspection is that the Home Inspector finds something sig...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
Inspection Conditions for “As Is” PropertiesQuestion:If a house is being sold "as is" can you personally pay for a building inspector as a condition if you put a bid on it?Answer:All real estate is sold “as is”. The only exception would be “new builds” with a Tarion Warranty.The question, of cour...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 1
HIGH RATIO fixed term best discounted rates & posted rates as of February 18, 2019 Terms                          Posted Rates              Our Rates 6 mos                          3.34%                          3.30%1 year                          3.59%                          3.19%2 year      ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
TERM POSTED Preferred RATES* Open 1 Year 6.30% 6.30% Fixed 1 Year 3.59% 3.19% Fixed 2 Year 3.74% 3.19% Fixed 3 Year 3.89% 3.49% Fixed 4 Year 3.94% 3.64% Fixed 5 Year 5.59% 3.49% Fixed 7 Year 5.80% 3.64% Fixed 10 Year 6.10% 3.89% Variable Rate 2.95% Prime Rate 3.95% Benchmark Rate 5.34% Cost per ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 1
Commission Deficiency OntarioQuestion:If there is not enough commission to pay the Buyer’s Agent on closing, can the Buyer’s Agent sue the Buyer directly for full payment or the shortfall under the Buyer Representation Agreement?Answer:I think it might be somewhat difficult to go after your own B...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 1
Escalation Clauses Might be Void in OntarioIt is a clause that is very risky to use both for the Buyer and the Seller. Many jurisdictions do not permit them at all:  1)    Some think that this type of clause is VOID as against public policy,  2)    Some believe that it is an abuse of the administ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 1
    TERM POSTED Preferred RATES* Open 1 Year 6.30% 6.30% Fixed 1 Year 3.59% 3.19% Fixed 2 Year 3.74% 3.19% Fixed 3 Year 3.89% 3.49% Fixed 4 Year 3.94% 3.64% Fixed 5 Year 5.59% 3.49% Fixed 7 Year 5.80% 3.64% Fixed 10 Year 6.10% 3.89% Variable Rate 2.95% Prime Rate 3.95% Benchmark Rate 5.34% Cost p...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Commercial Bond Yields CMB 5 Year - 2.21%* CANHOU 06/15/24 [+0.03]   ‌ 10 Year - 2.39% CANHOU 12/15/28 [+0.03]   10 Year - 2.42%* CANHOU 09/15/29 [+0.03] * denotes interpolated rate

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Getting the Deposit Back Quickly (Ontario)Question:A deal falls apart on financing.  As the Buyer’s Agent you send a mutual release right away as you want to get your buyers deposit returned to them. Five days go by and Listing Agent has not sent it back signed or submitted it to his office.. You...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Commission Clawback  (Ontario)Question:In Broker’s Remarks on an MLS, it states the following: “Cooperating Broker will pay Listing Broker a Referral Fee of 40% of the Cooperating Broker Commission if the Listing Broker has taken the Buyer through the property.”Will this work, legally?Answer:No. ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 1
HIGH RATIO fixed term best discountedrates & posted rates as of February 11, 2019 Terms                          Posted Rates             Preferred Rates6 mos                          3.34%                          3.30%1 year                          3.59%                          3.19%2 year   ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Toronto and GTA Markets Accelerate in January 2019 This is the recently released report of the Toronto Real Estate Board concerning the January 2019 results: GTA REALTORS® Release January Stats TORONTO, February 6, 2019 – TREB President Garry Bhaura announced that Greater Toronto Area REALTORS® r...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
 Two Title Clauses in APS in Ontario8 Title searchClause 8 talks about searching title (the requisition date refers to this) and searching for non-tile issues (e.g., at the municipality).  These steps are completed for the buyer prior to closing and are done through their lawyer.  Clause 8 sets o...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
 Producing Form 801 in OntarioQuestion:Can a listing agent refuse to provide 801 form in multiple offers?Answer:No. The only person who can demand it is RECO. So if RECO asks, then it has to be produced.801 is a confusing Offer Summary Document. The Buyer doesn’t have to prepare one. The Seller c...

By Rosalind Nicholas, Toronto Condo Real Estate Agent, Toronto ON
(RE/MAX Condos Plus Corporation, Brokerage)
Comments 0
2240 Lakeshore Blvd. W. Toronto, ON. One bedrm Condo For Sale  Listed for $495,000;   Property Taxes S1,809.90 per annum;   Maintenance Fee $430.87 per month Welcome to ‘Beyond The Sea’, Phase 2 Condominiums.  This Spacious South-facing 1 Bedroom suite, In the South Tower is Approx. 607 Sq ft. It...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Commission Scoop by the Listing AgentQuestion:Broker comments today on a listing "Cooperating Broker Will Pay Listing Broker A Referral Fee Of 40% Of The Cooperating Broker Commission  If The Listing Broker Has Taken The Buyer Through The Subject Property." Is this appropriate?Answer:Be sure to a...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Commercial Bond Yields CMB 5 Year - 2.21%* CANHOU 06/15/24 [-]   ‌ 10 Year - 2.40% CANHOU 12/15/28 [-]   10 Year - 2.43%* CANHOU 09/15/29 [-] * denotes interpolated rate GoC 5 Year - 1.79% CAN 2.00 09/01/23 [-]   ‌ 10 Year - 1.89% CAN 2.0 06/01/28 [-] GOC Bonds are for reference purposes only Fl...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
    TERM POSTED Preferred RATES* Open 1 Year 6.30% 6.30% Fixed 1 Year 3.59% 3.19% Fixed 2 Year 3.74% 3.19% Fixed 3 Year 3.89% 3.49% Fixed 4 Year 3.94% 3.64% Fixed 5 Year 5.59% 3.49% Fixed 7 Year 5.80% 3.64% Fixed 10 Year 6.10% 3.89% Variable Rate 2.95% Prime Rate 3.95% Benchmark Rate 5.34% Cost p...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
Lawyer’s Review ClauseQuestion:Does the Lawyer’s review clause provide a free walk?Answer:No, the lawyer’s review clause doesn’t provide a free walk. There still needs to be something of substance. An important issue is whether or not this clause is interpreted widely to include “business terms” ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
Offers for Leases in OntarioQuestion:Do I need an Offer for a Lease? If I just use the Government Lease Form, there’s no irrevocable.Answer:The Offer is actually unnecessary. Why tie things up with an irrevocable time? Most commercial contracts have no irrevocable provisions at all.The key docume...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
 Counting the days in Ontario is a question that has come up before. It’s important to get it right, because otherwise the consequences could be disastrous.There are calendar days, and everyone knows what they are. There’s no clear understanding today (not 30 years ago, but today) about the meani...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Tendering in OntarioQuestion:What is the meaning of “tender” in real estate transactions?Answer:Tender is a very specific term in a real estate transaction.Tendering is the process to demonstrate that a party is "ready, willing and able” to complete the transaction.So, even if there is going to b...

By Dan Papadapoulis, Home equity loans, second mortgages Toronto
(Mortgage Central Nationwide)
Comments 0
It is undeniable that fraud can happen to anyone, including businesses big and small. When it is discovered that you or your business was a victim of fraud, accepting that fact and finding out that someone you trusted chose to steal from you is definitely challenging to deal with, not just financ...

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