As a result of further restrictions announced by CMHC, it may be time for sellers to consider offering a seller take back mortgage as a means to entice more potential buyers to their property. It can also lead to tax savings for the seller if they are selling an investment property, However, as the attached article indicates, seller financing is not for everyone and the terms must be clearly specified in any agreement of purchase and sale.
Click here to read the article: http://www.thestar.com/business/personal_finance/2013/08/12/is_seller_financing_an_answer_to_cmhc_restrictions.html
Is a buyer entitled to a pre-closing inspection?
Most salespeople include a pre-closing visit or inspection in the real estate agreement. If it is not included, is the buyer entitled to a visit anyways? Read the attached article which points out that under the agreement, there may be a right of inspection before closing to determine whether substantial damage has occurred between the time the offer was signed and closing. But since you may have to go to court to enforce this right, it is best to provide for it in your agreement.
Beware the pitfalls of rent to own
Rent to own can be a win-win situation for both landlords and tenants when it is structured correctly. But it is still a real estate deal, and both the landlord and tenant should have legal representation before signing any papers to make sure that everyone is properly protected. Read the attached article which demonstrates how things can go wrong when the parties have not done the proper due diligence.
Why the numbers 4, 8 and 13 matter in real estate deals
In many communities, house numbers can affect the price offered for a property. Buyers need to be aware of this whenever they buy a home. Read the attached article which explains why the house numbers 4 and 8 matter even more today when buying or selling a home.
If it matters to you, get it in writing
When there is any dispute in a real estate agreement, a judge will ask a simple question: “What does the agreement say?” Not surprisingly, most answers to common questions can be found in the fine print of the real estate agreement. See the attached article, which answers whether a TV bracket is a chattel or a fixture and what happens when items advertised on the listing turn out to be untrue after closing.
Do you need to disclose if a house is haunted?
See the attached US decision involving a haunted house that was not disclosed. Given that the GTA is now such a multi-cultural community, it is safer to just disclose anything with respect to a property that may bother someone, to avoid aggravation and lawsuits after closing.
My Law Practice
I have received many inquiries about my law practice, providing legal services to real estate buyers, sellers and investors. Working with Real Property Transaction Centres, I am now able to close real estate transactions throughout the GTA. If you require any assistance on a transaction that you are working on, please email me at firstname.lastname@example.org
If you or your clients are looking for a written quote, please visit www.realproperty.ca and search under “How much does it cost” or contact Suzanne at 1-877- 219-9618, ext. 231.
About Mark Weisleder
Mark is a lawyer, author, instructor, Toronto Star columnist and keynote speaker for the real estate industry.