The annual doom and gloom articles about the Canadian real estate market are front page news once again. Even the Governor of the Bank of Canada, Stephen Poloz, says that the Canadian real estate market is over-valued by as much as 30%. We have heard this story before, almost every year in the past 15 years. Hasn’t happened yet, and it won’t happen in 2015.
The Real Estate Council of Ontario did a survey of first time buyers in Ontario and found that one of the top issues that buyers had was they wished they understood the real estate contract and the process involved in buying a home a lot better, before they bought their home. Here are 5 things to know so that you will not be surprised either before or after closing.
The basement floods after closing. Can the buyer sue the seller? The agreement contained wrong information about the property dimensions but also included a disclaimer clause. Can the buyer sue if there is a problem after closing? Do you need to disclose a murder that occurred in a home? These are not simple questions, but if you remember the following principles, you should be able to understand the law.
The buyer notices that the oven is not working when they do their final home visit, 2 days before closing. Can the buyer refuse to close or hold back money to repair the oven? These are just some of the questions that I receive from anxious buyers during the course of a home purchase. Here…
Being a successful residential landlord in Ontario is not easy. Here are 6 important tips to remember: 1. Properly qualify your tenants in advance. Ask for proof of income and call the references that are provided. Check their credit. Interview them where they live. Check them out on social media. If you have any concerns,…
Now that the Halloween season is upon us, it is a good time to remind buyers how they can avoid mistakes when buying a home that will lead to nightmares later. Here are 7 ways to prepare so that you don’t have a horror story to share.
When you buy an old home, you must be aware of the possibility of mould behind the walls. If you are suspicious, have the proper tests done during the home inspection. It is not easy to sue a home inspector later if problems arise after closing.
A wise philosopher once said: “I went bankrupt twice in my life; the first time when I lost a lawsuit, the second time when I won.” I couldn’t have said it better. In most cases, the only winners in lawsuits are the lawyers, who get paid, no matter whether they win or lose. Here are…
There is a lot of confusion out there by buyers and real estate salespeople as to what insurance is required when buying a condominium. The mistake is thinking that the insurance policy for the building will always cover your situation. In most cases, the buyer will still have to pay for part of the damages, even if they have done nothing wrong.
The bankruptcy of a proposed condo development and the arrest of a prominent real estate lawyer last month left many buyers potentially out of deposits totalling millions of dollars. It shouldn’t have happened.