Third Parties Signing by POA and for Deceased - 02/29/12 06:49 PM
Third Parties Signing by POA and for Deceased
Ontario Real Estate Source
By Brian Madigan LL.B.
Question
What is the correct procedure in the following case:
Assume two spouses on title, and one elderly owner (under POA) and the other owner is now deceased? Would just the POA sign on behalf of the survivor and the heir from the other side sign an agreement to get a property sold?
Do they have to sign with anything special or put something beside signatures?
Would we as agents have to see a probate from the heir to make sure they can go ahead … (3 comments)
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Mortgage Rates ~ 28 February 2012 - 02/29/12 06:42 PM
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Multiple Representation Documentation in Ontario - 02/29/12 06:00 PM
Multiple Representation Documentation in Ontario
Ontario Real Estate Source
By Brian Madigan LL.B.
Question
If a registrant is representing a seller client and is providing service to the buyer customer - do both parties need to sign acknowledgement and consent or is that only for multiple representation when both are clients?
And is it multiple representation if there is one client and one customer from the same brokerage.
Answer
Multiple representation requires two (2) clients. There are no crossovers. One of each is not enough.
You will see from the Confirmation of Co-Operation and Representation that there is a … (1 comments)
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Can You List Your House for Whatever Price You Want? - 02/28/12 06:42 PM
Can You List Your House for Whatever Price You Want?
Ontario Real Estate Source
By Brian Madigan LL.B.
Misleading and False Advertising is dealt with under both the Competition Act (federal) and the Consumer Protection Act (provincial).
The federal Act deals with businesses not individuals.
The provincial Act deals with goods and services not real property.
The Real Estate and Business Brokers Act, 2002 also deals with false and misleading advertising but it only deals with registrants or the regulated real estate professionals. It does not regulate homeowners.
Here’s the problem. Bob bought his house 2 … (12 comments)
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Mortgage Rates ~ 27 February 2012 - 02/27/12 01:36 PM
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Failure to Clarify "Closing Date" - 02/26/12 10:46 AM
Ontario Real Estate Source
By Brian Madigan LL.B.
In order to be "enforceable", real estate contracts must be "definite and clear". So, here, the Courts will look to:
1) parties, (sufficient to identify)
2) price, (capable of ascertainment)
3) description, (capable of ascertainment)
4) closing date, (capable of ascertainment)
# 4 Closing Date
Sometimes, the issue of the closing date is just unclear. Courts need this matter to be certain. So, it is either specifically mentioned in the agreement, or it is subject to a formula.
Naturally, the ones which are subject to some kind of formula are the ones which give rise to problems. … (3 comments)
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Failure to Clarify "Description" - 02/26/12 10:33 AM
Ontario Real Estate Source
By Brian Madigan LL.B.
In order to be "enforceable", real estate contracts must be "definite and clear". So, here, the Courts will look to:
1) parties, (sufficient to identify)
2) price, (capable of ascertainment)
3) description, (capable of ascertainment)
4) closing date, (capable of ascertainment)
# 3 Description
If the parties are expecting the Courts to enforce the agreement, then the description of the property must be clear. And, that does not mean "as clear as mud".
Suppose that the Courts cannot easily conclude what was properly the subject-matter of the transaction? This means "back to the drawing board- no … (1 comments)
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Failure to Clarify "Price" - 02/26/12 10:03 AM
Ontario Real Estate Source
By Brian Madigan LL.B.
In order to be "enforceable", real estate contracts must be "definite and clear". So, here, the Courts will look to:
1) parties, (sufficient to identify)
2) price, (capable of ascertainment)
3) description, (capable of ascertainment)
4) closing date, (capable of ascertainment)
# 2 Price
Courts need to know what the price may happen to be. In a residential situation, this should be clear. It's right on the first page of the offer.
When it is a new building, there may be government grants, incentives and rebates which all must be taken into consideration in calculating the … (3 comments)
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Failure to Clarify the "Parties" - 02/26/12 09:53 AM
Ontario Real Estate Source
By Brian Madigan LL.B.
In order to be "enforceable", real estate contracts must be "definite and clear". So, here, the Courts will look to:
1) parties, (sufficient to identify)
2) price, (capable of ascertainment)
3) description, (capable of ascertainment)
4) closing date, (capable of ascertainment)
# 1 Parties
If Courts cannot figure out who the other party is to the agreement, then it simply will not be enforceable.
So, where does this happen? Usually with commercial transactions involving shell companies, joint ventures, syndicates, partnerships and trusts.
It has to be clear who is the contracting party. Frequently, there is … (1 comments)
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Ingredients of an Enforceable Real Estate Agreement - 02/26/12 09:42 AM
Ontario Real Estate Source
By Brian Madigan LL.B.
There are several essential elements of a contract:
1) Parties, (legal capacity)
2) Lawful object (not illegal)
3) Intention to create contract (consideration or seal)
4) Mutual agreement (offer and acceptance)
5) Agreement in respect to terms (genuine intention)
6) Agreement must be certain (definite and clear).
The above list, you will find in legal texts dealing with contract law. There are a few more issues when it comes to real estate transactions in Ontario. They must be in writing in order to comply with the Statute of Frauds.
Also, in order to … (0 comments)
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Basic Contract Elements - 02/26/12 09:30 AM
When is an agreement binding?
Ontario Real Estate Source
By Brian Madigan LL.B.
Effectively, there are two choices:
1) as soon as the offer is formally accepted, as in “signed, sealed and delivered”, and
2) when all the conditions are satisfied, waived or fulfilled.
Naturally, it makes a difference in terms of interpretation. Some people say 1) and other people say 2).
There are several essential elements of a contract:
1) Parties, (legal capacity)
2) Lawful object (not illegal)
3) Intention to create contract (consideration or seal)
4) Mutual agreement (offer and acceptance)
5) Agreement in respect to terms (genuine intention)
6) … (0 comments)
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Mortgage Rates ~ 25 February 2012 - 02/26/12 09:11 AM
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Same Sex Divorce in Canada - 02/20/12 02:52 PM
Same Sex Divorce Issue Resolved
Ontario Real Estate Source
By Brian Madigan LL.B.
There was a little bit of a problem when it came to same-sex marriages in Ontario.
It was fine if both parties were from Ontario, they got married and then they were entitled to a divorce.
But, if one or both parties happened to be from another country, then there could be a problem.
There is a field of law known as “Conflicts” which is short for “Private International Law”.
It is often difficult to have all the laws of one jurisdiction working together without a "hitch”, … (7 comments)
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The Five “T’s” of My Business - 02/20/12 02:01 PM
The Five “T’s” of My Business
Ontario Real Estate Source
By Brian Madigan LL.B.
It recently occurred to me that I have 5 separate and distinct lines of business:
· Training
· Teaching
· Testimony
· Transactions
· Tweeting
So, here is a quick summary of what I have available:
1. Training
I offer training session for real estate professionals and those who wish to provide services to the real estate industry. These are relatively short one hour programs on a number of topics.
2. Teaching
These are actual continuing education credit courses available to registered sales representatives and brokers. … (8 comments)
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Mortgage Rates ~ 20 February 2012 - 02/20/12 09:24 AM
Mortagage Rates
Ontario Real Estate Source
By Brian Madigan LL.B.
If you require a referral to a mortgage broker, then please call me at 416-745-2300.
Brian Madigan LL.B., Broker is an author and commentator on real estate matters, if you are interested in residential or commercial properties in Mississauga, Toronto or the GTA, you may contact him through RE/MAX West Realty Inc., Brokerage 416-745-2300.www.OntarioRealEstateSource.com
… (0 comments)
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The Expanded Definition of Fraud - 02/19/12 02:08 PM
The Expanded Definition of Fraud
Ontario Real Estate Source
By Brian Madigan LL.B.
One of the very best articles to ever be written concerning the law of disclosure appeared in the Special Lecture series of the Law Society of Upper Canada in 1960 dealing with real estate issues.
Professor Laskin wrote "Defects of Title and Quality". As you are probably aware he was at that time a professor of law at the University of Toronto Law School. He later was appointed to the bench and ultimately became Chief Justice of the Supreme Court of Canada. In his view, fraud is … (3 comments)
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Cavalier Purchaser Proceeds with Repairs left without Remedy - 02/19/12 01:41 PM
Purchaser Proceeds with Repairs at Own Risk
Ontario Real Estate Source
By Brian Madigan LL.B.
This is a rather interesting situation. The vendors, the Rotas, owned a rather large estate home in Schomberg, Ontario.
Shortly after the purchasers, Mr. and Mrs. Ricchio moved in, there was some water present in the basement. They claimed that the vendors had fraudulently concealed this information. They claimed that there were water penetration problems which the vendors failed to disclose.
The matter came on for trial in the Superior Court of Justice (in Newmarket) over a period of ten days in 2011 before … (1 comments)
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Procedures related to the Claim for Compensation under the Commission Protection Insurance Program - 02/18/12 11:48 AM
Procedures related to the Claim for Compensation under the Commission Protection Insurance Program
Ontario Real Estate Source
By Brian Madigan LL.B.
There are certainly some steps that need to be followed in respect to the payment to a claimant of insurance under the Commission Protection Insurance program.
Clearly, every potential claimant needs to file a claim as soon as possible.
The appropriate claim forms may be downloaded from The Real Estate Council of Ontario (RECO) website at www.reco-claims.ca
When RECO suspends a brokerage it undertakes its role as the "regulator" and it is entitled to investigate … (2 comments)
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Mid Month - 02/17/12 08:58 AM
GTA REALTORS® Report Mid-Month Resale Housing Market Figures
Toronto, February 16, 2012
– Greater Toronto REALTORS® reported 3,206 sales through the TorontoMLS® system through the first 14 days of February 2012 – up by more than nine per cent compared to the 2,933 sales reported during the same period in 2011. New listings were up by 13 per cent over the same period.
"The GTA resale home market became better supplied during the first 14 days of February. If growth in new listings continues to outstrip growth in sales this year, competition between home buyers will ease. … (4 comments)
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Understanding Commission Protection Insurance for Real Estate Transactions in Ontario - 02/17/12 07:10 AM
Understanding Commission Protection Insurance for Real Estate Transactions in Ontario
Ontario Real Estate Source
By Brian Madigan LL.B. The Real Estate Council of Ontario (RECO) has mandated the participation of all of its registrants in an insurance program that includes among other coverages, a "Commission Protection Insurance Policy". This policy is designed to safeguard registrants in the event of the theft, confiscation or mismanagement of their commission in a real estate transaction. So, if a commission is to be paid to a registrant, then it is protected under the insurance policy. The policy arises out of a desire to protect … (3 comments)
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Law of Disclosure ~ 3 Credits ~ Woodstock - 02/16/12 04:08 PM
Law of Disclosure and the Use of the Seller Property Information Statement
This course qualifies for 3 credit hours of continuing education for real estate professionals requiring RECO education credits.
The program is being offered in Woodstock by the board on 20 April 2012, from 9:00 am to 12:00 noon.
For registration information contact the board directly:
Woodstock-Ingersoll & District Real Estate Board
519-539-3616
Brian R. Madigan LL.B., Broker
Course Developer and Instructorwww.OntarioRealEstateSource.com
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Law of Disclosure Course ~ 3 credits ~ Orangeville - 02/16/12 04:00 PM
Law of Disclosure and the Use of the Seller Property Information Statement
This course qualifies for 3 credit hours of continuing education for real estate professionals requiring RECO education credits.
The program is being offered in Orangeville by the board on 19 April 2012, from 9:30 am to 12:30 pm.
For registration information contact the board directly:
Orangeville & District Real Estate Board
519-941-4547
Brian R. Madigan LL.B., Broker
Course Developer and Instructorwww.OntarioRealEstateSource.com
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Law of Disclosure ~ 3 Credits ~ Kingston - 02/16/12 03:45 PM
Law of Disclosure and the Use of the Seller Property Information Statement
This course qualifies for 3 credit hours of continuing education for real estate professionals requiring RECO education credits.
The program is being offered in Kingston by the board on 18 April 2012, from 9:00 am to 12:00 noon.
For registration information contact the board directly:
Kingston & Area Real Estate Association
613-384-0880
Brian R. Madigan LL.B., Broker
Course Developer and Instructorwww.OntarioRealEstateSource.com
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Mortgage Rates ~ 13 February 2012 - 02/13/12 08:14 PM
Brian Madigan LL.B.
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Insurer Must Back Up False Statements Made by Seller - 02/13/12 08:11 PM
Insurer Must Back Up False Statements Made by Seller
Ontario Real Estate Source
By Brian Madigan LL.B.
In Aiken v. Unifund Assurance Co. the Superior Court in Ontario had to consider whether there was a duty to defend under a homeowners’ policy, where the claim arose as a result of a false Seller Property Information Statement.
A purchaser sued a vendor claiming misrepresentation and fraudulent concealment. The purchaser later amended the claim presented to include negligence. That is an unintentional tort and might be covered under an insurance policy.
In the Amended Statement of Claim, it is alleged that … (2 comments)
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Dog Owner’s Liability - 02/11/12 05:04 PM
Dog Owner’s Liability
Ontario Real Estate Source
By Brian Madigan LL.B.
A young child of 12 was seriously mauled by several dogs being kept by her grandmother.
A lawsuit also included the Township on the basis that the municipality owed a duty of care to protect the child.
The grandmother kept 9 large and aggressive dogs. Neighbours complained and she was requested to comply with the by-law.
The Court awarded Judgment against the grandmother for negligence, but dismissed the case against the municipality on the grounds that there was no duty of care and that the infant plaintiff would … (2 comments)
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Agent Successful in Suit for Commission - 02/11/12 04:32 PM
Agent Successful in Suit for Commission
Ontario Real Estate Source
By Brian Madigan LL.B.
The seller agreed to list the property for sale. But, he also wanted to buy another property. Naturally, both transactions were separate and distinct.
When he didn’t find anything he wanted he changed his mind about selling. So, he made every attempt to thwart the proposed sale.
On the final day of the listing, the agent brought in a full price Offer. The seller refused to accept it.
The agent sued for commission. The seller argued that the commission was payable only if there was … (4 comments)
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Small Claims and the $25,000 limit - 02/11/12 04:10 PM
Small Claims and the $25,000 limit
Ontario Real Estate Source
By Brian Madigan LL.B.
The jurisdiction of the “small claims” court in Ontario has increased significantly in the last few years. On 1 January 2010 it rose to $25,000 from $10,000. Before that it had been $1,000, $800, $400 and $200.
When it was $400 and less, it was still called Division Court.
The stakes were not high and lawyers really didn’t get in the way. It had proven to be an educational training experience for young lawyers. But, the monetary limit increased.
This is a serious matter now. There … (6 comments)
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No Special Status for a Spouse in Bankruptcy - 02/11/12 03:51 PM
Ontario Real Estate Source
By Brian Madigan LL.B.
It may be unfair, but the wife lost out completely.
A husband and wife filed for divorce. The wife was entitled to an equalization payment. The assets were to be valued and an accounting was to be taken. However, before that took place the husband made an assignment in bankruptcy.
The wife was not listed as a creditor and did not receive any notice.
The husband was then discharged in bankruptcy. The effect was to eliminate the wife’s claim. The claim was one which was provable in the bankruptcy proceedings, … (1 comments)
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Law of Disclosure ~ Course 3 Credits ~ Mississauga - 02/11/12 03:12 PM
Law of Disclosure and the Use of the Seller Property Information Statement
This course qualifies for 3 credit hours of continuing education for real estate professionals requiring RECO education credits.
The program is being offered in Brantford by the board on 2 February 2012, from 1:30 pm to 4:30 pm.
For registration information contact the board directly:
Mississauga Real Estate Board
905-608-6732
Brian R. Madigan LL.B., Broker
Course Developer and Instructor BRMadigan@rogers.comwww.OntarioRealEstateSource.com
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ORES Real Estate Index for January 2012 - 02/09/12 04:24 PM
ORES Real Estate Index for January 2012 Ontario Real Estate Source
By Brian Madigan LL.B.
Here is the "ORES REAL ESTATE INDEX" which tracks the average resale prices of single family homes and condominiums in the Greater Toronto Area (GTA). It also tracks certain benchmark comparisons such as the price of oil and gold, as well as the Consumer Price Index
In addition, the stock market indices for Toronto, and the three largest US markets are also compared.For ease of comparison, everything we look at is worth 100 points on the Index as of 1 January 2005. That time period compares favourably … (0 comments)
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Mortgage Rates ~ 8 February 2012 - 02/08/12 09:01 PM
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10 Comments in 19 minutes - 02/07/12 05:58 PM
10 Comments in 19 minutes
Ontario Real Estate Source
By Brian Madigan LL.B.
Now, that’s more like it. I added Google Chrome and perhaps it’s working.
I had previously posted all the difficulties I was having reading, reviewing and posting comments. It would take well over an hour. That was far too long and not nearly worth the investment of the additional time.
I would rather post a number of extra blogs without points each week than spend countless hours unproductively attempting to fulfill my comment requirement.
So, at the moment, the jury is out. If I can stay in … (11 comments)
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Google Chrome Speeds Up Active Rain - 02/06/12 08:46 PM
Google Chrome Speeds Up AR
Ontario Real Estate Source
By Brian Madigan LL.B.
I had been having a great deal of difficulty manoeuvring the AR site. It was consistently taking over 60 minutes, often 70 minutes or more to simply review and post 10 comments.
Over a year, this is a rather excessive period of time.
Today with Google Chrome that process was down to less than 30 minutes. It is also possible that it was the AR site itself which was improved and Google Chrome was simply a coincidence.
Nevertheless, I don’t have control over the browsers provided by others … (10 comments)
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January 2012 Prices Toronto and GTA (Up or Down?) - 02/06/12 08:44 PM
January 2012 Sales Figures for Toronto and GTA (Up or Down?)
Ontario Real Estate Source
By Brian Madigan LL.B.
The 2012 market started out with a bang! The sales were 4,567 compared to 4,199 last year.
Pressure also was placed upon the price which moved up to $463,534. Last year it was $425,762.
Sales are up 8.76%
Prices are up 8.87%
Those are the year over year numbers. So, that certainly appears to have things going in the right direction.
That would seem to be good unless you looked carefully at the numbers and realized that the high number was achieved in … (2 comments)
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Comparison of Collateral versus Standard Charge Mortgages - 02/04/12 05:25 PM
Comparison of Collateral versus Standard Charge Mortgages
Ontario Real Estate Source
By Brian Madigan LL.B.
Here is some valuable information courtesy of a colleague of mine, Robert Lumb. If you need a mortgage don’t hesitate to contact Robert at:
416-275-9284Fax: 1-866-437-3672
robertlumb@invis.ca
Visit Website
Robert would be pleased to look after all your financing requirements.
"Comparison of Collateral versus Standard Charge Mortgages
More lenders are moving to collateral charge mortgages so it's becoming increasingly important to understand the differences between a collateral and standard charge mortgage. Which is better for you? They both have advantages and disadvantages so it all depends … (1 comments)
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In Defence of RIM - 02/04/12 04:55 PM
In Defence of RIM
Ontario Real Estate Source
By Brian Madigan LL.B.
With everyone jumping on the anti-RIM bandwagon these days I thought that I might be among the first to say that recovery is on its way.
Why?
Prem Watsa through various companies now holds a 5% stake. He is often referred to as Canada’s Warren Buffet. That would be true but two important points should be made:
1) he has a better track record, and
2) he hasn’t yet made quite that amount of money.
Prem is a value investor. Rim trades now below book value. Prem finds … (2 comments)
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Mimico ~$190,000 over Asking - 02/04/12 04:21 PM
Mimico ~$190,000 over Asking
Ontario Real Estate Source
By Brian Madigan LL.B.
Well, a lot has been written about Toronto “over-heated” housing market. Apparently, it’s due for a fall. But, 31 people lined up to buy a 1,200 square foot house in Mimico listed at $379,900. It went for $570,000 or about $190,000 over asking.
Now, if the same house was in a better neighbourhood, say Lawrence Park or Lytton Park it would have been worth another $400,000.
One of the main problems: a shortage of inventory!
Brian Madigan LL.B., Broker is an author and commentator on real estate matters, if you … (1 comments)
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Eco-Energy Program Suddenly Over - 02/04/12 04:11 PM
Eco-Energy Program Suddenly Over
Ontario Real Estate Source
By Brian Madigan LL.B.
The Federal Government ended the popular eco-energy grant program. It had been extended to 31 March but suddenly was terminated. Over 250,000 Canadians had participated in the program since 2007.
It offered a $5,000 grant to those who qualified by increasing the energy efficiency of their homes. It was a substantial benefit to the home renovation industry.
There are some transitional rules for those who have commenced their renovations.
Brian Madigan LL.B., Broker is an author and commentator on real estate matters, if you are interested in residential or … (2 comments)
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FirstLine Firms Up Mortgage Rules - 02/04/12 04:04 PM
FirstLine Firms Up Mortgage Rules
Ontario Real Estate Source
By Brian Madigan LL.B.
FirstLine which is the mortgage lending arm of CIBC has imposes new restrictions on its mortgage lending practices.
No longer will “stated income” be acceptable in mortgage applications. It must be provable. This will have an impact on the self-employed and new immigrants.
Clearly, this will take a pool of funds out of the mortgage availability pool.
Brian Madigan LL.B., Broker is an author and commentator on real estate matters, if you are interested in residential or commercial properties in Mississauga, Toronto or the GTA, you may contact … (1 comments)
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Law of Attachment ~ Chattels and Fixtures (Guelph) - 02/04/12 03:55 PM
Law of Attachment ~ Chattels and Fixtures
This course qualifies for 3 credit hours of continuing education for real estate professionals requiring RECO education credits.
The program is being offered by the Guelph and District Association of REALTORS on 22 February 2012 at the Holiday Inn, Scottsdale Road, Guelph, Ontario 9:00 am to 12:00 noon.
For registration information contact the board directly at 519-824-7270.
Brian R. Madigan LL.B., Broker
Course Developer and InstructorRe/Max West RealtyInc., Brokerage416-745-2300BRMadigan@rogers.comwww.OntarioRealEstateSource.com
… (0 comments)
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