ontario: ORES Real Estate Index for March 2012 - 04/17/12 12:56 PM
ORES Real Estate Index for March 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 with the five … (5 comments)
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ontario: Law of Disclosure ~ Kingston, Ontario 18 April 2012 - 04/15/12 06:07 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 11:59 am.
Brian R. Madigan LL.B., Broker
Course Developer and Instructor BRMadigan@rogers.comwww.OntarioRealEstateSource.com
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ontario: Don't Forget that Money Grows on Trees - 04/15/12 12:15 PM
By Brian Madigan LL.B.If I were to tell you that I have an investment for you that will provide you with a tax free return of over 1,000 per cent, you'd think that I was crazy.However, this opportunity is available to many homeowners. What is the best improvement that you can make to your house? The one that will provide you with the greatest return?Now, just about everyone is going to say "kitchens and bathrooms". But in most instances, they only return about 70 to 80 per cent of their original value. So, what kind of an investment is that?The answer … (4 comments)
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ontario: Counting the Days to Put the Deposit into the Brokerage’s Trust Account - 04/15/12 11:24 AM
Counting the Days to Put the Deposit into the Brokerage’s Trust Account
Ontario Real Estate Source
By Brian Madigan LL.B.
Question
A brokerage must deposit the cheque with 5 business days. When does the five business days begin? The APS states that the buyer has 24 hrs to get the deposit to the deposit holder. Is the 24 hrs in addition to or included in the 5 days....?
Consider
Offer confirmed by seller Monday at 6pm
Buyer Rep meets buyers gets acknowledgement signed and gets deposit check at 8pm on Monday
Answer:
There are two separate and distinct issues here.
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ontario: Mortgage Rates ~ 2 April 2012 - 04/02/12 12:12 PM
Mortgage Rates ~ 2 April 2012
Ontario Real Estate Source
By Brian Madigan LL.B.
Please give me a call if you require a referral to a mortgage broker.
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
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ontario: RECO Election 2012 ~ Region 1 ~ Brian Madigan Candidate - 04/02/12 11:41 AM
Brian Madigan LL.B.
RECO Election 2012 ~ Region 1
Ontario Real Estate Source
I recently announced my candidacy for election to the Board of Directors of the Real Estate Council of Ontario (RECO) in Region 1 being "Central Ontario".I have received a number of inquiries concerning the location of the Region 1. The three regions together are of approximately equal size. So here they are:REGION 1 Central OntarioBrampton Real Estate BoardDurham Region Association of REALTORS®Mississauga Real Estate BoardOakville - Milton & District Real Estate BoardOrangeville & District Real Estate BoardToronto Real Estate BoardREGION 2 Western & Southern OntarioBrantford Regional … (7 comments)
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ontario: The Use of Printed Flyers - 04/01/12 06:01 PM
The Use of Printed Flyers
Ontario Real Estate Source
By Brian Madigan LL.B.
The interesting thing is that the use of printed flyers is increasing once again.
With all the internet marketing and overabundance of printed flyers, advertisers marketing real estate left this field.
All the new people went to the internet. It was more effective and it was much, much less expensive.
Well, a good deal of that has changed. Printed flyers are making a comeback. When they are not quite so plentiful, the ones that get through are being looked at, and people are phoning.
Who would have thought … (8 comments)
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ontario: Disclosure of Facts if Multiple Representation - 04/01/12 05:43 PM
Disclosure of Facts if Multiple Representation
Ontario Real Estate Source
By Brian Madigan LL.B.
Question
In the clause from Form 200 regarding the possibility of multiple representation; it states:
"The Listing brokerage shall have a duty of full disclosure to both the seller and the buyer, including a requirement to disclose all factual information about the property known to the listing brokerage."
My question regarding this would be for clarification on "disclose all factual information about the property known"
I thought that a seller is only obligated to disclose material latent defects; so in the case of multiple representation would the salesperson … (2 comments)
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ontario: Form to Authorize Submission of an Unconditional Offer - 03/29/12 08:56 AM
Unconditional Offers ~ Informed Consent Acknowledgment
Ontario Real Estate Source
By Brian Madigan LL.B.
We know that there are risks associated with the unconditional Offer. The question from the perspective of the real estate agent is how to minimize them.
First, the issue needs to be identified, discussed and recorded or noted by the agent in some way. That information needs to be placed in a file.
Second, an e-mail summary of the issue should follow. A response is not necessary, but it demonstrates that the client was aware of the issue, well in advance and at a time when … (5 comments)
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ontario: Who is Responsible if the Unconditional Offer goes Bad? - 03/28/12 05:43 PM
Unconditional Informed Consent Authorization
Ontario Real Estate Source
By Brian Madigan LL.B.
In a “hot” real estate market buyers are anxious to submit a winning Offer.
That is perfectly understandable, but something goes wrong, then the tables could turn on an unsuspecting agent.
It is important to “document the file”. So, inform the buyer, have the buyer agree, have the authorization reduced to writing. Actually, it’s that simple!
But, most of the time, the Offer is submitted and the discussion about the risks is never truly documented.
Some savvy agents will put the conditions in the Offer and then have … (3 comments)
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ontario: Mortgage Rates ~ 28 March 2012 - 03/28/12 07:25 AM
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ontario: Just a Few Places Left ~ Real Estate Investors 3 Day Weekend Workshop - 03/25/12 08:13 AM
Brian Madigan LL.B., Broker ~ World Wealth Builders
Ontario Real Estate Source
A program dealing with real estate investing for the careful investor will be presented by World Wealth Builders of Toronto, at the Monte Carlo Inn on 27, 28, and 29 March 2012.
For further particulars contact World Wealth Builders or the undersigned.
Brian Madigan LL.B., Broker
Course InstructorRE/MAX West Realty Inc., Brokerage416-745-2300BRMadigan@rogers.comwww.OntarioRealEstateSource.com
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ontario: Condominium Liability in Ontario (Part 2) - 03/23/12 12:48 PM
Condominium Liability: Piercing the Corporate Veil
Ontario Real Estate Source
By Brian Madigan LL.B.
Question:
What section of the Condominium Act pierces the corporate veil?
Answer:
“Piercing the Corporate Veil” is an expression used to describe those situations where the limited liability provisions that commonly protect directors and officers and shareholders from personal liability will not apply.The provisions are intended to override the general and statutory laws for a noble purpose. In such situations, liability may be imposed directly upon officers and directors by reason of something they did or failed to do. In some cases, this may be … (4 comments)
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ontario: Condominium Liability in Ontario (Part 1) - 03/23/12 12:45 PM
Liability of Condominium Corporations in Ontario
Ontario Real Estate Source
By Brian Madigan LL.B.
Question:
Please explain unlimited liability and limited liability regarding condominiums under the Condominium Act?
Answer:
You should start out with the proposition that all individuals are responsible for their actions. There is no limitation upon their liability to third parties.
In the 17th century, the first corporations were created. They were special “persons” referred to as “bodies corporate” that were provided with an entitlement to limited liability. The Hudson Bay Company is one of them.
Today, virtually all corporations have limited liability. This means that the … (3 comments)
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ontario: History of the Use of Seals for Real Estate Deals - 03/23/12 11:17 AM
Signing Documents under Seal
Ontario Real Estate Source
By Brian Madigan LL.B.
A common question that arises in respect to real estate transactions, is the use of the seal.
Here is a little bit of history about the use of the seal in the first place. It did not arise out of contract law, so that is one reason why some people have difficulty understanding its use.
"Why are some contracts “sealed” and others are not?In order to have a contract, you need to have an “agreement” that the Courts will enforce. Not all statements that are made, result … (5 comments)
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ontario: Need to Close out Utilities Before Getting a Demolition Permit (TERMINATION Clause) - 03/19/12 06:33 PM
Termination of Utilities Clause where Building Permit Is Required
Ontario Real Estate Source
By Brian Madigan LL.B.
In Toronto’s hot real estate market some people are looking for lots not buildings. But, there are no lots, just properties in decent locations with old buildings upon them.
So, if you are going to buy one of those properties you will face a problem. You require a demolition permit in order to get going. And, in order to obtain that permit you will have to prove that you have terminated the utilities. If they are still “on”, your application will be premature. … (6 comments)
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ontario: Brian Madigan LL.B.~ Family Law Course - Brockville - 03/18/12 12:05 PM
Brian Madigan LL.B., Broker ~ Family Law, Estate and Succession Planning
Ontario Real Estate Source
Family Law, Estate and Succession Planning will be offered on 11 April 2012 by the Rideau-St. Lawrence Real Estate Board at Brockville.
For further particulars contact the Board, or for information concerning course content, then please contact the undersigned.
Brian Madigan LL.B., Broker
Course Developer and InstructorRE/MAX West Realty Inc., Brokerage416-745-2300BRMadigan@rogers.comwww.OntarioRealEstateSource.com
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ontario: Mortgage Rates ~ 13 March 2012 - 03/13/12 04:29 PM
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ontario: Trump and a Bad real estate Decision - 03/10/12 05:40 PM
Trump and a Bad real estate Decision
Ontario Real Estate Source
By Brian Madigan LL.B.
You would think that these words wouldn’t go together in one sentence.
But, here’s the problem: The new Trump building at the corner of Bay and Adelaide in the heart of the financial district in Toronto has a real issue.
Bay Street is THE Street in Toronto. That’s the address for the head offices of the big five banks. It’s like Wall Street in New York or Pennsylvania Avenue in Washington.
Everyone knows Bay Street. Few outside Toronto have ever heard of … (7 comments)
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ontario: Should You Hire a Business Broker? - 03/07/12 05:59 PM
By Brian Madigan LL.B.
Ontario Real Estate SourceA business broker is regulated in Ontario under the same legislation that applies to real estate agents, namely the Real Estate and Business Brokers Act. In fact, under the Act a business is considered to be real estate.There is considerably more negotiating when it comes to buying and selling a business than an ordinary real estate transaction, and it requires specialized expertise.For a business broker to undertake the task of representing either the buyer or the seller, there are some additional considerations that are over and above the routine real estate deal:~EmployeesKnowledge of employment laws (Employment … (0 comments)
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