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By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Acknowledgement Section on Page 4 of the Agreement of Purchase and Sale (Ontario)Question:What is the purpose or reason behind having a client date and sign and then date again? Why the two dates?Here’s what it says:ACKNOWLEDGEMENT The Seller(s) hereby acknowledge that the Seller(s) fully underst...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Term Posted Rate Preferred Rate Open 1 Year 6.30% 6.30% Fixed 1 Year 3.04% 2.64% Fixed 2 Year 2.84% 2.54% Fixed 3 Year 3.44% 2.84% Fixed 4 Year 3.89% 2.94% Fixed 5 Year 4.84% 2.94% Fixed 7 Year 5.30% 3.44% Fixed 10 Year 6.10% 3.74% Variable 2.40% Prime 3.20% Benchmark 4.84%

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Acknowledgement Section of the Agreement of Purchase and Sale (Ontario)Question:What is the purpose or reason behind having a client date and sign and then date again? Why the two dates?Here’s what it says:I acknowledge receipt of my signed copy of this accepted Agreement of Purchase and Sale and...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Commission Entitlement on Defaulted Deal in OntarioQuestion:We listed and sold a home for our Seller client in the March frenzy. The closing was June 1st , but the Buyer didn't close . The Seller was going to sue Buyer but instead decided to settle for deposit. So, the Buyer got off with mutual r...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Commercial Bond Yields   CMB         GoC         Floating RateInsured Cost of Funds 5 Year - 2.18%CANHOU 12/15/22 [-]       5 Year - 1.81%CAN 1.0 09/01/22 [+0.01]       1.15%                    [-]                       10 Year - 2.66%*CANHOU 03/15/28 [-]       10 Year - 2.11%CAN 1.0 06/01/27 [-...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Brokerage: 5 Business Days Deposit Question:The Listing Brokerage has 5 business days to deposit the down payment money in the trust fund. My understanding is that the 5 days start when the Cooperating Brokerage receives the money/cheque from the Buyer. But I also understand that the money is to ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Term Posted Rate Preferred Rate Open 1 Year 6.30% 6.30% Fixed 1 Year 3.04% 2.64% Fixed 2 Year 2.84% 2.54% Fixed 3 Year 3.44% 2.84% Fixed 4 Year 3.89% 2.94% Fixed 5 Year 4.84% 2.94% Fixed 7 Year 5.30% 3.44% Fixed 10 Year 6.10% 3.74% Variable 2.40% Prime 3.20% Benchmark 4.84%

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
Excluding the Neighbour from the Open House Question:My clients have asked me not to let their next door neighbours into open house. Can I reject people at the door? Answer:Neighbours could turn vicious. If the Seller doesn’t like them now, how about every showing (yes they have cameras) and ever...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Offer Withdrawal Issues Questions: At which stage/s the buyer can retract their offer: (assuming seal is used):1. Buyer signs the offer that is yet to be presented to seller,2. Signed offer is in the seller's agent’s possession or has been presented to the seller,3. Seller has accepted4. Seller h...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Life Lease Survivorship Question: If a couple lived in their life lease home, and one of them dies, does the other need to sign a new life lease agreement. Answer:The answer depends upon the nature of the agreement when they first moved in.If the lease was based upon their “joint lives”, then if ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Remedies if Title is Defective Question:If there is a matter of title which the Seller can't remove, for example like previous owner gives a right of way, is Buyer obligated to buy? Answer:Any title objection must be submitted within the requisition period. Afterwards is too late.Even “in time” m...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Commercial Bond Yields   CMB         GoC         Floating RateInsured Cost of Funds 5 Year - 2.21%*CANHOU 12/15/22 [+0.01]       5 Year - 1.81%CAN 1.0 09/01/22 [+0.01]       1.15%                    [-]                       10 Year - 2.65%*CANHOU 03/15/28 [+0.01]       10 Year - 2.08%CAN 1.0 06...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Offer WithdrawalHow much flexibility does a buyer have in regards to withdrawing an offer/counter offer before it being accepted by the seller? Assuming form 100 is used and signed under seal. Answer:While it is indeed proposed that the Offer be irrevocable, the only “obligation” that arises is i...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Seller’s Approval of Buyer’s FinancingFrom time to time, the Seller will be anxious to confirm that the Buyer truly has the right financing.Assuming that to be the case, here’s what a clause would look like:The Seller shall have the right to terminate this Agreement by giving written notice to th...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Restrictive Covenants and Fences Question: A buyer wanted to buy a property and put a pool in their back yard. When doing a title search they found that the seller had a restriction to putting up a fence in the backyard (which would be needed to have a pool). After finding this out, does the buye...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
Termination of the Listing Prior to Expiration   What if you have a real estate agent you don’t like? How do you get rid of them?  You don’t want to be a complainer, you don’t want to report them, and you don’t want your property “black-listed”. So, what do you do?  If you are like most people, y...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
Residential Landlord  - Interest on Last Month’s RentQuestion:Does a landlord has to pay his tenant interest for that last month rent if a tenant is now going month to month. Is this true on the rental amount monthly considering the nee legislation? Or how is this calculated? Answer:The legal obl...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Term Posted Rate Our Rate Open 1 Year 6.30% 6.30% Fixed 1 Year 3.04% 2.44% Fixed 2 Year 2.84% 2.54% Fixed 3 Year 3.44% 2.55% Fixed 4 Year 3.89% 2.84% Fixed 5 Year 4.84% 2.75% Fixed 7 Year 5.30% 3.39% Fixed 10 Year 6.10% 3.64% Variable 2.40% Prime 3.20% Benchmark 4.84%

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 1
Double ending your listing (Clients or Customers) OntarioQuestion:Do you sign the new buyers up as clients or customers?Answer:“Customers” is a difficult concept to explain. Most of the time the consumer cannot explain it back to you. That's certainly a problem going forward. In Court, the consum...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 1
August 2017 GTA Market Sinks to New Lows!This is the newly released report from the Toronto Real Estate Board.:“GTA REALTORS® Release August Stats TORONTO, ONTARIO, September 6, 2017 –Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,357 hom...

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