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Real Estate News from Popular Ontario Counties

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Signature of Spouse on Listing (Ontario)Question:The Owner signs the listing and all is good, but then the spouse (common law) not on title REFUSES to sign? Answer:Be sure not to give the impression to a common law spouse that they have to sign the Spousal Consent. They don't, not under the Famil...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
SPISQuestion:According to the Code of Ethics sales person should disclose the existence of the SPIS to all interested buyers, if he/she knows that one has been completed, unless "otherwise directed by the seller".Unless otherwise directed by the seller? What does that mean?Answer:The section read...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
 Timing of Acknowledgement Signature in OntarioQuestion:Why do agents have their buyers sign the ACKNOWLEDGEMENT with the original submission and before there is an agreement the Seller has even reviewed the offer?Statement reads as follows:"I acknowledge receipt of my signed copy of this accepte...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Disclosure of Secret Information Concerning Former Grow House (Ontario)Question:Consider the following: 1) #123 Drano Lane listed by bank as horrible grow op. Listing strongly worded as to grow op status so there is no confusion. Every agent in town knows it was a horrible grow op. Implications i...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Section 32 Disclosure of Interest under REBBA, 2002This section for some reason is always under debate. This is the section:Acquisition or divestiture by registrant32 (1) Unless the registrant first delivers to all other parties to the agreement the notice described in subsection (2) and the othe...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
TERM POSTED Preferred RATES* Open 1 Year 6.30% 6.30% Fixed 1 Year 3.59% 3.19% Fixed 2 Year 3.74% 3.14% Fixed 3 Year 3.89% 2.96% Fixed 4 Year 3.94% 3.14% Fixed 5 Year 5.34% 2.99% Fixed 7 Year 5.80% 3.49% Fixed 10 Year 6.10% 3.44% Variable Rate 2.90% Prime Rate 3.95% Benchmark Rate 5.34% Cost per ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Section 18 Disclosure of Interest under the Code of EthicsThis section for some reason is always under debate. This is the section:Disclosure of interest18. (1) A registrant shall, at the earliest practicable opportunity and before any offer is made in respect of the acquisition or disposition of...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Commercial Bond Yields CMB 5 Year - 1.89% CANHOU 06/15/24 [-0.02]   ‌ 10 Year - 2.11% CANHOU 09/15/29 [-0.04]     GoC 5 Year - 1.53% CAN 2.25 03/01/24 [-0.03]   ‌ 10 Year - 1.63% CAN 2.0 06/01/28 [-0.03] GOC Bonds are for reference purposes only Floating rate insured cost of funds 2.10% [-]     ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
TERM POSTED Preferred RATES* Open 1 Year 6.30% 6.30% Fixed 1 Year 3.59% 3.19% Fixed 2 Year 3.74% 3.19% Fixed 3 Year 3.89% 2.96% Fixed 4 Year 3.94% 3.19% Fixed 5 Year 5.34% 3.09% Fixed 7 Year 5.80% 3.49% Fixed 10 Year 6.10% 3.44% Variable Rate 2.95% Prime Rate 3.95% Benchmark Rate 5.34% Cost per ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
Retaining Wall Collapsing at the Rear of the Yard (Ontario)Question:House is for sale with deteriorating retaining wall. It’s an Estate sale. Executors do not know if wall is on the property. There is no survey. Nothing is registered on title. Before they listed, the neighbour said they would spl...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Risks of Seeking a Condition Extension By Amendment (Ontario)Question:My question is about amendment. When we want to extend the date of a condition we send an amendment. There is an irrevocable date on that. For example, a condition expires on May 10, we send that same day an amendment and ask f...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Schedule “B” Missteps #2Let’s have a look at this clause:“In the event that any condition in this offer is not fulfilled or waived by the Buyers, the Buyers agree to provide the Sellers with a true copy of any and all Inspection Reports, Status Certificates, test results etc. prior to the signing...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Commercial Bond Yields CMB 5 Year - 1.93% CANHOU 06/15/24 [+0.02]   ‌ 10 Year - 2.22%* CANHOU 09/15/29 [+0.06] * denotes interpolated rate       GoC 5 Year - 1.61% CAN 2.25 03/01/24 [+0.07]   ‌ 10 Year - 1.71% CAN 2.0 06/01/28 [+0.06] GOC Bonds are for reference purposes only Floating rate insur...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Schedule “B” Missteps Schedule B is an extra schedule of terms and provisions included in an Agreement of Purchase and Sale by a Listing Brokerage.It’s not mandatory.A Listing Brokerage will often include this Schedule as a downloadable document on the MLS system.The Buyer’s agent should read the...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Transfer of Property to Avoid Probate FeesLet’s assume that Bob and Mary have been married for years and hold title as Joint Tenants. That’s good because it will avoid probate fees (technically estate administration fees).However, as time progresses either Bob or Mary will pass away. Nothing happ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Utilizing a Parent to Avoid Capital Gains TaxAs parents become elderly, it’s important to realize that they should continue to retain ownership of their property.Oftentimes, it’s thought that simply transferring it directly to the kids or selling it, is the best solution. It may not be.There are ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
How Many Wills Do You Need?The answer is probably two. That may come as a surprise to many, but this is an estate planning technique which is helpful in reducing or eliminating estate administration fees. Formerly, in Ontario, that used to be referred to as “Probate fees”, and although technicall...

By feeDuck - Low Commission Real Estate Agents, Serving Toronto and Vancouver
(feeDuck)
Comments 0
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By feeDuck - Low Commission Real Estate Agents, Serving Toronto and Vancouver
(feeDuck)
Comments 2
It is often the case that politicians will clamor to take credit for new transportation improvements such as the opening of a new subway. Though certain figures and political  parties will surely benefit from having better access to cheaper and easier transportation, no one could be happier than ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Related Party Disclosure in OntarioQuestion: If I am representing my mom's cousin , is that a relationship that needs to be disclosed? I guess it can't hurt, but is it necessary on that disclosure form?Answer:Your mom's first cousin is not related to you under REBBA. In fact your mom's first cous...

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