ARCHIVED BLOG POSTS
2017
Using a Custom Made Seller Property Information Statement (SPIS) in OntarioFor a considerable number of years the Seller Property Information Statement in Ontario has fallen into disuse.It was subject to a great deal of criticism at the turn of the century and went downhill after that. Many of th...
08/30/2017
Waivers for Condition Precedent and Subsequent (Ontario)Question: There can be no waiver with a condition precedent, but there can be a waiver with a condition subsequent is that right?Answer:A True Condition Precedent requires a Notice of Fulfillment. There can be no Waiver.With a Condition Prec...
08/29/2017
Acquiring a Property in Ontario by a RegistrantQuestion:I am an Agent. Is there any benefit of putting it through my brokerage?Answer:There is no legal obligation to place it through your Brokerage unless it so provides in your contract.The Registrant’s statement under s.32 of the Act must be del...
08/29/2017
No Rights Are Lost if Amendment is UsedThis particular issue doesn’t seem to go away. Some agents think that something “bad: will happen if a Buyer’s Agent uses an Amendment rather than their preferred choice, namely the Notice of Fulfillment.Let’s assume we have a Home Inspection Condition. The ...
08/29/2017
Commercial Bond Yields CMB GoC Floating RateInsured Cost of Funds 5 Year - 1.94%*CANHOU 12/15/22 [-0.01] 5 Year - 1.55%CAN 1.0 09/01/22 [-0.01] 1.04% [-] 10 Year - 2.44%*CANHOU 03/15/28 [-0.01] 10 Year - 1.88%CAN 1.0 ...
08/25/2017
Knob and Tube Found 8 Years after Closing (Ontario)Question:A Seller just discovered following the Buyer’s Home Inspection that the property is filled with knob and tube wiring. This was supposed to have been removed by the original Owner 8 years ago.What can be done? Answer:There’s a limitation ...
08/25/2017
Tax Treatment of Investment Properties (Ontario) Question: I have a client who bought an investment property 30 years ago. It's always been rented out. It's a second property for them. 1. If sold, what do they pay the capital gains on? 2. Can they gift the house to a family member? 3. Would the...
08/25/2017
Protecting Your Commission on the Buy Side in a Power of Sale Question: How do I protect my commission? Everyone says that there’s just not enough money for the Bank, hydro taxes etc? Answer: Assuming this is a Big 5 Bank, they’ve got billions! Whatever amount it is, it is really nothing. They ne...
08/21/2017
Fixed term best discounted rates & posted rates as of Aug 21, 2017 6 mos 3.10% 3.14%1yr 2.44% 3.04%2yr 2.54% 2.84%3yr 2.69% ...
08/21/2017
Withdrawal of Offer Prior to Acceptance (Ontario)Question:Anyone ever have someone retract an offer once put in multiples? The Agent called me once she was aware there was a second offer and retracted it. Can she do that?Answer:The answer is “yes” and “no”, but much more likely to be “no”.Once th...
08/21/2017
Rainmaker
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Brian Madigan
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