ARCHIVED BLOG POSTS
2019
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Getting the Deposit Back Quickly (Ontario)Question:A deal falls apart on financing. As the Buyer’s Agent you send a mutual release right away as you want to get your buyers deposit returned to them. Five days go by and Listing Agent has not sent it back signed or submitted it to his office.. You...
02/12/2019
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Commission Clawback (Ontario)Question:In Broker’s Remarks on an MLS, it states the following: “Cooperating Broker will pay Listing Broker a Referral Fee of 40% of the Cooperating Broker Commission if the Listing Broker has taken the Buyer through the property.”Will this work, legally?Answer:No. ...
02/12/2019
HIGH RATIO fixed term best discountedrates & posted rates as of February 11, 2019 Terms Posted Rates Preferred Rates6 mos 3.34% 3.30%1 year 3.59% 3.19%2 year ...
02/12/2019
Toronto and GTA Markets Accelerate in January 2019 This is the recently released report of the Toronto Real Estate Board concerning the January 2019 results: GTA REALTORS® Release January Stats TORONTO, February 6, 2019 – TREB President Garry Bhaura announced that Greater Toronto Area REALTORS® r...
02/12/2019
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Two Title Clauses in APS in Ontario8 Title searchClause 8 talks about searching title (the requisition date refers to this) and searching for non-tile issues (e.g., at the municipality). These steps are completed for the buyer prior to closing and are done through their lawyer. Clause 8 sets o...
02/09/2019
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Producing Form 801 in OntarioQuestion:Can a listing agent refuse to provide 801 form in multiple offers?Answer:No. The only person who can demand it is RECO. So if RECO asks, then it has to be produced.801 is a confusing Offer Summary Document. The Buyer doesn’t have to prepare one. The Seller c...
02/09/2019
Commission Scoop by the Listing AgentQuestion:Broker comments today on a listing "Cooperating Broker Will Pay Listing Broker A Referral Fee Of 40% Of The Cooperating Broker Commission If The Listing Broker Has Taken The Buyer Through The Subject Property." Is this appropriate?Answer:Be sure to a...
02/09/2019
Commercial Bond Yields CMB 5 Year - 2.21%* CANHOU 06/15/24 [-] 10 Year - 2.40% CANHOU 12/15/28 [-] 10 Year - 2.43%* CANHOU 09/15/29 [-] * denotes interpolated rate GoC 5 Year - 1.79% CAN 2.00 09/01/23 [-] 10 Year - 1.89% CAN 2.0 06/01/28 [-] GOC Bonds are for reference purposes only Fl...
02/09/2019
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% 3.49% Fixed 4 Year 3.94% 3.64% Fixed 5 Year 5.59% 3.49% Fixed 7 Year 5.80% 3.64% Fixed 10 Year 6.10% 3.89% Variable Rate 2.95% Prime Rate 3.95% Benchmark Rate 5.34% Cost p...
02/09/2019
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Lawyer’s Review ClauseQuestion:Does the Lawyer’s review clause provide a free walk?Answer:No, the lawyer’s review clause doesn’t provide a free walk. There still needs to be something of substance. An important issue is whether or not this clause is interpreted widely to include “business terms” ...
02/06/2019
Rainmaker
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Brian Madigan
LL.B., Broker
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