Fix Up the Basement!  By Brian Madigan LL.B.Let's assume that you have decided to sell your house, but you have never finished the basement.In the case of a two-storey house, one third of the potential living space is in the basement and for a bungalow it's half. That's a lot of space and if you can convince a buyer to pay for it, then you can substantially improve your selling price.The problem is that you don't want to spend more money fixing up the basement than you're going add to the selling price. So, let's keep the renovations to a bare minimum!CeilingThere are all kinds of ceilings that are not too expensive and are relatively easy to install. You should check out what's available at your local home improvement centre. Consider your expertise and your budget. But, what if you ha... 06/20/2008

Allodial Title as explained by Thomas Jefferson   By Brian Madigan LL.B.Just what is it and where does it come from? In English common law, the concept seems to have lost its meaning. Not too many people seem to know what it means, just legal scholars and historians have an interest in the subject.Today, there are really two different definitions of the term, and it depends upon whether you are discussing public or private property.In respect to public property, the concept has ancient origins actually predating the common law and the feudal system in the Middle Ages.Property which was occupied and held by force against others was held in "allodium". Basically, that means "without any restriction, of any kind or nature, whatsoever". People would come across unoccupied, vacant land and ... 06/19/2008

Ignore the Landlord at your Own Risk   By Brian Madigan LL.B.From time to time, tenants will wish to take advantage of the favourable lease rates under a long term lease.For one reason or another, the property is no longer suitable for them to continue to occupy the premises. So, they decide to sublet. Only one little problem: they forget to notify the landlord. And, the reason is quite simple, the landlord would probably say "no".After a 15 year initial term, and a 5 year renewal, the landlord is anxious to see the lease come to an end so that he can raise the rates to market levels.At one time, the courts would come to the tenant's assistance and relieve the tenant from the forfeiture provisions contained in the Lease. This was relatively commonplace. There appeared to be a predisposi... 06/19/2008

Thinking of Living Common Law?   By Brian Madigan LL.B.Often, couples living common law will mistakenly believe that they have equal ownership of the family home. This is not the case. They will only have equal ownership if they are on title, have signed a cohabitation agreement that includes this provision, or a Court makes this determination. Upon a breakdown of this arrangement a spouse will only be entitled to support, not a division of the property.The Family Law Act provides a non-titled spouse with an "equal right of possession" of a matrimonial home. This is the home or homes that the couple lived in throughout the marriage (common law doesn't count). Possession means not only "occupancy" but includes certain additional rights as well:1) the right to live in the home with "undiv... 06/19/2008

Conditions and Escape Clauses   By Brian Madigan LL.B.There is always a great deal of confusion and discussion concerning conditions and escape clauses contained in agreements relating to real estate. But, it is really rather straightforward and the documentation depends upon how the escape clause was written in the first place.There are really just two categories:1) pending deals (which require confirmation), and2) confirmed deals (which include an escape).Pending deals are generally described by a condition precedent clause, and confirmed deals with a provision for escape are evidenced by the condition subsequent clause. The condition precedent clause begins with the words "this agreement is conditional upon...." and the condition subsequent clause begins with the words "the purchaser... 06/18/2008

The Ontario Real Estate Association's Government Relations Department is reporting that the Ministry of Community Safety and Correctional Services is backing away from establishing a province-wide grow-op registry due to liability and privacy concerns.  Instead, the Ministry is looking at the possibility of registering work orders on title, which I'd argue (1) does not eliminate the liability and privacy concerns -- moreover, impossible in any scenario -- and (2) is cumbersome and costly for users for the little added information that it provides.  (Requesting a copy of the parcel register off GeoWarehouse is $28 for the first page and $3 per additional page.) But let's take a step back.  Do we even need a central registry? The legislation changes introduced by the Law Enforcement and F... 06/18/2008

Gas Shortage and Cottage Prices   By Brian Madigan LL.B.What is that going to mean for real estate?As this is published thousands of motorists in the GTA line up for gas. They are the lucky ones, others just stay home. They likely passed several stations that had closed because they ran dry.Briefly, there was a fire at Esso's Nanticoke Refinery. CN Rail employees went on strike further complicating deliveries. Gas prices have risen 7% in the week and 17% in the last two weeks.What is that going to mean for real estate?In the very short term, probably nothing. It's just a small inconvenience. Longer term, it will definitely have an impact.The question however is where? The most vulnerable segment of the market is recreational properties within reasonable commuting distance of major urban... 06/17/2008

How Would You Like a Free Cottgae in Muskoka?   By Brian Madigan LL.B.This may not be as far-fetched as it seems! Well, of course there's a catch, but you don't have to buy a lottery ticket.All you have to do is pay your bills on-time.Let's consider the case of Bob, the general contractor. He pays his bills just shortly after they are due. He's a pretty busy guy getting up at 5:45 am and to the jobsite before 7:00 am. Most evenings he's out of the house doing estimates, and when he's home, he's mostly on the phone lining up his sub-trades for the next day. In fact, like the average consumer, he pays his bills seven times per year and a few of the accounts are just slightly over 60 days.All the suppliers are happy to do business with Bob because he's a good worker and he pays his bills. ... 06/17/2008

Legal Non-Conforming Use   By Brian Madigan LL.B.This is an issue under the zoning by-laws. It is important to note that all zoning by-laws are forward looking. They speak to the future and not the past. They regulate future uses of a property not existing ones. They are prospective not retrospective in nature. They are not retroactive.So, if you have a present use which is legal, then it may continue forever. But, that entitlement applies to that property and that property alone, no others. If a new zoning by-law is enacted, it will apply only to other properties which do not have the existing and now prohibited use.Let's say that the municipality does not want a parking lot in the area. It will first have to designate the area to which the new zoning will apply. Once the by-law is ena... 06/15/2008

Turning Coffee and Donuts into Real Estate   By Brian Madigan LL.B.David Bach popularized the expression "your latte factor" in his book The Automatic Millionaire.His point was that anyone could find some extra money in their day to day living expenditures if they wished to do so. Some expenditures are indeed a little extravagant. They can be cut out, and the savings realized can be invested. Over time the savings together with accumulated interest will grow into a substantial sum.So let's take the case of Don and Marilyn a young married couple who live in an apartment in Toronto and are trying to save a downpayment for a house. Don works as a sub-contractor for a small homebuilder in Barrie and Marilyn drives downtown to her position as the human resources co-ordinator for a large acco... 06/15/2008

Bad Areas are Easy to Spot!   By Brian Madigan LL.B.This will be an area where the buildings are old and in disrepair. Generally, you don't want to live there. Poor quality buildings, neglected and not well-maintained line the streets. Its architectural charm is lost or hidden by aluminum siding, sheet metal or has simply fallen off. The lawns and landscaping are also neglected. Inside, the homes are often divided to house more than one family. The area becomes congested and intensified with a heavy demand upon the local infrastructure.The commercial establishments are non-competitive with the retailers in other areas.There are numerous for sale signs and few buyers. As well, you will often find that the crime rate increases in these areas for a variety of reasons. So, if the area has a... 06/13/2008

How to Pick a Good Area!   By Brian Madigan LL.B.This is a common question posed by homebuyers. How do you know a good area and how do you find one?The answer is actually fairly simple. Of course, it depends upon what you are looking for and also what you can afford. But, let's assume you have several neighbourhoods to choose from, in your price range.The Ten Year RuleThe proper test questions all relate to the 10 year rule:1) what was the area like 10 years ago,2) what is the area like now, and3) what will the area be like 10 years from now.The answers to these questions will point you in the right direction. Just about all areas will follow through a cycle. They are brand new and relatively expensive. The price is reflective of the cost of recent, new construction. As new families mov... 06/11/2008

Recently HOME BUYER SEMINAR was held at our office by Mortgage brokers partnered with our company and GE representative talk about NEW TO CANADA program they have for new immigrants. The Good news is That New immigrants now can buy their first home with 3 % down :) Here are some details. For more information contact me to arrange meeting with our Mortgage specialist.. New immigrants and all others are welcome to visit my website for details post their comments on my blog. Please go ahead and post your comments, Questions and Ideas. 06/07/2008

Any questions about Real Estate? I'll certainly try and help. 05/15/2008

It has been a tough week for me!  I had a fantastic listing where I produced 3 offers in 4 days.  The sale was well over asking.  The Sellers are thrilled! I also had 2 buyers on 2 seperate properties where we clearly lost in not securing the purchase.  We lost to other bidders.It is very difficult to convince a purchaser on how to WIN a multiple offer.  Don't get me wrong, I have WON my fair share but more often the buyer is not ready to buy and a day later they may regret it.   THIS IS NOT TO SAY that I am forcing to raise the price but rather if you want to Win the offer process there is a winning strategy.Here is an excerpt of an E-mail correspondence I had with a client.  Note:  We are still friends and still doing business together.  The client in question is related and involved ... 03/10/2008

I had a call from one of my clients telling me that another agent was advertising in the area and it looks like my advertising.  I picked up the copy and sure enough it looked very similar to mine.At first I was ticked off, but then after talking to my marketing team they advised me that I should take it as a compliment.  People & companies always try to ride the coat tails of success.  I have been established in the area for a number of years and here was an agent trying to get in.  Best way? Mimic what works.I'm still ticked, but not much I can do, other than do better!  ...and I always have.  My ads are catchy, full color, proofed, with no B.S. gimmiks or scams.Once again 'CallPaul' and see the difference!www.movewithpaul.com 03/10/2008

Although Mississauga is running low on new lands for development, for the 11th consecutive year, the City of Mississauga has exceeded the $1-billion mark in the value of building permits issued  According to the December year-end Building Report, the City issued a total of 4,571 building permits in 2007, exceeding the 2006 year-end total by 6.5 per cent. The City's building statistics show a nine per cent increase in residential construction value over last year and a five per cent increase in construction value for churches/schools and public/city development."In Mississauga, our 57 to 43 per cent split between residential and commercial/industrial and other construction value virtually achieves an ideal 60 to 40 per cent balance," said Mayor Hazel McCallion. "This balanced development... 02/21/2008

Working with the Eagle Ridge, Nevada Condominiums in Mississauga, I am in constant contact with buyers & sellers however at this time I am looking for a corner unit! I have a client looking for a corner unit of either building.  Looking to pay market value.  If this sounds like you or if you know a unit owner that fits this description please CallPaul ASAP! Eagle Ridge Condominiums - Mississauga Real Estate Thank you www.movewithpaul.com 02/05/2008

At Solutions for Mortgages (SFM) we have experience in representing clients. We know we all come from different walks of life and have different mortgage financing needs at different times of our lives. SFM facilitates those needs. We find financing solutions that best suits your needs. Call 905-369-0520. Contact Info Email: info@solutionsformortgages.ca Website: www.solutionsformortgages.ca Office: SOLUTIONS FOR MORTGAGES Street: 93 Queen Street South City: Mississauga, Ontario Affording a house has now been made easier for many... *25-40 years amortizations available to lower your mortgage payments. *One can now put 20% down and avoid CMHC fees *100% Financing available *Flexible Self employed programs available *Tarnished, exbankrupts and clients under consumer proposal welcome. *Equ... 02/04/2008

Being a Realtor means I need to talk to a lot of people - everyday.  Why is it when we get in an elevator no-one speaks!I make it a point to always say hello and ask if you are a resident of the buildings.  It doesn't have to be so formal, after all the more people you know in the buildings the better the community, the better the community the safer it is, the safer it is the easier to say hello.So go ahead say hi - the worst that can happen-they say HI back. www.MoveWithPaul.com 01/31/2008