If you do, then the following website has lots of useful information for you. Check them out and if you want more of this sort of thing, you can then go to www.bdc.ca for more.
START UP BUSINESS RESOURCE WEBSITE :
http://www.startupshop.ca/
Any questions or comments, you can reach me at rosst@rosstaylor.org or you can call me at 416 989 1000
Monday, February 8, 2010
Friday, February 5, 2010
Be careful with those offer to purchase agreements
My thanks to Mark Wiesleder for his very useful article published in today's Toronto Star
February 05, 2010
Special to the Star
One of the side issues in the recent bidding wars in cities across Canada is that buyers and sellers are not taking the necessary time to review and understand what is included in the fine print of most real estate agreements.
As these clauses can have dramatic impacts on the rights of buyers and sellers, it is important that they review the agreement form in detail with their real estate salesperson before signing anything.
Here are some topics to be aware of:
Time limits: If the buyer is late in delivering the deposit or any notice that is supposed to waive a condition, the seller can, in most cases, cancel the agreement. Buyers, be very careful to make sure that you follow all of your obligations in a timely manner.
Closing date: The agreement states that vacant possession cannot be given any later than 6 p.m. If the seller is late leaving the home, the buyer can sue for any increase in moving costs that result. Sellers, if you know you will need more time to move, say so in the agreement.
Easements and covenants: Buyers agree to accept any minor easement for utilities and any restrictive covenants on title that the seller is complying with. This can cause the buyer problems if they want to make any changes to the property after closing, such as building an addition, swimming pool or even something as simple as installing an antennae. Buyers should inquire in advance as to any easement or covenant that affects the property.
No representations or warranties outside of the agreement: What this means is that if the seller told you something about the property that is important to your buying decision, then it must be included in your agreement. For example, if the seller tells you that there are hardwood floors under the carpets throughout the house, then have that included in the agreement. Otherwise, it is hard to prove or sue the seller about this after closing.
Bank and private mortgages: Buyers agree to permit sellers time, after closing, to discharge bank mortgages because it is very difficult to obtain a discharge from a bank or trust company on the actual closing date. However, this does not apply to private mortgages, which must be discharged on, or before, closing.
In a recent case, a buyer was able to cancel a deal on closing because the seller could not discharge a private mortgage in time. Sellers, if you know that there is a private mortgage on your property, discuss this as soon as possible with your lawyer so that arrangements can be made in time to discharge this from your title on, or before, closing.
Understanding the fine print in advance will assist buyers and sellers in preventing issues on or after closing.
Mark Weisleder is a lawyer, author, public speaker for the real estate industry and contributor to Real Estate News. mark@markweisleder.com.
February 05, 2010
Mark Weisleder
Special to the Star
One of the side issues in the recent bidding wars in cities across Canada is that buyers and sellers are not taking the necessary time to review and understand what is included in the fine print of most real estate agreements.
As these clauses can have dramatic impacts on the rights of buyers and sellers, it is important that they review the agreement form in detail with their real estate salesperson before signing anything.
Here are some topics to be aware of:
Time limits: If the buyer is late in delivering the deposit or any notice that is supposed to waive a condition, the seller can, in most cases, cancel the agreement. Buyers, be very careful to make sure that you follow all of your obligations in a timely manner.
Closing date: The agreement states that vacant possession cannot be given any later than 6 p.m. If the seller is late leaving the home, the buyer can sue for any increase in moving costs that result. Sellers, if you know you will need more time to move, say so in the agreement.
Easements and covenants: Buyers agree to accept any minor easement for utilities and any restrictive covenants on title that the seller is complying with. This can cause the buyer problems if they want to make any changes to the property after closing, such as building an addition, swimming pool or even something as simple as installing an antennae. Buyers should inquire in advance as to any easement or covenant that affects the property.
No representations or warranties outside of the agreement: What this means is that if the seller told you something about the property that is important to your buying decision, then it must be included in your agreement. For example, if the seller tells you that there are hardwood floors under the carpets throughout the house, then have that included in the agreement. Otherwise, it is hard to prove or sue the seller about this after closing.
Bank and private mortgages: Buyers agree to permit sellers time, after closing, to discharge bank mortgages because it is very difficult to obtain a discharge from a bank or trust company on the actual closing date. However, this does not apply to private mortgages, which must be discharged on, or before, closing.
In a recent case, a buyer was able to cancel a deal on closing because the seller could not discharge a private mortgage in time. Sellers, if you know that there is a private mortgage on your property, discuss this as soon as possible with your lawyer so that arrangements can be made in time to discharge this from your title on, or before, closing.
Understanding the fine print in advance will assist buyers and sellers in preventing issues on or after closing.
Mark Weisleder is a lawyer, author, public speaker for the real estate industry and contributor to Real Estate News. mark@markweisleder.com.
Mortgage rates headed lower real soon?
RateSupermarket.ca's panel of financial gurus believe we could possibly see lower fixed mortgage rates and bigger variable rate discounts to prime
TORONTO, Feb. 4 /CNW/ - RateSupermarket.ca, Canada's rate comparison website for personal finance products such as mortgages and insurance, has announced the results of their Mortgage Rate Outlook Panel for February 2010.
The results of this month's mortgage rate outlook tell a divided story. 43% of panel members expect fixed mortgage rates to slightly decrease this month, while the same percent believe that fixed rates will stay where they are. Variable mortgage rates are expected to remain unchanged for the month.
Fixed rates: Unchanged or slight decrease
The mortgage market has seen a strong start to 2010 as consumers scramble to secure low rates before an expected interest rate hike in the second half of the year. As lenders fight for market share fixed rates could drop a few basis points over the coming weeks - but it will be short lived, so keep your eyes peeled.
Panel members who believe fixed rates are likely to remain unchanged cite a weak US dollar and stronger than expected figures for recent economic growth; hence, the slight decrease in bond yields over the past month are unlikely to be passed on by lenders.
Variable rates: Unchanged
The majority of our panel members (80%) still believe that variable mortgage rates will remain unchanged in the short term. The Bank of Canada has been quite clear about maintaining the current overnight rate in the first half of 2010, subject to inflation. Also, interest rate changes prior to the federal budget on March 4th are extremely unlikely. Although no decrease to the interest rate is expected, a few of our industry experts believe that lenders will boost discounts on prime, resulting in lower variable rates.
To read detailed commentary from our panel members, please visit: www.ratesupermarket.ca/mortgage_rate_outlook_panel/
About the Mortgage Rate Outlook Panel
The panel includes some of the country's top mortgage experts, and helps Canadian consumers make informed decisions by offering a short-term outlook for fixed and variable mortgage rates.
This month's panel members:
- Dan Eisner, MBA. AMP. President, Verico True North Mortgage
- George Hugh, Vice President, Treasury, ING DIRECT
- Elisseos Iriotakis, President, SAFEBRIDGE Financial
- Gregory Klump, Chief Economist, Canadian Real Estate Association
(CREA)
- Dr. Ian Lee, Director of MBA Program, Sprott School of Business,
Carleton University
- Rob McLister, Editor, CanadianMortgageTrends.com
- Garth Turner, Noted Canadian Author, Columnist, Speaker and Financial
Commentator, Former MP
About RateSupermarket.ca (www.ratesupermarket.ca)
RateSupermarket.ca is an independent, impartial resource that is not affiliated with any mortgage lender or broker. It is the only resource in Canada that allows visitors to compare the whole mortgage market in the country. RateSupermarket.ca also compares car insurance, home insurance, condo/tenant insurance, life insurance and credit cards.
For further information: Kelvin Mangaroo, Ratesupermarket.ca, Cell: (416) 844-2931, Kelvin@RateSupermarket.ca, www.ratesupermarket.ca
Wednesday, January 27, 2010
One year variable mortgage is the hottest product now
Many of us recall the glory days of variable mortgage rates - prime less 0.95 or even prime less 1.1%. As such, many clients who now want a variable mortgage are reluctant to commit to a five year term today - in case the discount improves soon.
Street Capital recently came out with a one year ARM (adjustable rate mortgage) at a kick-ass rate of prime less 0.25%.
So for those of you waiting for deeper discounts, now you can have your cake and eat it too !
Essentially it's a free call on the market for a year.
Street Capital recently came out with a one year ARM (adjustable rate mortgage) at a kick-ass rate of prime less 0.25%.
So for those of you waiting for deeper discounts, now you can have your cake and eat it too !
Essentially it's a free call on the market for a year.
Subscribe to:
Posts (Atom)