Seller Has No Equity in Property

Appreciated Source: Investopedia Question: What are the scenarios for the buyer on closing, when there is no equity to cover the outstanding mortgage on the property? Answer: If you are …

Property Falling into the Water

Question: I remember looking at a cottage vacation property that was experiencing a number of issues. The shoreline was eroding fairly quickly and we didn’t want to buy a cottage …

Looking for Better Tenants?

The Residential Tenancies Act provides that Tenants have the automatic right to renewal FOREVER. That’s not good if you are the Landlord. If your property is subject to “rent control”, …

Tenants: Cash for Keys

If you are looking for a specific section in the Residential Tenancies Act referring to “cash for keys”, you won’t find it. It’s not there. This is simply a “work …

Tenants: Good or Bad?

Well, ordinarily you would think that you should be looking for good tenants. But, this is Ontario, and Ontario laws apply including the Residential Tenancies Act. So, who owns your …

Creation of Implied Agency

Question: Can a buyer client create an Implied Relationship? Answer: With your question, right at the outset you referred to the buyer as a “client”. So, that’s it right from …

Disclosure Forms under TRESA

There are a number of new Disclosures required under TRESA. Here’s a partial list: Be sure you record them all and document them in your file going forward. If you …

Working with a Realtor FORM

This document which was initially intended to explain agency has now been eliminated in its entirety. It was helpful in documenting the time when agency actually commenced. The Consumer selected …

HST Included with Commission

The Listing agreement contains the following reference in Paragraph 2 dealing with the commission: “All amounts set out as commission are to be paid plus applicable taxes on such commission.” …

How Long have You been Licenced?

The correct answer is “zero”. You have never, ever been licenced in Ontario to practice real estate. You may have a driver’s licence, a fishing licence or a hunting licence, …