Realty Executives Elite Ltd. Brokerage

November Stats

Charlene Bertin — Mon, 12 Dec 2011 04:04:00 GMT

News Release

For Comment: Jack Lane, President, 519-670-6148

For Background: E.L. (Betty) Doré, Executive Vice-President, 519-641-1400

London, December 1, 2011

Condo market soft in November

Home sales in November 2011 dipped 7.1%, due in large part to a drop in condo sales. "Sales of detached homes were down only a marginal 1.8% from the previous November," says Jack Lane, President of the London and St. Thomas Association of REALTORS®. "It was the condo market that was soft. Bear in mind, however, that condo sales for November 2010 were up 16.2% over November 2009, so the bar was set pretty high. The good news for condo sellers heading into an early Spring market is that there will be pent-up demand; the good news for buyers interested in condos is that there will be plenty of supply at a very reasonable price." Overall Year-to-Date sales of all house types are down a modest 1.1% from last year.

For complete report click on the link http://www.lstar.ca/Statistics/2011/November/Pack.pdf

Marihuana Grow Strategy

Charlene Bertin — Sat, 26 Nov 2011 19:13:00 GMT

RCMP’s New National Marihuana Grow Strategy

Ottawa, September 21, 2011 – Today, the Royal Canadian Mounted Police stands united with the Government of Canada and its business and community partners to launch the RCMP’s national strategy to combat marihuana grow operations (MGOs) entitled the Marihuana Grow Initiative (MGI).

“Marihuana grow operations pose a serious threat to Canadians, the safety of our communities and the law enforcement officers fighting against these illegal operations,” said Shelly Glover, Member of Parliament for St. Boniface on behalf of the Honourable Vic Toews, Minister of Public Safety. “The Government of Canada is taking action to combat illicit marihuana cultivation in Canada, as well the organized crime elements behind it.”

for more information please click the link: http://www.rcmp-grc.gc.ca/news-nouvelles/2011/09-21-mgi-ircm-eng.htm

Marijuanna Grow Op

Charlene Bertin — Sat, 26 Nov 2011 19:05:00 GMT

THE CORPORATION OF THE CITY OF LONDON
ORDER

Issued Pursuant to Subsection 15.2(2) of the Ontario Building Code Act, S.O.1992, c.23

ORDER NUMBER

DATE ISSUED:

ISSUED TO:

PIN #:

Municipal Address

Legal Description

BE ADVISED that based on evidence of a marijuana grow operation, the property does not
conform with the standards prescribed in The City of London Property Standards By-Law CP-16.
The particulars of the repairs to be made are set out in the “Schedule of Repairs to be Made”,
attached hereto, and forming part of this ORDER.
You are hereby Ordered to carry out the repairs as set out in the “Schedule of Repairs to be
Made” or the site is to be cleared of all buildings, structures, debris or refuse. This ORDER shall
be complied with and the property brought into conformance with the standards prescribed in the
Property Standards By-law on or before September 21,2011.

Where it has been determined that the repairs as set out in this Order have not been carried out in

accordance with this ORDER as confirmed or modified, in addition to any possible court action,

The Corporation of the City of London may carry out the repair at the owner’s expense. The

Corporation of the City of London shall have a lien on the land for the amount spent on the repair

and the amount shall have priority lien status as described in section 1 of the Municipal Act, 2001.

The amount may be added to the tax roll of the property.

You are Hereby Advised that if you are not satisfied with the terms or conditions of this ORDER

for more information click on the link: http://lstar-education.com/PDFs/November2011/GrowOPCityOrder.pdf

October 2011 Stats

Charlene Bertin — Sat, 26 Nov 2011 18:50:00 GMT

News Release

For Comment: Jack Lane, President, 519-670-6148

For Background: E.L. (Betty) Doré, Executive Vice-President, 519-641-1400

London, November 2, 2011

Market stays the course

Overall home sales in October 2011 were up 3% over the previous year. "The condo market was a little soft this month," says Jack Lane, President of the London and St. Thomas Association of REALTORS®. "However, the more significant statistic to look at is the Year to Date figure, which shows condos down less than one percent from last year. In fact, total sales Year to Date are down a very marginal 0.6% from last year, so the bottom line is this: real estate in our jurisdiction is absolutely staying the course . . . and that’s good news when you consider the fact that our Year to Date sales at the end of January 2011 were down 9.3%."

Listings were up 1.3% in October, at month-end the Association’s inventory of listings stood at 3,678, up 7.7% over last year at this time, and, the average price for a home (including condo sales) in the Association’s jurisdiction stands at $232,714, up 1% from the previous month and 4% up from January 2011. "What these stats tell us is that the market is both a balanced one – good for Buyers and Sellers," Lane explains, "and one that offers buyers a great deal of choice, both in terms of price and style of home. Given interest rates that continue historically low and our area’s great affordability compared to other centres, it’s a good time for renters to consider a move into homeownership."

for more on the stats click the link: http://www.lstar.ca/Statistics/2011/October/Pack.pdf

September Stats

Charlene Bertin — Wed, 02 Nov 2011 18:55:00 GMT

News Release

For Comment: Jack Lane, President, 519-670-6148

For Background: E.L. (Betty) Doré, Executive Vice-President, 519-641-1400

London, October 3, 2011

Market rebound continues

Home sales overall in September 2011 were up 19.2% over the previous year, with 589 detached homes and 113 condos exchanging hands last month for a total of 702 transactions. "We had a bit of a slow start in 2011, but we’re definitely on the right track now," says Jack Lane, President of the London and St. Thomas Association of REALTORS®. "As of September 30, year-to-date sales are down only a very modest 0.8% compared to 9.3% down in January and we expect this positive trend to continue."

Listings were also up 7.7% in September, as was the Association’s inventory of listings -- by 9%. "We’re absolutely in a balanced market these days," says Lane, "which means a level playing field for both Buyers and Sellers."

The average sale price for a detached home year-to-date now stands at $244,307, 5.3% up from January 2011, while the average price for a condo was $182,758, down 3.4% up from January 2011. Year-to-date the average price for a home (including condo sales) in the Association’s jurisdiction is $232,511, 4% up from January 2011.

For more information http://www.lstar.ca/Statistics/2011/September/Pack.pdf

Interest Rates to remain on hold a while longer

Charlene Bertin — Thu, 27 Oct 2011 15:00:00 GMT

The Bank of Canada kept its trend-setting Bank Rate at 1.25 per cent on October 25, 2011. This marks the ninth consecutive announcement in which interest rates have been held steady.

The tone of the accompanying statement was very dovish, with the Bank noting that “the global economy has slowed markedly as several downside risks to the projection outlined in the Bank’s July Monetary Policy Report (MPR) have been realized.”

Of particular note, the Bank said it now expects a “brief recession” in the Eurozone. The Bank remains of the opinion that the euro-area crisis will be contained, but flagged obvious downside risks to that assumption.

As a result of this and other factors, the Bank has downgraded its forecast Canadian economic growth this year (2.1% compared to 2.8% in the July MPR) and for 2012 (1.9% compared to 2.6% in the July MPR).

for more of this story click the link below:

http://creanews.ca/2011/10/25/interest-rates-to-remain-on-hold-for-longer/

Canadian home sales pick up in september

Charlene Bertin — Thu, 27 Oct 2011 14:54:00 GMT

OTTAWA – October 17, 2011 – According to statistics[1] released today by The Canadian Real Estate Association (CREA), national resale housing activity picked up in September 2011.

Highlights:

Sales activity rose 2.7 per cent in September from the previous month.
Holding in line with the ten-year average, activity during the first nine months of this year pulled ahead of sales over the same period last year.
The number of newly listed homes held steady when compared to the previous month.
The national housing market tightened in September from the month before, but remains firmly entrenched in balanced territory.
The national average price posted the smallest year-over-year increase since January.

National sales activity rose 2.7 per cent in September when compared to August, and follows three months of stable activity. September’s increase reflects strengthened activity in a number of major markets, led by Toronto. The monthly increase pushed national sales to its highest level since recently tightened mortgage regulations dampened sales earlier this year.

for more information please click on

http://creanews.ca/2011/10/17/canadian-home-sales-pick-up-in-september/

1229 York Street in East London is Sold!

Charlene Bertin — Tue, 20 Sep 2011 14:13:00 GMT

East London, London - The single story at 1229 York Street has been sold.

Property information

August Stats

Charlene Bertin — Fri, 09 Sep 2011 16:07:00 GMT

News Release

For Comment: Jack Lane, President, 519-670-6148

For Background: E.L. (Betty) Doré, Executive Vice-President, 519-641-1400

London, September 2, 2011

Market rebounds strongly in August

Home sales were up 21.7% in August, with 620 detached homes and 143 condos exchanging hands last month for a total of 763 transactions. "With today’s numbers figured in, the average number of homes sold in August over the past decade is 753," says Jack Lane, President of the London and St. Thomas Association of REALTORS®, "and that calculation factors in our peak years of 2005, 2006 and 2007. In other words, as far as August goes, we’re more than on par."

Listings were also up 16.1% in August and the Association’s inventory of listings – those that remain active at month end – are up 9.8%. "More evidence that we are in a balanced market," says Lane. "This means that homes may stay on the market a little longer than they have

for more of this report http://www.lstar.ca/Statistics/2011/August/Pack.pdf

Value of a Realtor

Charlene Bertin — Sat, 13 Aug 2011 21:03:00 GMT

For Sale By Owner Founder Turns to Real Estate Agent

It was reported by the Wall Street Journal last week that the founder of the website ForSaleByOwner had to enlist the services of a real estate agent to get his apartment condo sold in the Chelsea area of New York City. ForSaleByOwner is one of the largest do it yourself real estate sites in the US.

It seems that the home owner spent six months trying to sell his condominium himself using his site, online listings and classified ads before giving up and turning to the help of a real estate broker. The real estate broker he hired had to fight him to increase the asking price for the condominium before he listed it on the MLS system. The real estate broker reports that once listed on MLS the apartment condo sold very quickly and that his client ended up with more money than he was initially asking even after paying a full 6% NYC brokers commission.

The moral of this story is that even a king of For Sale by Owners needs the help of a good real estate agent. So if you are in London Ontario and are thinking of selling your home please contact me to discuss your move.

July Stats for London

Charlene Bertin — Thu, 04 Aug 2011 13:53:00 GMT

News Release

For Comment: Jack Lane, President, 519-670-6148

For Background: E.L. (Betty) Doré, Executive Vice-President, 519-641-1400

London, August 3, 2011

July a strong month for condos

Condos made a strong showing last month with 268 new listings – up 15% over last year at this time-and 155 sales – up 24% over last year. Sales of detached homes were slightly down from 2010. A total of 587 homes exchanged hands in July, down a marginal 0.3%. "The condo market played a bit of catch-up last month," says Jack Lane, the President of the London and St. Thomas Association of REALTORS®. "That’s what our local market has been doing over the past several months. One month an increase in the number of higher-end homes sold brings the average Year to Date price up; another month, a surge in condo sales recalibrates that price."

To read more on the stats click: http://www.lstar.ca/Statistics/2011/July/Pack.pdf

June Stats for London Area

Charlene Bertin — Tue, 05 Jul 2011 17:16:00 GMT

News Release

For Comment: Jack Lane, President, 519-670-6148

For Background: E.L. (Betty) Doré, Executive Vice-President, 519-641-1400

London, July 4, 2011

Real Estate Sales Rebound in June

Nine hundred and thirteen homes exchanged hands in June: 741 detached homes, up 12.3%, and 172 condos, up 10.3%. "It’s the best month this year and right in line with pre-Recession levels," says Jack Lane, the President of the London and St. Thomas Association of REALTORS®. "The market is definitely heading in the right direction."

Residential listings taken last month numbered 1,746, up by 11.2%. "The uptick in listings is just further proof, that we are in a balanced market, one that’s good for buyers and sellers alike," says Lane.

In determining how much properties have appreciated over time, LSTAR gives more credence to their increase from one month to the next, as opposed to year over year, as this more accurately represents the level and pace of actual appreciation. The average sale price recorded by LSTAR in June came in at $235,772, down 4.4% from May of this year. "Remember that this is an average house price," says Lane. "It’s going to fluctuate depending on how many houses in a certain price range sell in any given month. If a lot of high-end homes sell one month, the average price will increase; if a lot of lower-end houses or condos sell, the result is a lower average price." The June Year to Date $236,065 is up 5.5% over January 2011.

For more information go to http://www.lstar.ca/Statistics/2011/June/Pack.pdf

May Stats

Charlene Bertin — Tue, 07 Jun 2011 20:59:00 GMT

News Release

For Comment: Jack Lane, President, 519-670-6148

For Background: E.L. (Betty) Doré, Executive Vice-President, 519-641-1400

London, June 2, 2011

May market an improvement

702 detached homes and 180 condos exchanged hands in May 2011, for a total of 882 transactions. "As I predicted in last April’s media release – and with the help of better weather -- we saw improved sales figures in May, only 1.8% off from last year’s," says Jack Lane, President of the London and St. Thomas Association of REALTORS®. "However, sales don’t tell the whole story. The number of listings factors in as well and, as of the end of May, a total of 1,845 listings had been processed. That’s up 7.3% from the previous year." Active Listings End of Period – a measure of inventory – were also up 13.9% from 2010. "We’re entering more of a balanced market," says Lane, "which benefits both buyers and sellers. Moreover, sales in London’s Sister City of St. Thomas also showed improvement, ending only 6.5% lower than the previous year -- another sign that our market overall is beginning to stabilize."

For more information please follow the link below:

http://www.lstar.ca/Statistics/2011/May/Pack.pdf

May Statistics

Charlene Bertin — Fri, 03 Jun 2011 01:47:00 GMT

News Release

For Comment: Jack Lane, President, 519-670-6148

For Background: E.L. (Betty) Doré, Executive Vice-President, 519-641-1400

London, June 2, 2011

May market an improvement

For more information follow the link below

http://www.lstar.ca/Statistics/2011/May/Pack.pdf

April Stats

Charlene Bertin — Fri, 27 May 2011 23:52:00 GMT

News Release

For Comment: Jack Lane, President, 519-670-6148

For Background: E.L. (Betty) Doré, Executive Vice-President, 519-641-1400

London, May 2, 2011

April sales down, but on par with previous years

619 detached homes and 131 condos exchanged hands in April 2011, for a total of 750 transactions. "While last month’s sales were down 26.3% from the previous April, it’s important to remember that April 2010 set an all-time LSTAR record – up 26.5% over April 2009," comments says Jack Lane, President of the London and St. Thomas Association of REALTORS®. "Last month’s sales are more on a par – albeit on the low side -- with those of the previous decade." He continues, "When you factor in the persistently poor weather that has plagued our region over the last few months, I think that 2011 sales point to a healthy, vibrant market. In fact, I predict that we are in for a steady market for the balance of the year and that, by year’s end, our numbers will be down only marginally from those of 2010 . . . if at all. That’s how confident I am about our region and the progress of our economic recovery...

for more information follow the link below

http://www.lstar.ca/Statistics/2011/April/Pack.pdf

March Stats

Charlene Bertin — Fri, 27 May 2011 23:47:00 GMT

News Release

For Comment: Jack Lane, President, 519-670-6148

For Background: E.L. (Betty) Doré, Executive Vice-President, 519-641-1400

London, April 4, 2011

March Sales Solid

647 detached homes and 162 condos exchanged hands in March 2011, for a total of 809 transactions, down 5.8% overall from March 2010. "The market delivered a very solid performance last month," says Jack Lane, President of the London and St. Thomas Association of REALTORS®. "Considering how much miserable weather we had in March, I think these numbers speak to the strength of our market and I expect this positive trend to continue throughout the year."

for more information follow the link below

http://www.lstar.ca/Statistics/2011/March/Pack.pdf

February Stats

Charlene Bertin — Fri, 27 May 2011 23:44:00 GMT

News Release

For Comment: Jack Lane, President, 519-670-6148

For Background: E.L. (Betty) Doré, Executive Vice-President, 519-641-1400

London, March 1, 2011

Home sales level out

In the second month of 2011, a total of 552 homes exchanged hands, down 8.8% from the previous year. "If you look at the previous decade, February sales have tended to hover around the six hundred mark," says Jack Lane, LSTAR President. "We saw a marked drop in February 2009, right after the global financial downturn , followed by a rebound in 2010 and a kind of leveling off in 2011, with sales more on a par with those of February 2001 (532) and February 2000 (556) than more recent years. It’s important to remember, however, that 2000 and 2001 were both respectable years for real estate in our market. Another factor that we have to take into consideration was the weather in January, which was unusually cold and snowy for our jurisdiction."

for more information follow the link below

http://www.lstar.ca/Statistics/2011/February/Pack.pdf

Homeowner RRAP

Charlene Bertin — Fri, 27 May 2011 23:22:00 GMT

Homeowner Residential Rehabilitation Assistance Program — Homeowner RRAP

Canada Mortgage and Housing Corporation (CMHC) offers financial assistance to low-income homeowners for mandatory home repairs that will preserve the quality of affordable housing. The program helps people who live in substandard dwellings and cannot afford to pay for necessary repairs to their home.

Who Can Apply?

Homeowners may qualify for assistance if your property is eligible and if your total household income is at or below the Income Threshold set by CMHC.

Eligible Properties

Your property may be eligible for Homeowner RRAP if your home is:

valued below a certain amount;
at least five years old; and
substandard and needs major repairs in one of the following areas: heating, structural, electrical, plumbing and fire safety.

Your home may also qualify if work is needed to help reduce overcrowding.

For more information follow the link below.

http://www.cmhc.ca/en/co/prfinas/prfinas_001.cfm

Home Adaptations for Seniors' Independence (HASI)

Charlene Bertin — Fri, 27 May 2011 23:19:00 GMT

Home Adaptations for Seniors' Independence (HASI)

The Home Adaptations for Seniors’ Independence (HASI) program offers financial assistance for minor home adaptations that will help low-income seniors to perform daily activities in their home independently and safely.

Who Can Apply?

Homeowners and landlords may qualify for assistance if:

The occupant is 65 years of age or over and has difficulty with daily living activities due to loss of ability brought on by aging.
The total household income is at or below the program income limit for the area.
The home is a permanent residence

To get more information follow the link below.

http://www.cmhc.ca/en/co/prfinas/prfinas_004.cfm

Off Reserve Renovation Program

Charlene Bertin — Fri, 27 May 2011 23:10:00 GMT

Renovation Program Pre-application Tool (Off-Reserve)

Do you need major repairs to your home or rental property or modifications to improve accessibility?

Financial assistance may be available through CMHC's renovation programs for low-income households.

Follow the link below for more details.

http://www.cmhc.ca/en/co/prfinas/prfinas_016.cfm

Selling a house? Beware the costs

Charlene Bertin — Fri, 27 May 2011 21:49:00 GMT

Selling a house? Beware the costs

SONALI VERMA

Globe and Mail Blog

Posted on Friday, February 18, 2011 7:04AM EST

If you're thinking of selling your house to make a little money before rising interest rates squeeze the real estate market, there's good news and bad news.

The good news is you're almost certainly making money because home prices in Canada have been rising for the past few decades, particularly in the greater Vancouver area, as shown in the chart below, which is from a BMO Capital Markets report published this week.

More related to this story

The bad news is: It's not as much money as you'd like.

We recently sold our income property, and I was aghast at some of the costs associated with closing. Here are some of the biggies to keep in mind, if you're going that route:

- Paying the agent. Your real estate agent and the buyer's agent share 3 per cent to 7 per cent of the selling price. That comes out of your pocket. You can haggle on the commission, though. You also have to pay sales taxes on the commission. If you decide to sell your house without an agent, you get to keep more money, but it does mean that you have to do the legwork yourself, while fending off persistent calls from agents who are waiting for you to throw in the towel.

- Paying the lawyer. You're looking at at least $500 in legal fees. There is also the cost of disbursements, such as registration fees and related expenses, which can add up to a few hundred more. And you pay sales taxes on the total, which varies depending on which part of Canada you live in.

- Paying the bank. Unless your house is fully paid off, you will have to pay a fee of as much as $270 to discharge your mortgage. (Major banks' discharge fees are listed here.) If you have a closed mortgage, your bank may also ding you for prepayment charges -- equalling several months' worth of mortgage payments, depending on the number of years outstanding and the interest rate. If you are buying another property, you may be able to transfer your mortgage.

- Paying utilities and property taxes. You have to pay your share until the deal closes. For example, if it closes in the middle of the month, you have to pay for the first half.

- Paying the government. If it's your primary residence, you're in luck and don't have to pay capital gains tax. If it's an income property, however, you have to pay tax at your marginal income tax rate on half the gains.

Worst mistakes first time buyers make

Charlene Bertin — Fri, 27 May 2011 21:35:00 GMT

Personal Finance Tips

Worst mistakes first-time home buyers make

DIANNE NICE

Globe and Mail Update

Published Sunday, Feb. 06, 2011 4:41PM EST

Last updated Sunday, Mar. 20, 2011 2:43PM EDT

When Chris Kiskuna bought her first house in 1985, she was so anxious to close the deal quickly, she skipped the home inspection – a decision she paid for the first time she turned on the tap in the bathroom sink.

“The water’s running and I’m hearing it run everywhere and thinking, ‘What’s happening here?’ And I look under the sink: no pipe.”

http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/worst-mistakes-first-time-home-buyers-make/article1896461/

Open House in Huron Heights on Sunday

Charlene Bertin — Wed, 25 May 2011 22:47:00 GMT

Huron Heights, London - We invite everyone to visit our open house at 26 Redwood Lane on May 29 from 2:00 PM to 4:00 PM.

Property information

Selling a Home

Charlene Bertin — Wed, 02 Mar 2011 03:48:00 GMT

Selling A Home

In today's market, many homeowners have considered "going it alone" and selling their homes without the help of a REALTOR^® to "save the commission." However, once they realize how complex and intimidating a real estate transaction can be, many people reconsider and enlist the services of a REALTOR^®. There are more than 145 steps to complete a real estate transaction. It requires an organized, step-by-step approach that many homeowners just don't have the time, skill or experience to carry out.

A REALTOR^® provides a variety of services including help in setting a listing price within current market guidelines. They develop a marketing plan, offer recommendations and advice to make your home more attractive and "saleable," and act on your behalf during negotiations to ensure your interests are protected.

Another advantage of working with a REALTOR^® is the far-reaching market exposure your home will receive through the Multiple Listing Service^® (MLS^®). This co-operative marketing system relays information about your home to a vast network of REALTORS^® and therefore, potential homebuyers in your market. The greater the exposure your home receives, the more likely you are to find a buyer willing to pay your price.

Selling your home is not a simple procedure. It involves large sums of money, stringent legal requirements and the potential for costly mistakes. A REALTOR^® is committed to spending the time it takes to help you sell your home in the least amount of time and for the best possible price.

A REALTOR^® must disclose to you in writing, who exactly they represent in any real estate deal. A REALTOR^® may represent a buyer or a seller; they may also represent both buyer and seller in the same transaction. Your listing REALTOR^® is, in law, your agent. An agent owes his or her client the duties of utmost care, integrity, confidentiality and loyalty. Make sure you discuss agency with your listing REALTOR^®.

The process of selling a home with a REALTOR^® starts with the Listing Agreement. It's a contract between you and the brokerage company that the agent represents. It is a framework for subsequent forms and negotiations. It's important the agreement accurately reflects your property details and clearly spells out the rights and obligations of all parties. Both you and the listing agent sign the listing agreement and each receive a copy. The agreement binds both parties to its terms and conditions.

Generally, in the agreement you appoint the brokerage company as your agent and give its representatives the authority to find a purchaser. The duration of the agreement is indicated, and the compensation is specified. The agreement also sets out the listing price, and accurately describes the property you are selling. That will include the lot size, building size, building style and materials, floor areas, heating/cooling systems, room sizes and descriptions.

This is when you must also decide what you are taking with you and what you are leaving with the house. Generally, unless stated otherwise, fixtures remain with the property, while chattels -- things which are movable -- aren't included in the sale. If necessary, what stays and what goes are listed under "inclusions" or "exclusions."

Finally, the Listing Agreement also details the financial conditions of the property, including the mortgage balance, mortgage monthly payments and the mortgage due date. It should also provide information about annual property taxes; and references for any easements, rights of way, liens or charges against the property.

Ask your listing REALTOR^® about disclosure, which is a seller's obligation to disclose facts about properties for sale. The buyers will need to know material facts about the property - that is, anything that could materially affect the sale price or influence a buyer's decision to buy it. A major cause of post-sale disputes and lawsuits center around defects and disclosure, but most disputes can be avoided if proper disclosures are made. Intentionally withholding information about a property when selling it can have serious legal consequences.

Another advantage of listing with a REALTOR^® is that only a REALTOR^® is able to place your listing on the MLS^® or Multiple Listing Service^®. When you decide your listings will be on the Multiple Listing Service^®, the information about your property is shared with all other REALTORS^® through the MLS^®system, and all REALTORS^® have the opportunity to sell your property. This type of cooperative effort will result in the listing agent offering compensation to the selling agent. Your property gains more exposure, because it reaches the majority of the real estate professionals in your community.

There's another benefit of dealing with a REALTOR^®. Through REALTOR.ca, the national property website, participating local real estate Boards can also advertise listings to potential buyers across Canada and around the world.

Another major issue for anyone selling a property is how much to ask for. Although you may have an idea of how much your house is worth, it's important to have your home valued by a professional on its own merits. Be careful not to price your property too high or too low. If it's too high, there's no sale; too low and you lose on your investment.

A REALTOR^® has the research and expertise to provide a market assessment of what similar properties in your area have sold for. They can also provide information on market history, such as the number of properties sold in your community the previous month or year.

A REALTOR^® also has a number of marketing tools and options to promote your property. First is the REALTOR.ca web site, which attracts more than a million unique visitors a month. It shows the details of your home to local, regional or national buyers looking for a property in your community.

Your REALTOR^® may also recommend an open house as a marketing strategy. There are two types: first is an agent's open house, where sales representatives from the listing company will be invited to view your house. If you have signed an MLS^® agreement, other REALTORS^® may also be invited. Remember, each of these REALTORS^® may have a prospective buyer. The second type of open house is a public open house, where members of the public are invited to walk through your home and have a look. It's an efficient way to show your home to many potential buyers at once. The listing agent will act as host, answering any questions.

You and your listing agent will pick the time and date for an open house. In order to give the agent access to your home, you may wish to keep a key at his or her office, or in a lockbox. It's also a good idea to ensure that any valuables are put away in a safe location, then leave while the open house is underway. If you do stay, be sure to keep out of the way, and turn off any TVs or radios to let the agent and the buyer talk in peace.

Needless to say, clean counts with open houses. A general rule is that clean, uncluttered and well-lit spaces look larger and more attractive. People will naturally want to buy a house that is clean and well cared for.

Sometimes a home doesn't sell right away. Avoid the urge to pull your home off the market... be persistent! Generally, there are three reasons why a home may not sell as fast as others. First is location; second is condition; third is the asking price. Naturally, you can't change your home's location, but you can fix the condition of your home and you can, of course, adjust your price. Throughout the listing process, you need to be constantly comparing your asking price against those of similar properties in your area. It may be time to adjust the price of your home.

Review your selling strategy regularly with your listing agent: Is your house being shown regularly? Are you receiving the feedback from prospective buyers? Are you in touch with the marketplace? Is your property competing well? If not, what else can you do?

Once a buyer is found, you'll be receiving an offer that will detail how much, specify any conditions that may apply or be attached by the buyer, say when the buyer would like to take possession, and when the offer expires. As an act of good faith, the buyer will make a deposit with the offer.

You don't have to accept the offer as is. You may wish to make a counter offer that comes part-way to meeting the offer's conditions. The counter offer is one more step along the way to negotiating the final terms and conditions of the sale. The offer, once signed by everyone, is a binding contract. Make sure you understand and agree to all of the terms in the document. You may want to have it reviewed by your lawyer before signing.

Before closing, especially if the buyer makes it a condition of sale, you may be asked to provide a current survey, or a "real property report," showing the location of the house is on the property owned by you and that there are no encroachments. You may also have to prove that you have title to the property (the buyer's lawyer will check this out when he or she conducts a title search to see if there are any liens on the property, easements, rights of way or height restrictions). Especially in rural areas, you may also be asked to provide a certificate for a well or septic system, stating the system meets local standards.

The buyer may also make the purchase conditional on an inspection by a qualified engineer or inspector.

Then on or before closing day, lawyers representing you and the buyer will set up a trust account for the money coming from the sale and will pay off any mortgages you owe on the property. After these are paid, you will receive any money you have coming from the sale. You must deliver the property deed or transfer documents, mortgage details and keys to your lawyer. Your lawyer will register the mortgage discharge and transfer the deed at closing,

Your lawyer should also ensure that you receive compensation for prepaid expenses such as, property taxes, electrical or gas bills, or if applicable, any heating oil left in your tank. Some lenders will make it possible for your mortgage to be portable, so you can take your mortgage with you when you move to your new home.

Here, your responsibilities under the listing agreement end. You'll have paid your listing agent the agreed-upon compensation. This can be done by your lawyer who can arrange the payment from the proceeds of the sale. In some provinces, including Quebec, notaries perform the same role in the real estate transaction as lawyers do in other provinces. If you have any questions, check with a REALTOR^®.

The sale of property is a complex business transaction. There are distinct advantages to having a REALTOR^® who is well-educated, knowledgeable, and experienced. A REALTOR^® also has access to an array of services, including the Multiple Listing Service^®, which can provide you with instant, thorough and accurate property information.

(The comments contained on this site are for information purposes only and do not constitute legal advice.)

Buying a Home

Charlene Bertin — Wed, 02 Mar 2011 03:37:00 GMT

Buying A Home

Finding the perfect home doesn't happen in one day. There are a number of things you can do to simplify the process, including defining financial parameters, potential neighbourhoods and the desired features in your next home.

Do you need an extra bathroom, a garage, a fenced backyard, or lower utility bills? Do you want a fireplace, a short drive to work, or maybe minimal yard work? Once your list is complete, decide what is most important to your lifestyle.

Then it's location, location, location. Location affects your day-to-day living and is one of the most significant influences on value. Your choice of location may be limited somewhat by the price you can afford. Even so, make sure you consider such things as distance to work, schools, shopping and entertainment.

What type of property do you want? A single-family detached home is attractive to many people because it typically provides more living space and land. On the other hand, a condominium may be a more appropriate choice for you, with an emphasis on maintenance-free living.

A REALTOR^® can help you analyze all of these buying issues. A REALTOR^® working as a buyer's agent works to find the connection between homes available in the market and the needs and financial capacity of buyers. Talk to and compare the services of REALTORS^® to help you navigate through this complicated business transaction. Be comfortable and confident with the REALTOR^® you are selecting as your business partner.

As your agent, the REALTOR^® owes you the duties of utmost care, integrity, confidentiality and loyalty. Make sure you discuss agency with your REALTOR^®. In most provinces, if a REALTOR^® is showing you homes, they are automatically deemed to legally be your agent, and owe you all of the associated obligations.

A REALTOR^® will use various tools to try and find properties that meet your specifications including the MLS^® service. One of the important search tools will be the local MLS^® system. By sitting down at a computer the REALTOR^® can key in your needs, choice of neighbourhoods and price range and immediately come up with a list of suitable properties available through the MLS^® system. You can also view listings posted to the national REALTOR.ca web site.

When you select a property and decide to visit a house, there are many things to consider. Does it have all the features you wanted? Is the neighbourhood what you expected? Try to picture your favorite furnishings in a room. Remember all of the technical considerations:

what type of wiring does the house have?
what about power outlets? Different appliances use different types.
what type of heating system does it use?
what about the roof and foundation?
what condition are the windows in?
what about the plumbing?

There are other things to look at as well. If you don't have time or don't feel comfortable doing it, home inspection services are available for a reasonable fee. Having a qualified home inspector look at the house is always a good idea. The older the home, the greater the need for professional inspection.

Once you find the house you want to make your home, work with a REALTOR^® to develop an offer. In the offer, you should specify how much you're willing to pay. State when the offer expires, and suggest a closing date for the transaction. You can also propose some conditions on the offer. Some common types of conditions are:

getting a suitable mortgage (include the amount, interest rates and any other figures you feel important);
selling your current home (the seller may continue to look for a buyer, but will give you the right of first refusal);
the seller providing a current survey, or a "real property report," showing the location of the house on the property owned by the seller and that there are no encroachments;
the seller having title to the property (your lawyer will check this out when he or she conducts a title search to see if there are any liens on the property, easements, rights of way or height restrictions);
if there is a septic system, the seller should have a health inspection certificate, stating the system meets local standards;
if you still have any doubts about the home's safety and construction, you may wish to make the purchase conditional on an inspection by a qualified engineer;
any inclusions - basically, what stays and what goes.

You will need to present a deposit along with your offer. An appropriate deposit will show your good faith to the seller. The seller's agent is bound by law to bring all offers to the seller's attention.

After your offer is accepted and all the conditions are met, the offer becomes binding on both sides. If you walk away from the deal at that point, you may lose your deposit. You may also be sued for damages. Make sure you understand and agree with all of the terms of the offer before signing.

No matter what type of home or property you're buying, plan on some extra expenses. In some provinces, you may have to pay a land transfer tax (a sales tax on property).

You may also have to pay:

a mortgage Broker's fee:
an appraisal fee;
surveying costs (if the seller couldn't come up with a current survey); and,
a high-ratio mortgage insurance premium.
an interest adjustment. Mortgages are normally calculated from the first of each month: if your closing date is the same as the beginning of your mortgage, there will be no adjustment. However, if your closing date is July and you move in on June 15, those last 15 days are the interest adjustment period. Your lender will expect you to cover the cost of the interest during that time.

You'll also have to reimburse the seller for the unused portion of any prepaid property taxes or utility bills. As well, you must also pay any legal fees, and, if applicable, any REALTOR^® fees. Be prepared to furnish proof to your lender that you have insured your new house as well.

Before the property can formally change hands, there are still a few things to do. On or before closing day, your lawyer and the seller's lawyer will arrange to transfer title of the property from the seller to you. The mortgage money will be transferred to your lawyer's trust account, and then to the seller, and your lawyer will bill you all additional expenses such as land transfer taxes or outstanding legal fees.

At this time, be sure to check with your lawyer that everything is as stated in the offer-to-purchase. Once you're satisfied and the keys to the front door are in your hands, there's nothing else to say... except welcome home!

(The comments contained on this site are for information purposes only and do not constitute legal advice.)

Compliments of Canadian Real Estate Association.