When you buy a new home,you’ll eagerly await the day you can move in. But how is that date determined? The date of possession is one of several details that must be negotiated between you and the seller. In most cases, possession will be transferred after you have signed your mortgage loan and a clear [...]
Tag Archives: Seller
What are Dual Agency Relationships and how do they Work?
When you select a real estate broker, you often want this broker/agent to be on your side regardless of whether you are buying or selling the home. If your broker only represents you in the process, then you have a single agency relationship with your broker. For example, if you are selling a home and [...]
3 Tips to Revamp your Home Listing
With the current real estate issues, properties can sit on the market for ages and fail to receive realistic offers. As a result, sellers become jaded and continue to lower the listed price without receiving much success. If the home you are trying to sell is at a standstill, what do you do? First, it [...]
Seller Cannot Conceal the Truth
Vendor has Obligation to Disclose “Prohibition Order” Vendor has Obligation to Disclose “Prohibition Order” Ontario Real Estate Source By Brian Madigan LL.B. The Supreme Court of British Columbia dealt with the matter of the vendor’s duty to disclose Pavenham Development Corp. v. Sladen(1997). The Facts •· The vendor owned a property that he rented out. [...]
Buyer’s Opportunity to Examine Condo Documents Relieves Seller From Liability
Seller Property Information Statement ~ Sask and Brooke SPIS ~ Sask and Brooke Ontario Real Estate Source By Brian Madigan LL.B. This was a case heard in the Supreme Court of British Columbia and it involved the Property Condition Disclosure Statement, which is similar to Ontario’s Seller Property Information Statement. Briefly, the plaintiff as [...]
Latent and Patent Defects, and Material Facts
Latent and Patent Defects, and Material Facts Ontario Real Estate Source By Brian Madigan LL.B. The matter of patent and latent defects falls under the law of real property and the issue of disclosure. A Patent defect is clear, apparent, observable and not hidden from view. A Latent defect is not readily apparent to the [...]
Finish the Basement Before You Sell
Finish the Basement Before the Sale By Brian Madigan LL.B. (Ontario Real Estate Source) 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. [...]
Seller’s Right to Remain Silent
Vendor’s Inalienable Right to Remain Silent By Brian Madigan LL.B. (Ontario Real Estate Source) For centuries, the rule of “caveat emptor” has had a prominent place in real estate transactions. It is a latin expression meaning “let the buyer beware”. That’s a warning! The buyer is on his own. The seller can keep quiet. There’s [...]
Falling Home Prices
Despite concrete signs that the real estate market is slowly getting back on its feet, experts are predicting that the average United States home price will continue to fall by 6% by September, 2011. The 6% comes after the 27% decline we have already experienced over the last three years. Projections of the decline will [...]
Seller’s Obligation to Disclose in Ontario Real Estate Transactions
Seller’s Obligation to Disclose in Ontario Real Estate Transactions By Brian Madigan LL.B. The general rule of law in Ontario concerning the purchase of land is that of “caveat emptor”, or as translated from Latin “let the buyer beware.” At common law, this principle stood for the proposition that when the buyer had required no [...]
Seller Cover-Up Not Enough to Avoid Liability (false disclosure)
Seller Cover-Up Not Enough to Avoid Liability By Brian Madigan LL.B. The Cole and Vankoughnett case involves representations and remedies available for improper completion of the Seller Property Information Statement (SPIS). The purchasers brought an action in Small Claims Court for misrepresentation, and non-disclosure of patent defects and latent defects in respect to a semi-detached [...]
Sellers’ Improper Disclosure Leads to Liability
Sellers’ Careless Disclosure Leads to Liability By Brian Madigan LL.B. This is another case involving the improper completion of a Property Condition Disclosure Statement and the remedies that are available afterwards. This case was determined in the Small Claims Court of Nova Scotia in February 2007. The Boychuks entered into an agreement of purchase and [...]
Assembly Bill AB 957: Seller no longer dictates Title or Escrow. Buyers rejoyce!
In another strike on lenders and altogether sellers of homes obtained through foreclosure (Hard Money/Private Lenders/Note Buyers we are talking to you!) they can no longer dictated according to Assembly Bill 957 (AB957) as of October 12th what Title and Escrow company must be used in the purchasing of their REO inventory. The lenders still [...]
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Rob@Jupiter Real Estate: In Florida we have many condos located on oceanfro...
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Larry: It should almost be a necessity to have a swimming...
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New Media 4 Agents: I think we are past the stage of wondering if it w...
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Jim Wagoner: Good information we all should try to live by....
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Mike Pannell: Tony, i tried to sign my Wife up on your property ...
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$10000 California First Time Home Buyer and New Home Tax Credit Extended
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Unite Against the Sarasota MLS Board
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Short Sale Heaven Coming April 5th 2010
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The Lones Group – Real Estate Social Media Marketing Firm – Sues Agent For Being A Zebra
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California Senate Bill 94 (SB94): Passes; Not even Attorneys can do it!
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