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Commission Rebates May Have Tax Implications
A real estate commission rebate is a portion of the real estate agent's commission that is legally returned to the buyer after closing. This is a legitimate practice in Ontario, overseen by the Real Estate Council of Ontario (RECO), and must be put in writing, often in a Buyer Representation ...
Continue ReadingEscape Clauses : Taking New Offers After Selling Conditionally
Can a home seller consider other bids after accepting a conditional offer? The short answer is yes, but you have to be cautious. A seller can consider additional offers even after signing a conditional offer. This is because the sale is not final and binding on both parties until all the conditions ...
Continue ReadingWhat Do I Need to Know About Putting in an Offer on an Estate Sale?
While buying a home through an estate sale can be like purchasing any other resale property in many ways, there are a few key differences that are important to know. When you come across a property listed for sale, the homeowner is usually the seller. However, if the homeowner has died, ...
Continue ReadingAn Example of the Sales Process of Selling a Business
There are various approaches to selling a business and the following will provide one framework that is typical. The purpose is to help potential sellers understand the process and to assist in the questions you may have as they begin to think about selling their business. Step 1. Preparation Prepare an Introduction ...
Continue ReadingSole Discretion Clauses are NOT “get out of jail free cards”
We are hearing that during this period of interest rate hikes more than one buyer has put an offer in on a property, conditional on financing and/or inspection, and when it came time to waive it they failed to do so. This is even though there was no legitimate reason ...
Continue ReadingHow Small Landlords Can Reduce Liability in Ontario
Owning rental property can provide: long-term income, asset growth, and investment diversification. However, many small landlords underestimate the amount of: legal responsibility, operational risk, documentation discipline, and regulatory compliance involved in managing rental property. Landlord liability can arise from issues involving: maintenance, tenant safety, communication, lease enforcement, insurance, human rights concerns, or ...
Continue ReadingWhy Clear Communication Reduces Real Estate Disputes in Ontario
Real estate transactions often involve: large financial commitments, legal obligations, emotional decision-making, negotiations, deadlines, and rapidly changing circumstances. In this environment, misunderstandings can easily occur if communication is: unclear, incomplete, inconsistent, or poorly documented. Many real estate disputes are not caused solely by intentional misconduct. In many cases, disputes arise because: expectations ...
Continue ReadingKnowing When to Walk Away: 5 Instances to Decline a Listing
This one is for agents.... Published by Kartik Subramaniam, founder, Adhi Schools Introduction: In the competitive world of real estate – sometimes, it's in their best interest to walk away from a potential deal. Aspiring agents are often eager to take on any listing, assuming it's a stepping stone to success. In this article, I ...
Continue ReadingThe Rights Of Sellers And Buyers Of Commercial Buildings In Ontario
For most individuals, investing in commercial properties in Ontario can be lucrative. After all, the province boasts a thriving economy, diverse industries, and a vibrant community. This makes investing there a great opportunity for those who wish to diversify their investment portfolio and grow their business operations. That being said, purchasing ...
Continue ReadingMemorable Client Requests that REALTORS® Have Received
REALTORS® are proud to work with a wide range of clients, who bring with them every sort of request you can imagine. Popular asks include market insights, location, budget, size and amenities, as well as viewing schedules, home inspections and financing guidance. The Canadian Real Estate Association (CREA) asked REALTORS® ...
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