Land and Property

Title Insurance Mysteries

man signing text document for a business agreement

Title Insurance Mysteries

So you want to buy a beautiful new home and you need to know it is free and clear of debts and issues. As a qualified prospective purchaser you will want to know with certainty that there are no title insurance mysteries. Whether you plan to purchase a condominium or a house, you will need to be sure there are no debts on the title to the desired property. Liens, certificates of pending litigation and judgments against a property can become a financial problem for the new owner.

To avoid becoming responsible for debts of the current or former owner you should conduct a full title search to be sure the property is free and clear of debts; current or pending. A Writ Search can be conducted on the name or reference number of the debt as registered with the municipality. A Province-wide search can also be completed on the owner – using their full name or company name. If the property is owned by a company then you may want to utilize the company name search. A property search can also be performed on the name, address or PIN # (Property Identification Number).

You should be sure that your title search is professionally completed and that the searcher of title is fully licensed and insured. When you choose to have a title searched is up to you. Perhaps you will want to know once you have a tour of a potential property for purchase, whether or not the title to the home is free and clear. You could also have a title searched conducted upon closing. This search may be the responsibility of your lawyer.

Teraview / Teranet Inc. offers a variety of options for title searches. For a listing list of registered conveyancers visit and review Ontario Association of Professional Searchers of Records.

February 5, 2015/by Zack Steel

Land and Property

Agent or Not?

real estate agent in restaurant waiting for client

Agent or Not?

Should you employ the services of Real Estate Agent or not to sell your home? Or should try to sell it yourself and save on the potential commission you would otherwise have to pay? To correctly decide on the best choice to sell your home quickly at the best price you need to consider the following factors:

Total payable commission as a percentage of the sale you will need to pay
Actual dollar amount of commission you will have to pay the agent & broker handling your sale
Benefits of a marketing campaign managed by a qualified real property professional
Amount you could save by listing and promoting your property yourself
Time you will need to devote to advertising your property by yourself and time to show it
Resources you have available relative to a trained agent who has office support staff
Documentation to close the deal (Offer / Counter Offer / Agreement of Purchase and Sale)
Do you have a website or access to an online resource where you can list your home?

Selling a home is a great amount of work and requires that you be accessible nearly 24 / 7. A prospective purchaser could contact you at anytime to submit an offer or to request a showing. Having the valuable experience of a real property agent could prove useful, especially because they do have office hours and they have many resources available; many of which a homeowner may not have access or use of regularly.

Even if you do choose to sell your home on your own you will still need to be sure to hire a competent lawyer to manage your side of the sales transaction. You will also want to seem professional and be able to provide a buyer with a detailed feature sheet that highlights the valuable components of your home and lists amenities and details of local utilities.

You might even consider having your own business cards printed which will display a photo of the best room in your home or a view of it from outside in the best perspective; along with top saleable features and your contact information.
You may want to consider having a separate e-mail address specifically for your home for sale.
A distinct phone number (preferably a cell phone or internet phone line) would be a good choice, since you don’t want to be pestered all day and night by unqualified buyers. You can turn off this phone and turn it on when you want to be available. You can also set up voicemail with options for a vast amount of messages to be left.

February 5, 2015/by Zack Steel

Land and Property

Make the Right Move Overseas

How to Make the Right Move Overseas

Perhaps you received a job offer in a foreign country, or you may have been reassigned within your existing place of employment. You may need to decided how to make the right move overseas. What matters now is that you may need to move. You want to be sure that you can find an equivalent accommodation. You will want to know how to make the right move overseas. If property research is not your job, then you might need help from authorities in this area. Relocation specialists’ are highly trained and experienced to ensure that you will be able to achieve comfort in your desired destination.

You can benefit from experts who know the real property market conditions where you hope to reside. These connoisseurs of comfort will surely be able to assist you in realizing the reality of your dream home. All the components of a new house or condominium will be carefully analyzed according to your: budget, requirements and specifications; by a team of trained relocation professionals.

Factors of consideration could include:

Specific location within a city or region
Set size of home (house or condominium)
Number or rooms / bedrooms / washrooms
Nearness to amenities
Proximity to public transportation
Quality of life

To be sure that your relocation expert will be able to accommodate all of your expectations you need to be specific in your request.

Will family members be moving with you?
Is your move temporary (few months) or permanent (1 year or much longer)?
Are you active in recreational activities / sports?
Do you enjoy entertainment?
Do you want to be near venues for movies / plays?
Do you want to be located near grocery stores?

Also, being clear on the type of work you do and the nature of your job duties can be useful in the design of a relocation plan for you and your loved ones. Depending on how much time you plan to spend at home, versus outside will determine the necessity of a spacious or luxurious home. If you plan to be out most of time, then perhaps you only need a small space, which should be well decorated to ensure your remain inspired.

Your budget will also have a bearing on your course of relocation. If your employer is going to pay your relocation costs, then your counselor has to work within the allocated budget. If you will bare the burden for your new residence, then you can be lavish in your spending or thrifty while remaining nifty.

February 5, 2015/by Zack Steel

Land and Property

Types of Discounted Properties Toronto

housing sale sign displaying on business

Types of Discounted Properties Toronto

Auctions

There are many types of discounted properties that can be offered for sale through a variety of means. Properties may be offered for auction, usually with a reserve price. Bids can be made incrementally. A deposit of 10% to 20% of the estimated highest bid is usually required upon registration at the auction.

Assessments

If a condominium corporation becomes indebted to a bank that holds the mortgage on the building, then a set assessment fee may be registered on the corporation. As well if the reserve fund becomes a non-sufficient amount or if the account is overdrawn in order to pay for renovations or emergency maintenance to the building or facilities. An additional fee on top of the maintenance fee may need to be paid by individual owners of condominiums in the building. This amount will need to be paid until the debt is cleared.

Bank Repossessions

A bank may repossess a property on which a mortgage is held and sell the property via a variety of means, including auction, foreclosure (not common in Canada) and power of sale.

Crown Land Sales

If the government owns land that it does not consider valuable or believes to be excess property, then it can sell parcel via various means, including; auction or listing it with a special realty company, among other options. These properties are usually located areas and were formally part of a national park or proposed and cancelled land development project.

Municipal Surplus Sales

Similar to Crown Land Lands, Municipal Surplus Sales involve a municipality selling excess land that the municipality does not want to maintain. This property can be sold via auction or tender package where bids are submitted in writing in a closed envelope prior to the date of sale.

Provincial Land Sales

These lands are usually located near highways or part of cancelled land development projects. The land is sold because the Province does not want to maintain the land. This property can be sold via auction or tender package where bids are submitted in writing in a closed envelope prior to the date of sale.

Foreclosures

If an owner of a house, condominium or land defaults on mortgage payments for many months, then the bank can take possession of the property and sell it directly. To assume ownership of the property the bank would need to obtain a judgment from a court in the region where the property is situated to transfer the deed / ownership of said lands to the bank.

Power of Sale

A Power of Sale process involves a bank ordering a property to sell their property by a set date, due to non-payment or irregular mortgage payments. The owner will be able to claim and keep some of their equity in the property whereas they would not have this option with a foreclosure. The owner can benefit from the difference between the sale price and the money owed to bank.

Tax Sales

If a property owner does not pay the required property taxes for two years or more, then the region, or city can sell it to cover the cost of the taxes owed, plus interest and penalties (legal / processing fees).This property can be sold via auction or tender package where bids are submitted in writing in a closed envelope prior to the date of sale.

Visit: HomeIsReal.com for more details.

February 5, 2015/by Zack Steel

Land and Property

Renovations or Repairs

Do you need renovations or repairs to your resale condominium? If so, be sure to choose a capable and qualified service repair person. Notice that I did not specify repairman. Women are now working in the skilled trades. To be sure you have a reliable and knowledgeable repair person look for a good rating on the company with the Better Business Bureau. Also, check out HomeStars for quality comments on quality trades people.

Recently it became a legal requirement for trades-persons to be licensed and registered in the Province of Ontario, in Canada. For more information please visit the Ontario College of Trades website. You need to be sure that you will employing the services of a capable and qualified trades professional. This specialists needs to be certified for the area of work that they are trained in. An Appliance Repair Technician is certainly not trained in plumbing, even though they may have some knowledge of the subject, if they worked on many washing machines.

An Appliance repair technician may have some knowledge of plumbing if they worked on washing machines, but this know-how does not make them an expert or register them as being a capable Plumber. While otherwise skilled people are often looking for work they could believe themselves to be ‘handy’ and capable of doing various types of repairs, this does not actually mean that they are able to repair appliances or other items. Even if one is able to do repairs, if one is not trained, licensed and certified, then one is not an expert and you should only entrust repairs to a fully recognized expert.

Should perhaps hire a non-expert and they do complete the necessary repair what assurance do you have that the repair will be sustaining? A non-licensed technician will likely not do a complete restoration of your appliance or other item. Also a guarantee on labour and / or parts will not be available or not be redeemable should the need arise for future service of the same item.

Also when having renovations done to your home you must be absolutely sure that you will employing a skilled trades person. If possible ask to see their Red Seal certification or license, issued from the city or municipality that enables them to legitimately work in a designated trade. A Jack of All Trades is surely a master of none. A pretend carpenter is likely to have some rough edges and to miss important angles when completing work. Before you hire a trades person you should ask for a few references. Be sure to inquire if those provided are friends or family members. Not that anyone would not be totally honest about the quality of work that there relative provides.

Other than the tips noted above you can properly evaluate a prospective trades company by visiting their website. If the domain name does link to their website or instead first links to a sub domain or redirects, or any other oddity, then it is obvious that all is not as it seems. To use and old adage for emphasis of my point: “When in doubt do without.” If after trying to visit a website of a trades company you are not impressed or even after reading the content therein you have any reservations about the skill level of the business, then you should perhaps not give them your business.

February 5, 2015/by Zack Steel

Land and Property

How to Make the Right Move Overseas

Perhaps you received a job offer in a foreign country, or you may have been reassigned within your existing place of employment. What matters now is that you may need to move. You want to be sure that you can find an equivalent accommodation. You will want to know how to make the right move overseas. If property research is not your job, then you might need help from authorities in this area. Relocation specialists’ are highly trained and experienced to ensure that you will be able to achieve comfort in your desired destination.

You can benefit from experts who know the real property market conditions where you hope to reside. These connoisseurs of comfort will surely be able to assist you in realizing the reality of your dream home. All the components of a new house or condominium will be carefully analyzed according to your: budget, requirements and specifications; by a team of trained relocation professionals.

Factors of consideration could include:

Specific location within a city or region
Set size of home (house or condominium)
Number or rooms / bedrooms / washrooms
Nearness to amenities
Proximity to public transportation
Quality of life

To be sure that your relocation expert will be able to accommodate all of your expectations you need to be specific in your request.

Will family members be moving with you?
Is your move temporary (few months) or permanent (1 year or much longer)?
Are you active in recreational activities / sports?
Do you enjoy entertainment?
Do you want to be near venues for movies / plays?
Do you want to be located near grocery stores?

Also, being clear on the type of work you do and the nature of your job duties can be useful in the design of a relocation plan for you and your loved ones. Depending on how much time you plan to spend at home, versus outside will determine the necessity of a spacious or luxurious home. If you plan to be out most of time, then perhaps you only need a small space, which should be well decorated to ensure your remain inspired.

Your budget will also have a bearing on your course of relocation. If your employer is going to pay your relocation costs, then your counselor has to work within the allocated budget. If you will bare the burden for your new residence, then you can be lavish in your spending or thrifty while remaining nifty.

January 21, 2015/by Zack Steel

Land and Property

Title Insurance Mysteries Solved

So you want to buy a beautiful new home and you need to know it is free and clear of debts and issues. As a qualified prospective purchaser you will want to know with certainty that there are no title insurance mysteries. Whether you plan to purchase a condominium or a house, you will need to be sure there are no debts on the title to the desired property. Liens, certificates of pending litigation and judgments against a property can become a financial problem for the new owner.

To avoid becoming responsible for debts of the current or former owner you should conduct a full title search to be sure the property is free and clear of debts; current or pending. A Writ Search can be conducted on the name or reference number of the debt as registered with the municipality. A Province-wide search can also be completed on the owner – using their full name or company name. If the property is owned by a company then you may want to utilize the company name search. A property search can also be performed on the name, address or PIN # (Property Identification Number).

Title Search Professionally Managed

You should be sure that your title search is professionally completed and that the searcher of title is fully licensed and insured. When you choose to have a title searched is up to you. Perhaps you will want to know once you have a tour of a potential property for purchase, whether or not the title to the home is free and clear. You could also have a title searched conducted upon closing. This search may be the responsibility of your lawyer.

Teraview / Teranet Inc. offers a variety of options for title searches. For a listing list of registered conveyancers visit and review Ontario Association of Professional Searchers of Records.

Complete Lien Search

Home purchasers may want to have a lien search conducted to ensure there are no construction liens, pending judgements or current civil actions against the property seller. If the seller is involved in lawsuits, whether personal, business related or those directly related to the property, these matters could potentially effect the title to the property. Regardless of the cost for a Personal Property Search or Writ Searches on the owner and Province-wide searches on the property owner and their company name. To spend some money, on a complete search / full search on the property seller, the property itself and the property seller’s business, will save much money later on when you purchase your prospected home.

January 18, 2015/by Zack Steel

Land and Property

What to Look for In a Condominium?

What to look for in a condominium? What features does your ideal condo need to have? Do you want certain amenities?

From the look of the hallway carpet to the design structure of the wall to the layout and positioning the windows in the suites – every builder is somewhat unique. Does your dream high rise residence need to have central air conditioning and adjustable heating? Do you want a graphite countertop and a mirrored closet?

More importantly does your dream living destination have a swimming pool? Is it deep or shallow? Does your building have a whirlpool and sauna? How about a billiards room and a meeting room and party room? What are the rules for booking either of these special rooms? Is a deposit required?

Does each floor have a garbage drop station? Is it fitted for recycling and organics as well as garbage? Is there a hand-sanitizer at each entrance and in each area where there may be trash?

Is the management company well-known and of high repute? Have you done research to determine the credulity and reliability of the property management group that will be overseeing the day to day operations of the building where you will reside? What about the security company that will be responsible for patrolling the building and will provide concierges to control the entry and exit of guests into the building? Is the company well respected in the industry? Also, what about the cleaning / maintenance company? Is it comprised of thoroughly trained staff? You could do research on all of these types of companies online. You will want to know if all of these companies are bonded and registered with a good rating with the Better Business Bureau.

What is the constitution of the current Board of Directors? Is any resident eligible to run for a position in an election? Are there any unusual rules of regulations? Does the board set the maintenance fee or do they consult with the management company or an accounting firm? Will you receive a detailed listing of these regulatory requirements when you move-in? Does your building have a social committee that organizes events for residents? Is there a fee to attend the functions?

For your high rise residence you should ensure that there will local activities; parks, places of religious worship, supermarkets, solid roads and good municipal infrastructure. Also, you will want to know that the tax rate / mill rate will progress at a steady or low rate. You don’t want to find out that you cannot afford where you live not long after you be accustomed to being a resident there.

January 14, 2015/by Zack Steel

Land and Property

Home Staging a Go

How to stage your home to sell it fast? You need to utilize strategies of home staging a go for quick sale of your sale. There are many options to utilize for marketing your house or condominium to get it sold quickly.

You will need to consider the overall design and layout of each room. The smell, odor or fragrance should be pleasing and seem welcoming.

Options for creating a wonderful aroma in each area of your listed home can be determined by the following questions:

Do you brew coffee?
Do you bake fresh bread or cookies?
What about fresh apple pie or cinnamon / oatmeal muffins?
Do you spray air fresheners?
Do you have slow release wax air enhancers?
Will you use air quality devices that you plug-in to the wall?
Should you display fruit on the kitchen counter and throughout the rooms of the condominium or house?

You may need to hire a professional home-stager or interior designer to ensure your home is properly showcased. The small amount you will pay for their expert service is negligible when compared with the amount you will be able to sell your home for and fast.

Notice of your home for sale will need to be properly advertised and promoted in multiple media outlets. Options for maximum marketing include:

Local newspaper
National newspaper
Community magazines
Local notice boards at supermarkets and for condos on the notice board beside the mailroom
Online on a Multiple Listing Service
Broadcast by agents via subscriber e-mail
On your agents’ website
On your own personal and business website
On business cards specially created to list and feature your home

It is important to ensure successful marketing of your home to be sure it is thoroughly publicized. The sooner you sell your home the more money you will seem to make in your mind and the less effort you will need to spend on trying to get it sold.

Asking friends and family members to spread the word about your home for sale is a free option. You could also hire a telemarketer to call prospective buyers who may have listed ads in a newspaper as a real property investor. The gift of gab is essential for this promotion.

Having friends over for dinner and baking events as well as games’ nights would also be helpful to showcase the warmth of your home to those in your social circle. A home can seem to grow on people who may not have thought they were even in the market to buy a house or condominium.

January 14, 2015/by Zack Steel

Land and Property

Title Insurance is a Must

Title insurance is a must or go bust! If you buy a resale condo without title insurance then you are risking more than you bargained for in the realm of real property purchases.

When you buy title insurance you are protecting your interests in a condo deal. It can provide protection for liens on titles that might not have been registered as of the date of transfer; but which were pending prior to the sale of the property. A tax certificate may have been registered against a property for unpaid property taxes and the amount due would need to be paid before transfer of the deed. A Lawyer will normally conduct a full title search which would uncover this type of debt. Sometimes a conveyancer or other title searcher will only conduct a partial title search for debts owing by the owner and not for debts against the property proper. This could result in a failure to notice all amounts owed on title to the property in full.

Specialized title insurance through a Law Firm that partners with a brokerage Title insurance packages can offer security against flimsy and faulty appliances, as well as debts on the title to the property. Possibly property taxes or maintenance fees may have gone unpaid by a prior owner.

To be sure one is employing the services of a capable and qualified title searcher one should consult and review the website for Ontario Association of Searchers of Records: oapsor.ca.

January 14, 2015/by Zack Steel

Title Search Professionally Managed

Complete Lien Search

Any more questions for Aaron? Feel free to get in touch!