Real estate professionals wear many hats and need to have ongoing training and knowledge in many areas that affects a real estate transaction not limited to financing, construction, zoning bylaws, Fintract and pehaps most important real estate law. Agents are not trained lawyers but are accountable same as lawyers. It has been said that realtors solve problems which you did not know you had. Hence a lot of buyers or sellers do not consider implications of real estate law until a problem arise, usually days-week after moving in “Murphy’s law’. That is why it is important to hire an agent who is ‘There for you’ and have your interest at heart every step of the way and is accountable even after got paid.
Consider the two clauses which are not always mandatory and easy to overlook by non- experienced or trained agent. A seller would not be happy to learn that his/her house was re-sold for profit, simple right?
‘This contract cannot be assigned without written consent from the Seller. No assignment will release or discharge the Buyer from any of the Buyer’s duties or obligations under this Contract of Purchase and Sale. In the event that the Seller permits an assignment of the Contract, the Buyer will pay the Seller an assignment fee equal to X% of the Purchase Price plus any GST if applicable.
‘The Buyer reserves the right to assign this contract in whole or in part to any third party without further notice to the Seller; said assignment not to relieve the Buyer from his obligation to complete the terms and conditions of this contract should the assignee default.’
DETACHED PROPERTY MOST COMMON CLAUSES
a. Environmental Clauses - for properties built pre-1960’s that there is NO oil tank.
b. Foreclosures – an offer to purchase must have no subject condition and names of the purchasers cannot be changed after the court approval of the offer.
c. Lien Holdback - Newly built , this is particularly relevant when buying a house.
d. New Home warranty newly built – a clause is advised to repair any unfinished work prior to any money is released to the seller.
e. Occupancy permit-newly built – There are home which do not have occupancy permit issued by the City inspector and sold on the market place BUT no bank will fund such purchase without occupancy certificate.
f. Owner’s built homes - a disclosure is required with the Home Protection Office
g. Size of residence and lot – such an important aspect of the purchase to ensure buyer received what paid for. There is such remorse when find out about encroachments on your lot and that cannot erect new laneway house after moved in.
h. Intent of use – zoning bylaws prevent owners for using their property for operating a business in a lot of the cases within strata i. Inspection - always recommended to have 3rd party professional gives you piece of mind
Does your agent/brokerage have check and balanced to ensure you are protected ?
ATTACHED PROPERTIES INCLUDING CONDOS-TOWNHOMES-DUPLEXES-TRIPLEX ETC
Review Strata Bylaws Review Strata planReview financial statementsReview strata council minutesReview Parking arrangement Confirmation of Strata feesBuilding Inspection if newConfirmation of any forthcoming special leviesReview PDS property disclosure statement
Most Common used Abbreviation and acronyms · 3B/2B - three bedrooms and two bathrooms· 2C - two-car garage· A/C - air conditioning· Appls - appliances· Apt - apartment· Ba - bathroom· Br - bedroom· CAC - central air conditioning· Ch - central heat· D/D - dishwasher and a garbage disposal· Dk - deck· Det - detached garage· Dr/Fdr - dining room/formal dining room· Fag - forced air gas· F/Fin Bsmt - fully finished basement· FMV - fair market value· Fp - fireplace· FSBO - for sale by owner· Gar - garage· Hdw - hardwood floors· HOA - homeowners association· Kit - kitchen· La - living area· Lr - living room· MLS - Multiple Listing Service; database of real estate for sale· Ofc - office· Pl - swimming pool· Pvt - private· Pwdr Rm - powder room or half bath· RTO - rent to own· Sfh - single family home· Spac - spacious· Upr - upper floor· W/D - washer and dryer