Thursday, February 24, 2011
Saturday, February 19, 2011
Wednesday, February 16, 2011
Nothing unusual about January resale home sales-
The President's Pen column was prepared by the Ottawa Real Estate Board and first appeared in the February 10, 2011 issue of the EMC community newspapers.
Members of the Ottawa Real Estate Board sold 675 residential properties in January through the Board's Multiple Listing Service® system compared with 719 in January 2010, a decrease of 6.1 per cent.
Of those sales, 135 were in the condominium property class, while 540 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
These are normal sales numbers for January in Ottawa — the average number of sales for the previous five Januaries was 662, so we're even a little ahead of that, and prices continued to rise incrementally. Winter is usually a quieter time of year in the resale market and 2011 appears to be no exception. Our market remains balanced, with no significant advantage towards either buyers or sellers, so it's fair game for everyone.
The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $329,657, an increase of 3 per cent over January 2010. The average sale price for a condominium-class property was $236,065, a decrease of 8.7 per cent over January 2010. The average sale price of a residential-class property was $353,055, an increase of 4.7 per cent over January 2010. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
When we say "fair game" we mean it — in a balanced market, everything feels a little calmer in the home buying and selling world. There are more homes listed for sale than there are buyers, so it's more rare to see a large number of bidding wars (though these do occur on certain properties in any market). This means that buyers don't feel the same amount pressure to jump at the first house they view in fear that there won't be another one available. They have more choice available, and if they do happen to miss out on a certain property, they are comfortable in knowing that something else will come up shortly. Sellers may have to wait slightly longer for an offer on their property than they would in a seller's market, but a well-priced, well-maintained, well-presented home will sell no matter what the market is like. So in this quiet season, sellers can really take time to spruce up their home so that it shows all of its best features to potential! buyers.
Another advantage for sellers in the winter is that those buyers who are looking for a new home are generally pretty serious about buying right away, since they are often motivated by a pressing concern (moving for a new job, needing more space for a new baby, etc).
The fact is, any time can be the right time to buy a home; real estate is a four-season business. A member of the Ottawa Real Estate Board can help make your buying or selling experience easier and quicker, no matter the weather. Find us online at www.OttawaRealEstate.org.
Members of the Ottawa Real Estate Board sold 675 residential properties in January through the Board's Multiple Listing Service® system compared with 719 in January 2010, a decrease of 6.1 per cent.
Of those sales, 135 were in the condominium property class, while 540 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
These are normal sales numbers for January in Ottawa — the average number of sales for the previous five Januaries was 662, so we're even a little ahead of that, and prices continued to rise incrementally. Winter is usually a quieter time of year in the resale market and 2011 appears to be no exception. Our market remains balanced, with no significant advantage towards either buyers or sellers, so it's fair game for everyone.
The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $329,657, an increase of 3 per cent over January 2010. The average sale price for a condominium-class property was $236,065, a decrease of 8.7 per cent over January 2010. The average sale price of a residential-class property was $353,055, an increase of 4.7 per cent over January 2010. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
When we say "fair game" we mean it — in a balanced market, everything feels a little calmer in the home buying and selling world. There are more homes listed for sale than there are buyers, so it's more rare to see a large number of bidding wars (though these do occur on certain properties in any market). This means that buyers don't feel the same amount pressure to jump at the first house they view in fear that there won't be another one available. They have more choice available, and if they do happen to miss out on a certain property, they are comfortable in knowing that something else will come up shortly. Sellers may have to wait slightly longer for an offer on their property than they would in a seller's market, but a well-priced, well-maintained, well-presented home will sell no matter what the market is like. So in this quiet season, sellers can really take time to spruce up their home so that it shows all of its best features to potential! buyers.
Another advantage for sellers in the winter is that those buyers who are looking for a new home are generally pretty serious about buying right away, since they are often motivated by a pressing concern (moving for a new job, needing more space for a new baby, etc).
The fact is, any time can be the right time to buy a home; real estate is a four-season business. A member of the Ottawa Real Estate Board can help make your buying or selling experience easier and quicker, no matter the weather. Find us online at www.OttawaRealEstate.org.
Tuesday, February 01, 2011
Existing Survey-
Thanks to Stephen Shub for sharing this. Caution for Buyers/Sellers and their agents.
THE “EXISTING” SURVEY ISSUE
Ontario real estate agents should be aware of
the “existing” survey issue with residential
properties. My law firm recently used the letter
below in representing a buyer for a property
where the “existing” survey was an issue.
Also, be advised our 7th Metro Office Location
opened December 1, 2010, in Etobicoke at Bloor
and Islington at 1243 Islington Avenue, #703,
Toronto.
See www.home-legal-cost.com for more information
To: (Name Withheld), Barrister -
Fax To: 416-xxx-xxxx ( 2 ) Pages
File #: B011-089
104x xxxxxxxx Avenue, #xxx
Toronto, Ontario
M1x xxx
- and -
(Agent Name Withheld)
Fax To: 416-xxx-xxxx ( 2 ) Pgs
- and -
(Agent Name Withheld)
Fax To: 416-xxx-xxxx ( 2 ) Pgs
Toronto, Ontario M2J 4G8
Dear Above-named:
Re: Nxxxxxxx purchase from Mxxxxxx
xxx Gxxxx xxxxxx xxxxx, Toronto
Closing: December 15, 2010
Regarding this purchase of a detached house, I
act for the buyers who have given me permission
to broadcast this issue as a learning curve for
the real estate brokerage industry since this
issue (over the years) has been constantly
recurring with too much frequency resulting
in a big waste of time for all parties involved
in processing such deals.
Schedule “A” of the purchase agreement in this
transaction was revised during negotiations to
change “... valid, legible survey...” to
“... existing survey...” resulting in the sellers’
promise to provide the buyers within 5 business
days after acceptance of offer:
“... an existing survey... showing all structures,
garages, additions and easements that exist at the
date of this agreement.”
At the time of negotiating the sale, since no copy
of the existing survey was provided to buyers by
sellers (nor attached as a schedule to the offer),
ONLY the sellers knew (or listing agent should have
known) that the promised existing survey would not
show all structures (being a survey dated August 30,
1950) which only showed the brick dwelling built in
1950 and not the garage or rear sun room built at a
later date.
Both the seller and the listing agent had access to
the existing survey at the time the listing was taken
AND at the time of negotiating the sale agreement BUT
FAILED TO CONCERN THEMSELVES WITH THE
FACT THAT THE SALE CONTRACT PROMISED
THE BUYERS AN EXISTING SURVEY SHOWING
ALL STRUCTURES.
Now the sellers are taking the position that they do
not care what type of existing survey (showing all
structures) was promised, and that they will only
provide the buyers with a 1950 existing survey not
showing all structures, even though the sale contract
states otherwise.
The fact that the buyers are getting title insurance
is NOT relevant to the matter since the sellers were
promised in the sale agreement an existing survey
showing all structures and the buyers are now entitled
to receive such a survey, regardless of obtaining
title insurance.
When the sellers negotiated the sale and changed the
words in the offer from “... valid legible survey...”
to “... existing survey...”, the sellers could have
also deleted the words (when signing back the offer)
“... showing all structures, garages, additions...
that exist at the date of the agreement.” The sellers
and the listing realtor not only failed to delete such
words but also did not attach the survey as a schedule
to the agreement and also failed to disclose that the
1950 survey, in fact, did not show the existing garage
and rear sun room built after 1950.
In law, the sellers are therefore now prevented (legal
doctrine of estoppel) from relying on the words
“... existing survey...” in order to permit sellers to
get away with forcing upon the buyers a 1950 existing
survey which does not show garage or rear sun room.
A listing realtor has a duty to act professionally when
taking a listing and to view any existing survey that
the seller has (or become aware that the seller has NO
available survey), in anticipation of being able to give
proper professional guidance to the sellers when buyers
present offers to purchase, which will usually include
a survey clause (for non-condos).
Should you fail to confirm in writing within one
business day of this letter that a survey will be
provided to buyers, (prior to closing) showing all
structures (as promised in the sale agreement) OR should
there be no immediate signed amendment entered into
between buyers and sellers agreeing that only a copy of
the existing survey will be provided, I am advising
buyers to arrange to order a survey showing all
structures and to deduct the cost from the balance due
on closing.
Yours Truly,
_________________
Stephen Shub
=============================================
Note: Realtors should be aware that the contractual issue
in this purchase file generated many phone calls between
lawyers, realtors, calls with clients and numerous letters
between lawyers dated November 10, November 16,
November 22 and November 23 (all because the listing
realtor failed to delete the words on sign back, “...
showing existing structures...” or failed, on sign back, to
attach a copy of the existing survey as a schedule to the
agreement.)
Realtors, PLEASE be aware of the issue and, in future,
find out at the time of taking a listing whether or not
the owner has a survey available and, if so, confirm
whether such survey shows all existing structures so that
you will know how to deal with a survey clause in an offer
when received. “Copy of existing survey” is better wording
to avoid problems or attach the survey as a schedule when
signing back the offer.
Should you have any questions, do not be afraid to call me
direct to 11pm 7 days or if you want a quotation for legal
fees and legal disbursements, please contact my firm.
Regards,
Stephen Shub, LL.B (Barrister, Solicitor)
We have 32 staff in 7 Metro Locations providing legal
services in several languages in only Residential Real
Estate, Title Insurance, Wills, and Notary Services.
STEPHEN H. SHUB PROFESSIONAL CORPORATION
BARRISTER, SOLICITOR, NOTARY
5799 YONGE STREET, SUITE 803
TORONTO, ONTARIO
CANADA
M2M 3V3
OFFICE: (416) 222 1882
Cell: 416-520-6120 to 11pm 7 days
FAX: (416) 222 4277
http://www.home-legal-cost.com
See www.home-legal-cost.com for Residential buying/selling
legal fee quotations
THE “EXISTING” SURVEY ISSUE
Ontario real estate agents should be aware of
the “existing” survey issue with residential
properties. My law firm recently used the letter
below in representing a buyer for a property
where the “existing” survey was an issue.
Also, be advised our 7th Metro Office Location
opened December 1, 2010, in Etobicoke at Bloor
and Islington at 1243 Islington Avenue, #703,
Toronto.
See www.home-legal-cost.com for more information
To: (Name Withheld), Barrister -
Fax To: 416-xxx-xxxx ( 2 ) Pages
File #: B011-089
104x xxxxxxxx Avenue, #xxx
Toronto, Ontario
M1x xxx
- and -
(Agent Name Withheld)
Fax To: 416-xxx-xxxx ( 2 ) Pgs
- and -
(Agent Name Withheld)
Fax To: 416-xxx-xxxx ( 2 ) Pgs
Toronto, Ontario M2J 4G8
Dear Above-named:
Re: Nxxxxxxx purchase from Mxxxxxx
xxx Gxxxx xxxxxx xxxxx, Toronto
Closing: December 15, 2010
Regarding this purchase of a detached house, I
act for the buyers who have given me permission
to broadcast this issue as a learning curve for
the real estate brokerage industry since this
issue (over the years) has been constantly
recurring with too much frequency resulting
in a big waste of time for all parties involved
in processing such deals.
Schedule “A” of the purchase agreement in this
transaction was revised during negotiations to
change “... valid, legible survey...” to
“... existing survey...” resulting in the sellers’
promise to provide the buyers within 5 business
days after acceptance of offer:
“... an existing survey... showing all structures,
garages, additions and easements that exist at the
date of this agreement.”
At the time of negotiating the sale, since no copy
of the existing survey was provided to buyers by
sellers (nor attached as a schedule to the offer),
ONLY the sellers knew (or listing agent should have
known) that the promised existing survey would not
show all structures (being a survey dated August 30,
1950) which only showed the brick dwelling built in
1950 and not the garage or rear sun room built at a
later date.
Both the seller and the listing agent had access to
the existing survey at the time the listing was taken
AND at the time of negotiating the sale agreement BUT
FAILED TO CONCERN THEMSELVES WITH THE
FACT THAT THE SALE CONTRACT PROMISED
THE BUYERS AN EXISTING SURVEY SHOWING
ALL STRUCTURES.
Now the sellers are taking the position that they do
not care what type of existing survey (showing all
structures) was promised, and that they will only
provide the buyers with a 1950 existing survey not
showing all structures, even though the sale contract
states otherwise.
The fact that the buyers are getting title insurance
is NOT relevant to the matter since the sellers were
promised in the sale agreement an existing survey
showing all structures and the buyers are now entitled
to receive such a survey, regardless of obtaining
title insurance.
When the sellers negotiated the sale and changed the
words in the offer from “... valid legible survey...”
to “... existing survey...”, the sellers could have
also deleted the words (when signing back the offer)
“... showing all structures, garages, additions...
that exist at the date of the agreement.” The sellers
and the listing realtor not only failed to delete such
words but also did not attach the survey as a schedule
to the agreement and also failed to disclose that the
1950 survey, in fact, did not show the existing garage
and rear sun room built after 1950.
In law, the sellers are therefore now prevented (legal
doctrine of estoppel) from relying on the words
“... existing survey...” in order to permit sellers to
get away with forcing upon the buyers a 1950 existing
survey which does not show garage or rear sun room.
A listing realtor has a duty to act professionally when
taking a listing and to view any existing survey that
the seller has (or become aware that the seller has NO
available survey), in anticipation of being able to give
proper professional guidance to the sellers when buyers
present offers to purchase, which will usually include
a survey clause (for non-condos).
Should you fail to confirm in writing within one
business day of this letter that a survey will be
provided to buyers, (prior to closing) showing all
structures (as promised in the sale agreement) OR should
there be no immediate signed amendment entered into
between buyers and sellers agreeing that only a copy of
the existing survey will be provided, I am advising
buyers to arrange to order a survey showing all
structures and to deduct the cost from the balance due
on closing.
Yours Truly,
_________________
Stephen Shub
=============================================
Note: Realtors should be aware that the contractual issue
in this purchase file generated many phone calls between
lawyers, realtors, calls with clients and numerous letters
between lawyers dated November 10, November 16,
November 22 and November 23 (all because the listing
realtor failed to delete the words on sign back, “...
showing existing structures...” or failed, on sign back, to
attach a copy of the existing survey as a schedule to the
agreement.)
Realtors, PLEASE be aware of the issue and, in future,
find out at the time of taking a listing whether or not
the owner has a survey available and, if so, confirm
whether such survey shows all existing structures so that
you will know how to deal with a survey clause in an offer
when received. “Copy of existing survey” is better wording
to avoid problems or attach the survey as a schedule when
signing back the offer.
Should you have any questions, do not be afraid to call me
direct to 11pm 7 days or if you want a quotation for legal
fees and legal disbursements, please contact my firm.
Regards,
Stephen Shub, LL.B (Barrister, Solicitor)
We have 32 staff in 7 Metro Locations providing legal
services in several languages in only Residential Real
Estate, Title Insurance, Wills, and Notary Services.
STEPHEN H. SHUB PROFESSIONAL CORPORATION
BARRISTER, SOLICITOR, NOTARY
5799 YONGE STREET, SUITE 803
TORONTO, ONTARIO
CANADA
M2M 3V3
OFFICE: (416) 222 1882
Cell: 416-520-6120 to 11pm 7 days
FAX: (416) 222 4277
http://www.home-legal-cost.com
See www.home-legal-cost.com for Residential buying/selling
legal fee quotations
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