What happens if disaster strikes just before you close? In 1985, an F4 tornado struck the City of Barrie, causing massive damage to a large part of the city. I was only five years old at the time; my memories of the day consist of being upset that my mother wouldn’t...
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Real Estate
Mortgage calculator
This is a really cool tool: enter in the amount of the mortgage you are thinking about, and it will calculate regular payments as well as how long it will take to get to certain points of principal being paid down. Check it out here.
The benefits and pitfalls of joint ownership
I have a lot of clients ask me about adding a child on title to their house. Usually, I do my best to talk them out of it. In very limited circumstances, it can make sense to add a child on title. I had one client who had only one child; that child had moved in with...
Let the agent beware
Last week, I blogged about why sellers have to disclose certain issues to buyers. This week, I want to talk about agents. The seller is liable if he or she hides something. However, if the seller doesn’t try to hide something, but the agent discourages the buyer from...
Honesty is the best policy
In Ontario, we have a buyer beware real estate system: generally, the seller does not have to disclose anything about the house. The exception to that rule, of course, is that the seller cannot actively conceal anything about the house. If you had a leaky roof and...
Always, always, get it in writing
If you are buying a house, it is important to have everything that is important to you in writing. Want the owners to keep mowing the lawn until closing? Get it in writing. Want that beautiful light fixture in the dining room? Get it in writing. This is fairly common...
Checking for damage
In the GTA alone last year, there was major flooding and an ice storm. Many homes were damaged. Some of those, almost certainly, were in the process of being sold. What happens if you are about to buy a house, you think it might have been damaged, and the seller won’t...
Paranormal activity
In comedy, as in anything else, it is extremely important to know your audience. What one person might laugh off as a joke, another might take very seriously. That is what happened to the K-W Labour Association in Kitchener. Several years ago, they sold a building....
Protecting your view
Last week, I blogged about questions to ask when buying a new home vs. a resale home. Here’s something else to think about: are you buying a view or a neighbour? There are often premiums paid to buy next to a field, ravine, forest, etc. Many people want to live there...
New or resale?
One of the first things you will have to decide when you start house-hunting is whether you want to buy a brand-new home, built by a builder, or a resale home, sold by the current owner. New means that no one has ever lived in it before, and you get to pick all of...