KNOWLEDGE CAFÉ

What is a seller or vendor take back mortgage? It is a mortgage that is taken back by the seller to better facilitate the sale of his or her property. It is a popular negotiating tool, particularly when financing is difficult through conventional lenders, such as banks and trust companies. Buyers may be attracted to this type of financing as it can avoid certain costs, paperwork, and regulations of conventional lenders. A seller may also be drawn to a seller take back mortgage if his or her property remains unsold.

Kitec plumbing consists of flexible aluminum pipe between an inner and outer layer of plastic pipe (PEX pipe) with brass fittings. Marketed as a cheaper and easy-to-install alternative to copper piping, Kitec plumbing was sold between 1995 and 2007 for potable water, in-floor, and hot-water baseboard heating systems, which means it can be found in houses and condominiums constructed or extensively renovated during this time.

A gated community is an enclosed residential development with controlled access points for cars, pedestrians and others. The community is typically surrounded by fences or other barricades or barriers. Gated developments have not been widely accepted within the Ontario marketplace. Opponents point out that such large scale developments create elitism. Planners involved with new housing developments, as well as intensification and infill projects, have emphasized the need for community and integration rather than exclusionary developments.

It’s happened in many industries. You can purchase stocks through a full service brokerage, or through a discount brokerage. You can also book your trip with a travel agent, or directly with an airline. Many industries now offer a discount option. The benefits to consumers vary by industry. The real estate industry is not immune to innovation and the changing needs of consumers. However, there is always a price to pay when using any discount service provider. Would you trust your health to a discount doctor, or your legal matters to a discount lawyer? Then why would you use a discount real estate brokerage for one of your largest financial transactions?

My job as a real estate professional is to protect my clients interest. This includes drafting applicable clauses in Agreements of Purchase and Sale and explaining conditions to clients before they sign an offer. Depending on the type of property and situation, key conditions that I always recommend include inspection, financing, legal approval, sale of existing home, assignment, environmental, and tenant estoppel.

Did you know that real estate commissions are not typically paid by the buyers? Sellers generally distribute commissions to the agents. However, in some situations, such as sellers selling their own homes, sellers may not always pay the buyer agent’s commission. When signing a Buyer Representation Agreement with a REALTOR®, you may notice a section about what would happen if a seller does not pay the buyer agent’s commission. This section states that in those situations, the buyer will be responsible to pay the commission. However, if that happens, I will negotiate with the seller to collect a commission from them, and I will only ask the buyer to pay the commission as a last resort.