The Buyer Registry Service (BRS) is a database available to members of the Toronto Real Estate Board (TREB). It provides a database of buyers that have entered into a Buyer Representation Agreement with a real estate agent. It is used by real estate professionals to confirm whether buyers have an existing relationship with another agent. The primary role of the BRS is to ensure that clients are better protected and professionally represented in their real estate transactions.
A Comparative Market Analysis (CMA) assists a seller in comparing his or her property with others in the marketplace in order to establish a listing price. A CMA typically includes properties that are currently for sale, properties that have recently sold, and properties that did not sell in a defined time period. This information can provide a seller with an indication of what buyers are prepared to pay for a property given current market conditions. A CMA is a valuable property evaluation tool for real estate professionals when advising sellers about current market conditions and a recommended sale price.
When a buyer or seller enters into an agreement with a real estate agent, it is typically for a set term of 60 or 90 days. The agent is contracted to represent the buyer or seller in the purchase, sale, or lease of a property during that time. When the term expires, the buyer or seller can either renew the contract, or walk away.
One thing that a lot of buyers don’t always think about are the closing costs that arise on completion of a real estate transaction. When a buyer purchases a home, the buyer pays the purchase price of the home as agreed to in the Agreement of Purchase and Sale. However, this price does not include the closing costs.
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.