Tuesday, March 16, 2010

Real Estate Home and Condo Agreements

Real estate home or condo agreements may be the the largest contractual obligation that a buyer and seller may ever sign. It is a serious obligation and both buyers and sellers must understand the consequences of changing their minds once the contract has been signed and accepted.

Most offers, in Ontario, provide that the deposit is to be paid within 24 hours of acceptance of the offer to purchase by the seller. That means that if a seller accepts the offer at 4:00 p.m. on March 15th, then the deposit must be paid to the seller's listing brokerage no later than 4:00 p.m. on March 16th. The only way to extend this deadline is if there is an agreement by the seller and the buyer in writing.

However, I have heard of many situations where buyers have had a "change of heart'" during this 24-hour period and decide that they will not pay their deposit and that will be the end of the matter. Not true. By not paying the deposit, the buyer has breached the agreement. The seller can bring an action to sue them for any damages they may incur.

For example, let's say a buyer puts in an offer today for $300,000, which the seller accepts. Then the buyer changes his or her mind and refuses to pay the deposit. Now the seller states that the buyer has breached the agreement. The market changes and the seller resells the property to a 2nd buyer for $280,000. The seller can then sue the original buyer for the $20,000 loss in small claims court. Sellers should always seek legal advice before embarking on any legal process.

Now let's use the same example, an agreement to sell for $300,000, but it is the seller who has a change of heart and refuses to either accept the buyer's deposit or just refuses to close the deal altogether. The buyer can now start legal proceedings to tie up the seller's property and sue for specific performance of the agreement.
This means that the buyer is asking the court to force the seller to sell the property at the original agreed upon price of $300,000. This court case can take years to resolve and if the buyer wins, he or she will get the property for $300,000 as well as most legal fees paid. The seller will not be able to sell the property to anyone else during this time period.

What this demonstrates is that buyers and sellers need to be properly prepared and obtain the right advice before they even think of signing or accepting any agreement. Sellers must hire the right listing sales representative to make certain they know what their property is worth and ensure the property is marketed to reach the most potential buyers before considering any offer.

For buyer, it means working with a buyer salesperson to make sure that they also know what the property is worth, not only so they don't overpay, but also to make sure they are protected from any surprises about the property after closing, such as hidden defects/costs.
Like the Girl Guides say: "Always be prepared". This way you avoid any surprises and can sleep at night.

The above article was provided by Mark Weisleder.

Mark Weisleder is a lawyer, author and public speaker for the real estate industry who is a regular contributor to Real Estate News.

Elegant Mississauga's Sherwood Forrest Home For Sale

Welcome to 2432 Robin Drive in the exclusive Sherwood Forrest neighbourhood of Mississauga. A rare 5 bedroom home with a stunning treed lot of 100 feet X 125 feet. Thousands has been spent in 2004 for landscaping with 16 X 36 'Pioneer' on ground pool, Trex decking, stone walkways, retaining wall, and completely fenced in yard with wrought iron. Inside this home - newer hardwood floors in the living room, with a gas fireplace and crown moulding. A renovated main 3 piece bath with glass shower stall (2009,$11,000 Approx). The upper level with hardwood floors galore. A new garage door installed in 2007.

For further pictures W1807514

This home also boasts a completely finished basement with a 3-piece bath, workshop, pot lights, a gas fireplace, and a home theatre system with insulated ceilings. The master bedroom with a 3-piece ensuite and a large walk-in closet. A newer roof installed in 2001 with the eaves and downspouts replaced in 2000. Weldar vinyl windows (1999). A Bryant high efficiency furnace 1999, central air 2007. For more inclusions and exclusions contact Betty 416 427 1875

If not this home, perhaps something else?

Contact Betty Bartusevicius for a private appointment to see this property.

Betty Bartusevicius, Sales Representative
Re/Max Realty Specialists Inc., Brokerage
Fine Homes In Nine Oh Five
Office: 905-828-3434
Fax: 905-828-2829
Cell: 416-427-1875
Email: betty@bettybart.com
Web Site: http://www.bettybart.com/


this is not intended to solicit buyers or sellers under brokerage contract

Friday, March 5, 2010

Updated Housing Market Watch, Mississauga, Oakville

The short month of February is now behind us, and it seemed shorter than it really is as time went very quickly. I have been enjoying a few days of sunshine, as I found we were lacking in that department. I can't wait to be able to meet sellers and buyers outside with just a sweater. The grass is getting greener and guess what -- the clocks will be "sprung" forward in another week. That means, days will be a little longer and a sure sign that the warmer weather is just around the corner.

We can all start to plan our landscaping and our outdoor cleanup. With a longer day, there is more time for buyers to look at homes evenings instead of just waiting for the weekend.

The Market Watch for the month of February has been posted. Get yours free, or just read it on line and save a few trees. The real estate market remains a Sellers Market. CMHC is predicting it will remain fast for the first half of this year and then trend down in the second half, and this is due to HST and the probability of interest rates going up. Anyone renting has not yet considered that the HST with be added to the expense of ownership. Talk to me about this or ask your landlord.

One bright spot for buyers is that listings improved, but because there were so many buyers we were again faced with multiple offers. This frustrated many buyers as they are thrown back into the buying pool. Homes are being snapped up because there is a low supply. Many buyers are not participating in multiple offers, while sellers are taking advantage of selling their properties when there is such a demand.

The heated real estate market is lifting sales of luxury homes as the economy starts to improve and move-up buyers regain confidence. The prestigious lakefront Town of Oakville came in third of top-performing areas with sale prices in excess of $1 million.

The Canada Blooms Show is coming to Exhibition Place on March 17th. This may be the place to really get into the Spring/Summer spirit.

As always, if you know of someone looking to make a move in real estate, pass along my contact information or send me an email at betty@bettybart.com or have them contact me.

I look forward to meeting with you share my knowledge and to answer all your questions that you might have regarding real estate.

Kindest Regards,


Betty Bartusevicius, Sales Representative
Re/Max Realty Specialists Inc., Brokerage
Fine Homes in Nine Oh Five
Office: 905-828-3434
Fax: 905-828-2829
Cell: 416-427-1875

Providing you with honesty and integrity; qualities you deserve from your realtor.

this is not intended to solicit buyers or sellers under brokerage contract

Wednesday, March 3, 2010

Ford Has Angered Oakville

Mayor Burton is furious. Ford is leasing land next to its assembly plant at Royal Windsor Drive and the QEW to TransCanada. This is the company that has been hired to build the MegaWatt Power Generating Station that has everyone up in arms. Throughout the neighbourhoods of Mississauga and Oakville, you will see small white signs asking you to oppose this site. Yes, we, your friendly neighbours in Mississauga South, have been supporting your fight. It doesn't matter that Ford Canada is one of Oakville's biggest employers and taxpayers, Mayor Burton has now commented strongly:

“They’ve stabbed this community in the back. Ford posted $2.7-billion in profit from the car business and they’re betraying the community that has hosted them for 60 years for $50-million in money from TransCanada.”

“Ford is two-tenths of one per cent of the tax revenue of the Town of Oakville. No matter how much their money was, I don’t see how it could justify releasing the toxic fine particulate matter that this would release,” Burton told 680News.

There was a huge rally at Queen's Park on Tuesday March 2nd by about 600 opponents in hopes of urging the government to re-consider the location of the Plant in lieu of the residents concerns about pollution and accidents.

Right now, the government is showing concern, but are not backing down. They are listening. They are still investigating, but at this stage it does not appear that they are moving anything.

If the concerns are about a large smoke stack rising from the ground, welcome to the stack at the Ford plant. We had a coal burning plant at Lakeside. No longer there. We have a nuclear plant at Darlington. Now, we have a clean, natural gas powered plant in Oakville. (Still being disputed) We have come a long way in developing clean air since the building of Darlington. Of course, the wind turbines are ugly. TransCanada has said the setbacks for wind turbines are 550 metres because of the noise they make and the danger they pose if they toppled over. Is this noise any greater than the airplanes passing over elegant Levy Creek in north Mississauga. The gas-fired plants are buffered with materials to keep the noise inside.

It has been said to me, from residents near Darlington, "If you don't want the power generating station, reduce the amount of power consumption in your Town." It was done anonymously, so please don't ask me to tell you who said this. Technology is rampant. We all want the newest and best and fastest technical instruments. These all need charging up and power usage. All our appliances for day to day living need power. We have growth, both residential and business, and Oakville has been a requested destination.

Oakville MPP Kevin Flynn said, "he will introduce a private members' bill next Tuesday (March 9th), saying any such plant should not be within 1.2 kilometres of homes and schools," written in the Toronto Star this morning (March 3rd). I also understand that the Town of Oakville will be looking at the milligram expulsion by this plant and presenting the results to the government.

This article does not in any way mean that I am NOT concerned about this plant. All I can do is provide you with updates on what is being said and the proposals by all parties. Let's keep this line of communication open.
A concerned citizen.
Betty Bartusevicius, Sales Representative
Re/Max Realty Specialists Inc., Brokerage
Direct: 416.427.1875
not intended to solicit buyers or sellers under brokerage contract

Monday, March 1, 2010

Tradewind Drive Home for Sale, Mississauga

Welcome to 2969 Tradewind Drive, Mississauga. A Daniels built 2800 sq. ft. of quality! $$$ spent in interlocking at front and rear! Formal living room and dining room with french doors to both rooms! Family sized kitchn with a pantry and walk out to fenced yard, deck, and hottub!Beautiful hardwood floors and crown moulding in the family room with a gas fireplace! The master bedroom boasts a fireplace in the sitting area, his and hers walk in closets and a Jacuzzi tub in the ensuite! Professionally finished basement with a solid Oak and Granite bar, pool table, home theatre, office and 3rd gas fieplace! New hardwood stairs! 2nd floor laundry room! Entrance from inside the home to garage with over-sized shelving!

Also included in this home are a new front door and a rear slider! New furnace & water tank, all upgraded light fixtures & window coverings, Cvac. vinyl Ccad windows throughout! New Stove, built-in dishwasher, fan/microwave! 65 Inch High Def TV, alarm system, large closets & lots of windows. New driveway. Steps to GO, highways and shops.

Contact Betty Bartusevicius for your own private viewing of this property at 905 828 3434 or directly at 416 427 1875.
Re/Max Realty Specialists Inc., Brokerage

If not this property how about someting else?

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