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BURLINGTON REAL ESTATE TRENDS

BURLINGTON REAL ESTATE 

You may have heard that the real estate market has not been doing as well for the year 2017. As a real estate lawyer we are also quite aware of any changing trends in the housing market.

According to the website Zolo it seems for the start of 2018 the average price of a home being sold in Burlington was $736.000 and that prices in 2018 seem to be bouncing back from 2017. A 4 bed room detached home three months ago was selling at an average of $987.000 however as of February 2018 was averaging at $1.1 million.

The cost of townhomes have remained largely the same with a 4 bedroom townhome averaging at $585,000 three months ago and as of February 2018 averaging at $568,000.

Within the 28 days preceding February 5, 2018, 349 homes were listed and 101 homes were sold and they were on the market for an average of 39 days. Its no surprise that homes that were under a million seemed to have been on the market less than homes over a million.

The trends above demonstrate that the housing market is not in some type of dire bleak state. If anything it shows a slight differentiation from 2017 but seems to be bouncing back. While its true that there are tighter rules for obtaining a mortgage, I continue to see people buying and selling on a regular basis with ease. I firmly believe this trend will continue and that we can hope to see at least some steadiness for 2018. The best indicator will be the spring of 2018 when people will likely start to decide on buying and selling as the weather gets better.

Burlington and Halton region in general continues to enjoy an influx of new residents. Given the high marks Burlington and Halton region continue to receive for livability and raising a family its no surprise that people continue to select Halton as a their first choice for settlement. These new residents are continuing to keep the local housing market buoyant.

The statistical information cited in this blog post was obtained at https://www.zolo.ca/burlington-real-estate/trends

 

IS THERE A REAL ESTATE LAWYER NEAR ME?

If you are buying a home or selling contact our office to speak with a real estate lawyer in Burlington.
I provide legal services in Burlington, Milton, Hamilton and Oakville.

My address is 901 Guelph Line, Burlington.
You can also call or text at 416-505-4901 OR call Toll Free: 1 (800) 939-9211

SHOULD I SELL MY HOME OWN MY OWN?

SHOULD I SELL MY HOME OWN MY OWN?

Today, thanks to many websites people can opt to avoid realtors and sell their home on their own. There are advantages and disadvantages.

 

SAVING REALTOR FEES

You will of course be able to save money. Thus, allowing for more negotiation room between you and the other party.

 

LEGAL ISSUES

Here’s where things can get problematic. Most folks will be unsure of the legal implications or contractual issues that may arise in a standard purchase and sale. Its for this reason that you should consult with a real estate lawyer.

There are a number of standard clauses in a standard real estate deal. However, many will be unaware of such clauses.

Its important to have something drafted by a real estate lawyer that is specific to your needs.

If you don’t people will end up missing lots of the fine print.

 

DEPOSIT

How will you and the seller agree to a deposit? In the case of realtors the purchasers will deposit an agreed upon deposit into the trust account of the real estate brokerage. The realtor is legally required to hold the funds in good faith on the basis of the transaction. In the event the deal doesn’t close there are legal requirements for what to do with the deposit.

Without a realtor how will the parties determine what’s an appropriate deposit? How will the deposit be provided? When will it be provided? What happens if the deal doesn’t go through? For example, the purchaser provides a deposit. The seller puts it into their own personal bank account. Now the seller decides they want to back out, but don’t feel they should give the money back. What happens to the deposit? How will the seller get it back?

 

PRACTICAL ISSUES

While I hear many complaints from home buyers and sellers about their realtor’s lack of enthusiasm or participation. There are still very practical reasons to have a realtor. Unless, you have found a buyer on your own it can make sense to deal with the transaction on your own. Even then you must be aware of the issues I have identified above.

In most situations people will end up receiving inquiries based on their listing.

For example, someone who decide to sell their own home will hold an open house. In this situation it will be the actual owner you will meet. The actual owner might not be open to criticism about their home, or their listed price. It may also be awkward for purchasers to feel free when browsing the open home. As the home owner will likely be wandering around watching them.

Also, what about any representations or warranties the home owner may make intentionally or unintentionally during the process? It’s true that in many situations the homeowner may know more than a realtor. Such as, local grocery stores, schools, transportation etc., However, does the homeowner want to be held to those statements?

In the example of a realtor. A good real estate agent will provide feedback after a successful or unsuccessful open house. They will advise and strategize in terms of whether the listing price is adequate and also provide feedback from potential purchasers.

I firmly believe that the open house can be the biggest challenge when it comes to selling on your own.

IS THERE A REAL ESTATE LAWYER NEAR ME?

If you are buying a home or selling contact our office to speak with a real estate lawyer in Burlington.
I provide legal services in Burlington, Milton, Hamilton and Oakville.

My address is 901 Guelph Line, Burlington.
You can also call or text at 416-505-4901 OR call Toll Free: 1 (800) 939-9211

Can I sue the purchaser for a real estate deal?

CAN I SUE THE PURCHASER FOR NOT BUYING MY HOUSE?

I have blogged about this topic before. Its normal in real estate closings for the purchasers financing to fall apart at the last minute.

WHAT RIGHTS DO I HAVE AS A SELLER IN A BOTCHED REAL ESTATE DEAL?

An Agreement of Purchase and Sale is nothing more than a contract. With various conditions.

If you break that contract the other party is entitled to seek remedies.

CAN I KEEP THE DEPOSIT?

In most situations if your agreement was conditional on you obtaining financing and you didn’t based on the date selected. You should be fine.

However, if you were only able to determine at the last minute that you were not able to secure financing. The sellers are entitled to keep your deposit and possibly sue.

WILL I WIN IF I SUE THE PURCHASER?

These are incredibly complex cases. While its true there is a breach of contract, this does not automatically entitle the seller to massive damages. Perhaps, it was a hot market and the seller could easily sell again. What if the seller ends up selling for a higher price second time around?

Then, there is the complexity of adequately quantifying damages. Why is the deposit not good enough?

For the most part in a real estate transaction both parties would like for the transaction to proceed. Also, did the purchasers conduct cause for any issue? Is the purchaser able to prove in good faith that they tried their best to secure financing and it just didn’t happen?

In most situations I advise clients to simply move on, unless they can adequately prove that but for this one deal, their entire life was ruined.

REAL ESTATE LAWYER NEAR ME

 

You can also call or text at 416-505-4901 OR call Toll Free: 1 (800) 939-9211

Avoid a Bidding War

BURLINGTON REAL ESTATE NEWS

AVOID A BIDDING WAR

As a real estate lawyer I often get calls from people who ended up making a haste decision during the bidding war process.

See my previous post entitled, Bad Real Estate deal about what can happen if your real estate deal doesn’t close.

Sometimes during the bidding war process for a property people will end up waiving requirements such as home inspections or conditions related to financing. Neither of these are recommended. This can happen due to an intense market or pressure from your realtor or the other realtor.

Its important to step back and take a few minutes before you commit yourself to something you may not be able to.

NO PROPERTY IS REALLY WORTH IT

For the most part, the average individual is buying an average home. In other words, unless the property is very unique and classified as, “special’ per say don’t worry its likely you will find another. Rarely, do folks lose a bidding war and regret it for years to come.

DO YOU HAVE THE MONEY?

Prior to selling your home or buying you must assess your finances. More people end up wanting to move to a newer home thinking the market is hot and they can sell high. Or, they were wooed by a particular home.

Before, you even call a realtor assess your finances.

SET A FIRM BOTTOM LINE

Often people prior to purchasing will have an idea of a number in their mind. For example, let’s say $500,000 is your bottom line. However, during the negotiation or bidding war process. people will be thinking themselves, “well I think I can afford an extra $10,000 or $20,000.” If you can, then your bottom line wasn’t $500,000 but instead a different number. Each time you decide you can afford a bit more you place yourself and your funding jeopardy.

IF I LOSE THIS HOME THE VALUE OF OTHERS WILL ALSO RISE

True, that if the market is rising and you are continuously facing the prospects of inflated higher costs, it can become concerning. However, do you really want to buy a home that will leave you living hand to mouth? Is it worth it, just to have this home? Perhaps you may need to seek other options?

DON’T BE PRESSURED

Finally, don’t feel pressured. It doesn’t matter what anyone is saying, if you don’t feel comfortable have the courage to back off.

Remember, unless the property is very unique, so be it. For the most part, people walk into open houses, dreaming of what it would be like if they lived there. Place those dreams on hold for a moment.

Its not worth it to get yourself wrapped into a financial headache.

NEED A REAL ESTATE LAWYER? 

 

My address is 901 Guelph Line, Burlington.

You can also call or text at 416-505-4901 OR call Toll Free: 1 (800) 939-9211

WHAT HAPPENS IF I DON’T GET FUNDING FOR MY REAL ESTATE CLOSING

WHAT HAPPENS IF I DON’T GET FUNDING FOR MY REAL ESTATE CLOSING

One of the biggest issues that arises during the real estate closing process is where the purchaser is not able to secure funds.

While this is a common occurrence that can at times be rectified. It can also pose significant challenges that can result in serious legal liability.

Get Funding Approval First!

Even when you are just thinking of buying a home or selling and prior to even meeting with a real estate agent. It’s incredibly important to first ensure you will be able to secure funding. Have it all charted out. Meet with your financial specialist.

Do this before you even start looking around.

Conditional on Financing

Ensure that your Agreement of Purchase and Sale is conditional on financing. Which is typically a standard clause. However, in some situations a seller may opt to go with another party that does not make the offer conditional on financing.

Ensure that you have met and discussed with your realtor your concerns about funding.

Keep Bothering the Lender

I tell people to continue to stay on top of regular communication with their lender. You don’t want any surprises at the last minute. Ensure that whatever you are using to communicate with your lender or broker is documented.

A common mistake people make is not ensuring their funding is secure.

What if I don’t get Funding.

Here’s where things can get messy. If you require an extension for the day of closing you must request it early on. You must instruct the real estate lawyer to do so.

It is likely the seller’s real estate lawyer will impose terms and conditions. However, the sellers lawyer is also entitled to decline an extension. Thus, making the agreement in breach.

In this situation the seller can keep your deposit. Worse, they may also start a lawsuit against you for failing to hold up your end of the bargain.

Based on experience, people don’t always resort to suing unless of course there were special circumstances. Plus, the years involved in a civil litigation lawsuit is often not worth it. It’s best to move quickly to simply find a new buyer.

 

REAL ESTATE LAWYER NEAR ME 

 

You can also call or text at 416-505-4901 OR call Toll Free: 1 (800) 939-9211

Real Estate Closing Fees

WHAT’S THE COST OF A REAL ESTATE CLOSING?

The most common question I get from prospective home buyers or sellers is how much does a real estate lawyer charge.

REAL ESTATE LEGAL FEES

For the most part, real estate lawyers will charge a base flat fee for a closing. However, on top of that there will be various charges.

Most lawyers will charge an additional fee for registering your mortgage.

REAL ESTATE DISBURSEMENTS

Here is where things can a bit tricky. If you are purchasing a home you will require:

All of the above can be subject to change. Some real estate law firms will use a conveyancer who performs the title search. That means this is a disbursement and will be added to your bill.

I have talked about title insurance in previous posts. Most lawyers will not close a deal until title insurance has been purchased.

The Land Transfer Tax is also something that must be paid to the government and is based on the home you have purchased including the city and any other special circumstances.

Registration fees are what lawyers have to pay when using special software to close the deal.

Finally, photocopying costs, certifying cheques, courier charges are all charges that a real estate lawyer incurs as a result of your closing.

SO WHAT’S THE REAL COST OF A REAL ESTATE CLOSING?

Again it really depends since this involves a bit of homework as the consumer. However, in most situations you will want to determine the base price for the closing, along with the mortgage registration and then the disbursements.

REAL ESTATE LAWYER NEAR ME

 I am a real estate lawyer in Burlington, Oakville, Milton and Hamilton. 

My address is 901 Guelph Line, Burlington.

You can also call or text at 416-505-4901

What happens on the day of your real estate closing

THE DAY OF YOUR REAL ESTATE CLOSING

On the day of closing, a purchaser is usually waiting for their real estate lawyer to call and say, “your keys are ready to be picked up”. This means that, the property is finally yours. The process for clients is seamless.

That’s because behind the scenes at the real estate law firm there is a flurry of activity to ensure all goes well.

Generally, on the day of closing the real estate lawyer for the purchaser will be waiting for funds that are supposed to come from your lender. Also, your real estate lawyer will be sending over documentation to let the sellers lawyer know how you want your name to be registered on title.

Generally, depending on the financial institution your funds will be arriving by wire transfer or the lawyer will have to physically pick up the funds. From there, the real estate lawyer will travel to the sellers lawyers bank branch and deposit the funds and fax confirmation.

Once, the sellers lawyer has verified that funds have been delivered into their account they will, “release the deed”.  That means, your house deed since it has been electronically locked by the sellers lawyer.

Once the purchasers lawyer receives notification the deed has been unlocked, its time to officially register. That means the purchasers lawyer will electronically sign the deed and register your names….and presto you now own the property.

While the above series of events, are simple enough there is frequently issues that arise. The most common is with financial institutions failing to deliver the funds within an adequate time period. Another issue may stem, from parties still quarreling about certain conditions. The most common is the lender at the last minute refusing to forward funds due to a condition not being met. For this reason, many agreement of purchase and sale(s) will often stipulate that the transaction is conditional upon financing.

It is common for the purchasers lawyer to be waiting around until even 4:00PM! Thus, causing a mad dash within the last hour to ensure the matter can be closed.

If you recently bought a home, and are looking for a real estate lawyer in Burlington please call my office.

 

IS THERE A REAL ESTATE LAWYER NEAR ME?

If you are buying a home or selling contact our office to speak with a real estate lawyer in Burlington.
I provide legal services in Burlington, Milton, Hamilton and Oakville.

My address is 901 Guelph Line, Burlington.
You can also call or text at 416-505-4901 OR call Toll Free: 1 (800) 939-9211

I WANT TO BUY A HERITAGE HOME – Real Estate Lawyer

I WANT TO BUY A  HERITAGE HOME

If you are looking to buy a heritage home ensure you consult with a real estate lawyer. According to the Ontario Heritage Act, if you are planning on purchasing a home that the government or local municipality has designated as having some cultural or historical significance you must be aware of your rights and responsibilities as the owner.

Ontario law says, that the new owner must provide notice to the municipality within 30 days. Of particular importance is that the owner will not be permitted to make alterations to the home unless, government approval has been provided.

The government with satisfactory committee approval may also be permitted to include any easements or covenants for the conservation of property of cultural heritage value or interest. Easements permit a right of passage to someone else to use someone else’s land. A covenant can impose conditions for the use of the land. The government may enforce the easement or covenant whether it is positive or negative against the owner and subsequent owners.

In addition, the home owner will be responsible for ensuring the proper upkeep of the home for preservation purposes. However, the property owner may be able to receive government assistance through a grant or loan for any costs for alterations.

A property owner for a heritage home should be apprised of their rights and responsibilities prior to the purchase. It can also be foreseeable that issues of contention could arise amongst the home owner and the government which would require adjudication.

If you are buying a home that may be a heritage property. Consult with a real estate lawyer immediately.

IS THERE A REAL ESTATE LAWYER NEAR ME?

If you are buying a home or selling contact our office to speak with a real estate lawyer in Burlington.
I provide legal services in Burlington, Milton, Hamilton and Oakville.

My address is 901 Guelph Line, Burlington.
You can also call or text at 416-505-4901 OR call Toll Free: 1 (800) 939-9211

Should I just plead guilty?

I WANT TO PLEAD GUILTY

Pleading guilty in traffic court is very different from pleading guilty in criminal court. If you are thinking about pleading guilty to a criminal offence contact a criminal lawyer in Burlington today.

DO I NEED A LAWYER TO PLEAD GUILTY?

No, you don’t need a lawyer. However, it could be really, really useful.

WHY SHOULD I HIRE A CRIMINAL LAWYER?

If you are thinking of pleading guilty a good criminal lawyer will review your file. Determine if he or she can get a better deal from the Crown. If you have multiple criminal charges there is a possibility the criminal lawyer may be able to have some dropped. Perhaps, the criminal lawyer can alter the terms that the Crown is asking for a guilty.

However, the biggest benefit of having a criminal lawyer is that he or she will explain the process to you during a guilty plea. Finally, your criminal lawyer can explain the differences between things such as, a conditional discharge, absolute discharge etc., and whether or not you will have a criminal record.

PLEA INQUIRY

Another important reason to hire a criminal lawyer is for what courts refer to as the plea inquiry. When entering a guilty plea, the court must be satisfied that:

  1. The individual is entering the plea voluntarily and informed, and appreciating the risks;
  2. That the judge may decide to impose his or her own sentence despite what the Crown said;
  3. That you are giving up your right to a trial and any legal defence.

An experienced criminal lawyer will help you with this.

 

SENTENCING

Finally, at the last step, a lawyer can be very helpful in convincing a judge to provide for a more reasonable and balanced sentence. This is done through sentencing submissions.

CRIMINAL LAWYER NEAR ME 

Do you need a criminal lawyer in Oakville, Burlington, Milton and Hamilton. Give me a call.

PH: 416-505-4901

901 Guelph Line, Burlington, ON?

WHAT IS UFFI – Real Estate Lawyer Burlington

WHAT IS UFFI

In Ontario, the Agreement of Purchase and Sale is used when buying or selling property.

Paragraph 23 of deals with the clause entitled UFFI.

Urea formaldehyde foam insulation also known as UFFI is a standard clause, wherein the seller promises that UFFI was not used in the construction of the home either prior to their possession or after and to the best of their knowledge.

According to the Health Canada website during the 1970’s UFFI was used in the construction of homes for the purposes of insulation. In 1980 UFFI was prohibited as per the Hazardous Products Act.

The concern was that the formaldehyde released harmful gasses. This resulted in many homes that did have UFFI to suffer substantial property losses.

As a result, today UFFI is not used. However, their may be older homes unbeknown to even the seller that could still have urea formaldehyde insulation. Therefore, paragraph 23 is a standard clause, that requires the seller to warrant or in other words promise that UFFI was not used. This also protects the home buyer.

If you have any further questions contact my office to speak with a Real Estate Lawyer in Burlington. 

Also, feel free to review my other articles about the Agreement of Purchase and Sale:

Part 1: Agreement of Purchase and Sale 

Part 2: Agreement of Purchase and Sale 


For many real estate clients this provides peace of mind knowing they can contact me.

IS THERE A REAL ESTATE LAWYER NEAR ME?

If you are buying a home or selling contact our office to speak with a real estate lawyer in Burlington.
I provide legal services in Burlington, Milton, Hamilton and Oakville.

My address is 901 Guelph Line, Burlington.
You can also call or text at 416-505-4901 OR call Toll Free: 1 (800) 939-9211