Wednesday, July 7, 2010
Congratulation on $1,000,000 to Childrens Miracle Network
Over $1,000,000 has been donated by RE/MAX Professionals Staff to the Childrens Miracle Network. Congratulations on your great generosity!
Wednesday, April 14, 2010
Registrants Statement as a Seller or Buyer
Disclosure is a fundamental expectation of a Realtor. Do you have a conflict of interest in the transaction? Do you know anything that might affect the valuation of the property? Anything and everything must be disclosed that might be in these and other important categories.
First, when in doubt about what needs to be disclosed and how to do the disclosure, talk to your office manager. They can inform you as to how to disclose and protect yourself and your clients.
Secondly, use the appropriate form. Again check with you manager on this.
Thirdly, be careful in what and how you disclose.
I use a statement such as,
"David John Mason is a registered real estate salesperson with RE/MAX Professionals Inc. and is selling the said property for a profit or a loss."
"David John Mason is a registered real estate Broker with RE/MAX Professionals Inc., is a brother of the buyer who is purchasing the property for a profit or a loss."
"David John Mason is a registered real estate sale person employed by RE/MAX Professionals Inc. Brokerage and is purchasing this property to redevelop for his own use for a profit or a loss. David John Mason believes the redeveloped market value of the property is higher than his current offer to purchase."
The Registrant's Statement as a Seller states, "I hereby declare the following is a full disclosure of all facts within my knowledge that affect or will affect the value of he Property." if you know of other facts, and will be in a conflict of interest in the purchase either personally or with a close relative of associate, you must disclose the facts you know. This is a bitter pill for many agents, and one that many do not want to comply with, but is is not only necessary but the law. Conform to the law, or risk litigation in the future is you do not disclose, pertinent details you may know.
First, when in doubt about what needs to be disclosed and how to do the disclosure, talk to your office manager. They can inform you as to how to disclose and protect yourself and your clients.
Secondly, use the appropriate form. Again check with you manager on this.
Thirdly, be careful in what and how you disclose.
I use a statement such as,
"David John Mason is a registered real estate salesperson with RE/MAX Professionals Inc. and is selling the said property for a profit or a loss."
"David John Mason is a registered real estate Broker with RE/MAX Professionals Inc., is a brother of the buyer who is purchasing the property for a profit or a loss."
"David John Mason is a registered real estate sale person employed by RE/MAX Professionals Inc. Brokerage and is purchasing this property to redevelop for his own use for a profit or a loss. David John Mason believes the redeveloped market value of the property is higher than his current offer to purchase."
The Registrant's Statement as a Seller states, "I hereby declare the following is a full disclosure of all facts within my knowledge that affect or will affect the value of he Property." if you know of other facts, and will be in a conflict of interest in the purchase either personally or with a close relative of associate, you must disclose the facts you know. This is a bitter pill for many agents, and one that many do not want to comply with, but is is not only necessary but the law. Conform to the law, or risk litigation in the future is you do not disclose, pertinent details you may know.
Completing the (Seller Property Information Statement (SPIS)
The Seller Property Information Statement is to be completed by the Seller to Disclose Defects or issues about the property that might affect the Buyer's interest and/or valuation of the property. It is a legal requirement. The SPIS is an excellent way to do this. The Seller should complete this form, not the Realtor. The way to prove that the Seller has completed the SPIS is to have them read the questions back to you, the Realtor, as they complete them. Have them initial each answer in the correct square. If there is more than one Seller, have the other Seller listen to t he question. The first Seller, who is reading the SPIS can answer in the square by initialing in the left half of the answering square. At the end of the form completion, the second Seller who has been listening to the answers and adding additional feedback, can match the answers the first Seller has completed. Easy and Simple!
Then at the completion have both Sellers Sign the bottom of the form.
When a Seller simply puts an "X" or checkmark, courts have been proven to ask, "Who filled out this form?" and "How can I prove who filled this out?" The initialed form proves who completed it and when.
Then at the completion have both Sellers Sign the bottom of the form.
When a Seller simply puts an "X" or checkmark, courts have been proven to ask, "Who filled out this form?" and "How can I prove who filled this out?" The initialed form proves who completed it and when.
Thursday, February 4, 2010
Should I ask my Seller for a Seller Property Information Statement?
Yes!
As a Realtor you must provide the best, up to date advice to your client regarding the disclosure of defects on their property.
There are two types of property defects, latent and patent defects. We will describe both and why disclosure can be important.
Patent defects are those defects or problems that cannot be seen and are unknown to the seller. These cannot be disclosed as there is no knowledge of them by the owner of the property. This could include something that is hidden in or behind a wall, something unseen. You cannot disclose something you do not know about, can you!
A latent defect is one that is known. A leaky basement where the water has been mopped up is in that category. An old oil tank that is buried, and that the owner is aware of is also a Latent defect. According to common law, it is the responsibility of the seller and his/her agent to disclose these latent defects to potential buyers.
Controversy has resulted in recent years from lawyers who state that disclosing the existence of a defect in a Seller Property Disclosure Statement may cause a lawsuit or admission of guilt on behalf of the seller and thus some liability if the buyer chooses to sue over the disclosed item or situation. While that may be the case, it is a certainty that if the seller does not disclose, in writing to prove the disclosure has occurred, that the seller will be proved guilty of not disclosing something that may effect the value of a property. The agent's responsibility, proven many times in court, is to relate to the seller that this disclosure is important and will reduce the opportunity of a law suit if done properly. The best venue we have is a Seller Property Information Statement. So we recommend it be used, always.
As a Realtor you must provide the best, up to date advice to your client regarding the disclosure of defects on their property.
There are two types of property defects, latent and patent defects. We will describe both and why disclosure can be important.
Patent defects are those defects or problems that cannot be seen and are unknown to the seller. These cannot be disclosed as there is no knowledge of them by the owner of the property. This could include something that is hidden in or behind a wall, something unseen. You cannot disclose something you do not know about, can you!
A latent defect is one that is known. A leaky basement where the water has been mopped up is in that category. An old oil tank that is buried, and that the owner is aware of is also a Latent defect. According to common law, it is the responsibility of the seller and his/her agent to disclose these latent defects to potential buyers.
Controversy has resulted in recent years from lawyers who state that disclosing the existence of a defect in a Seller Property Disclosure Statement may cause a lawsuit or admission of guilt on behalf of the seller and thus some liability if the buyer chooses to sue over the disclosed item or situation. While that may be the case, it is a certainty that if the seller does not disclose, in writing to prove the disclosure has occurred, that the seller will be proved guilty of not disclosing something that may effect the value of a property. The agent's responsibility, proven many times in court, is to relate to the seller that this disclosure is important and will reduce the opportunity of a law suit if done properly. The best venue we have is a Seller Property Information Statement. So we recommend it be used, always.
Do I need a witness for a real estate contract to be valid?
Yes and no!
No, you do not need a witness for a real estate purchase or lease agreement to be valid in an Ontario, Canada court. The witnessing is simply a way to determine if the person actually did sign the contract. The Consideration is actually the "seal" on the contract. In this case is it is suggested that the seal is initialled through or the signatory actually ends his signature on the seal. This in effect shows the client has sealed the contract and knows what that entails.
Yes, it is always preferred to have a witness for all signatures to prove that the person who signed actually exists adn agrees to the terms they signed for, but it does not negate a contract that is properly sealed.
No, you do not need a witness for a real estate purchase or lease agreement to be valid in an Ontario, Canada court. The witnessing is simply a way to determine if the person actually did sign the contract. The Consideration is actually the "seal" on the contract. In this case is it is suggested that the seal is initialled through or the signatory actually ends his signature on the seal. This in effect shows the client has sealed the contract and knows what that entails.
Yes, it is always preferred to have a witness for all signatures to prove that the person who signed actually exists adn agrees to the terms they signed for, but it does not negate a contract that is properly sealed.
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