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Commission Reduction Agreements
When REALTORS® use commission reductions, it is essential to create an appropriate agreement in order to comply with the Trust in Real Estate Services Act, 2002 (TRESA 2002). In a commission reduction agreement, the listing brokerage agrees with the seller to reduce commission that was previously agreed to. The following are the ...
Continue ReadingAre Real Estate Commission Rebates Taxable in Ontario?
There are nearly 40,000 real estate agents in Toronto; that is one agent for every 140 Torontonians! In Vancouver, the numbers are even more staggering - one agent for every 61 Vancouverites. It helps, of course, that the market is sizzling hot, but across Canada, the competition among realtors is ...
Continue ReadingOREA – Fighting for Fair Housing
The report from the Ontario Real Estate Association’s Presidential Advisory Group on Diversity, Equity and Inclusion. The overarching goal of the PAG is to identify where systemic racism occurs in the real estate and housing sectors... Over the past two years, a racial reckoning has taken place, triggered by a number ...
Continue ReadingThe Commercial Mortgage
Preface If you are reading this, you may be considering acquiring a commercial property, for example, a commercial or industrial condo, an office building, a manufacturing/warehouse facility, apartment building, shopping centre, strip mall etc., and this generally involves the negotiation of a commercial mortgage. While most of you may have had ...
Continue ReadingSophisticated Negotiations Involve More Than Price Alone
When people think about negotiating a real estate transaction, the first topic that often comes to mind is price. While price is certainly important, experienced negotiators understand that successful transactions are rarely determined by price alone. Every buyer, seller, landlord, and tenant enters a negotiation with objectives, priorities, concerns, and constraints that ...
Continue ReadingRisks of Improper Tenant Screening
Selecting a tenant is one of the most important decisions a landlord will make during the life of an investment property. The quality of that decision can influence rental income, property condition, maintenance costs, legal compliance, tenant relationships, vacancy rates, and the overall financial performance of the property for months—or even ...
Continue ReadingHow to Transfer Oshawa Real Estate Property During Your Lifetime
Are you looking to transfer real estate property during your lifetime to your children? Maybe your rental property or a cottage? First of all, yes it’s possible, but take the time to evaluate all the possible scenarios. There are many solutions available and they all come with their share of ...
Continue ReadingWhat Is a Full-Service REALTOR® in Ontario?
Many home sellers are looking for ways to make more out of the sale of their home. Because houses represent one of the largest purchases in many Canadian's lives, it's only natural for you to want to make all that you have put in (plus some, if the market is ...
Continue ReadingReferral Fees in Ontario Real Estate
This post deals with the topic of REALTORS® receiving and/or paying referral fees to third parties who may not be directly involved in a real estate transaction. Depending on the specific situation, this may not be permitted under the Real Estate and Business Brokers Act, 2002 (REBBA 2002) and in other situations written ...
Continue ReadingContracts and Clauses You May See in Ontario Real Estate Transactions
Buying or selling a home can be a complex and high-stakes process. As such, certain procedures and legal documentation exist to protect all parties involved while ensuring everyone is on the same page throughout the process. Melissa Douglas—owner of Douglas Law Firm based in Bradford, Barrie, and Vaughan, Ontario, a practice ...
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