Real Estate Lawyers Orangeville, Ontario

Check your agreement of purchase and sale (APS), or have your Axess Law virtual real estate lawyer in Orangeville review it with you. 

While amendments are common in real estate transactions, the buyer and seller must mutually consent to any change after the APS is accepted. Offers to amend are open to being accepted or rejected, and come with irrevocable deadlines. If a deadline passes without acceptance, the amendment is void. All other terms and conditions in the contract remain the same.

Use caution and common sense before proposing any changes. If a buyer perceives you are reopening the contract terms, they may try to terminate the entire APS to negotiate a better (lower) price.

A home’s market value and appraised value are different creatures. A low appraisal may simply mean a lender is being cautious in case they have to sell the home. On the other hand, your offer may be too generous. Let’s look at both.

A realtor’s competitive market analysis (CMA) compares a home for sale to others that have recently sold or been listed in that area. Realtors have a pretty good idea what a home is worth just by looking at its age, size, condition, location, and what it previously sold for. The CMA is what a realtor thinks buyers are prepared to pay.

A mortgage lender, on the other hand, is a party to the title to a property. Lenders have a registered interest or charge on a property. They can take the home if you default, abandon it, or let it fall into serious disrepair.

Consequently, bank appraisals are usually more cautious than CMAs. Assessments are based on a home’s general condition, land value, property size, and interior features. For example, updated plumbing, electrical, and mechanical systems get high marks. Appraisers also compare homes to “comps”, three to 10 similar properties on the MLS.

What to do about gaps between what you offered and a lender’s appraisal? You can:

1. Make up the difference between your offer and what the lender is prepared to mortgage.
2. Ask the seller to lower their price. 
3. Get an independent appraisal.
4. Cancel the agreement of purchase and sale. Be aware you may lose your deposit, and be liable for the seller’s expenses to relist their home, or sued for the difference between your offer and what it sells for. Just be sure you can prove the home was overpriced. Talk to an Axess Law remote real estate lawyer in Orangeville if you want to cancel a APS

You can and should, and this is why. 

Potential landlord-tenant conflicts are a serious concern for Ontario property owners.  Ontariolandlords.org reported on a Barrie landlord who called police after being attacked with a broom handle and knife. A Windsor property management company says it’s not unusual to get handed the bill for unpaid rent. More distasteful: cleaning up after a tenant who scattered 200 used syringes around his one-bedroom unit. 

At least a criminal record check gives you an idea who you are renting to. Just be sure to get your prospective tenant’s permission on the lease application, or have them submit the police record check. Be forewarned police record checks may not tell the whole story. Convicted offenders can apply to have their criminal record withheld or be pardoned.

Private ensuites, walk-in pantries, functional space, and great views are highly desirable for boomers and their Gen X counterparts. Low maintenance is a must for these middle-aged to early seniors buyers (41 to 75).

Boomers and Gen X homeowners are working remotely, or accommodating adult children who’ve moved back. Their aging parents need somewhere to stay: boomers and Gen X want that secondary suite or backyard granny flat.

Older boomers suffering aches, pains, or arthritis are looking for grab bars in the bathroom, and easy to reach cabinets. Think lower cupboards for the kitchen, with upper shelves for occasional use. Remember to use slip-free surfaces. Ceramic floor tiles may be easy to clean, but the bigger they are…. 

Wider doorways, spacious bathrooms, and easily accessible entryways are in demand. Just avoid making them look like the occupants are living in a nursing home, Ontario Home Builders’ Association president Doug Tarry advises.