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OREA’s New Forms, Clauses & Updates – Your 2020 Coles Notes Review

Posted on December 19th, 2019

It’s that time of year! New OREA forms and form updates for the real estate industry (cue the happy dance)!

While many of the changes this year are minor in nature, being aware of the updates as a consumer as well as a real estate salesperson/broker is important.  These changes take effect as of January 1, 2020 so get well-versed in what’s new so you are prepared and ready to go.  The links to each form will lead real estate agents to the appropriate forms on the OREA website.  The forms are also at the bottom of this blog post for consumers to review directly.

 

 

New Forms

1. Form 170: Consent To Advertise: you normally see it hidden in a brokerage’s standard Schedule B giving listing and co-operating real estate agents consent to advertise the sale price or other information pertaining to the sale of the listing.  This misguided consent to advertising clause hidden in a schedule to an agreement does a decent job of ensuring that real estate salespeople/brokers cover their butts when it comes to RECO’s Code of Ethics regarding consent to advertise, which says:

(7) A registrant shall not include anything in an advertisement that could reasonably be used to identify a party to the acquisition or disposition of an interest in real estate unless the party has consented in writing.  O. Reg. 580/05, s. 36 (7).

(8) A registrant shall not include anything in an advertisement that could reasonably be used to identify specific real estate unless the owner of the real estate has consented in writing.  O. Reg. 580/05, s. 36 (8).

(9) A registrant shall not include anything in an advertisement that could reasonably be used to determine any of the contents of an agreement that deals with the conveyance of an interest in real estate, including any provision of the agreement relating to the price, unless the parties to the agreement have consented in writing.  O. Reg. 580/05, s. 36 (9).

However, it doesn’t look very professional as this consent shouldn’t be tied into the other offer details.  This should be a separate discussion from the offer and now it is.  Form 170 covers this consent as it relates to sale price, anything that could identify any part to the sale, identification of the property and other terms related to the Agreement of Purchase and Sale.  The form must be initialled by both parties and there is no expiry date unless specifically noted in the form.  In addition, this form notes that advertising can only take effect once all conditions (if any) are fulfilled and the sale has become firm.

What does this mean for consumers? You may have seen this clause noted in an agreement of purchase and sale in the past.  You should now be asked to sign a separate form relating to advertising and it shouldn’t form part of the deal.  It is your choice whether or not you want to consent to allow your real estate agent and the other side’s real estate agent to be able to advertise details of the sale.  If you are a private person, having the sale details advertised may make you uncomfortable and you shouldn’t be obligated to sign the form.  However, if you are comfortable with allowing the sale of the home to be advertised, this gives your real estate agent a great opportunity to spread the word about his/her services, which helps their business.

What does this mean for REALTORS®? Get this new form signed and you will have the ability to advertise the sale.  Review the pros and cons with your client and ask your colleague to do the same with their client so you show that you are obtaining consent in a more professional and straightforward way.  If your broker of record or manager hasn’t done so already, ask that they remove the consent to advertise from the brokerage’s standard schedule B so that you can take care of this consent separately when the deal is firm.

2. Form 653: Co-Brokerage Agreement Between Buyer Brokerages: at times, real estate agents may be asked to work with a past client or be referred business in a trading area that may not be their forte.  Instead of referring it out, real estate agents now have the ability to collaborate!  This form allows real estate agents and brokers to work with colleagues from other brokerages to represent a buyer client as best as possible.  I can see this working with agents that might not be strong in a certain area but they are eager to learn from an experienced agent in that particular trading area.  Whether it’s for a commercial transaction, a rural property or a certain geographic area, this form can work well when two agents want to work together from different brokerages.

What does this mean for consumers? If your go-to real estate agent is not familiar with the type of home or area you are looking to purchase, it still gives you the option to work with him/her along with another agent who is well versed in the type of search you are conducting.  Sometimes, your real estate agent may opt to refer you directly to someone else, in which case a separate referral agreement (Form 641) can be signed and a referral fee is paid from the agent that has been referred the business to your own real estate agent for referring the business (usually around 25% of the commission earned).  However, if your real estate agent prefers to remain more active and can collaborate with another agent from another brokerage, they can sign this agreement to work together.

What does this mean for REALTORS®?  You now have a new way of operating your business – in a more collaborative way with other brokerages.  Don’t be afraid to seek out help from your colleagues.  A lot of us are eager to work together and learn from each other.  You never know – maybe the person you are seeking guidance from will do the same for you in the future.  It can be a win-win scenario and it helps to sharpen your business skills for future clients.

3. Form 304: Suspension of Buyer Representation Agreement: need a break?  Going out of town?  Want an alternative to cancelling a buyer representation agreement?  This gives a buyer client and their agent the opportunity to suspend the agreement temporarily for a certain period of time.  From the looks of things, this doesn’t extend the length of time of the original representation agreement in effect – it’s just a pause.

What does this mean for consumers? If you want to pause your real estate search, this gives you the ability to do so without a full-out cancellation.

What does this mean for REALTORS®? Buyer clients now have more options – just as seller clients do with Form 241 – Suspension of Listing Agreement.  It’s an option and should be offered as such if the right situation arises.

Changes to Forms:

1. Form 242: Cancellation of Listing Agreement and Form 301: Cancellation of Buyer Representation Agreement: a new section has been added to give the reason why the cancellation is happening.  This allows the cancellation to be better understood by all parties and leaves any misunderstandings behind.

What does this mean form consumers? It’s never fun to part ways with someone but sometimes it happens and when both parties have the opportunity to share why the cancellation is happening, it helps to put an end to that real estate chapter in a clear and concise way.  Having a better understanding why the cancellation occurred allows you the ability to find a more suitable real estate agent moving forward and ensures the same mistake is not made again.

What does this mean for REALTORS®? This is great for brokers of record and managers to track how their agents are doing with their clients.  Maybe there is an area of customer service that a particular agent needs some support with.  Maybe, some additional courses or mentoring is required.  As a real estate agent, reviewing this information with your manager or broker of record is a great idea.  Nobody is perfect and sometimes you don’t see eye to eye with your client on a particular search or sale.  Understanding what happened and making changes for the future will have a positive impact on your business moving forward.

2. Form 240: Amendment to Listing Agreement: slight change of wording from “Former Listing Price/Former Expiry Date” to “Current Listing Price/Current Expiry Date” to clear up any confusion relating to multiple price changes or expiry dates.  Similar changes were made to the following Form #205, #207, #212, #247, #305, #315, #348, #356, #521, #527, #534, $538, #541, #548, #552, and #556.

What does this mean form consumers? Not much – this is just a detail that has led to some confusion for real estate agents in the past.  It’s the same form with the same terms.

What does this mean for REALTORS®?  Not much – this just helps you to eliminate any confusion relating to the listing price and expiry date.

3. Other: many forms that had a “Witness” signature line have deleted the witness and replaced it with the name of the actual signer.

What does this mean form consumers? Again, not much.  You will just be asked to write your name on some forms beside your signature moving forward vs. searching for a witness.

What does this mean for REALTORS®? Minor change – no biggie.  If you are using an electronic signature program, there is an option to add a Name Block when your client is signing to automatically fill out your client’s name when they are signing.  You now have more use for this option!

Changes to Standard Clauses: none for this year – woohoo!

For a full list of all the changes, real estate agents can refer to OREA’s summary: https://www.orea.com/~/media/Files/Members/OREA-Standard-Forms/Change-Summaries/OREA-Standard-Forms-2020-Summary-of-Revisions.pdf.  In addition, OREA is planning a webinar on January 29th, 2020 to address real estate agent questions relating to these changes.  This post provides a summary of the most important aspects in our personal opinion.  Please take the time to review all of the changes.

REALTORS® – Did you know? 

There are 205 OREA standard forms and 300 OREA standard clauses.

According to OREA, the average Realtor uses approximately 15 – 20 standard forms each year. 

Reviewing the other forms and clauses you don’t use may assist you in better representing your clients over this next year.  Each of these forms were made for our profession so why not educate yourself on the best way to make use of them?  OREA makes changes and creates new forms based on the feedback from its members.  Make sure you are taking the time to provide this vital feedback so our industry can stay on top of the changing landscape of our real estate businesses.


For last year’s updates and changes, please refer to our blog post: OREA’s New Forms, Clauses & Updates – Your 2019 Coles Notes Review.


FOR CONSUMERS: ALL THE FORMS

 

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Buying A Home With Kids

Posted on October 10th, 2019

Finding a new home when you have kids can be a challenge.  There’s so much more to consider beyond the home itself.  Schools, community centres, programs, and safety are all important factors that need to be investigated to avoid any regret down the road.  You want to make sure that the transition is as painless as possible for your little ones and that normally takes some extra due diligence on your part and your Realtor’s part.  So what should you consider?  Here is a list of our top kid friendly home inspection items:

 1) Neighbour check: kids like to play outside – front yard, back yard, side yard – which means you’ll likely be seeing your neighbours a lot more than if you didn’t have kids. Introducing yourself and your family to your potential neighbours can help.  Does your neighbour hate kids?  Does he own a crazy aggressive dog? While you may not be able to give your potential neighbour a full blown interrogation with a full set of fingerprints and a DNA test, a simple introduction will give you a better idea of who you could be living beside for the next one, two, five, ten or more years.  Your potential neighbours are also the best source to get all of the details about the area from – pros and cons.
 
2) Visit the neighbourhood more than once.  if you’re seeing the home on Monday at 7pm, go visit on Saturday at 11am.  If you’re there for the weekend open house, go visit on a Thursday at 8pm.  This way, you get a more complete picture of the neighbourhood.  
 
3) Visit the parks: if living in a community with other young families is important to you, visit the local parks.  If the parks are filled with teenagers smoking pot or more dogs than kids, the neighbourhood might not be the right one for you.  
 
4) Visit the local schools: your kids will be spending the majority of their days at school.  You want to make sure the school they will be attending is welcoming, engaging, well respected, and whatever other qualities are important to you as a family.  
 
5) Consider commute times: make sure that the commute to and from your place of employment won’t leave you stressed out and scrambling to pick up the kids from school each day.  With that said, confirming the start and end times for school and availability for before and after school programs might have an impact on your home buying decision.  For example, my kids start school at 8am and end at 2:30pm.  This makes a typical 9 to 5 schedule at work very hard to adhere to if there is no after school program available.
 
6) Extra-curricular programming: does your child love swimming?  Soccer?  Hockey? Depending on how important these extra-curricular programs are to you and your family, you may want to visit the community centres and sports clubs in the neighbourhood to find out the options and availability of programs.  
 
7) Daycares: if your kids aren’t in school yet, then the hunt for the right daycare can be a challenge.  Some daycares don’t offer half day or part time programs while others cost more than you expect.  A family will want to make sure they have enough options to consider when it comes to finding a new daycare for their little one.
 
8) Street traffic: is the street you are considering purchasing a home on a short cut for impatient rush hour drivers?  Do you back onto a street with a loud bus route that runs around the clock? Listening and watching for local traffic at different times of the day and on different days will help you better understand how safe and peaceful your potential new neighbourhood really is.
 
9) Pollution and safety hazards: if you see a home at 8pm on a Monday, you may not notice the cell phone tower nearby or the factory down the street.  Again, check things out during the day and do a Google satellite map search to see what you might be missing.
 
10) Get the kids involved.  Depending on your child, including their age and personality, the idea of moving can range from pure excitement to pure anger.  Involving your kids in the decision making as much as possible – choosing what homes to see, determining what characteristics make a good home, scoping out the neighbourhood with you (maybe take them out of school for an afternoon to explore!) – will help them to be more engaged in the process and become a bit more positive about a potential move.
 
We hope that these tips help to make the process of finding a new home for your family easier.  It may seem like a lot of extra work but you do not want to regret a home purchase decision.  Having a trusted Realtor by your side will help make that process smoother by providing knowledge and expertise about the neighbourhood and the home you are interested in purchasing.  
 
 
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Why We Said ‘Yes’ to Zillow

Posted on April 2nd, 2019

Can you believe it?  On The Block Realty Inc. has actually opted into Zillow displaying our listings on their website.  Yes, that’s right – we’ve sold our souls to the devil, surrendered to the enemy and are currently digging our own graves.

But hold up.  Who or what is Zillow?  If you aren’t in the real estate industry worried what Zillow is planning to do to our profession, you may have never heard of this company before, especially if you live in Canada.  In simple terms, Zillow is a real estate marketplace with a serious focus on technology and innovation.   Think of realtor.ca on steroids. From artificial intelligence that gives consumers a better user experience to Zillow’s home price estimate tool (called Zestimate home values), the company is continually evolving and empowering consumers with information.

I recently attended a Zillow event where employees of the company bravely stood in front of a large group of GTA real estate salespersons, brokers, managers and owners and answered the tough questions and debunked many of the myths that Zillow has fallen victim to due to their ‘disruptive’ approaches.

First, let’s look at some of the company’s most recent stats:

  • 195 million monthly users
  • 80% of US homes viewed on Zillow
  • $1.3 Billion in Revenue for 2018
  • 2 million real estate professionals listed on Zillow

How does Zillow make money?  Their main source of income comes from real estate professionals, property management companies and mortgage brokers paying to advertise to the millions of users flocking to their site daily.  Real estate professionals who pay to be “Premier Agents” can create targeted ads by location (not available to REALTORS® in Canada yet).  The higher the demand for that particular location, the higher the advertising cost.

Whether you are a skeptic or a supporter, Zillow is a company that isn’t going anywhere anytime soon.  It’s a billion-dollar company that caters to consumers and gives them the ultimate user experience.  For real estate professionals, Zillow provides the opportunity to get in front of potential clients and market your listings to a huge audience.  Yes, it will cost money but what kind of effective advertising or lead generation opportunity doesn’t cost money?  It’s also important to note that you aren’t forced to spend money with Zillow. Free options are available through the site.  A real estate brokerage can opt into getting all of their company’s listings added to the site for free.  Real estate salespeople and brokers can also create their own profile (a great way to market yourself), add client testimonials and receive leads on your own listings posted to the site (if your brokerage has opted in).

Should we be giving Zillow access to our listings?  From our perspective, we currently give access to our listings (for the most part) to other real estate sites that have opted into the listing feed with our local board, so what’s the difference?  More exposure?  More visitors?  Better stats about interest for the home?  How is that a bad thing?  Sure, those other brokerage sites aren’t actively making money by selling buyer leads to other REALTORS® but if a consumer visits a competing brokerage site, sees your listing and contacts a salesperson from that brokerage to see the home, aren’t they stealing your business?  How dare they! Or is this just another opportunity to sell your client’s home faster?

Here’s our perspective.  We can’t be so protective over our listings.  Listings shouldn’t be used as a way to generate more business.  Sure, listings typically generate leads, but that’s not the point, that’s a bonus.  At its core, when a home owner hires you to sell their home, they deserve the best possible service, which doesn’t include fighting over buyer leads.  We should want and be expected to expose a client’s home to the maximum number of buyers and what better way to do that then through a site that is likely going to be one of the (if not THE) top home search destination for consumers?

More importantly, before making a judgement or choice about what to do for your brokerage, it’s important to weigh the pros and cons and personally educate yourself on Zillow or any other ‘disruptor’ out there.  There are so many new companies, new approaches and new technologies entering our industry and although they may seem threatening from the outside, once you understand their goals, process and why they exist, you may realize that a lot of these companies were created to address a need that likely is focused on putting the consumer first.  Our brokerage has taken a similar approach and it only makes sense to embrace others who are doing the same.

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Top 11 Misconceptions – Landlord and Tenant Rights

Posted on January 23rd, 2019

$500 damage deposit.  No pets allowed.  Landlord requires 6 months deposit up front.  Post-dated cheques required.  WRONG.

It’s been almost a year – a year since the Standard Form of Lease was made available by the Government of Ontario to help clear up the inconsistencies that you typically see in rental agreements/contracts.  This form lays it all out – the details about the specific unit (i.e. parking, utilities, etc.) along with the rights and responsibilities of both tenant and landlord as per the Residential Tenancies Act.  Any landlord entering into an agreement to lease for either a single family home, apartment unit, condo unit or secondary unit like a basement apartment must complete this form (as of April 30th, 2018) and provide it to their tenant to sign.

Unfortunately, even with this new form, inconsistencies and misunderstandings still come up all the time in rental agreements and listings.  Based on our experience, we wanted to outline the top 11 misunderstandings we witness regarding rentals.

  1. Landlord won’t supply the keys unless 10 post-dated cheques for the remaining rent term are provided: WRONG.  The tenant can elect to pay by post-dated cheques but they are not required to do so.
  2. Landlord is charging an administration charge for a NSF cheque: RIGHT.  But it can only be A MAXIMUM of $20.
  3. Rent deposits are not allowed: WRONG.  A rent deposit is allowed but it can only be the amount of one rental period and can only be applied to the last month that the tenant is living in the unit – NOT the last month of that rental period.  For example, if a tenant signs a one year lease beginning in January and provides a deposit of one month’s rent to be applied to December, if the tenant then elects to stay in the rental property longer, that deposit is carried forward until the last month that the tenant is actually living in the unit.  In addition, the landlord is required to pay interest on the deposit amount each year.
  4. The landlord cannot charge a key deposit: WRONG.  A landlord is allowed to charge a key deposit BUT the cost of this deposit can only represent the true cost of replacing the keys and cannot be applied to anything else (i.e damage).  This deposit must be refunded once the tenant returns the keys when they move out.
  5. The landlord cannot stop a tenant from smoking in the property: WRONG.  While the Residential Tenancies Act doesn’t address smoking, the Standard Form of Lease does provide space to address this concern.  The Landlord can outline smoking rules and prohibit smoking (including cannabis products) if they choose to do so.
  6. The landlord can require the tenant to obtain liability insurance: RIGHT.  The landlord is allowed to ask the tenant to obtain liability insurance and ask for proof of coverage.
  7. Common clause seen in rental agreements: “Tenant is responsible for paying the first $100 of all repairs to the unit.” – WRONG.  Has anyone seen this clause in an agreement to lease before?  Probably, yes.  This is not allowed. The tenant IS responsible for the full cost of repairs due to their own negligence but owe nothing when it comes to regular maintenance and other issues commonly encountered in any property (i.e. appliance stops working, plumbing issues, etc.).  The landlord must keep the rental unit and property in good repair and comply with all health, safety and maintenance standards.
  8. Landlord can evict a tenant for having a pet: RIGHT. BUT for only the following reasons:
    • The pet makes too much noise, damages the unit or causes other tenants to have allergic reactions
    • The breed or species is inherently dangerous, or
    • The rules of the condominium corporation do not allow pets.

The landlord cannot enforce a no pet rule for reasons beyond those noted above – this is an unenforceable term.  In addition, the landlord cannot charge a pet deposit in case of doggy damage.  Of course, the tenant is responsible for their pet and must repair any damages as a result of that pet.  If a tenant has been charged a damage or pet deposit, they can apply to the Landlord and Tenant Board to get the money back.

9. Landlord can require tenant to sign for another year rental period after the first year is over: WRONG.  The tenant and landlord can agree to another fixed term tenancy but are not required to.  If the tenant was originally on a fixed year term, they will automatically go month to month unless both parties agree to another fixed term lease.

10. Landlord is selling the rental property so the Tenant must move out.  WRONG.   The tenant must move out (with the proper 60 days notice) only IF the new owner of the property wants to occupy the unit him/herself or has a family member occupying the unit.  This notice can be provided once an agreement to purchase has been finalized and it’s been determined that the new owner plans to use the home for personal reasons.

11. Tenant can hold back rent payments while waiting for the landlord to fix or make repairs to the property.  WRONG.  The tenant must pay their rent but if the landlord isn’t keeping the property in good repair, the tenant may apply to the Landlord and Tenant Board for assistance.

 

What’s the deal with rent increases?  If you’ve been listening to the news, you’ve probably been hearing some changes to rent increase guidelines over the past couple of years.  It’s important to understand your rights as a landlord and as a tenant when it comes to this important piece of the rent equation:

  • Landlord must give 90 days notice for any rent increase and provide notice on the proper Landlord and Tenant Board Form (N1)
  • Landlord has the right to increase rent every 12 months
  • Landlord can only increase the rent by the guideline amount (based on CPI) up to a maximum of 2.5% (even if CPI is higher than this).  Coincidentally, the interest the landlord must pay on the last month’s rent deposit is equal to this same amount.
  • Landlord can apply to the Landlord and Tenant Board using form L5 to increase rent beyond the rent guideline for the following reasons:
    • Their municipal taxes have increased by more than the guideline plus 50 per cent. (For example, if the guideline is 1.8%, the taxes must have increased by more than 2.7 %).
    • They incurred operating costs related to security services.
    • They incurred eligible capital expenditures.
  • IF a unit was first occupied as a residential space after November 15, 2018, these units DO NOT fall under the rent control guidelines and therefore, landlords can charge whatever increase they want while still following the 90 days notice and only one increase per year rule.  A similar loophole (dubbed the 1991 loophole) was just abolished in 2017 by the Liberal Government.  We’ll see how long this new loophole lasts but it’s important for tenants to be aware of this rule when searching for a new property to rent.

There you have it – your review of the rental rules in Ontario.  If you are a landlord, tenant or Realtor, please read through the Standard Form of Lease in its entirety.  It’s important to know your/your client’s rights and responsibilities.  In addition, if you see a clause in a rental listing or agreement that goes against the rules, make sure to point it out so that these common misconceptions can start to clear up with each and every new rental agreement.

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OREA’s New Forms, Clauses & Updates – Your 2019 Coles Notes Review

Posted on January 10th, 2019

It’s a new year which means new OREA forms, updates to existing ones and new clauses (can I get a what what).  Yes, this news might not be mind blowing enough to make you race to your computer to learn more but this is important.  Seriously.  Think about what could happen:

  • You look unprepared with a client or potential client
  • You look unprepared to an agent with whom you’re negotiating
  • You look unprepared in general
  • You could be one of those people who asks a question on a Realtor Facebook forum relating to these changes and get responses like this: “Why don’t you read the OREA updates, stupid.” “Don’t you know there’s a new form for that, stupid?” “Why don’t you know this? You are so stupid.”
  • You will feel stupid

There were A LOT of changes this year but thankfully, most of them are housekeeping related changes that won’t throw you off your game when reviewing an updated document.  However, it is important to still review the changes because a) you don’t want to look unprepared and b) you don’t want to look stupid.

To get you started on the path of learning more, here is my list of the most important changes for this year (based on my market of residential sales in the GTA):

  • New representation agreements for rental listings along with corresponding schedules and amendments related to these forms.
    • Form 346 – Tenant Representation – Agreement Authority for Lease: have you ever had a tenant question why the hell they are signing a form that says BUYER representation agreement? Well, OREA now has you covered with a much more understandable and appropriate Form 346.
    • Form 245 – Landlord Customer Service Agreement: used when a rental property is not listed but you have introduced/shown a tenant the property and want to set up a commission arrangement with the landlord. Point 3 – Representation and Customer Service in this form outlines in detail that the Brokerage is providing Customer Service to the Landlord and what the means for the business relationship – pretty useful in my opinion.
    • Form 353  Tenant Customer Service Agreement: when you list a property for lease and an unrepresented tenant wants to make an offer, use this form.
  • Residential/Commercial Listing Agreements & Buyer Representation Agreements have added an additional circle to initial on the first page where the seller or buyer acknowledges that they aren’t party to any other representation agreement with another agent (because you can’t trust anybody these days!)
  • Handy Clauses:
    1. ACC – 10 Seller to Provide Security Code(s): The Seller agrees to provide to the Buyer on or before closing any security codes necessary in order to control any security system or devices within or upon the property.
    2. CANNABIS – 1 Buyer Acknowledgement: The Buyer acknowledges that the use of the property and buildings and structures thereon may have been for the sale, distribution, cultivation, propagation or harvesting of cannabis or cannabis plants in accordance with the provisions of the Cannabis Act, S.C. 2018 c. 16 and the provisions of the Cannabis Act, S.O. 2017, c. 26 as amended from time to time and acknowledges that the Seller makes no representations and/or warranties with respect to the state of repair of the premises and the Buyer accepts the property and the buildings and structures thereon in their present state and in an “as is” condition.
    3. CANNABIS – 2 – Seller Represents and Warrants: The Seller represents and warrants that during the time the Seller has owned the property, the use of the property and the buildings and structures thereon has not been for the sale, distribution, cultivation, propagation or harvesting of any cannabis or cannabis plants within the meaning of the Cannabis Act, S.C. 2018 c. 16 and the provisions of the Cannabis Act, S.O. 2017, c. 26 as amended from time to time and that to the best of the Seller’s knowledge and belief, the use of the property and the buildings and structures thereon has never been for the cultivation, propagation or harvesting of any cannabis plants within the meaning of the Cannabis Act, S.C. 2018 c. 16 and the provisions of the Cannabis Act, S.O. 2017, c. 26 as amended from time to time.  This warranty shall survive and not merge on the completion of this transaction.
    4. LEASE/RES – 18 Tenant Cannabis Restriction (great for landlords!!): The Tenant and any occupants of the premises and, including without limitation, any visitors, guests and business invitees shall not sell, distribute, cultivate, propagate or harvest any cannabis or cannabis plants within the meaning of the Cannabis Act, S.C. 2018 c. 16 and the Cannabis Act, 2017, S.O. 2017, c. 26 as amended from time to time, anywhere in or upon the premises rented by the Tenant, the building where Tenant’s premises are located or in any of the common areas or adjoining grounds of such building. Contravention of this provision shall be deemed to be a material breach of the lease and grounds for termination of the lease.
    5. LEASE/RES – 19 Tenant Shall Not Smoke (yay!): The Tenant and any occupants of the premises and, including without limitation, any visitors, guests and business invitees shall not smoke anywhere in or upon the premises rented by the Tenant, the building where Tenant’s premises are located or in any of the common areas or adjoining grounds of such building, except for the following designated smoking area(s) (Insert Text).

      For purposes of this provision, the term “smoke” or “smoking” means to inhale, exhale, burn or have control over a lighted cigarette, lighted cannabis cigarette, cigar, pipe, hookah pipe or other lighted smoking implement designed to burn tobacco or any other substance, including without limitation, cannabis as defined in the Cannabis Act, SC 2018 c16 as amended from time to time for the purpose of inhaling or tasting of its emission. Contravention of this provision shall be deemed to be a material breach of the lease and grounds for termination of the lease.

    6. NEW – 03 HST – New Homes (finally!!): The Buyer and the Seller acknowledge and agree that the HST payable in connection with the purchase and sale transaction contemplated by this Agreement of Purchase and Sale is included in the purchase price subject to the provisions hereinafter set out. Notwithstanding that the purchase price payable by the Buyer includes HST, the Buyer hereby assigns and transfers to the Seller all of the Buyer’s rights, title and interest in any rebates, refunds or credits available, including Federal Sales Tax rebates and HST rebates to which the Buyer is entitled in connection with the payment of HST payable on the transfer to the Buyer of ownership or possession of the property. The Buyer further appoints and authorizes the Seller or the Seller’s agents to be the Buyer’s authorized representative and attorney for the purposes of applying for and collecting such tax rebates. The Buyer agrees to execute, at no cost to the Seller, any and all documents required to give effect to this provision. The Buyer represents and warrants to the Seller that the Buyer shall personally occupy the property or cause one or more of the Buyer’s relations to occupy the property as the Buyer’s or the Buyer’s relation’s primary place of residence upon completion and agrees to deliver to the Seller on closing a Statutory Declaration in the Seller’s form in which the Buyer declares that the property being purchased by the Buyer is for use as the Buyer’s or the Buyer’s relation’s primary place of residence and will be so occupied forthwith upon completion. In the event that the Buyer breaches the warranty or any of the provisions referred to above which results in the Buyer being ineligible or the Seller being unable to obtain the rebates referred to herein then the Buyer shall pay to the Seller forthwith an amount equal to the amount which the Buyer would have been eligible to obtain were it not for such breach or failure to carry out the Buyer’s obligations.

 

Ready to learn more?  Of course, you are!  Your real estate board should have sent out an email with a detailed review of the changes that you likely ignored or trashed before reading (no offence – don’t worry, I do it too).  Or click on this link (you’ll need to login first) for a full review from OREA – https://www.orea.com/~/media/Files/Members/OREA-Standard-Forms/Change-Summaries/OREA-Standard-Forms-2019-Summary-of-Revisions.pdf.  Happy learning!

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Why Toronto Should Open Up Home Sale Price Data To EVERYONE

Posted on June 14th, 2017

Photo Credit: Darren Calabrese For The Globe and Mail

There has been a longstanding battle in Toronto where the Competition Bureau is fighting to open up sale price information to the public that the Toronto Real Estate Board currently holds near and dear to their heart.  In our opinion, this is an insult to all real estate professionals as this sends a message that the only thing that real estate agents are good for is to provide sale price information to the public.  The public shouldn’t feel forced into speaking to a real estate agent in order to find out the sale price of a home.  They should WANT to speak with a real estate agent for the many other services that we provide.

There is proof in other markets, such as Australia, where opening up this data to everyone hasn’t wiped out the real estate profession (see this website https://www.realestate.com.au/sold).  The Australian model of selling real estate is built upon transparency – open auctions, easy access to sale price information and no double ending (where a real estate agent represents both buyer and seller in one transaction).  On The Block has been inspired by these approaches and we are working toward a similar model to provide more choice to the public in the Greater Toronto Area.

As real estate professionals, we need to show that we are better than these numbers, work hard and show the benefits of hiring a professional.  Providing comparable sale price information is such a small part of our jobs.  The work we do to sell a home or help a buyer purchase a home goes well beyond this data.  Home buyers and sellers work with us for our experience, skill and knowledge of the industry and how to get the best results based on someone’s specific circumstances.

Working with a real estate professional should be a choice so let’s give people that choice instead of holding them back from accessing this information.  Those people who choose to work without an agent shouldn’t be penalized because they didn’t enlist the help of a professional.  Just like you don’t NEED a plumber to fix your leaky faucet or an interior designer to decorate your home, you also don’t NEED a realtor to help you buy or sell your home.  Working with a real estate professional comes with many benefits and those that recognize these benefits will continue to work with a real estate professional regardless of whether they can retrieve sale price data.  It’s about providing choice, a service and working for the best interests of your clients.

On The Block encourages the Toronto Real Estate Board to open up the vault and give everyone access to sale prices throughout the city.  The time and effort used to fight the Competition Bureau about this case could have been much better spent on other projects such as providing information to assist the city with key planning initiatives or figuring out ways to provide more affordable housing options to those who can’t afford a home in our city.  You can’t do big things if you’re focused on the small things!

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