David and David on Real Estate

Market Update (August 2021)

Body: Wills and Estates:

- What happens when you pass away without a will in Ontario?

- Why is it important to have a will?

- Rights of spouses and dependants

- Appointments of guardians for minor children

- Executor

- Probating a Will

- Should you prepare your own will?

- When does a Will take effect? can it be changed?

- How does marriage or divorce affect your will?

- What is a Living Will?

- Are there any other ways of transferring ownership of property after death (joint tenancy)

- Can you contest a Will?

Market Update (August 2021) 

Body:

- What is a status certificate

- Why is it important to have a lawyer review before purchasing

- what are the key areas that lawyers are looking for

- Public is looking for lifestyle amenities, but how does major structures affect financials

- Reserve Fund study every 3 years

- difference of our system vs. US

- talk about condo in florida

- Common lawsuits and how they affect value

- What is a turnover meeting? lawsuits against the developer

Business Development:

- how do you go after new business when you are closing a record number of real estate transactions

Market Update (July 2021) 

Body:

- What is an Easement

- What is an encroachment

- When do you typically encounter either and what do you have to watch out for

- Is the buyer protected through title insurance?

- The OREA standard APS talks about a minor easement, and having to accept title to a property notwithstanding a minor easement, what is a minor easement? can you give us an example

- What would be an example of a not so minor easement, that would give the buyer the ability to cancel the agreement

- Are easements and/or encroachments visible on a survey?

- What are some best practices for realtors to protect their clients when representing sellers? buyers?

- Title search date in the APS, how important is it to give the lawyers adequate time to review title to the property?

Market Update (June 30th, 2021) 

- Talk about organized real estate

- TRREB outreach program, partnership with France

- Data integrity - accuracy is the cornerstone of our MLS system

- Can a buyer solely rely on MLS listing information when purchasing a property?

- what happens if there is an error between an item listed on the MLS data sheet and reality?

- Who will be held liable for any discrepancies

- Important fact, when representing buyer, buyer agent MUST check and verify all information and cannot rely solely on MLS data provided

- STORY - when rep buyer & multiple offers, must verify square footage

- what remedies does buyer have if there are errors on MLS data sheet

- how does RECO look at these situations?

Business development:

- Internal communications, how to streamline all team data and drive results

- how technology is playing a part in team communications

- how to drive culture and performance

- What is included in the sale of a property?

- Chattel vs. fixture

- What type of rental items can exist?

- Why do people lease furnaces? hot water tanks?  (benefits)

- what do the contracts look like to lease

- how much does it typically cost to terminate or pay out a lease contract?

- what common issues do you see with rental items?

- What are some of the best practices when listing a house? condo? when it comes to rental items

- Are rental items registered on title as a lien or encumbrance?

- what type of warranty or representation can be included in the agreement to protect the buyer?

- I often see a phrase such as “seller to discharge all liens and encumbrances on closing, however, furnace is a rental item included under rental” any issues if furnace is already included as a rental

Episode: Now that Liberal Government Won Minority Government in 2021, How will this affect Housing? 

Market Update (Sept 2021)

- short term vs. long term debt

- Buyer's bill of rights

- Transparency about Offer Presentation

Market Update (September 2021)

How Will the 2021 Federal Election Impact Housing

- Reviewing different Party platforms and how they will impact housing!

- Liberals plan to impose a Primary Residence tax. How will that affect our market?

- Extremely important that everyone listening VOTES on September 20th, 2021

Market Update (September 2021)

How Will the 2021 Federal Election Impact Housing

- Reviewing different Party platforms and how they will impact housing! 

- Liberals plan to impose a Primary Residence tax. How will that affect our market? 

- Extremely important that everyone listening VOTES on September 20th, 2021

- At what point should you relist the property back on the market

- Seller obligation to mitigate damages

- Is listing agent owed commission when property does not close?

- What actions can the seller take to protect their position when negotiating an extension

- Important questions to ask buyer when considering an extension

- What expenses can the seller ask buyer to pay if they cannot close

- Further deposit with irrevocable direction to release to seller if buyer fails to close

Body:

- With the market continuing to shift, we are seeing buyers change their mind when submitting firm offers.

- What does signing under seal mean? Where did signing under seal originate?

- Would the signature mean something different if it wasn’t signed under seal?

- If a buyer signs under seal, can the offer be revoked before the irrevocability time/date? what if the offer is conditional?

- When I first got my real estate licence, 14 years ago, I had the privilege of being mentored by a 2nd generation, and uber successful broker/owner in a small brokerage firm in Toronto

- I was his personal driver for the first 8 months

- 8 months gave me a 10 year head start in my real estate career

- business and sales are a century old profession, and its always easier to learn from other successful professionals as opposed to reinventing the wheel

- when the opportunity presented itself to own Sutton Summit realty, I was eager to jump onboard and give back, what was once given to me by my mentor

- mentorship creates a culture within the organization that is very powerful

- Mentors will come and go from your life, and you should recognize where their strengths and weaknesses lie

- I have 3 mentors in my life:

Matthew Stock

Raymond Reichert

Shawn Sheikh

- being a mentor to someone in your life is equally important.

- I often caution agents, that having someone at the management level that can be a mentor to them will most likely be a key differentiating factor in their career