Real Estate News and More
77 Huron Street, Thornbury
The Thornbury market continues to heat up! We were thrilled to get this wonderful home at 77 Huron Street for our clients this week. With the activity in the area increasing, it can be challenging for buyers to get their dream home -- Congrats Jason and Sarah!
Here is a wonderful new listing just in time for the long weekend. This is a fabulously located home in the Sherwood Forest / Amberglen (7 & 9th Line) area of Markham Village. Perfect for first-time buyers, or those on a budget looking to get into this wonderful neighbourhood. This home has been cared for by its original owner since new! Ready for you to make it your own -- choose your upgrades and bring out the gem inside! Backing onto a fantastic greenspace, this great home won't be around for long! 77 Delmark - SOLD OVER ASKING! Call us for details.
There's a lot of misunderstanding about what a Buyer's obligations are/may be when they make an offer on a residential real estate property in Ontario. Here are some examples of things buyers often ask (or worse, just assume)
1. IF WE CHANGE OUR MINDS WE CAN ALWAYS PULL OUR OFFER BACK, RIGHT?
The answer is no you can't. If your written offer has been presented to the Seller (or even in the possession of the Seller's agent), your offer is "live and real" until the expiration of the Irrevocable time specified in your offer. If the Seller signs and accepts your offer, you're committed to the contract. An exception to this is a new build condominium where the law permits a 10 day cooling off period.
2. WE HAVE A HOME INSPECTION CONDITION. WE CAN ALWAYS FIND SOMETHING WRONG TO GET OUT OF THE PURCHASE, RIGHT?
The short answer is probably not. Until recently, home inspection clauses contained language saying the offer was conditional on receiving a "satisfactory report on home inspection in the sole and absolute discretion of the Buyer". A ruling by the Supreme Court of Canada (Basin v. Hrynew) has changed that. It obligates principals in a contract to complete their obligations in good faith under that contract. Unless there is some major latent (hidden) defect discovered that would have caused the Buyer to make a different decision, you're obligated to continue the transaction.
3. IF WE CHANGE OUR MINDS WE AUTOMATICALLY GET OUR DEPOSIT BACK, RIGHT?
The short answer is it's not automatic. Return of a deposit depends on Buyer and Seller agreeing in writing to release each other from a contract. If you have a firm deal (conditions removed), and attempt to cancel a deal, or fail to close as agreed, it's quite possible you will not see your deposit back. The Seller can make an application to court for the deposit to be directed to them as damages for your failure to close, and it's highly likely they will get it.
4. WE NEED TO CHANGE THE CLOSING DATE BY A MONTH. WE CAN DO THAT, RIGHT?
Possibly, but not unilaterally. It can only be done in writing, and with the agreement of both Buyer and Seller. It can be done by an Amendment of the Agreement of Purchase and Sale, or by another instrument generated by the lawyers representing the Buyer and the Seller.
5. OUR AGENT FORGOT TO PUT THE FRIDGE AND STOVE IN THE AGREEMENT, BUT THEY'RE ON THE LISTING, SO WE GET THEM ANYWAY, RIGHT?
No. The only document that matters here is the Agreement of Purchase and Sale. If it's not in the Agreement, it's not part of the deal.
6. WE'RE BUYING A CONDO APARTMENT, SO WE DON'T NEED TO PUT IN ANY CONDITIONS, RIGHT?
Professional advice is you should ALWAYS have a home inspection. If you choose not to, you should sign a waiver (Form 127) that you are acting against our advice. Our experience is that inspections have revealed many important issues in condo apartments related to health and safety, and structural integrity. Another important consideration is your lawyer's examination of the condo documents, called the Status Certificate. When you buy a condo, you're buying into the financial condition and obligations of the condo corporation. Legal advice is important here!
When you sign an Agreement of Purchase and Sale, you are signing "under seal". A seal on a contract is a solemn commitment, a pledge to go forward. You will be held to its terms. You need professional advice from a REALTOR® and, in some cases, your lawyer BEFORE you commit to signing an offer.
The RE/MAX Spring Market report has just been released, and in a surprise to nobody, the GTA market is still going strong. Around Toronto, we have seen a 14% increase in price compared to Spring 2015. Download the full report for more details.
We are thrilled to present this incredible property in the heart of Markham Village. Joseph Street, is a custom-built luxury residence, that has left nothing to spare. Situated on a large 0.628 Acre lot (L-shaped, as much as 220' deep), backing to a quiet ravine and conservation area. Take a peek at www.57Joseph.com for details on this lovely home. Contact us for details!
If there is one thing that seems to always come up when looking at a home with popcorn-style stucco ceilings, it is the question about what can be done with them. Typically, if the stucco has been painted-over at some point in the past, it is nearly impossible to simply scrape-off and smooth -- you are relegated to a much larger, and more expensive, repair.
In this great DIY article, they show a different approach - to simply put up a decorative material over the old ceiling finish, and have something that is beautiful and very unique!
See the results at Lifestyle And Design Online
Another exciting new listing in Unionville! Check out this gorgeous 4 bedroom 'Victoria' model, by Monarch, in the middle of the Bridle Trail. Located on a large, pie-shaped lot on a quiet court, this home has been impeccable renovated top-to-bottom, and shows incredible pride of ownership. Check out www.19pinebrookhollow.com for details. Don't miss the pubic open house this Sunday 2-4pm!
This is a beautiful 4+1 bedroom home backing onto the ravine. The pie-shaped lot features an in-ground pool and custom deck, while the inside has been renovated throughout.
Asking $1,780,000 - Visit www.41Normandale.com for more information on this new property. Open House this Sunday 2-4pm!
Just launched into the market, we are excited to present 81 Longwater Chase in Unionville! This is a stunning 4 bedroom home, backing onto a beautiful park. Top-quality finishes throughout, this is open-concept living at its finest. In-ground pool and luxurious inside and out, this home is perfect for entertaining year-round! Visit www.81LongwaterChase.com for details. Asking $1,275,000 - Open House Sunday February 21st, 2-4PM. Offer presentations Monday February 22nd, 6pm!
