Is an Office Schedule B Important? $10,000 Fine Says So

Reco Case Study – Schedule B Clauses – Advertising

Our Office Schedule B is a Mandatory Form that must accompany all our Listing Offers.   Every Real Estate Office will have its own version.

If we are the Listing Brokerage – Reco states You Must Use Our Mandatory Schedule B

If you are acting as a Buyer Agent and a Listing Brokerage states they don’t have a Schedule B in their office, that’s fine – we are only responsible for our own Listings.   We do recommend you try and insert the Advertising clause in case you wish to blog or advertise the sale as a buyer broker.

There is a reason Schedule B’s are important – here is one of them:

RECO fine – $10,000  – Overview of the Case

Agent prepared an Agreement of Purchase and Sale on a property with Schedule B and clause with permission to advertise the sale of the property.

During the course of negotiations, the clause for permission to advertise was deleted.

Agent, however, distributes advertisements stating the sale of the property as having been “Sold in 7 Days” and “Sold Over Asking 114%”   See Case Result Below:

Sample Office Schedule B.   
More clauses can be added, we are just covering the basic mandatory clauses below

If you need help with attaching your schedule B or where to locate the document, please don’t hesitate to call our office!

416-896-3333

www.SuttonRealty.com

The New First Time Home Buyers Government Incentives Program!

Exciting News For First Time Buyers!

New Government Program offering Qualified Buyers up to $48,000 interest-free down payment incentives with no monthly payments! Up to 1.25 billion dollars has been set aside to help lower mortgage costs for eligible Canadian first time home buyers, on a First Come First Service Basis.

Buyers will need to have a minimum down payment to be eligible, which can be from your qualified R.S.P.  Just keep in mind this is a C.M.H.C. insured mortgage program. The total down payment is to be “less” than 20% down.

You can then apply for the 5% Down Payment Incentive, giving you an extra 5% down on resale purchases or 10% on new construction.  Simplified, this is a shared equity mortgage program with the Government of Canada.

Again is all Interest-Free and includes No Monthly Payments.

You can repay the Incentive at any time without a prepayment penalty.  However, the repayment is based on the property’s fair market value.

How the First Time Home Buyers Program Works

The new program scheduled for September 2nd, So call today about this and “other” Government Incentives to ensure you have a well-planned home purchase.

Visit us online at www.SuttonRealty.com for more information.

Call Our Office Today and Speak to a Representative anytime 905-896-3333 or 416-896-3333.

You can even register for one of our upcoming Home Buying Seminars!

Does Toronto Have The Lowest Property Tax Rates In Ontario?!

New study shows Toronto has the lowest property tax rate among the 25 major cities in Ontario – Beating Markham, Milton & Richmond Hill at roughly 0.615 per cent.

To put this in perspective, a home priced at $500k in Toronto would require owners to pay $3074 in taxes but a home at the same price in Windsor would require $8,947! Although this may seem too good to be true if you are thinking of purchasing a home in Toronto, you must remember that by keeping taxes down, Toronto faces a number of serious challenges such as housing affordability, public transit, road repairs, etc… All which come with a cost.

A main reason the property tax rates are higher in other cities is because the housing prices are much lower. An average cost of a home in Toronto is around $915,481 while Windsor homes sit at around $337,923.

Another thing to think about are the separate charges the City of Toronto bills homeowners (i.e water consumption, garbage pickup) while some cities in Ontario include all of this on a property tax bill.

The New First Time Home Buyers Government Incentives Program!

Exciting News For First Time Buyers!

New Government Program offering Qualified Buyers up to $48,000 interest-free down payment incentives with no monthly payments! Up to 1.25 billion dollars has been set aside to help lower mortgage costs for eligible Canadian first time home buyers, on a First Come First Service Basis.

Buyers will need to have a minimum down payment to be eligible, which can be from your qualified R.S.P.  Just keep in mind this is a C.M.H.C. insured mortgage program. The total down payment is to be “less” than 20% down.

You can then apply for the 5% Down Payment Incentive, giving you an extra 5% down on resale purchases or 10% on new construction.  Simplified, this is a shared equity mortgage program with the Government of Canada.

Again is all Interest-Free and includes No Monthly Payments.

You can repay the Incentive at any time without a prepayment penalty.  However, the repayment is based on the property’s fair market value.

How the First Time Home Buyers Program Works

The new program scheduled for September 2nd, So call today about this and “other” Government Incentives to ensure you have a well-planned home purchase.

Visit us online at www.SuttonRealty.com for more information.

Call Our Office Today and Speak to a Representative anytime 905-896-3333 or 416-896-3333.

You can even register for one of our upcoming Home Buying Seminars!

Fast Home Fixes For July!

Summer is the perfect time for all of those home projects and cleaning chores you’ve been putting off throughout the winter & spring!

Here is a quick list to help guide you!

Edge Garden Beds

Add Some Light To Your Garden

Refresh Mulch

Turn Off The Sprinklers

Fill In The Garden

Tackle Sidewalk Mildew

Weed Smarter

Test Garage Doors

Clean Bathroom Fans

Know Your Storm Plan

Trim Evergreen Trees

Sutton Group Realty Systems Inc., Brokerage

416-896-3333 / 905-896-3333

http://www.suttonrealty.com

http://www.iTorontoCondo.ca

Exciting News For First Time Home Buyers! (Up to 48k In Interest Free Loans!)

Exciting News For First Time Home Buyers!

You can reduce your monthly mortgage costs with this new Government incentive!

For more information – Give Us A Call Today!
Sutton Group Realty Systems Inc., Brokerage
416-896-3333 / 416-896-3333
www.SuttonRealty.com

How To Plan, Invest And Retire Wealthy

On March 2nd, Connect Asset Manager will be at the Investor Forum to explain how it helps it’s clients turn one property into several and build portfolios that cash flow millions of dollars. One of the ways in which Connect Asset Management does that is by giving investor clients access to some of the most exclusive real estate developments in Ontario.

Connect Asset Management builds a strategy for it’s clients predicated on timing – that is, strategically choosing when to purchase a property.  

“From acquisition to completion, there’s a tremendous amount of growth on capital appreciation and rental appreciation, so when the condo is built they have all this appreciation that gives them the ability to refinance, pull out the equity and buy more property,” said Coyle. “We help our clients identify the optimal time to flow that capital into more properties.”

The strategy, which Connect Asset Management will decode at the Investor Forum, is called the Multiplier Effect: The ability to use equity in a safe, not to mention lucrative, way. Coyle says that, with the right strategy, anyone can become a millionaire through investing in real estate.

For starters, ever wonder why the best units in key developments are gone well before sales open to the public?

“We’ve been a top-producing team for many years now and what that means for us is we get to access all the best developments, and we get our clients first access to all the developments before they open to general public and, quite frankly, before anyone even knows about them,” continued Coyle. “This way, our clients are able to get the best deals on the best units.”

Condominiums are far from Connect Asset Management’s sole investment strategy. The firm identifies key markets where yields remunerate clients well, and some of them include university towns with high enrollment but meagre student lodgings.

“Student housing is often referred to as ‘recession-free real estate,’ meaning that when recessions hit student housing tends to be among the strongest real estate because more people go back to school and that increases the demand on both the rental and resale side. The areas we invest in are seeing some of the highest enrollment rates in the country, and Canadian schools have a shortage of on-campus housing, so there’s a new demand for student living, such as condos.”

For more on this, visit: https://www.canadianrealestatemagazine.ca

Ottawa Being Pressured To Revise Mortgage Rules

Ottawa is currently being called upon to revise the B-20 mortgage stress test, as per TREB. Combined with rising interest rates and the mandated stress test, TREB’s CEO John DiMichele says the B-20 is ruinous for the economy.

 

“One area that needs to be revisited is the imposition of the OSFI-mandated two percentage point mortgage stress test. While we saw buyers return to the market in the second half of 2018, we have to have an honest discussion on whether or not today’s homebuyers are being stress tested against rates that are realistic. Home sales in the GTA, and Canada more broadly, play a huge role in economic growth, job creation and government revenues each year. Looking through this lens, policymakers need to be aware of unintended consequences the stress test could have on the housing market and broader economy.” says DiMichele.

Mortgage stress tests will also be used for mortgage borrowers due for renewal if they shop around for better rates, but if they choose to remain with their current lender, they’ll be at the latter’s mercy.

“People will have to stay where they are from a banking standpoint and also from a housing standpoint because they can’t move up the housing ladder,” said Shawn Zigelstein, a real estate agent. “I’ve had clients who have had to qualify at $750 to $1,000 more a month than their actual payments. This reduces their affordability, which means that they can’t buy the property they want and have to stay put, which means the people who wanted to buy their house won’t be able to.

“Qualification and what you can afford are two very different things.”

 

For more on this topic, visit: https://www.repmag.ca/news/pressure-mounts-on-ottawa-to-revise-mortgage-rules-254153.aspx?utm_source=Pinpointe&utm_medium=20190208&utm_campaign=REP-Newsletter&utm_content=5E820814-6993-48E6-A9E5-F4B88518E65F&tu=5E820814-6993-48E6-A9E5-F4B88518E65F