- Assignment Clause
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Assignment clause defined.
Assignment clauses are legally binding provisions in contracts that give a party the chance to engage in a transfer of ownership or assign their contractual obligations and rights to a different contracting party.
In other words, an assignment clause can reassign contracts to another party. They can commonly be seen in contracts related to business purchases.
Here’s an article about assignment clauses.
Assignment Clause Explained
Assignment contracts are helpful when you need to maintain an ongoing obligation regardless of ownership. Some agreements have limitations or prohibitions on assignments, while other parties can freely enter into them.
Here’s another article about assignment clauses.
Purpose of Assignment Clause
The purpose of assignment clauses is to establish the terms around transferring contractual obligations. The Uniform Commercial Code (UCC) permits the enforceability of assignment clauses.
Assignment Clause Examples
Examples of assignment clauses include:
- Example 1 . A business closing or a change of control occurs
- Example 2 . New services providers taking over existing customer contracts
- Example 3 . Unique real estate obligations transferring to a new property owner as a condition of sale
- Example 4 . Many mergers and acquisitions transactions, such as insurance companies taking over customer policies during a merger
Here’s an article about the different types of assignment clauses.
Assignment Clause Samples
Sample 1 – sales contract.
Assignment; Survival . Neither party shall assign all or any portion of the Contract without the other party’s prior written consent, which consent shall not be unreasonably withheld; provided, however, that either party may, without such consent, assign this Agreement, in whole or in part, in connection with the transfer or sale of all or substantially all of the assets or business of such Party relating to the product(s) to which this Agreement relates. The Contract shall bind and inure to the benefit of the successors and permitted assigns of the respective parties. Any assignment or transfer not in accordance with this Contract shall be void. In order that the parties may fully exercise their rights and perform their obligations arising under the Contract, any provisions of the Contract that are required to ensure such exercise or performance (including any obligation accrued as of the termination date) shall survive the termination of the Contract.
Security Exchange Commission - Edgar Database, EX-10.29 3 dex1029.htm SALES CONTRACT , Viewed May 10, 2021, < https://www.sec.gov/Archives/edgar/data/1492426/000119312510226984/dex1029.htm >.
Sample 2 – Purchase and Sale Agreement
Assignment . Purchaser shall not assign this Agreement or any interest therein to any Person, without the prior written consent of Seller, which consent may be withheld in Seller’s sole discretion. Notwithstanding the foregoing, upon prior written notice to Seller, Purchaser may designate any Affiliate as its nominee to receive title to the Property, or assign all of its right, title and interest in this Agreement to any Affiliate of Purchaser by providing written notice to Seller no later than five (5) Business Days prior to the Closing; provided, however, that (a) such Affiliate remains an Affiliate of Purchaser, (b) Purchaser shall not be released from any of its liabilities and obligations under this Agreement by reason of such designation or assignment, (c) such designation or assignment shall not be effective until Purchaser has provided Seller with a fully executed copy of such designation or assignment and assumption instrument, which shall (i) provide that Purchaser and such designee or assignee shall be jointly and severally liable for all liabilities and obligations of Purchaser under this Agreement, (ii) provide that Purchaser and its designee or assignee agree to pay any additional transfer tax as a result of such designation or assignment, (iii) include a representation and warranty in favor of Seller that all representations and warranties made by Purchaser in this Agreement are true and correct with respect to such designee or assignee as of the date of such designation or assignment, and will be true and correct as of the Closing, and (iv) otherwise be in form and substance satisfactory to Seller and (d) such Assignee is approved by Manager as an assignee of the Management Agreement under Article X of the Management Agreement. For purposes of this Section 16.4, “Affiliate” shall include any direct or indirect member or shareholder of the Person in question, in addition to any Person that would be deemed an Affiliate pursuant to the definition of “Affiliate” under Section 1.1 hereof and not by way of limitation of such definition.
Security Exchange Commission - Edgar Database, EX-10.8 3 dex108.htm PURCHASE AND SALE AGREEMENT , Viewed May 10, 2021, < https://www.sec.gov/Archives/edgar/data/1490985/000119312510160407/dex108.htm >.
Sample 3 – Share Purchase Agreement
Assignment . Neither this Agreement nor any right or obligation hereunder may be assigned by any Party without the prior written consent of the other Parties, and any attempted assignment without the required consents shall be void.
Security Exchange Commission - Edgar Database, EX-4.12 3 dex412.htm SHARE PURCHASE AGREEMENT , Viewed May 10, 2021, < https://www.sec.gov/Archives/edgar/data/1329394/000119312507148404/dex412.htm >.
Sample 4 – Asset Purchase Agreement
Assignment . This Agreement and any of the rights, interests, or obligations incurred hereunder, in part or as a whole, at any time after the Closing, are freely assignable by Buyer. This Agreement and any of the rights, interests, or obligations incurred hereunder, in part or as a whole, are assignable by Seller only upon the prior written consent of Buyer, which consent shall not be unreasonably withheld. This Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and permitted assigns.
Security Exchange Commission - Edgar Database, EX-2.1 2 dex21.htm ASSET PURCHASE AGREEMENT , Viewed May 10, 2021, < https://www.sec.gov/Archives/edgar/data/1428669/000119312510013625/dex21.htm >.
Sample 5 – Asset Purchase Agreement
Assignment; Binding Effect; Severability
This Agreement may not be assigned by any party hereto without the other party’s written consent; provided, that Buyer may transfer or assign in whole or in part to one or more Buyer Designee its right to purchase all or a portion of the Purchased Assets, but no such transfer or assignment will relieve Buyer of its obligations hereunder. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the successors, legal representatives and permitted assigns of each party hereto. The provisions of this Agreement are severable, and in the event that any one or more provisions are deemed illegal or unenforceable the remaining provisions shall remain in full force and effect unless the deletion of such provision shall cause this Agreement to become materially adverse to either party, in which event the parties shall use reasonable commercial efforts to arrive at an accommodation that best preserves for the parties the benefits and obligations of the offending provision.
Security Exchange Commission - Edgar Database, EX-2.4 2 dex24.htm ASSET PURCHASE AGREEMENT , Viewed May 10, 2021, < https://www.sec.gov/Archives/edgar/data/1002047/000119312511171858/dex24.htm >.
Common Contracts with Assignment Clauses
Common contracts with assignment clauses include:
- Real estate contracts
- Sales contract
- Asset purchase agreement
- Purchase and sale agreement
- Bill of sale
- Assignment and transaction financing agreement
Assignment Clause FAQs
Assignment clauses are powerful when used correctly. Check out the assignment clause FAQs below to learn more:
What is an assignment clause in real estate?
Assignment clauses in real estate transfer legal obligations from one owner to another party. They also allow house flippers to engage in a contract negotiation with a seller and then assign the real estate to the buyer while collecting a fee for their services. Real estate lawyers assist in the drafting of assignment clauses in real estate transactions.
What does no assignment clause mean?
No assignment clauses prohibit the transfer or assignment of contract obligations from one part to another.
What’s the purpose of the transfer and assignment clause in the purchase agreement?
The purpose of the transfer and assignment clause in the purchase agreement is to protect all involved parties’ rights and ensure that assignments are not to be unreasonably withheld. Contract lawyers can help you avoid legal mistakes when drafting your business contracts’ transfer and assignment clauses.
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Assignment by buyer
Assignment by buyer clause samples
18.10 Assignment by Buyer. Buyer may assign its rights in this Agreement to a purchasing entity with which Buyer and/or its principal owners are affiliated.; provided, however, Buyer shall provide Seller with a copy of the executed assignment and assumption of this Agreement, and Buyer shall remain liable hereunder.
08/08/2019 (Lodging Fund REIT III, Inc.)
18.10 Assignment by Buyer. Buyer may assign its rights in this Agreement to a purchasing entity with which Buyer and/or its principal owners are affiliated.
17. No Assignment by Buyer. This Agreement may not be assigned or transferred by Buyer without Seller’s prior written consent. Notwithstanding the foregoing, Buyer may designate a wholly owned subsidiary to take title to the Property at Closing provided Buyer will remain obligated under this Agreement.
11/09/2020 (Tonix Pharmaceuticals Holding Corp.)
9.4 Assignment by Buyer. Buyer shall have the right to assign this Agreement to any entity affiliated with Buyer, and no consent on the part of Seller shall be required for such assignment; provided, however, that Seller shall not be released from this Agreement by any such assignment, and Buyer shall provide written notice to Seller of such assignment at least five (5) days prior to the Closing.
07/08/2016 (Medalist Diversified REIT, Inc.)
16.9Assignment by Buyer.Buyer may not assign its rights under this Agreement except as specifically set forth in this Section 16.9. Buyer may assign its rights under this Agreement to another entity provided that (i) Buyer notifies Seller of such assignment and the identity of the assignee (and/or designees) at least three (3) business days prior to the date of the Closing, (ii) such assignee and/or designees are majority owned and controlled directly or indirectly by one or more principals of Buyer, (iii) such assignee shall assume all the obligations and liabilities of Buyer hereunder in a writing reasonably acceptable to Seller in form and substance and (iv) Buyer shall remain liable for all of its obligations hereunder until the date of Closing. If such assignment is made, then the sale contemplated by this Agreement shall be consummated in the name of, and by and through the authorized officials of, such assignee (and/or such assignee’s designees). Buyer shall have the right to assign its rights with respect to (i) the fee interest and the landlord under the Ground Lease and (ii) the lessee under the Ground Lease, in each case under this Agreement, to separate legal entities satisfying the conditions of this Section 16.9, provided that Buyer shall provide Seller with notice of the name of each such entity at least five (5) business days prior to the Closing Date, and provided further that the closing for each interest shall occur simultaneously.
08/07/2019 (MACK CALI REALTY CORP)
18.10Assignment by Buyer. Buyer may assign its rights in this Agreement to a purchasing entity with which Buyer and/or its principal owners own a controlling interest in.
03/25/2020 (Lodging Fund REIT III, Inc.)
Section 13.Assignment by Buyer. Buyer may not assign its rights under this Agreement without Seller's written consent, which consent may be granted or withheld in Seller's sole and absolute discretion; provided, however, that Buyer may, upon five (5) days prior written notice to Seller, assign this Agreement to an affiliated entity controlled by, controlling, or under common control with, Buyer; provided, however, (x) Buyer's assignee shall assume in writing all of Buyer's obligations hereunder pursuant to an assignment and assumption agreement and (y) no assignment of this Agreement shall relieve Buyer of its obligations hereunder.
12/26/2018 (1st stREIT Office Inc.)
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An assignment clause (AC) is an important part of many contracts, especially for real estate. In this article we discuss:
- What is an Assignment Clause? (with Example)
- Anti-Assignment Clauses (with Example)
- Non-Assignment Clauses
- Important Considerations
- How Assets America ® Can Help
Frequently Asked Questions
What is an assignment clause.
An AC is part of a contract governing the sale of a property and other transactions. It deals with questions regarding the assignment of the property in the purchase agreement. The thrust of the assignment clause is that the buyer can rent, lease, repair, sell, or assign the property.
To “assign” simply means to hand off the benefits and obligations of a contract from one party to another. In short, it’s the transfer of contractual rights.
Explicitly, an AC expresses the liabilities surrounding the assignment from the assignor to the assignee. The real estate contract assignment clause can take on two different forms, depending on the contract author:
- The AC states that the assignor makes no representations or warranties about the property or the agreement. This makes the assignment “AS IS.”
- The assignee won’t hold the assignor at fault. It protects the assignor from damages, liabilities, costs, claims, or other expenses stemming from the agreement.
The contract’s assignment clause states the “buyer and/or assigns.” In this clause, “assigns” is a noun that means assignees. It refers to anyone you choose to receive your property rights.
The assignment provision establishes the fact that the buyer (who is the assignor) can assign the property to an assignee. Upon assignment, the assignee becomes the new buyer.
The AC conveys to the assignee both the AC’s property rights and the AC’s contract obligations. After an assignment, the assignor is out of the picture.
What is a Lease Assignment?
Assignment Clause Example
This is an example of a real estate contract assignment clause :
“The Buyer reserves the right to assign this contract in whole or in part to any third party without further notice to the Seller; said assignment not to relieve the Buyer from his or her obligation to complete the terms and conditions of this contract should be assigning default.”
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An assignment provision is a separate clause that states the assignee’s acceptance of the contract assignment.
Assignment Provision Example
Here is an example of an assignment provision :
“Investor, as Assignee, hereby accepts the above and foregoing Assignment of Contract dated XXXX, XX, 20XX by and between Assignor and ____________________ (seller) and agrees to assume all of the obligations and perform all of the duties of Assignor under the Contract.”
Anti-Assignment Clauses & Non-Assignment Clauses
An anti-assignment clause prevents either party from assigning a contract without the permission of the other party. It typically does so by prohibiting payment for the assignment. A non-assignment clause is another name for an anti-assignment clause.
Anti-Assignment Clause Example
This is an anti-assignment clause example from the AIA Standard Form of Agreement:
” The Party 1 and Party 2, respectively, bind themselves, their partners, successors, assigns, and legal representatives to the other party to this Agreement and to the partners, successors, assigns, and legal representatives of such other party with respect to all covenants of this Agreement. Neither Party 1 nor Party 2 shall assign this Agreement without the written consent of the other.”
Important Considerations for Assignment Contracts
The presence of an AC triggers several important considerations.
In essence, the assignor is a broker that brings together a buyer and seller. As such, the assignor collects a fee for this service. Naturally, the assignor doesn’t incur the normal expenses of a buyer.
Rather, the new buyer assumes those expenses. In reality, the assignment fee replaces the fee the realtor or broker would charge in a normal transaction. Frequently, the assignment fee is less than a regular brokerage fee.
For example, compare a 2% assignment fee compared to a 6% brokerage fee. That’s a savings of $200,000 on a $5 million purchase price. Wholesalers are professionals who earn a living through assignments.
Frequently, the assignor will require that the assignee deposit the fee into escrow. Typically, the fee is not refundable, even if the assignee backs out of the deal after signing the assignment provision. In some cases, the assignee will fork over the fee directly to the assignor.
Just because the contract contains an AC does not obligate the buyer to assign the contract. The buyer remains the buyer unless it chooses to exercise the AC, at which point it becomes the assignor. It is up to the buyer to decide whether to go through with the purchase or assign the contract.
Nonetheless, the AC signals the seller of your possible intent to assign the purchase contract to someone else. For one thing, the seller might object if you try to assign the property without an AC.
You can have serious problems at closing if you show up with a surprise assignee. In fact, you could jeopardize the entire deal.
Another thing to consider is whether the buyer’s desire for an AC in the contract will frighten the seller. Perhaps the seller is very picky about the type of buyer to whom it will sell.
Or perhaps the seller has heard horror stories, real or fake, about assignments. Whatever the reason, the real estate contract assignment clause might put a possible deal in jeopardy.
Chain of Title
If you assign a property before the closing, you will not be in the chain of title. Obviously, this differs from the case in which you sell the property five minutes after buying it.
In the latter case, your name will appear in the chain of title twice, once as the buyer and again as the seller. In addition, the latter case would involve two sets of closing costs, whereas there would only one be for the assignment case. This includes back-to-back (or double) closings.
Assignment might not be enforceable in all situations, such as when:
- State law or public policy prohibits it.
- The contract prohibits it.
- The assignment significantly changes the expectations of the seller. Those expectations can include decreasing the value of the property or increasing the risk of default.
Also note that REO (real estate owned) properties, HUD properties, and listed properties usually don’t permit assignment contracts. An REO property is real estate owned by a bank after foreclosure. Typically, these require a 90-day period before a property can be resold.
How Assets America Can Help
The AC is a portion of a purchase agreement. When a purchase involves a commercial property requiring a loan of $10 million or greater, Assets America ® can arrange your financing.
We can finance wholesalers who decide to go through with a purchase. Alternatively, we can finance assignees as well. In either case, we offer expedient, professional financing and many supporting services. Contact us today for a confidential consultation.
What rights can you assign despite a contract clause expressly prohibiting assignment?
Normally, a prohibition against assignment does not curb the right to receive payments due. However, circumstances may cause the opposite outcome. Additionally, prohibition doesn’t prevent the right to money that the contract specifies is due.
What is the purpose of an assignment of rents clause in a deed of trust and who benefits?
The assignment of rents clause is a provision in a mortgage or deed of trust. It gives the lender the right to collect rents from mortgaged properties if the borrower defaults. All incomes and rents from a secured property flow to the lender and offset the outstanding debt. Clearly, this benefits the lender.
What is in assignment clause in a health insurance contract?
Commonly, health insurance policies contain assignment of benefits (AOB) clauses. These clauses allow the insurer to pay benefits directly to health care providers instead of the patient. In some cases, the provider has the patient sign an assignment agreement that accomplishes the same outcome. The provider submits the AOB agreement along with the insurance claim.
What does “assignment clause” mean for liability insurance?
The clause would allow the assignment of proceeds from a liability award payable to a third party. However, the insured must consent to the clause or else it isn’t binding. This restriction applies only before a loss. After a first party loss, the insurer’s consent no longer matters.
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My business partner and I were looking to purchase a retail shopping center in southern California. We sought out the services of Ronny, CFO of Assets America. Ronny found us several commercial properties which met our desired needs. We chose the property we liked best, and Ronny went to work. He negotiated very aggressively on our behalf. We came to terms with the Seller, entered into a purchase agreement and opened escrow. Additionally, we needed 80 percent financing on our multimillion-dollar purchase. Assets America also handled the commercial loan for us. They were our One-Stop-Shop. They obtained fantastic, low, fixed rate insurance money for us. So, Assets America handled both the sale and the loan for us and successfully closed our escrow within the time frame stated in the purchase agreement. Ronny did and performed exactly as he said he would. Ronny and his company are true professionals. In this day and age, it’s especially rare and wonderful to work with a person who actually does what he says he will do. We recommend them to anyone needing any type of commercial real estate transaction and we further highly recommend them for any type of commercial financing. They were diligent and forthright on both accounts and brought our deal to a successful closing.
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April 18th - 2016
What consumers need to know about assignments: RECO
Assignments in real estate have been the focus of media attention recently. The Real Estate Council of Ontario (RECO) answers questions about this type of transaction.
Q: What is an assignment?
A: An assignment is a sales transaction where the original buyer of a property (the “assignor”) allows another buyer (the “assignee”) to take over the buyer’s rights and obligations of the Agreement of Purchase and Sale, before the original buyer closes on the property (that is, where they take possession of the property). The assignee is the one who ultimately completes the deal with the seller.
In other words, an assignment clause allows the buyer of a home to sell the place before they take possession of it. In Ontario, assignments are more common in pre-built homes and condos than on re-sale properties, but they are possible on any type of trade.
Q: Are assignments legal, and why do they happen?
A: When done properly, assignments are legal and can be a useful tool for buyers and sellers. An example of this would be a situation where a buyer’s financial or personal situation changes before closing. Assigning allows them to pass along the contract to another buyer, without backing out of the deal with the seller.
For instance, someone could buy a condo that is still under construction and might not be ready for a couple of years. The buyer’s work or family situation could change during that time, causing them to change their mind about living in the condo they purchased. Another example may be where a buyer runs into financial difficulties to close on an existing house and wants to find another buyer rather than risk the financial penalties that might come with having to try to back out of the deal.
Q: Why is there so much attention surrounding assignments at this time?
A: Recent media reports out of British Columbia suggest that some real estate professionals in that province may have been using assignments to make more money on the deal without telling their seller clients about what they are doing. When there is a registered real estate professional involved in a transaction, they have a number of obligations to their client. Some of those obligations involve disclosing if they have a personal interest in the transaction that goes beyond the commission they stand to earn on the transaction.
The assignment situation in Vancouver appears to be a localized issue, and we haven’t seen evidence of it being prevalent in Ontario. However, we are monitoring closely. If consumers are aware of questionable practices, RECO wants to know about it so we can investigate. Our complaint form can be found here .
Q: What are the obligations of real estate professionals when it comes to assignments in Ontario?
A: Ontario has rules requiring real estate professionals to disclose any personal interest in a purchase or sale. There would also be disclosure obligations if the same brokerage were representing both the buyer and the seller in a transaction and the buyer intended to assign the purchase to another buyer. In this case the brokerage would have to inform the seller. The seller could then make an informed decision about whether to include an assignment clause in the Agreement of Purchase and Sale.
In Ontario, all registered real estate professionals have an obligation to act with fairness, honesty and integrity when dealing with others in a real estate transaction, while protecting and promoting the best interest of their clients. The seller’s representative is expected help the seller weigh the pros and cons of giving the buyer the ability to assign the property to another buyer.
Q: What is RECO doing about assignments in Ontario?
A: RECO is continuing to monitor this issue, and if a registered real estate professional breaches the rules, they would be pursued to the full extent of the law. In addition, RECO has asked its inspection team to watch for anything unusual related to assignments.
If you work with a registered real estate professional and feel like they did not look out for your best interests, you can file a complaint with RECO and we will investigate the situation.
Q: What about the tax implications of assignments?
A: RECO advises anyone participating in an assignment to seek the advice of a tax specialist. Generally, assignors can expect to pay tax on any profits they realized from the assignment. Land transfer taxes are paid by the assignee, as they are only due when the sale closes (that is when the property actually changes hands).
Q: How can home buyers and sellers protect themselves?
A: As with any contract, it’s crucial for buyers and sellers to know what they’re signing. Real estate contracts are legally-binding, so getting legal advice can be a smart idea. It’s important to know what each clause means and how it will affect you. Buyers and sellers are encouraged to ask their real estate professional to explain the clauses in the contract.
Beyond contracts, RECO encourages buyers and sellers to do their homework. That means interviewing several salespersons, getting several comparative market analyses to understand what their home is worth and having realistic expectations about timelines, pricing and how the process will work.
For more details, visit www.reco.on.ca .
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Call for candidates – ontario real estate association.
October 31, 2022
Interested in running for a position on OREA’s 2023 Board of Directors?
Call for Candidates – Ontario REALTORS Care® Foundation
Interested in running for a position on the Ontario REALTORS Care® Foundation’s 2023 Board of Directors?
November 26, 2021
Interested in running for a position on OREA’s 2022 Board of Directors? The following positions are up for election: two Directors-at-Large and four Provincial Directors (one each from the Southern, Northeastern, Western and Central Ontario Areas).
Interested in running for a position on the Ontario REALTORS Care® Foundation’s 2022 Board of Directors? The following positions are up for election: three REALTOR® Directors (made up of one each from the Central, Northeastern and Southern Ontario Areas), and one Public Director.
October 29, 2020
Interested in running for a position on OREA’s 2021 Board of Directors? The following positions are up for election: four Provincial Directors (made up of one each from the Central, Northern, Eastern and Western Ontario Areas) and two Directors-at-Large.
Interested in running for a position on the Ontario REALTORS Care® Foundation’s 2021 Board of Directors? The following positions are up for election: three REALTOR® Directors (made up of one each from the Northern, Eastern, and Western Ontario Areas), and one Public Director.
October 24, 2019
Interested in running for a position on OREA’s 2020 Board of Directors? The following positions are up for election: four Provincial Directors (made up of one each from the Central, Northern, Northeastern and Southern Ontario Areas) and two Directors-at-Large.
Interested in running for a position on the Ontario REALTORS Care® Foundation’s 2023 Board of Directors? The following positions are up for election: three REALTOR® Directors (made up of one each from the Eastern, Northern, and Western Ontario Areas), and one Public Director.
October 29, 2018
Interested in running for a position on OREA's 2019 Board of Directors? The following positions are up for election: four Provincial Directors (made up of one each from the Central, Eastern, Northern and Western Ontario Areas) and two Directors-at-large.
Interested in running for a position on the Ontario REALTORS Care® Foundation's 2019 Board of Directors? The following position are up for election: three REALTOR® Directors (made up of one each from the Eastern, Northern, and Western Ontario Areas), and on Public Director.
Call for Candidates – Ontario Real Estate Association (OREA)
November 15, 2017
Run for a position on OREA’s 2018 Board of Directors. The following positions are up for election: three Provincial Directors (made up of one each from the Southern, Northeastern and Central Ontario Areas), and two Directors-at-Large.
Run for a position on the Ontario REALTORS Care® Foundation’s 2018 Board of Directors? The following positions are up for election: three REALTOR® Directors (made up of one each from the Central, Southern, and Northeastern Ontario Areas), and one Public Director (Executive Officer).
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Foundation board installed
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March 22, 2017
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OREA annual conference and governance day
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February 20, 2017
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January 3, 2017
First-time buyers get a tax break
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RECO decision: Ad and listing agreement mislead sellers
A handwritten note to the sellers stated that if their property did not sell in 30 days, the brokerage would buy it at the highest price offered by the market. A registrant’s failure to properly document the details led to a RECO complaint.
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Access to a waterfront property became a point of dispute in this case. The issue hinged on whether the property required an easement of necessity.
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Ed Barisa retires as CEO of OREA
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In memoriam: Keith Teetzel
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Disclosure and stigmatized properties
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Stigmatized properties present a special challenge in real estate, and REALTORS® should be aware of their disclosure obligations.
New ad campaign promotes REALTOR® value
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Commercial real estate the focus of events
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Generation Y’s intentions to buy real estate increase
More of Ontario’s younger generations are likely to buy a home in the next two years, according to new research from the Ontario Real Estate Association.
Motorcycle ride for charity a success
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RECO: Stigmatizing issues
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Don’t get voted off the island. To survive and thrive in real estate, you need a range of skills, according to three seasoned pros.
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What does your OREA membership get you?
Find out what your association has been doing for you in the past year. Read the 2016 annual report from the Ontario Real Estate Association.
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Show integrity in real estate with the right forms: Join seminar
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July 15, 2016
The buyers were attracted to a waterfront lot with access to a nearby beach. Wording in the real estate listing led to disciplinary action against two registrants.
Advocacy campaign wins second prestigious award
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Buying or selling a home is fraught with emotion. Three Ontario REALTORS® share their insights on steering clients through the emotional challenges of the transaction.
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Motorcycle season is upon us, and that means the Ontario REALTORS Care® Foundation is gearing up for a good cause. Join the 2016 ride or support a rider.
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Technology events enhance your skills
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In this case, the swimming pool and equipment were said to be in good working order by the seller. The buyers’ failure to inspect the pool before closing meant that things did not go swimmingly.
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A campaign organized by the Ontario Real Estate Association (OREA) to stop the spread of the municipal land transfer tax beyond Toronto has won a prestigious public relations award.
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Annual report highlights OREA accomplishments
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May 8, 2016
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OREA president featured on radio show
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Supporters of charities, shelters recognized
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Foundation board of directors for 2016
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April 18, 2016
If you lack negotiation skills, you won’t be able to put together a deal for your clients or stay in business for long. Three real estate professionals share their insights on negotiating.
New statistics and newsletter launched
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Stickhandling offers and negotiations: Join seminar
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Real estate: More than just sales
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New tutorials explain forms
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What a dump: Landfill discovered under dream home
The buyers learned belatedly that their dream home was built over a landfill site. Legal Beat discusses the court dispute over disclosure after a rural real estate sale.
New OREA board of directors for 2016
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Time flies: Organizing your day
March 13, 2016
Staying organized and managing your workload effectively is vital to success in real estate. Three REALTORS® from across Ontario share their strategies for time management.
Changes to pre-registration education
Important changes are coming to pre-registration education on April 1 that will boost the knowledge of new entrants to the profession. The Real Estate Council of Ontario (RECO) is making changes with support from the Ontario Real Estate Association (OREA).
What’s new in Standard Forms: Join seminar
If you want to learn more about the standard forms used in real estate, sign up for a free seminar offered by the Ontario Real Estate Association.
New videos highlight consumer research findings
Two lively animated videos created by OREA reveal the results of surveys of consumers in the province of Ontario. They conclude with the importance of working with a REALTOR®.
Buyers floored by property’s structural weakness
A few years after purchasing a house, the buyers learned that previous owners had removed a load-bearing wall, rendering the second floor unsafe. The buyers sued the company that provided title insurance.
Last chance to volunteer for OREA committees
Local markets are stronger: survey.
Residential real estate markets are stronger now than they were a year ago, according to a recent survey of consumers. The Ontario Home Ownership Index, a survey conducted by OREA, reveals that 40 per cent felt the market in their own city was stronger in 2016.
Tips to protect your home and property: IBC
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Save the date: OREA annual conference and AGM
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Avoid errors in real estate listings
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Mistakes in a real estate listing can hurt your clients and damage your career. That’s why accuracy in a listing is vital. Two experienced REALTORS® discuss common errors in listings and the consequences of making them.
Virtual home staging can save time, money
It’s now possible to stage a home without painting or decluttering, thanks to virtual home staging. Read the second of two stories on enhancing a property the digital way.
New seminars and tutorials deal with standard forms
Learn more about the forms often used in real estate by participating in an upcoming seminar or tutorial.
Customer Service Centre aims to help
If you have questions or concerns about your real estate studies, the Customer Service Centre at the OREA Real Estate College can help. The satisfaction rate among callers rose to 95%, up 3 percentage points.
Legal Beat: Faulty septic system makes for sale that stinks
This lawsuit hinged on the state of the septic system at a rural property and claims about plumbing expertise made by the registrant.
Videos focus on overcoming challenges, meeting goals
Learn how others have met challenges, surmounted obstacles or met their goals. Check out the Leadership podcasts posted to the Ontario Real Estate Association website.
The Ontario Real Estate Association’s Annual Assembly Meeting and REALTORS Care Foundation Annual General Meeting take place on March 9 in Toronto. These events are part of the OREA 2016 Leadership Conference.
Slowing down: Surviving the lean season
January 8, 2016
Winter is often one of the slowest periods in real estate, you must manage the slow times in order to remain in business during the hectic seasons. Three REALTORS® from different Ontario cities share their strategies for getting through the lean times.
Campaign prevents expanded land transfer tax
A high-profile advocacy campaign to prevent the spread of the hated municipal land transfer tax has been highly successful. The Ontario Real Estate Association was vigilant in lobbying Queen’s Park to ensure the MLTT does not extend beyond Toronto.
Living beyond your means in real estate
Avoid the temptation to spend too much or abuse your credit cards when you start to succeed in the business, advises a Toronto REALTOR®.
Apply to win a prestigious leadership award
If you’re new to real estate, involved in organized real estate and dedicated to doing community work, you can apply to win a prestigious award that helps you hone your leadership skills.
Home staging - the virtual way
If your clients don’t have the time or energy to declutter or repaint before listing their place for sale, you can suggest “virtual staging” to create a stylish picture that appeals to buyers.
Legal Beat: Alarm system leads to alarming lawsuit
The seller installed an alarm system in his home before putting it on the market. After the property sold, a dispute arose over the payment of monthly fees for the alarm monitoring service.
Miss Real Estate Manners: Always be professional
Courtesy and professionalism are crucial in real estate. Read the final installment of tips in a series from the London and St. Thomas Association of REALTORS® (LSTAR).
Renovate before reselling? Some tips from RECO
If your clients plan to renovate before selling their home, they should remember that upgrades and repairs cost time and money. RECO provides tips to protect consumers and their pocketbooks.
Multiple offers pose unique challenges
December 22, 2015
A multiple offer situation requires attention to detail and due diligence on a number of fronts, no matter where the property is located. The EDGE newsletter spoke to three REALTORS® in different cities about how they handle competing offers.
What kind of REALTOR® superhero are you?
All REALTORS® are superheroes. Take part in a fun and interactive quiz to learn what kind of superhero you are.
Ontario government close to allowing doubling of land transfer taxes
The Ontario government has indicated it will make home buying even harder by giving all municipalities authority to levy a municipal land transfer tax (MLTT).
Call for Candidates – Foundation
Get your home ready for winter: ibc.
Short, dark days and colder temperatures are a reminder to start preparing your home for winter. The Insurance Bureau of Canada lists some steps to prepare for the arrival of those sub-zero days.
Legal Beat: Wet basement a reminder of buyer beware precedent
In this case, the buyers discovered a leak in the basement after moving into a house, and the concept of buyer beware played a key role in the court decision.
Miss Real Estate Manners: Protect your clients
Safety and compliance should be top of mind when you conduct a real estate showing. Read the latest installment of tips from the London and St. Thomas Association of REALTORS® (LSTAR).
Offer handling a common complaint: RECO
A high proportion of complaints to RECO pertain to the handling of offers. Make sure the process and your conduct are fair, ethical, open and transparent.
November 23, 2015
The Ontario Real Estate Association (OREA) has developed a fun and interactive quiz that asks what kind of superhero you are. Play the game now.
Condo challenges: The particulars of the condominium market
Learn about the peculiarities of the condominium market from two REALTORS® who have been selling condos for 25 years or more. They share insights and experiences to help you navigate a market that is different from other residential real estate.
Romancing the real estate brokerage
Starting a career in real estate is like a new romance. Treat it like a budding romance to find yourself in wedded bliss rather than divorce court, advises one Ottawa Realtor.
Looking for volunteers on OREA committees
Joining a committee or task force is a great way to meet colleagues and contribute to the real estate profession. Serve your profession and enhance your knowledge by volunteering for a committee.
Legal Beat: Get your BRA signed
Getting a Buyer Representation Agreement (BRA) signed at the beginning would have prevented problems and a lawsuit in this commercial case.
Comic video highlights generation gap
A funny new video about a millennial client and her older REALTOR® exposes a generation gap in language.
Miss Real Estate Manners: Know your limits
Don’t overstep your bounds or give advice beyond your own level of expertise. Read the fifth installment of tips from the London and St. Thomas Association of REALTORS® (LSTAR).
Child's play: Working with young families
October 18, 2015
Showing properties is a crucial step in selling a home, but special challenges exist when young children are involved. Three REALTORS® talk about their approach to ensuring that everything runs smoothly.
REALTOR® value the focus of ad campaign
Television and billboard ads that promote the value of using a REALTOR® are running this fall across Ontario. The ads are part of the REALTORS® we do the homework campaign.
Don’t fear the heritage property
Heritage properties need not be a source of fear if you work in real estate. They are a substantial part of many markets across the province and one expert predicts their numbers will only increase over time.
RECO: Registrant fails to check zoning
The registrant in this transaction promoted a property as having two units, highlighting the rental potential with no mention of zoning restrictions. Read the decision from the Real Estate Council of Ontario after a complaint was submitted.
Come to one or more events this fall to keep you on the cutting edge of technology in real estate and hone your skills. Sign up for an event as part of Emerge: Moving You Forward with the tools for Tomorrow.
Legal Beat: Brokerage sale leads to debate over turnkey operation
In this transaction, the owner sold her brokerage to buyers who later argued it was supposed to be a turnkey operation – a business already set up and ready to go with no changes needed. A lawsuit ensued.
Miss Real Estate Manners
Courtesy and common sense are vital ingredients for a successful real estate career. Read the fourth installment of tips and advice from the London and St. Thomas Association of REALTORS® (LSTAR).
Motorcycle ride a success
Sunny skies warmed the riders at this year’s Motorcycle Ride for Charity, who completed a successful ride from Toronto to Ottawa for a good cause. This year marked the 10th anniversary of the ride organized by the Ontario REALTORS Care® Foundation.
College wins prestigious award
The OREA Real Estate College has won a prestigious educational award for its blended learning curriculum from the Real Estate Educators Association, beating out hundreds of other programs across North America.
Mentorship in real estate
September 22, 2015
The guidance of experienced professionals can help you grow in your career and personal life. Mentorship takes different forms, from one-on-one sessions to group meetings or formal training. Three REALTORS® talk about how mentoring has helped them.
Complaints service helps at stressful time
It can be stressful to learn that you are the subject of a complaint to the Real Estate Council of Ontario. A service created by the Ontario Real Estate Association helps you navigate the process and know what to expect at a challenging time.
Serving buyers in the pre-construction phase
When a property is not yet built, ask many questions and use due diligence to prevent surprise and disappointment for your buyers, advises one Toronto REALTOR®.
Ad campaign promotes REALTOR® value
Television and billboard ads that promote the value of using a REALTOR® will be running this fall across the province. They are all part of the REALTORS® we do the homework campaign.
Video and webinar explain new form
A short video and web tutorial help you understand Form 801, the new document created to help comply with legislation to prevent phantom offers.
Fall technology events
Dates and locations are now confirmed for fall tools and technology events as part of Emerge: Moving You Forward with the Tools for Tomorrow. Find out about upcoming events in your region of the province.
Legal Beat: When you don’t have a crystal ball
The seller took legal action against her REALTOR®, claiming she was misled by flawed advice to sell her property at a price below market value.
Consumer confidence in local markets growing
More Ontarians have a favourable opinion of the real estate market in their local city or town, according to new research released in an index produced by the Ontario Real Estate Association.
Courtesy is paramount in the real estate industry, according to the latest installment of tips and advice on professional behaviour in real estate from the London and St. Thomas Association of REALTORS®.
Handling stress in real estate
August 22, 2015
Real estate can be a stressful career. Erratic hours, stiff competition and an uncertain income all contribute to the stress. Three seasoned REALTORS® talk about how they cope with stress and share their tips.
Electronic signatures now allowed for agreement of purchase and sale
July 1, 2015
Legislation is now in place to allow electronic signatures to be used for the agreement of purchase and sale (APS) in real estate transactions.
New form deals with law to prevent phantom offers
A new form is available to help you comply with legislation aimed at preventing phantom offers. The Ontario Real Estate Association has created Form 801, an offer summary document that satisfies the conditions of Bill 55, The Stronger Protection for Consumers Act.
RECO: Registrant switches brokerages and changes lawn signs
The registrant moved to a new brokerage and changed the lawn signs on properties for clients whom he had represented through his old brokerage. Read the decision from the Real Estate Council of Ontario after complaints were submitted.
Get organized and stay organized
Managing your time in the demanding real estate profession can be a challenge. REALTOR® Eric McCartney of York Region shares some of his insights into getting – and staying – organized.
Fall into technology events
July 18, 2015
If you want to stay on the cutting edge of technology in real estate, come to one or more events this fall around the province as part of the series called Emerge: Moving You Forward with the Tools for Tomorrow.
Consumers show confidence in local markets: Index
What do Ontario consumers really think about the current real estate market? Learn more in the newest results from the Ontario Home Ownership Index research study.
Legal Beat: Lack of electricity a reminder that REALTORS® must verify facts
The registrant was selling two vacant rural lots and his signs and advertisements stated that the properties were “fully serviced” by an electricity source on the road at the edge of the property. A court case ensued when the buyer learned that electricity service was lacking.
Miss Real Estate Manners: Do unto others
Treat your colleagues, customers and clients the way you would like to be treated. Read the second installment of tips and advice from the London and St. Thomas Association of REALTORS® (LSTAR).
Miss Real Estate Manners: Show courtesy
June 7, 2015
Courtesy, communication and common sense are the three “C”s that real estate brokers and salespeople should follow in doing business. The London and St. Thomas Association of REALTORS® shares some tips from its “Miss Real Estate Manners” summary of good behaviour.
Motorcycle ride for charity celebrates 10th anniversary
June 5, 2015
The rubber meets the road on Wednesday, July 8 in this year’s Motorcycle Ride for Charity. Take part in the ride or sponsor a rider to support the many shelter-related charities that benefit from the ride organized by the Ontario REALTORS Care® Foundation.
Avoid advertising pitfalls
June 8, 2015
Make sure your real estate advertisements follow the provincial guidelines to prevent complaints and fines for false or misleading advertising. The industry regulator, the Real Estate Council of Ontario, outlines some of the most common mistakes spotted in real estate ads.
Wired Office: Big data is key to real estate service
June 6, 2015
Big data is everywhere, and more consumers are doing at least some online searches of their own before contacting a REALTOR®. Find out how big data can help you give a better service to your clients and customers even in today’s wired world.
Legal Beat: Buyers will find out eventually
June 4, 2015
The sellers in this case experienced water damage at their property, a fact not disclosed during the real estate transaction. A lawsuit was launched after the buyers learned from their new neighbours about previous water and mould problems at the house.
Awards honour volunteers, milestones
June 3, 2015
OREA training video popular
June 1, 2015
A video blog post on how to give clear classroom instructions has found popularity on YouTube. It is just one in a series of instructional videos for trainers that help facilitate classroom sessions.
June 2, 2015
Many REALTORS® help families find the perfect home, but they also do a great deal of volunteer work to support charities that give shelter to the homeless and others in need. The Ontario REALTORS Care® Foundation honoured various individuals and groups for their charity work.
Four tips for a hassle-free move: RECO
The Real Estate Council of Ontario (RECO) has published tips to help consumers select the best mover. Share these tips from Consumer Protection Ontario with your clients and customers.
Hone your negotiation skills
May 6, 2015
Even a flock of chickens can be the subject of dispute in a real estate transaction. Negotiation is vital in this line of work, and the more you hone your negotiating skills, the more successful your career will be. Read more about negotiating skills and the art of the deal from three Ontario REALTORS®.
Developing your brand
May 5, 2015
Branding in real estate yields tangible results. A pair of REALTORS® learned this after asking some tough questions in the process of developing their brand. Find out how an Ottawa team achieved lasting recognition by developing its brand.
Rules vary for basement apartments, second suites
Be cautious in your approach to properties with basement apartments, second suites or in-law suites. That’s because the laws vary across the province and can be a legal minefield.
President’s Message from Patricia Verge
May 4, 2015
The president of the Ontario Real Estate Association notes that change is the new normal in today’s business world. Patricia Verge discusses the challenges and changes in real estate today.
RECO decision: Memory fails registrant who conveys wrong price
A registrant’s mistaken price presentation leaves the sellers out of pocket and the buyers out of luck following this transaction, which leads to a RECO complaint.
Legal Beat: Saturday closing leads to lawsuit
May 2, 2015
A closing that was scheduled for a Saturday in an agreement of purchase and sale (APS) led to legal issues in an Ontario property transaction.
Unveiling the OREA Real Estate College alumni program
A graduate’s connection to his or her college should not end on graduation. That’s why the OREA Real Estate College has launched a new alumni program.
Snapshot of OREA members revealed
May 3, 2015
A new survey of members of the Ontario Real Estate Association (OREA) provides valuable information and helps create a profile of members across the province. Find out more about the age, language, locations, and type of real estate transactions conducted by members.
Motorcycle ride for charity
This year’s Motorcycle Ride for Charity organized by the Ontario REALTORS Care® Foundation will take place on Wednesday, July 8. Riders depart from the OREA headquarters in Don Mills, with several stops on the way to Ottawa.
Annual report now available
May 1, 2015
An interactive version of the 2015 annual report of the Ontario Real Estate Association is now posted to the OREA website, with electronic links to bring you more information on the products and services provided by OREA.
Bridging the generation gap in real estate
It has never been more important for young and old to work together. In an industry that is constantly evolving, both new and seasoned REALTORS® must collaborate and share knowledge, argues one Ontario broker.
The board of directors of the Ontario REALTORS Care® Foundation for 2015 was officially installed at the annual OREA conference.
RECO website refreshed
The Real Estate Council of Ontario recently unveiled its new website. The site has been revised to better serve the needs of both consumers and real estate professionals.
The importance of repeat business and referrals
April 4, 2015
Word-of-mouth advertising is a vital way to build your business. Referrals and repeat business are crucial to your success in real estate. In this feature article, three Ontario REALTORS® talk about the strategies they use to get referrals and generate repeat business.
REALTOR® value advertising campaign continues
April 3, 2015
An ad campaign designed to promote REALTOR® value to the public will continue until the end of 2018. That decision is the result of a vote on a special levy to fund the extension of the campaign at the annual general meeting of the Ontario Real Estate Association (OREA).
The benefits of volunteering in real estate
April 1, 2015
Many personal and professional benefits come from volunteering, as the president of a local real estate association learned after a year in office.
REALTOR® Quest the largest show of its kind
April 2, 2015
On May 6 and 7, thousands of real estate professionals will gather at the Toronto Congress Centre for Canada’s largest REALTOR® trade show and conference, featuring seminars, learning opportunities and up to 240 exhibitors.
Personal real estate corporations the focus of bill
A bill introduced recently at Queen’s Park aims to change legislation to allow real estate salespeople in Ontario to incorporate. The Tax Fairness for Realtors Act would bring Ontario in line with six other Canadian provinces.
Legal Beat: Use forms properly and fill in the blanks
A contract became null and void after forms were not completed properly and a notice waiving conditions was not delivered personally to the seller.
Technology and real estate the focus of event
RETechTalks is a conference with a focus on technology and real estate, described as a day to learn from the very best people in Toronto real estate.
OREA News: New board of directors for 2015
The Ontario Real Estate Association officially installed its new president and board of directors at the annual meeting in Toronto on March 11.
Market Watch: Housing affordability slips nationally
Solid increases in Ontario home prices were key to the slight erosion in housing affordability across Canada, according to a housing trends report.
Surviving the busy spring season
March 26, 2015
Although springtime means sunshine and flowers in bloom, it represents the busiest time of year in real estate. Three experienced Ontario REALTORS® share their ideas and insights on how to cope and thrive during the industry’s busiest season.
Green real estate conference
March 19, 2015
The business case for environment-friendly buildings has never been stronger. Learn more at the upcoming Green Real Estate Conference on April 23 at the Metro Toronto Convention Centre.
Women’s hockey star and IBC promote road safety
Drive according to weather conditions. That’s the message of a new road safety video produced by the Insurance Bureau of Canada (IBC) featuring Canadian women’s hockey star Kelly Terry. Watch the video here.
RECO: Agreement to lease doesn’t show that tenant would rent to students
March 22, 2015
In this RECO decision, the registrant was disciplined after the owner of a property discovered that her property had been turned into a rooming house for students.
Remind consumers to hire contractors who work safely
March 24, 2015
Renovation work done by the wrong contractor can create expensive problems. The Ontario Ministry of Government and Consumer Services has crafted tips to help consumers select contractors who work safely.
Legal Beat: Installation of ATM the focus of commercial dispute
March 25, 2015
The landlord and tenant in this commercial dispute disagreed over the installation of an automated teller machine (ATM) on the property. The court case drained cash at a pace that rivalled that of the dispensing machine itself.
New advertisements released in REALTOR® value campaign
March 20, 2015
An exciting new slate of advertisements is being released March 2 to promote REALTOR® value to consumers across Ontario.
OREA website refreshed
A bold new look and feel is evident on the OREA website, making it quicker and easier for you to get what you need to succeed in your real estate career.
News: Call for volunteers
Joining a committee or task force is a great way to meet real estate colleagues and make a contribution to your profession. The deadline to apply is March 20.
Welcome to the digital EDGE
February 22, 2015
OREA is pleased to launch an all-electronic version of The REALTOR® EDGE newsletter, full of useful news and information to help you in your real estate business.
Safety first should be motto for REALTORS®
Safety is highly important for those working in real estate. Three REALTORS® share their experiences and talk about the importance of taking precautions when showing properties or hosting an open house.
Broader export demand predicted: RBC
Canada’s economy is expected to see higher export growth in 2015, despite the recent decline of oil prices, says a new report.
Housing outlook for 2015 shows modest gains
Most regions posted modest gains in average prices of residential homes despite increased inventory in many of Canada’s housing markets, according to a recent report from RE/MAX.
Levy recommended to fund REALTOR® value ad campaign
For two years OREA has promoted the value of REALTORS® via a mass advertising campaign. Delegates to the OREA AGM in March will be asked to vote on a special levy to continue to fund the campaign.
Ontarians feel better about economy, real estate markets
Six out of 10 Ontarians surveyed say the state of their city’s economy is good, up from 53 per cent last year, according to a research study commissioned by OREA and Ipsos Reid.
Embracing the growing heritage market
The heritage market is growing swiftly thanks to a boom in home renovations. Conservation expert Robert Hulley shares his insights for REALTORS® who want to capitalize on the opportunities.
Legal Beat: Plaintiff in commercial case has great expectations
An executive seeking to develop commercial condos spent nearly $100,000 on marketing then sued his brokerage for reimbursement after the relationship soured.
Save the date
It's time to jot down the date for the Ontario Real Estate Association’s Annual Assembly Meeting and REALTORS Care® Foundation Annual General Meeting.
Joining a committee or task force is a great way to meet colleagues and make a contribution to the real estate profession. Serving your profession in this way works to enhance your knowledge of and connections to the field.
The EDGE goes green
January 22, 2015
Starting next month, The REALTOR® EDGE newsletter will be delivered in an electronic format only. This month's issue is the last print edition, marking the end of an era - and a new beginning - for the highly popular newsletter produced by the Ontario Real Estate Association.
Real estate couples: Sold on partnerships
Many couples find that working together at the same real estate brokerage strengthens both their marriage and their business, as well as drawing on complementary skills.
Backing up your data
If you haven’t backed it up, then you don’t have it. So goes the rule about copying and archiving your computer data. If your files - documents, photographs, videos, music etc. - are not backed up in at least one secondary place, then they’re as good as gone.
Buyers’ regrets reported: RECO
Almost half (45%) of first-time buyers and 41% of home owners wish they had done something differently during the transaction, says a survey from the Real Estate Council of Ontario.
Modest overvaluation of housing prices: CMHC
A modest amount of overvaluation was observed by the Canada Mortgage and Housing Corporation (CMHC), meaning that house prices in the country are slightly higher than what underlying factors suggest they should be.
Condominium living means following rules
This case focused on ongoing issues between a condominium corporation and one of its unit owners who continued to defy restrictions at the property.
It's time to jot down the date for the Ontario Real Estate Association’s Open Forum, Annual Assembly Meeting and REALTORS Care® Foundation Annual General Meeting.
Jam raises funds
Music, dancing and jamming were all for a good cause at the Jam with a Past President held in conjunction with OREA’s recent Political Affairs Conference (PAC) in Toronto.
Books and ideas to ring in the New Year
December 28, 2014
A new year offers a fresh start and a chance to embrace change. The EDGE newsletter spoke to REALTORS® from across the province who shared their thoughts about books and ideas to ring in 2015.
OREA President, Costa Poulopoulos, reports on the latest advocacy work being undertaken by the Ontario Real Estate Association on issues that matter to REALTORS® and real estate in his winter message.
The OREA Real Estate College has won an educational programming award from the Learning Resources Network (LERN), the world’s largest association devoted to continuing education and lifelong learning.
December 21, 2014
Interested in running for a position on OREA’s 2015 board of directors? The following positions are up for election: four Provincial Directors (made up of one each from the Western, Northern, Eastern and Central Ontario Areas), and two Directors-at-Large.
Interested in running for a position on OREA’s 2015 board of directors? The following positions are up for election: four Provincial Directors
Driving in my car: REALTORS® and their vehicles
Driving is a big part of our jobs. Having been raised by a REALTOR®, I learned that fact early on.
Helping your clients deal with form overload
Real estate transactions involve pages and pages of forms, and a key part of your job is to help consumers navigate their way through them.
Hotsheet: Household safety tips from IBC
The short, dark days at this time of year provide an opportunity to turn your attention to household safety.
Joining a committee or task force is a great way to meet colleagues and make a contribution to the real estate profession.
Market Watch: Green real estate conference
The business case for green buildings has never been stronger. Market interest in greening new and existing buildings is at an all-time high.
OREA wants your input
Join OREA’s research panel and your valuable opinions will help to guide policies, develop educational opportunities and evaluate OREA services.
Stay safe while you’re on the job
Pay attention to safety issues and develop good habits to ensure that you keep safety in mind at all times when working in real estate.
Updates to forms and clauses
The Standard Forms Committee of the Ontario Real Estate Association (OREA) has approved the revisions and creation of new forms and clauses for 2015.
Breaking up is hard to do: Dumping a client
November 20, 2014
Dumping a client does not happen often, but over the course of your real estate career a breakup or two is bound to occur.
Tips to avoid a client breakup
Pre-qualify buyers. Sometimes they are not realistic. Everything comes down to qualifying. Sort out wants, needs and “must haves” and make sure that the money for a purchase is actually available.
Jobs, economic activity threatened by land transfer tax
A significant loss of jobs and economic activity in Mississauga, London, Hamilton, Ottawa and Thunder Bay will occur if a municipal land transfer tax is imposed in those cities
Hotsheet: Index Home Buyers’ Plan: CREA
The Canadian Real Estate Association (CREA) has launched a call to action to REALTORS® to urge the government to index the Home Buyers’ Plan (HBP) to inflation.
Market Watch: Businesses rely more on mobile technology
Reco decision: advertisement causes problems.
The following decision from RECO Discipline and Appeals Hearings has been condensed and all names have been changed.
Ad campaign to promote REALTOR® Value continues
Promoting the value of using a REALTOR® to the public has been the focus of a recent advertising campaign by the Ontario Real Estate Association (OREA), and the message is getting through.
Legal Beat: Deception over fire leads to lawsuit
One of the buyers of a property had respiratory problems. Before making a purchase, the buyers instructed their real estate representative to ask whether a fire had ever occurred in that house.
Political Affairs Conference in November
The Ontario Real Estate Association will hold its 2014 Political Affairs Conference (PAC) from Nov. 23 to 25 at Toronto’s Park Hyatt Hotel, 4 Avenue Road.
Interested in running for a position on OREA’s 2015 board of directors?</strong> The following positions are up for election: four Provincial Directors
Call for candidates - Foundation
Interested in running for a position on the Foundation’s 2015 board of directors? The following positions are up for election: three REALTOR® Directors
Reaping rewards from rental sales
October 23, 2014
Many buyers today are looking for investment properties like apartment buildings or vacation homes that they can rent out.
Budgeting most important strategy for home buyers: Research
Ontarians planning to buy a home in the next two years cited various financial strategies to save for a down payment
RECO decision: Sales rep enters property without permission
Hotsheet: tips to prevent house fires.
Fires claim lives and cost millions of dollars in damage every year. To prevent these tragedies, the Insurance Bureau of Canada offers tips for preventing house fires and saving lives.
Market Watch: Employment growth looks brighter for late 2014
A rebound in economic growth recently and expectations for future solid growth bode well for employment prospects, according to a new report.
The Ontario Real Estate Association will hold its 2014 Political Affairs Conference (PAC) from Nov. 23 to 25 at Toronto’s Park Hyatt Hotel, 4 Avenue Road.
Train for success with new online course
Real Estate Professionals at Work is a new online professional development course designed for REALTORS® to apply the principles of professionalism in their day-to-day practices.
Legal Beat: Caught in a “net-net” of confusing language
The commercial tenant in this case had a three-year lease that was renewed for two years and then for a further two years.
Second video produced in OREA series
A new video aimed at helping you to connect with consumers has been produced by the Ontario Real Estate Association (OREA).
Technology and strategy the focus of events
Boosting your technology skills and enhancing your strategic approach to your real estate business are the focus of a series of events offered this fall by the Ontario Real Estate Association.
Gimme five: The deposit and five business days
September 23, 2014
Once an offer is accepted by both parties in a real estate deal, the buyer’s deposit must be delivered to the brokerage in accordance with the terms outlined in the Agreement of Purchase and Sale (APS).
Quiz: Deposit and five business days
Here’s a quiz to test your knowledge. In all of these instances, assume that the offer has been accepted by both parties to an APS and that the deposit in question has been delivered in accordance with the terms of the APS. T
Index reveals consumer perceptions of market
What do Ontario consumers really think of the current real estate market?
Hotsheet: New RECO mobile app
A new mobile app was launched by the Real Estate Council of Ontario (RECO) this summer.
Market Watch: Price surges in big cities mask temperate national market
Home prices are expected to increase steadily in Canada for the remainder of 2014, with the average price of a home in Canada rising between 3.9 and 5.2 per cent in the year’s second quarter, according to a new report.
Serving as a resource and a mediator
The consumer perception of what we do in our line of work is very different from the reality of my daily activities.
Legal Beat: Structure is aerodrome, not boathouse, owner argues
The purchaser of this Ontario recreational property was a long-time developer.
Association wins diversity award
The Ontario Real Estate Association (OREA) has won an award for its efforts on workplace diversity.
New and improved student handbook
An updated and enhanced student handbook produced by the OREA Real Estate College is now available.
Good riding weather helped to ensure the success of this year’s Motorcycle Ride for Charity.
Dollars and sense: Managing your money
August 23, 2014
Starting out in real estate can be financially challenging, especially given the initial lack of income and the volume of upfront expenses.
Technology events across the province
Keep your technology skills sharp by attending one or more in a series of events offered by the Ontario Real Estate Association in the coming months.
Hotsheet: Global property market the focus of conference
The 9th annual Global Property Market is a targeted opportunity for Canadian institutional investors, real estate income trusts, real estate operating companies and private equity funds.
Market Watch: Manufacturing sector continues to be sluggish
Manufacturers in Canada recently signalled the slowest improvement in overall business conditions in four months, largely reflecting a further moderation in output growth,
Etiquette and best practices for real estate showings
July 27, 2014
Security is important to consumers and it’s one of the reasons they choose to use a REALTOR®.
Legal Beat: Choose words carefully in commercial documents
The listing agreement in this case stipulated that: a commission will be paid if the property is sold; the commission will be paid after the sale is completed;
Index to track consumer opinions
The Ontario Home Ownership Index is an exciting new initiative from the Ontario Real Estate Association (OREA) to help you learn more about the public’s views on the real estate market across the province and at a more local level.
Video promotes value of REALTORS®
A new video aimed at helping you to connect with consumers has been produced by OREA.
Running a real estate brokerage
June 22, 2014
While many real estate salespeople focus on serving consumers who are buying or selling properties, a broker of record serves a different clientele -- the REALTORS® themselves.
Municipal land transfer tax costs Toronto billions
The municipal land transfer tax (MLTT) in Toronto is responsible for a massive loss of economic activity and a corresponding loss of thousands of jobs, according to new research by the Ontario Real Estate Association (OREA).
Hotsheet: Support the Motorcycle Ride for Charity
Revving up their engines, REALTORS® from across the province will be participating in this year’s Motorcycle Ride for Charity.
Market Watch: Financial planning crucial for persons with disabilities
A financial plan can play a pivotal role in easing financial stress for the 3.8 million Canadians with a disability and those caring for them, according to a new report.
Wired Office: Making your home smarter with technology
It used to be that in order to turn a light on or off, you walked over to it and flicked a switch. Since then we have progressed to timers, so if you aren’t home, you can set the lights to go on and off at predetermined times.
Legal Beat: Commercial tenant alleges breach of good faith
Is there a duty at common law to bargain in “good faith”? Various courts in the United States have replied that there is. However, most Canadian courts have responded that there is not.
Technology events in 2014
If you want to stay on the cutting edge of technology in real estate, come to one or more in a series of events offered in the months ahead by the Ontario Real Estate Association.
Foundation announces new name and logo
Cross-cultural competency is good business
May 26, 2014
The ability to work with people of different cultures and backgrounds is not only a good interpersonal skill, but it can also help your business.
Hotsheet: Heart trumps head among buyers - RECO
The heart often overrules the head when it comes to buying a home, according to a new study into the behaviour of Ontario’s home owners released by the Real Estate Council of Ontario (RECO).
Market Watch: CMHC to increase mortgage insurance premiums
Following the annual review of its insurance products and capital requirements, CMHC is increasing its mortgage loan insurance premiums for home owners and rental properties of one to four units, effective May 1.
Campaign launched to stop spread of tax
Preventing the spread of municipal land transfer taxes (MLTT) is the focus of a new advocacy campaign at the Ontario Real Estate Association.
Goal setting in real estate
With the arrival of spring, we are often filled with a sense of renewal. This is an ideal time to assess our business plan and set new goals.
Government examines electronic signatures legislation
Electronic agreements of purchase and sale will mean faster and more convenient transactions for REALTORS® and consumers.
Legal Beat: Signed agreement facilitates payment of commission
The sellers in this case initially tried to sell their home in Ancaster, Ontario by themselves. They subsequently listed it with the REALTOR® on May 6. The commission was 5 per cent and there was a 60-day holdover period.
Find out what your association has been doing for you over the past year. A new annual report from the Ontario Real Estate Association (OREA) outlines the products and services available to you, as well as summarizing association activities over the past year.
Take part in new technology events
If you want to stay on the cutting edge of technology in real estate, come to one or more in an upcoming and popular series of events offered by the Ontario Real Estate Association.
Sponsors contribute to conference success
The OREA 2014 Annual Conference at Toronto’s Westin Harbour Castle Hotel in March was a great success.
Guiding first-time home buyers
April 22, 2014
Buying a home can be a highly emotional experience, and REALTORS® who work with first-time buyers often find themselves tempering their clients’ dreams with a dose of reality.
Hotsheet: NAR conference and expo
Registration opens on May 7 for the 2014 REALTORS® Conference and Expo organized by the U.S.-based National Association of REALTORS® (NAR).
Market Watch: Financial services show progress on women’s issues
Eighty-five per cent of Canadians feel that the financial services industry has made progress in addressing women’s issues, but more work needs to be done.
OREA website engages viewers
A dramatic increase in mobile traffic to the website of the Ontario Real Estate Association (OREA) has occurred over the past year, according to a new report.
Being thorough in your real estate transactions
Thoroughness takes time - a commodity often in short supply in our line of work. The demands on our time, from client meetings and office work to family commitments, can make it difficult for REALTORS® to be thorough.
Legal Beat: Dispute over amount of parking leads to lawsuit
This case deals with the amount of parking provided to a commercial tenant in a shopping mall. The tenant, Farm Boy Inc., operates grocery stores in the Ottawa area and leased space in a mall.
OREA board of directors for 2014
The Ontario Real Estate Association officially installed its new President and Board of Directors at the Annual Assembly Meeting and Leadership Conference from March 4 to 6 in Toronto.
Foundation board of directors for 2014
The REALTORS Care Foundation officially installed its new President and Board of Directors for 2014 at the OREA Leadership Conference in Toronto.
Younger Ontarians value owning home
Home ownership is important to the younger residents of Ontario, according to a new survey conducted by Ipsos Reid for the Ontario Real Estate Association (OREA). In the research, 79 per cent of those surveyed in Generation X
Commercial real estate offers challenges, opportunities
March 21, 2014
REALTOR shows buyers a commercial buildingWalk through any town in Canada and you’ll undoubtedly see signs on lawns and billboards promoting local brokerages.
Flexible remuneration a positive change
REALTOR workingBrokerages will now be able to give consumers more options on how to pay for real estate services.
Hotsheet: CanTech Conference in April
The Canadian Real Estate Technology Conference will take place on Thursday, April 10 at the Metro Toronto Convention Centre, South Building.
Market Watch: Seller’s market predicted in large cities
Conditions for the real estate market across Canada continue to be strong and increasing prices are predicted for the spring market, a new report states.
Customer Service Centre lends a helping hand
If you’ve ever had a question about courses you need or continuing education you wish to pursue in real estate, the Customer Service Centre at the OREA Real Estate College is there to respond.
Legal Beat: Seller’s remorse occurs after rumours of demolition
The house owner in this case sold her property for $1.7 million and then changed her mind. Her major complaint was that she learned that the buyer might demolish the house.
Home inspectors should be regulated
The Ontario home inspection industry should be regulated, according to the Ontario Real Estate Association.
Thunder Bay board turns 100
The Thunder Bay Real Estate Board is celebrating its 100th birthday in 2014.
Leave emotions out of negotiations
February 21, 2014
Negotiating in real estate can be difficult when emotions get in the way.
Campaign boosts public perception of REALTORS®
Realtor shows professional man a property on left side of campaign posterAn exciting new ad and media relations campaign has enhanced the public perception of REALTORS®, recent surveys reveal.
Hotsheet: Land and development conference in Toronto
The 10th annual Land & Development Conference will take place on May 13, 2014 at the Metro Toronto Convention Centre, North Building.
Market Watch: Canada to benefit from a strengthening U.S. economy
Canada’s economy is expected to perk up in 2014, supported by an increase in exports and strengthening business investment, according to a new report.
Estimating the value of a heritage property
Valuing a heritage home requires certain specialized skills.
Legal Beat: Prove you took reasonable steps to fulfill terms
A typical OREA conditional clause may include the following words: “Unless the buyer gives notice in writing delivered to the seller personally or in accordance with any other provisions for the delivery of notice in this Agreement of Purchase and Sale or any Schedule
Optimism about market, economy
Ontarians seem hopeful about the provincial real estate market, according to new research conducted by the polling firm of Ipsos Reid for the Ontario Real Estate Association (OREA).
The Ontario Real Estate Association’s Open Forum, Annual Assembly Meeting and REALTORS Care Foundation Annual General Meeting will take place on Wednesday, March 5 at the Westin Harbour Castle Hotel in Toronto.
Stressed out: Managing workplace stress
January 26, 2014
In today’s go-go-go world, where wireless connections allow for instant communication any time of day or night, no-one is immune to stress from the fast pace of life.
STRESS BUSTING TIPS:
Be aware of your stressors and take the following preventative steps:
Tools and technology series a hit
The demand for skills and knowledge of tools and technology in real estate continues to grow, according to organizers of a new series of events offered this past fall by the Ontario Real Estate Association.
Carbon monoxide detectors to be mandatory in homes
The Ontario legislature recently passed a bill to make carbon monoxide detectors mandatory in homes across the province.
Market Watch: Tighter inventory for commercial property
While unprecedented levels of demand were reported for commercial real estate in key Canadian markets in 2013, a shortage of available product continues to hamper sales activity virtually across the board,
Wired Office: Out with the old, in with the new
Interested in earning some quick cash (or gift cards)? It’s as easy as gathering up your old technology and selling it or trading it in.
Legal Beat: Words matter in agreements and can lead to litigation
Updates to forms and clauses for 2014.
The Standard Forms Committee of the Ontario Real Estate Association (OREA) has approved the revisions and creation of new forms and clauses for 2014.
Time management in real estate
December 7, 2013
In the fast-paced world of real estate, time management is more important than ever.
Time management technology tips
Take a basic computer course to learn more about how to operate your system. If something goes wrong, there’s a greater likelihood that you’ll have some idea of what to do.
Lobbying for personal real estate corporations
In Ontario, real estate salespeople are among the few regulated professions that are not permitted to incorporate under current laws.
Hotsheet: Green real estate conference
Although robust economic conditions have not yet returned across North America, market interest in greening new and existing buildings is at an all-time high.
Market Watch: 2014 housing starts to remain stable: CMHC
Canada Mortgage and Housing Corporation (CMHC) expects total housing starts to be stable in 2014, as fundamentals such as employment growth and migration continue to support the Canadian housing market.
Building a client base in real estate
As a REALTOR®, I am always thinking about my client base – how to build it and how to maintain it.
Legal Beat: Two sets of buyers leads to court case
In this case that took place in the United States, an Ohio couple wanted to buy a house.
Call for candidates - OREA
Interested in running for a position on OREA’s 2014 board of directors? The following positions are up for election
Interested in running for a position on the Foundation’s 2014 board of directors? The following positions are up for election
Amendments: Second thoughts on the APS
November 12, 2013
An amendment – a change to one or more terms in an agreement – is a tool commonly used in real estate.
Media successes in REALTOR® value campaign
This fall marks the launch of an exciting new campaign to promote the value of REALTORS®.
Hotsheet: Conversations before living together
Moving in together is a big step in any relationship, and RE/MAX has provided some suggestions of discussions that couples should have before taking the plunge.
Market Watch: Online is where it's at for small business
Canadians choose small businesses based largely on how those firms use technology, according to a survey by TD Canada Trust.
Wired Office: Sharing is caring with social media
Social media is many things. It is about conversations, storytelling and relationship building through the sharing of useful content. This column focuses on how to share content.
Legal Beat: Driving log would add evidence to tax appeal
In this case, the appellant is a self-employed residential REALTOR® working with RE/MAX who was remunerated on a commission basis.
The Ontario Real Estate Association will hold its 2013 Political Affairs Conference (PAC) from Nov. 26 to 28 at Toronto’s Courtyard Marriott Hotel.
Dealing with difficult clients
October 11, 2013
Dealing with challenging clientsDifficult clients can drain you of time and energy and compromise other transactions.
An exciting new advertising campaign to promote the value of REALTORS® has been launched by the Ontario Real Estate Association.
Record property damage claims after summer flood
More than $850 million in insurance claims have been filed following property damage caused by the intense record rainfall and flash floods in Ontario that occurred on July 8, the Insurance Bureau of Canada (IBC) reports.
Market Watch: U.S. foreclosures down from last year
Foreclosure inventories fell 32 per cent in July compared to the previous year, another sign that the foreclosure crisis in the U.S. may finally be over, according to the latest foreclosure report released by CoreLogic and posted to the newsroom of the National Association of REALTORS® (NAR).
RECO: Unsupervised access to seller’s home
Legal beat: increase in development fees passed on to buyer.
Ontario municipalities charge builders and developers fees for things such as building permits and development costs.
The Ontario Real Estate Association will hold its 2013 Political Affairs Conference (PAC) from Nov. 26 to 28 at Toronto’s Courtyard Marriott Hotel.
Learn more about social media
If you want to learn more about using social media, you can take part in a free webinar series hosted by the Ontario Real Estate Association (OREA) and the Toronto Real Estate Board (TREB).
Take part in technology events
If you want to stay on the cutting edge of technology in real estate, come to one or more events being offered this fall by the Ontario Real Estate Association.
FINTRAC compliance: Know your responsibilities
September 9, 2013
Enduring a FINTRAC audit takes time and effort, but failure to comply can have serious consequences for you and your brokerage.
First anniversary of service for OREA members
A new service was launched a year ago for members of the Ontario Real Estate Association (OREA) who are the subject of a complaint to the industry’s regulator, the Real Estate Council of Ontario (RECO).
Canadian Apartment Investment Conference
Investors, developers, managers and owners may be interested in the 2013 Canadian Apartment Investment Conference happening on Tuesday, Sept. 24 at the Metro Toronto Convention Centre.
Market Watch: Baby boomers look to downsize
A majority of REALTORS® say their clients between the ages of 48 and 67 are searching for smaller properties, according to a June survey.
Take part in new technology events across Ontario
If you want to stay on the cutting edge of technology in real estate, come to one or more in a series of events offered this fall by the Ontario Real Estate Association.
iCollege courses: Affordable and informative
How much do REALTORS® know about the Buyer Representation Agreement, the Listing Agreement, and the National Do Not Call list?
Legal Beat: Verbal agreement doesn't hold up in court
Should the courts allow parol evidence in the context of a written agreement?
Watch for ad campaign
The value of using a REALTOR® is at the heart of an exciting new advertising and media campaign being launched by the Ontario Real Estate Association (OREA).
Motorcycle riders put the rubber to the road this past July to raise funds for the REALTORS Care Foundation.
Enrol in leadership workshop
You can earn two Continuing Education credits by enrolling in a Leadership 200 workshop being offered in class on Friday, Sept. 27 at the Ontario Real Estate Association (OREA) office in Don Mills.
Misleading advertising and how to avoid it
August 9, 2013
Advertising matters in real estate -- it can be a powerful tool to attract clients.
Summer energy saving tips for home owners
Take steps to make your home or cottage cool, comfortable and sustainable this summer since energy efficiency is always in style, says Phil Dorner, president of the Ontario Real Estate Association.
Gen Y still wants to own homes
Generation Y -- those individuals born between 1980 and 1994 -- still want to own a home despite the challenges, according to a survey.
Market Watch: Six in 10 GTA home owners plan to buy again
Real estate prices continue to rise, but a new poll says that hasn’t damaged home owners’ belief in the market in the Greater Toronto Area.
Wired Office: Useful apps for real estate professionals
Most people with smartphones and tablets take advantage of their devices by installing apps that provide them with up-to-the-minute weather and news reports, improve productivity or just for fun. Admittedly, some apps are more useful than others.
Legal Beat: Faulty valve leads to breach of contract and lawsuits
The parties entered into an agreement of purchase and sale on this high-end B.C. property with a closing date no later than Oct. 20, 2008.
Leadership Now e-newsletter
July 5, 2013
If you’d like to learn more about volunteering and leadership, check out the new electronic newsletter produced by the OREA Centre for Leadership Development.
Our graduates speak for themselves
Listen to what our graduates are saying about their experiences at the OREA Real Estate College and why it is a great place to learn.
Watch for fall OREA events
Stay on the cutting edge of technology in real estate by attending a series of events being organized this fall by the Ontario Real Estate Association.
Support the Motorcycle Ride for Charity
It’s not too late to pledge your support for this year’s Motorcycle Ride for Charity.
Website improvements at OREA
The Ontario Real Estate Association (OREA) website continues to evolve to meet the needs of our students and members.
Safety is paramount for swimming pool owners
June 5, 2013
Ten seconds is all it takes for someone to drown.
Tips for owners of backyard pools
Vigilance - Never leave a child alone near water, not even for a second. Don’t be distracted by a ringing phone, doorbell, task or another child.
In the swim: Pools and real estate
If you’re selling a home with a swimming pool, be sure your buyer is aware of the risks and responsibilities as well as the benefits.
Housing starts moderate: CMHC
Monthly housing starts in Canada totalled 182,754 units compared to 188,369 a month earlier, according to a news release from the Canada Mortgage and Housing Corporation.
Market Watch: Low interest, flattening prices support market
Canada’s housing market is being supported by an unprecedented combination of low interest rates, flattening house prices and a strengthening economy, according to a recent survey.
RECO decision: Illegible document leads to complaint
Merger of two boards announced.
Two Ontario real estate boards have announced their merger following a membership vote on April 17.
Legal Beat: Disclosing presence of sexual offender in neighbourhood
Questions sometimes arise in real estate about how to deal with the sale of a property in the neighbourhood of a convicted sex offender.
Electronic real estate transactions
The Ontario Real Estate Association (OREA) successfully advocated for a legislative amendment to the Electronic Commerce Act, 2000, that would facilitate faster, smoother real estate transactions.
Attention to detail crucial at open houses
May 5, 2013
First impressions can apply to property as well as people.
Enhancing electronic real estate transactions the goal of lobby efforts
Electronic agreements of purchase and sale save time and money for consumers and REALTORS®.
NAR conference and expo
Registration opens on May 6 for the 2013 REALTORS® Conference & Expo organized by the U.S.-based National Association of REALTORS® (NAR).
Market Watch: First-time buyers still a force
Four in 10 Canadians who plan to enter the housing market in the next two years are first-time buyers, according to a new poll.
Wired Office: Tell your story visually with infographics
Example of a word cloudA picture is worth a thousand words, which helps explain the growing popularity of infographics (information + graphics).
Marijuana grow-op registry supported by OREA
The creation of a province-wide registry of homes that were former marijuana grow operations or clandestine drug laboratories is the goal of a bill introduced in the provincial legislature and supported by the Ontario Real Estate Association (OREA).
Research provides snapshot of REALTORS®
A new survey by the Ontario Real Estate Association (OREA) offers a snapshot of the association’s members across the province.
Legal Beat: Confusion over condo boundaries leads to decade of litigation
The buyer in this case bought a condominium unit in Toronto. She was under the impression that the unit comprised three floors, from the basement floor up to the ceiling of the third floor of a townhouse complex.
Find out what your association has been doing for you over the past year.
Stay connected with OREA app
Get up-to-the-minute news on the real estate industry that you can easily share through the free OREA application for iPhone and iPad.
Single parenting a challenge in real estate
April 5, 2013
Working in real estate is a challenge at the best of times, but combining it with single parenthood is even more daunting.
Foundation supports worthy causes
Many people are not aware of all of the charitable work and volunteer time that REALTORS® contribute to worthy causes.
Many boomers don‘t plan to downsize: survey
Despite the perception that aging baby boomers may create a glut of traditional single-family homes as they downsize into smaller residences, a new survey shows that demand for suburban detached homes remains strong among those born between 1947 and 1966.
Market Watch: Housing starts show moderation
Housing starts in Canada totalled 195,087 units in February, revealing a moderation in demand for housing that means builders are adjusting accordingly, according to a recent news release from the Canada Mortgage and Housing Corporation.
Taking your website from static to standout
Taking your website from static to “standout” was the subject of a talk I heard recently in New York. Nicole Nicolay (@nik_nik), founder of Agent Evolution, spoke about ways to transform your website from the same old static venue into something that stands out from the rest and helps generate more business leads.
Legal Beat: Plenty of blame to go around in RECO case
This situation involved two salespeople who worked at the same brokerage.
New OREA 2013 board of directors
The Ontario Real Estate Association officially installed its new President and Board of Directors at the Annual Assembly Meeting on March 6.
Duty of care to clients and customers
March 5, 2013
The difference between a client and a customer is a crucial one in real estate.
RECO announces changes to mandatory continuing education
The Real Estate Council of Ontario (RECO) recently announced changes to the way that mandatory continuing education is delivered to real estate registrants in the province, effective Aug. 1.
Shoe cover dispensers keep floors clean
If you want floors and carpets to stay clean at open houses, an automatic shoe cover dispenser may interest you.
Market Watch: Brief mild correction forecast
Fewer homes are expected to trade hands in the first half of 2013, which should slow the pace at which home prices rise, according to a new survey.
My first steps as a REALTOR® and working mom
When I started working as a real estate administrator, I was 19 years old, didn’t own property and definitely didn’t have kids. I had a nine-to-five job and was ready to take on the world.
Tax credit supports accessibility for seniors
A tax credit for modifications to help Ontario seniors make modifications in their homes to improve accessibility is now available.
Legal Beat: Property tax dispute leads to appeal court
The owner of a Toronto apartment building appealed his property tax assessment. Before the city made a decision on the taxes, he sold the property.
Items can be viewed before voting
Members of the Ontario Real Estate Association who wish to examine proposed amendments to the OREA By-law prior to the Annual Assembly meeting can access the material on the OREA website.
OREA events in March
The OREA Open Forum, Annual Assembly Meeting and REALTORS Care Foundation Annual General Meeting will take place on Wednesday, March 6.
OREA website a hit
The OREA website continues to attract more viewers with features that make it faster and easier to find what you need.
Winter's tale: When the money isn't coming in
February 18, 2013
If you’re used to a regular paycheque, working for commission can be a big adjustment.
REALTORS® are home owners too
Most REALTORS® (88 per cent) surveyed for recent OREA research own their own homes.
Market Watch: Fewer mortgages in arrears: CMHC report
As a result of prudent mortgage lending practices, the number of mortgages in arrears in Canada has been trending downward, according to a report released recently by Canada Mortgage and Housing Corporation (CMHC).
App provides easy access to OREA services
iPhone with OREA appA dynamic new mobile application has been launched by the Ontario Real Estate Association.
Wired Office: Pinterest for business
Pinterest is a virtual bulletin board that lets you organize and share all the beautiful things you find on the web.
Legal Beat: Home renovation not substantial enough for rebate
After being denied a tax rebate for a home renovation, this Quebec taxpayer appealed. He had applied for a GST rebate through a program that enabled home owners to recoup some costs for work on a new residential complex or one that had undergone substantial renovation.
The OREA Open Forum, Annual Assembly Meeting and REALTORS Care Foundation Annual General Meeting will take place on Wednesday, March 6, 2013.
Leadership podcasts available
Gain valuable insights into leadership in just five minutes. Podcasts featuring a variety of renowned speakers and authors are now available for you to hear in short segments via the Ontario Real Estate Association website.
Thriving Young Professionals Network
The Young Professionals Network (YPN) at the Ontario Real Estate Association continues to grow.
Preparing for the booming seniors' market
January 24, 2013
The baby boom generation forms a demographic bulge that has reshaped society as it passed through.
Stopping the municipal land transfer tax
Municipalities in Ontario are gearing up to force the province to grant them the authority to charge a municipal land transfer tax (LTT) on home buyers.
Insuring a heritage home can be challenging
The market for heritage homes – although not as frenetic as the condo boom -- has rapidly gained interest in recent years.
Tablet ownership on rise
Almost half of REALTORS® (47 per cent) own a tablet computer, and nearly 62 per cent said they plan to buy one within the next two years.
MarketWatch: Slight improvement in affordability
Canada’s housing market became more affordable as a result of modest declines in home prices and further gains in household incomes, according to a new report.
Ontarians want to know home’s grow-op history
An overwhelming majority of Ontario residents (93 per cent) want to know if the home they plan to buy was once a marijuana grow-op or clandestine drug lab, a new survey reveals.
Legal Beat: Document in commercial case means what it says
The owners of a hotel first listed their property for sale with a RE/MAX brokerage, where Angelo Muraco worked as their REALTOR®. Although several potential buyers expressed interest, no sale occurred.
The OREA Open Forum, Annual Assembly Meeting and REALTORS Care Foundation Annual General Meeting will take place on Wednesday, March 6 at the Sheraton Centre Hotel, 123 Queen Street West, Toronto.
Motorcycle ride supports charity
The Motorcycle Ride for Charity organized by the REALTORS Care Foundation has now raised more than $30,000.
Video promotes volunteering
A new video to help your real estate board recruit new volunteers has been developed by the OREA Centre for Leadership Development.
Foundation brochure highlights good work
A new brochure has been published highlighting the good work of REALTORS® in fundraising for charities and shelters in Ontario.
Warning signs of potential real estate fraud
December 5, 2012
It may be as simple as falsifying information on a mortgage application.
New videos promote REALTOR® value
Two videos that promote the value of using a REALTOR® have been created by the Ontario Real Estate Association (OREA).
Entrepreneurs plan to hire
More Canadian entrepreneurs are planning to hire employees this year, according to a new survey.
MarketWatch: Prices up but sales fall
Canadian prices have edged up but the number of house sales has fallen compared to the same period last year, according to a recent survey.
Lifestyle marketing: The next big thing
When we sell a property, our product is not just four walls and a roof.
Identity theft hits real estate professional
User-friendly upgrade for webforms®.
Ontario real estate salespeople and brokers who use WEBForms® should watch for upgrades to this product in the new year.
Value for your OREA dues
The $110 per year that you pay to the Ontario Real Estate Association (OREA) enables you as a member to receive products and services that are most important to you.
Legal Beat: Failure to communicate leads to botched deal
This Ontario deal was supposed to close on July 27, but the transaction failed to close. The seller resold the property and sued the buyer for losses of $28,000.
Updated forms and clauses will soon be available on the Ontario Real Estate Association website.
Last call: It’s our birthday and you get the gifts
The OREA Real Estate College is offering every member a free nine-credit bundle of Continuing Education online courses.
Is anyone there? Vacant possession and the APS
November 15, 2012
Vacant possession & the APSThe concept of vacant possession is sometimes glossed over by real estate practitioners, but you ignore it at your peril.
Sellers want to understand market and legal processes
Beyond worrying about the state of the real estate market, Ontarians are most concerned about understanding the process and legal documents when selling a home, a new survey reveals.
Preparing for severe weather
Severe weather and hurricanes can have a devastating impact on communities and homes, according to the Insurance Bureau of Canada, which follows developments related to severe weather across the country.
MarketWatch: Farmland prices reach new heights
The value of Canadian farmland continues to reach new heights, according to the RE/MAX Market Trends Report, Farm Edition 2012.
Wired Office: Tips to keep your online passwords safe
We often hear that “strong” passwords are an important part of keeping our online transactions safe.
Join research panel for chance to win $1,000
Share your voice and let us know what the Ontario Real Estate Association can do for you.
New OREA mobile app to be launched
A dynamic new mobile application is being developed by the Ontario Real Estate Association.
Legal Beat: Multiple representation and the dangers of duality
While working on Legal Forum, I received the following question from a REALTOR® on an issue related to multiple representation, formerly known as dual agency.
Call for candidates – Ontario Real Estate Association
Interested in running for a position on OREA’s 2013 Board of Directors?
Call for candidates - REALTORS Care Foundation
Interested in running for a position on the Foundation’s 2013 Board of Directors?
National customer service week
The Ontario Real Estate Association joined thousands of companies around the world to participate in National Customer Service Week.
Political affairs conference
The Ontario Real Estate Association is holding its Political Affairs Conference (PAC) this month.
It’s our birthday and you get the gifts
Csae volunteer award.
Dinaz Garda, CAE, manager, executive office operations at OREA, has been honoured with the 2012 President’s Award from the Trillium Chapter of the Canadian Society of Association Executives (CSAE).
Form frenzy: Waivers mistakenly used over fulfillments
October 12, 2012
In the heat of real estate deals, changes to documents often happen quickly in a flurry of pen strokes.
Buyers prize safety, value, location
Safety, perceived value and a location close to shopping or transportation are the most important factors Ontarians consider when buying a home, according to a new survey.
Rookie mistakes by first-time buyers
The majority of buyers say they would have done some things differently after purchasing a home, according to a new survey.
MarketWatch: National housing market at tipping point
The average price of a home in Canada increased year-over-year between 3.3 and 5.5% in the second quarter of 2012, according to The Royal LePage House Price Survey and Market Survey Forecast.
Political affairs conference focuses on three issues
November is fast approaching, and so is OREA’s Political Affairs Conference (PAC).
RECO decision: Absence of seller leads to problems
Podcasts on leadership available to members.
Podcasts on leadership available to OREA membersYou can gain valuable insights into leadership in just five minutes.
Legal Beat: No deal and no commission without clear title
In a typical real estate transaction, the sellers must provide clear title on closing. The OREA agreement of purchase and sale (APS) says:
New service for OREA members
A member of OREA who is the subject of a RECO complaint can now speak with OREA lawyer Diana Russo, who will provide legal information on the RECO investigative and adjudicative process.
Foundation gala supports good cause
The REALTORS Care Foundation will host a gala on Saturday, Oct. 20 at the Premiere Ballroom & Convention Centre in Richmond Hill, north of Toronto.
Charity golf tournament raises $8,000
Local REALTORS® from the Rideau-St. Lawrence Real Estate Board raised more than $8,000 in a golf tournament that they donated to five food banks in the area.
Married to it: Real estate spouses must juggle schedules
September 4, 2012
When her husband started his real estate career, Elaine Rocca recalls that he worked most evenings and was often out until 1 and 2 a.m. presenting offers and getting established in the field.
Movement toward mergers in some real estate boards
Real estate in cottage country often attracts more attention in warmer months, but this year several areas piqued the interest of more than just consumers -- real estate professionals were watching closely too.
New registrar announced by RECO
The Real Estate Council of Ontario (RECO) announced the appointment of Joseph (Joe) Richer as its next registrar, effective Sept. 17.
Focus on global property investment
The seventh annual Global Property Market Conference offers a unique, targeted opportunity for strategic information and networking on investment and development around the world.
Market Watch: Canadians support small business: survey
An overwhelming majority of Canadians (94 per cent) believe small businesses play a crucial role in the economy’s growth and almost nine in 10 view them as vital job creators, according to a new survey.
Legal Beat: Once it's sold, it's sold
The law indicates that on the date the bank signs an unconditional agreement of purchase and sale with a buyer, the original borrower has no further legal right to pay off his mortgage.
Political affairs conference in November
The Ontario Real Estate Association will hold its 2012 Political Affairs Conference (PAC) from November 20 to 22 at Toronto’s Courtyard Marriott Hotel.
Watch for upcoming YPN events
Several events are being planned this fall by the Young Professionals Network (YPN) at the Ontario Real Estate Association.
Motorcycle riders braved extreme heat this past July to participate in the Motorcycle Ride for Charity that left from the Ontario Real Estate Association’s Don Mills headquarters.
It's our birthday - and you get the gifts
Kwar celebrates 75th anniversary.
The Kitchener-Waterloo Association of REALTORS® (KWAR) is celebrating its 75th anniversary this year. Formed in 1937, the association now represents more than 1,200 real estate professionals and is the 15th largest real estate association in Canada.
Respect the client relationships of other brokerages
August 8, 2012
Do unto others as you would have them do unto you.
Interview with outgoing RECO registrar
After 10 years as registrar at the Real Estate Council of Ontario (RECO), Allan Johnston is retiring at the end of July.
Market Watch: Renters may make cottages affordable
A recent Royal LePage national survey shows that potential cottage buyers and those already in the market have different plans for generating income.
Ride the waves at 2012 RealREIT
The 2012 RealREIT (Real Estate Investment Trust) Conference takes place on Sept. 19 in Toronto.
Wired Office: Pin your hopes on Pinterest
Even if you aren’t yet a user of Pinterest, you’ve likely heard of it. Similar to a corkboard or bulletin board, this electronic locale allows you to “tack” or “pin” visuals and text to view and share with others online.
It’s our birthday -- and you get the gifts!
Celebrating OREA's 90th BirthdayThe OREA Real Estate College is offering every member a free nine-credit bundle of Continuing Education online courses.
Legal Beat: Buyer presented no evidence of water problem
The action arose after a house was purchased by the plaintiff, Ms. H. Graham in the City of West Quinte in 2002.
Letter to the editor
I really liked the article, “Keep clothing professional” that appeared in REALTOR® EDGE’s June issue. I’d like to add a couple of points:
Proposal supports electronic transactions
A private member’s bill that would facilitate the use of electronic agreements of purchase and sale for real estate transactions was introduced recently in the provincial legislature, and the concept has been endorsed by the Ontario Real Estate Association (OREA).
Newmarket brokerage wins team spirit award
For the fourth consecutive year, the Newmarket Century 21 Heritage Group has won the team spirit award for the Heart & Stroke Foundation’s York North BIG Bike fundraiser.
The Young Professionals Network (YPN) at the Ontario Real Estate Association has hosted several successful events recently, and more are scheduled in the future.
REALTOR® value videos win more awards
Two OREA videos that highlight the value of using a REALTOR® have won several awards recently.
June 11, 2012
Image of scales of justiceLegal Forum, one of the most popular features on the Ontario Real Estate Association’s website, has received its 5,000th question.
Keep clothing professional even in summer
As the weather warms up, hemlines seem to get shorter, necklines get lower and toes begin to make public appearances.
Commercial real estate conference in Ottawa
Discover what’s new in the commercial real estate industry at BOMEX, the Building Owners and Managers Association annual conference and exhibition, to be held Sept. 11 to 13 at the Westin Ottawa Hotel.
Market Watch: Ontarians positive about housing market
A house or condo is a good investment, according to nine out of 10 Ontarians, who show more confidence in real estate than those surveyed in other Canadian regions, according to the 19th annual RBC Homeownership Poll.
Find your unique value proposition in real estate
In order to stand out in the real estate industry, you need to find your UVP.
Legal Beat: Buyers ignored red flags, judge rules
The buyers did not have enough money on the closing date of July 6, 1999, to complete their deal. Their REALTOR® lent them $74,500.
REALTOR® value videos win prestigious award
Two OREA videos that highlight the value of using a REALTOR® won a silver medal from the Canadian Public Relations Society (CPRS) recently.
Electronic workshops offered to OREA members
If you’d like to take some professional development on leadership but are short on time or travel funds, a new eWorkshop format may be right for you.
Call volume up over last year
The volume of phone calls into the Customer Service Centre at OREA is up about 11 per cent over the same quarter last year, according to recent figures.
Motorcycle ride for charity leaves from OREA
Registration is now taking place for the Motorcycle Ride for Charity organized by the REALTORS Care Foundation.
RECO online transfers and terminations
The Real Estate Council of Ontario has launched a new service that allows online transfers and terminations.
OREA achieves national green status
May 6, 2012
The Ontario Real Estate Association has been awarded a prestigious national designation for outstanding environmental efforts.
Ask questions about UFFI in real estate transactions
Although the number of homes containing UFFI (urea formaldehyde foam insulation) has declined greatly in recent years, many real estate documents still take into account the existence of this controversial substance.
On the Markets: Optimism over economy declines, says survey
Ontarians were among the most optimistic in the country about the national economy two years ago, but their outlook has been sliding and they are now among the least optimistic, according to a recent survey.
Check water damage coverage, IBC urges
With warmer-than-normal temperatures occurring in many regions over the past winter, the Insurance Bureau of Canada (IBC) is encouraging Canadians to ensure that they have adequate water damage protection on their home insurance policies.
Market Watch: Continued higher house prices predicted
Ontario’s economic prospects for the next three years include moderate growth and continued high unemployment as government spending is cut and businesses expand carefully.
RECO Decision: Early birds break the rules
Legal beat: telephone discussion not an agreement, judge rules.
In this case, a REALTOR® sued for $1.25 million for commission related to undeveloped land sold for $29 million following the death of a farmer and landowner.
Annual report distributed around Ontario
The new annual report of the Ontario Real Estate Association has been published and distributed to real estate boards across the province.
Motorcycle ride for charity in July
Oreapedia adds new topic.
A new topic, Respect Client Relationships, has now been posted to OREApedia.
Fans of Facebook
More than 2,500 people now “like” the OREA Real Estate College Facebook page, the college reported.
Do your homework when choosing a mover
April 3, 2012
For some consumers, the most daunting aspect of the buying or selling process is the move itself.
Tapping into a trillion dollar boomer market
The baby boomers are flexing their demographic muscle once again.
New website dedicated to commercial title insurance
Canada’s largest insurer of commercial titles, First Canadian Title, recently launched a website designed specifically for the commercial real estate market.
Market Watch: Steady as she goes in year ahead
Housing markets are expected to remain steady in 2012 and 2013, according to the latest Canada Mortgage and Housing Corporation (CMHC) Housing Market Outlook.
Legal Beat: Trans-Atlantic meeting leads to lawsuit
The original meeting took place in England, where an Ontario real estate professional was participating in an emigration fair.
New board of directors at OREA
A new board of directors was installed for 2012 at the annual OREA leadership conference in Toronto.
Change of address for RECO
The Real Estate Council of Ontario (RECO) has moved office locations, as of March 26.
RECO candidates invited to OREA area meetings
Candidates running for a seat on the RECO board of directors are invited to attend an upcoming OREA area meeting.
The ABCs of prospecting techniques
March 4, 2012
In Glengarry Glen Ross, a movie based on the play by David Mamet, motivational salesperson Blake confronts the employees of a Chicago real estate office about their less than stellar performances.
OREA celebrates 90th anniversary
Back in 1922, a loaf of bread cost 12 cents and a pound of butter set you back about 70 cents.
Wired Office: Google+ your business
A few months ago, here in the Wired Office column in REALTOR® EDGE, you read about Google+, which is yet another social media platform that enables people to connect on the Web.
Land and development conference in May
Learn about development strategies, challenges, opportunities and risks as well as where land values in the Greater Golden Horseshoe are heading at the Real Estate Forum’s Land and Development Conference on May 1 at the Metro Toronto Convention Centre.
Market Watch: Price correction unlikely: report
House prices are expected to continuing going up across the country despite some high-profile reports to the contrary, a new survey reports.
Young Professionals Network invites members of all ages
More than eight out of 10 REALTORS® in the province are 40 years of age or older, according to a recent survey by the Ontario Real Estate Association.
Legal Beat: Advertising should be current and reflect reality
The developer in this Alberta case marketed land that was not yet subdivided.
Call for RECO board nominations
Members of the Real Estate Council of Ontario who are interested in serving on its 2012 board of directors are required to submit their nomination forms by Monday, April 2 no later than 2:00 p.m.
New price index launched by CREA
The Canadian Real Estate Association has launched the MLS® Home Price Index, in partnership with: the Toronto Real Estate Board, Real Estate Board of Greater Vancouver, Fraser Valley Real Estate Board,
Leadership education ranked outstanding
The OREA Centre for Leadership Development is the only one of its kind in North America, providing comprehensive, phased-in training to volunteer association leaders.
Slow seasons in real estate call for business plan
February 7, 2012
It’s a field known for seasonal ups and downs and market shifts.
Holdover clause is an ounce of prevention
Although many OREA standard clauses are designed to protect your clients, the holdover clause in a listing agreement was specifically created to protect REALTORS® by ensuring that you receive the commission you’ve earned if a house sells.
Conference focuses on going green
The Real Estate Forum’s Green Real Estate conference will examine the economics, benefits and value of green buildings.
Market Watch: Stable resale market predicted
Ontario housing demand is expected to slow in the coming months due to fewer first-time buyers and a modest pace in economic and job growth, says a recent CMHC report.
On the Markets: Retiring baby boomers may generate activity
Forty per cent of baby boomers in Ontario plan to move for their retirement, but many are waiting to sell their homes in the hope that values will increase, according to a recent report.
RECO: Registrant fails to check status of listing
The following decision from RECO Discipline and Appeals Hearings has been condensed. All names have been changed.
Legal Beat: Case illustrates how not to represent a buyer
This case involved the sale of a Niagara Falls motel. The registrant, Neelam Bhalla and her brokerage, Sutton Group Results, acted in a multiple representation (dual agency) situation in the sale of the motel by Surma, the seller, to the buyers.
Donation to human rights museum
Ontario REALTORS® have made a significant contribution to human rights with a donation of $55,000 to the Canadian Museum of Human Rights in Winnipeg, Manitoba.
Assembly Meeting open to members
All members are invited to attend the OREA Annual Assembly Meeting on Wednesday, February 29 at Toronto’s Sheraton Centre Hotel, 123 Queen Street West.
Foundation Meeting open to members
Immediately following the OREA Annual Assembly Meeting (see previous item) on February 29 will be the first REALTORS Care Foundation Annual General Meeting and elections for the foundation board of directors,
Leadership speakers featured at conference
The 2012 OREA Leadership Conference takes place from Feb. 28 to March 1 and features various motivating speakers at the event at Toronto’s Sheraton Centre Hotel.
Whose side are you on anyway? Multiple representation is a complex scenario
January 7, 2012
Representing more than one party in the same deal is a challenging scenario in real estate.
Advertising guidelines simplified by RECO
Issues related to advertising in real estate were among the most common complaints about registrants to the Real Estate Council of Ontario over the past year, according to the council’s 2010-2011 annual report.
New and revised forms for 2012 from OREA
Standard forms produced by the Ontario Real Estate Association play an important role in the day-to-day business of brokers and salespeople across the province.
Legal Beat: Use appropriate forms to avoid litigation
This case raises the issue of whether a real estate brokerage is entitled to a portion of the commission from the listing brokerage after a commercial sale when a Confirmation of Co-operation and Representation (OREA Form 320) has not been signed.
Mortgage broker re-licensing education
Licensed mortgage brokers or agents in Ontario will need to take an approved re-licensing (RE) course in order to renew their licenses by March 31, 2012.
Market Watch: Farmland prices on the rise
Rising agricultural values and tight inventory have pushed the price of Ontario farmland up significantly in the past year, according to RE/MAX Ontario-Atlantic Canada.
Immediately following the OREA Annual Assembly Meeting (see item above) on February 29 will be the first REALTORS Care Foundation Annual General Meeting and elections for the Foundation board of directors, with real estate boards being the voting members.
Become a better salesperson by honing your skills
December 3, 2011
You knew this going in – you need certain skills to be a successful real estate salesperson.
A new and better website at OREA
The Ontario Real Estate Association website has undergone a major renovation.
Wired Office: What to look for in an e-Reader
The wind is howling and the snow is falling. Safe and cozy indoors with a warm fire roaring in the fireplace, you are curled up in your favourite chair, happily reading your… ebook.
Home Ownership Matters campaign a success
The Ontario Real Estate Association hit the campaign trail during this fall’s provincial election with the Home Ownership Matters initiative.
Customer service the focus of accessibility law
Did you know that, as of January 1, 2012, a new law takes effect? The Customer Service Standard of the Accessibility for Ontarians with Disabilities Act (AODA) is part of a goal to make Ontario completely accessible for persons with disabilities by 2025.
Market Watch: Real estate professionals anxious over future
Canadian real estate professionals are increasingly anxious about prospects for the next year, as a sector that has led the country’s economic recovery shows signs of slowing along with the broader world economy.
RCMP launches grow-op strategy
Addresses of Canadian homes containing dismantled marijuana grow-ops will now be listed on the RCMP website as part of the National Grow Initiative.
Legal Beat: Title insurance can be a deal saver
A typical Ontario Agreement of Purchase and Sale (APS) requires that the sellers provide clear title on a property, subject to the stated matters that buyers accept.
OREApedia a terrific resource
January 3, 2011
Fifty-four real estate topics are now posted to OREApedia.
Handling stress in the field of real estate
November 3, 2011
Experiencing stressStiff competition, erratic hours, and an uncertain income are just a few of the reasons that a career in real estate can be stressful.
Reaching an agreement: Learn the essentials of the APS
One of the most important forms used in real estate on a regular basis is the Agreement of Purchase and Sale (APS).
RECO Decision: Marijuana grow-op not disclosed
On the markets: house prices rally due to low rates, stable economy.
The average price of a home in Canada increased between 5.7 and 7.8 per cent in the third quarter of 2011, compared to the previous year, according to a recent Royal LePage report.
LEGAL BEAT: Students in townhouse complex violate family provisions
A North Bay condominium corporation brought an application against the owners of townhouse units to enforce the terms of the declaration and bylaw registered many years ago.
Commercial real estate investment conference
The 2011 Real Estate Forum promises a hard-hitting and information-packed two days.
MARKET WATCH: Canadian real estate outperforms in developed world
Canada’s housing market stands out among developed world nations for its resilience and longevity, according to a recent report by Scotia Economics.
Interested in running for a position on OREA’s 2012 Board of Directors?
In February 2011, the voting members of the REALTORS Care Foundation passed the revised REALTORS Care Foundation Bylaw.
Break out of the mould: Watch for mould and water damage in homes
October 3, 2011
It’s a scenario you dread: You’re showing your clients the home of their dreams. Every room is better than the last and they’re falling in love with the place, when suddenly they recoil in horror and beat a hasty path to the door. The culprit? The harsh spectre of mould.
Doing business under the Do Not Call legislation
In a profession that relies on cold calls and consumer contacts, the national Do Not Call List may seem like an impossible roadblock for real estate professionals.
Ontarians moving more often
Seven out of 10 repeat home buyers in Ontario (71 per cent) are moving to larger or more luxurious homes and many are doing so earlier than originally planned.
MARKET WATCH: Outlook positive for commercial real estate
Canada’s top real estate executives are predicting a bright future for commercial real estate.
ON THE MARKETS: Resale housing market to stabilize by 2012
Fewer buyers and more listings will result in a more balanced resale housing market in Ontario over the next year, according to the third quarter Housing Market Outlook by Canada Mortgage and Housing Corporation (CMHC).
RECO Decision: Tenant had no right to sell
Legal beat: time well spent explaining buyer representation agreements.
A real estate brokerage sued for its commission under a signed Buyer Representation Agreement (BRA).
OREA volunteer leadership training in demand
The leadership training that has been developed by the OREA Centre for Leadership Development is in demand from other outside organizations.
“Like” us on Facebook
More than 2,000 people “like” the OREA Real Estate College Facebook page.
OREA leader elected chair of CSAE
Ed Barisa, chief executive officer of the Ontario Real Estate Association, was elected chair of the Canadian Society of Association Executives (CSAE) at the society’s annual conference in Saskatoon in September.
Emotions can hinder sale of matrimonial home after a marriage breakdown
September 1, 2011
You’ll encounter many different situations over the course of your real estate career, but one that can be particularly tricky is the sale of a matrimonial home following a marriage breakdown.
You’ve got mail: New clause offers added choice for electronic transmission
Sending documents by email and through the internet is becoming increasingly common in business, including real estate.
Energy retrofit program renewed
The federal government has renewed the popular ecoENERGY Retrofit - Homes program. Until March 31, 2012, homeowners can receive grants up to $5,000 to make their homes more energy-efficient and save energy costs
MARKET WATCH: More moderate housing market predicted
An unusually rapid recovery in the Canadian housing market played an important role in ensuring that Canada’s recession, although sharp, was also short, according to Bank of Canada Governor Mark Carney.
WIRED OFFICE: Why all the fuss over Google+?
Google has recently launched a new social media platform called Google+ (plus).
RECO Decision: Buyer faces host of problems with basement apartment
The following decision from RECO Discipline and Appeals Hearings has been condensed and all individual and corporate names have been changed.
LEGAL BEAT by Merv Burgard: Shedding light on storage facility’s lakeside location
An unexpected municipal work order required the sellers to move a lakeside storage shed away from the shoreline.
Charity motorcycle ride a success
This year’s Motorcycle Ride for Charity was a great success, with organizers anticipating that funds raised to support the REALTORS CARE Foundation may total more than $50,000 once all pledges are in.
OREA embraces social media
The Ontario Real Estate Association is at the forefront of new technologies by strategically developing a dynamic social media presence.
Let’s make a deal: Offers, counter-offers and the acceptance of offers
July 1, 2011
Success in real estate – as in hockey – is all about playing your best and maximizing your strengths to try to beat your opponents.
Working the farm: Prospecting and farming skills are vital for new salespeople
You’ve finished your real estate courses and you’re eager to get started, but how can you build a client base to grow your business?
Future of green building is focus of conference
The green building market is booming and is expected to reach $173.5 billion (U.S.) by 2015.
MARKET WATCH: Housing market drives economic optimism
Although Canadians are still coping with the recession’s effects, they feel more optimistic about their personal finances and the housing market is playing a key role, a survey in Consumerology Report reveals.
ON THE MARKETS: Buyers bullish on recreational properties
Warmer weather often turns people’s thoughts to getting away from it all, and a recent survey reveals that many Ontarians love their cottages.
RECO Decision: Restaurant listing never posted into system
The following decision from RECO Discipline and Appeals Hearings has been condensed. All individual and corporate names have been changed.
LEGAL BEAT: Do your homework on owner’s equity before listing property
When you meet your sellers, go over their financial position and ask some basic questions and confirm their answers. Here are some suggested questions to ask them before listing.
OREA blog launched
A new and exciting way to shop for tools to help you in your career is now available to students and members of the Ontario Real Estate Association.
College develops online store for students and members
Online exam option.
The OREA Real Estate College has introduced an online exam option for both the admissions test and the examination for the first pre-registration course, Real Estate as a Professional Career.
Buyer Representation Agreements: Make sure buyers understand what they’re signing
June 1, 2011
The most common complaint to the Real Estate Council of Ontario (RECO) is from consumers who say they didn’t understand what they were signing when they entered into a Buyer Representation Agreement.
RECO revises website
A new website design has recently been launched by The Real Estate Council of Ontario (RECO).
MARKET WATCH: Conventional mortgages still popular
Canadians are surprisingly conservative on the mortgage front despite a decade of low interest rates, according to a survey commissioned by ING DIRECT.
Advertising in real estate: Beware of pitfalls and know the rules
Advertising can be a powerful tool to attract potential clients, whether it’s through flyers, newspaper ads, billboards or blogs.
WIRED OFFICE: Secret codes or marketing tool Have you seen any white squares containing black dots and geometric lines lately?
Materializing with increasing frequency in magazines and on flyers, business cards, billboard ads and websites, these boxes with funky designs are known as Quick Response or QR codes.
LEGAL BEAT: Clients can and do make all kinds of claims after a loss
The buyer sued the sellers, the home inspector and her REALTOR® after water infiltration and basement flooding occurred in her Saskatchewan home.
Student handbook available online
A revised online version of Your Career in Real Estate: A Student Handbook has recently been released by the OREA Real Estate College.
Motorcycle ride stops at various boards
Pledge forms are still available for the Motorcycle Ride for Charity organized by the REALTORS Care Foundation.
Campaign College focuses on election
Members of the Ontario Real Estate Association from across the province came to Toronto in April for Campaign College, which took place over two days and gave members the tools and information they need to prepare for this fall’s provincial election.
Multiple choice, multiple opportunities: Helping your clients deal with multiple offers
May 4, 2011
In a seller’s market, multiple offers are common, but they can also happen in a balanced or buyer’s market.
New salespeople advised to hit the ground running for real estate success
Ask any REALTOR® to recall their first day on the job and most will tell you it was overwhelming.
Old woman in the shoe ad promotes REALTORS®
A television commercial featuring a modern day retelling of the Mother Goose fable of The Old Woman Who Lived in a Shoe is the latest addition to CREA’s national ad campaign.
MARKET WATCH: First-time buyers strive to get ahead of higher interest rates
Driven by the potential of higher interest rates in the future, first-time buyers are contributing to a strong upward momentum in residential housing markets across the country, according to a recent RE/MAX report.
ON THE MARKETS: Ontario economy set to grow in 2011
Ontario’s economy has picked up and posted its best performance since 2002, according to the latest Provincial Economic Outlook report by RBC Economics.
RECO Decision: Registrant fined for falsifying documents
Legal beat: license to sell - registration protects public by supervising mortgage brokers.
Mr. Guido and his company worked to assist people with marketing and financing.
OREA News: Volunteerism awards recognize outstanding contributions
The efforts of volunteers were recognized at the 2011 OREA Annual Conference at Toronto’s Westin Harbour Castle Hotel.
Motorcycle Ride for charity takes place in July
Registration and pledge forms are now available for the Motorcycle Ride for Charity organized by the REALTORS Care™ Foundation.
Show me the money: The fate of the deposit if the deal falls through
April 1, 2011
You’ve worked hard to seal the deal and to get the buyer and seller to come to an agreement. But what happens to the deposit if the deal fails to close?
Video on home buying and HST released by OREA and provincial government
A video that explains to prospective buyers the facts about the Harmonized Sales Tax (HST) and the housing market was recently released by the Ontario Real Estate Association (OREA) and the provincial government.
Land and development conference coming up
Find out which market factors and dynamics are affecting land acquisition and development in the Greater Golden Horseshoe (GGH) at the 2011 Land and Development Conference on May 5 at the Metro Toronto Convention Centre.
MARKET WATCH: Improved housing sales predicted
Canadian home sales for 2011 are expected to be better than previously predicted, thanks to improving consumer confidence which will partly offset the anticipated negative impact of interest rate hikes, The Canadian Real Estate Association (CREA) reports.
WIRED OFFICE: Personal branding - What it is and why it’s important
Lately, a new term has crept into business lingo -- “personal branding.” According to Wikipedia, personal branding is “the process whereby people and their careers are marked as brands.
RECO Decision: Registrant fails to disclose financial interest in property
Legal beat: what’s in a name get personal signature on buyer representation agreement.
The buyer and the REALTOR® had maintained a casual friendship and occasional business relationship for 15 years before the events that occurred leading to this action.
The OREA 2011 Annual Conference at Toronto’s Westin Harbour Castle Hotel in March was a great success.
Campaign College focuses on provincial election
OREA staff members are busy finalizing the details for the 2011 OREA Campaign College scheduled to take place April 18 and 19 at the Sutton Place Hotel in downtown Toronto.
Jam with a Past President
Once again this year, the REALTORS Care™ Foundation has organized a Jam with a Past President event. Brian Walker, OREA’S President in 2007, hosts the annual event, which will be held during Campaign College (see item above).
March 1, 2011
The February issue of REALTOR® EDGE contained incorrect information in an article about power of sale.
Fascination with history plays role in appeal of heritage properties
Although Henry Ford famously remarked that “history is bunk,” people with a love of all things historical would disagree with the renowned automaker.
The price is right: Learning to price properties with confidence
Accurately pricing a property and listing it reasonably close to market value so that it’s not overpriced is an important aspect of a REALTOR®’s job.
New real estate mobile app launched by CIBC
CIBC recently introduced the Home Advisor App to give home buyers access to helpful information, tools, and advice right from their iPhone or BlackBerry while they’re out house hunting.
MARKET WATCH: Survey uncovers trends among single home buyers
Although conventional wisdom suggests that most singles would rather live in an urban setting, a survey conducted by Coldwell Banker revealed that the majority of single homeowners (52 per cent) chose suburbia.
ON THE MARKETS: Canadian resale market to have a soft landing in 2011
Fears of a U.S.-style housing crash in Canada were unfounded and the resale market in this country has landed safely, according to a recent report by TD Economics.
RECO Case: Buyer’s experience dampened by water leakage and undisclosed multiple representation
The following decision has been condensed from RECO Complaints, Compliance and Discipline Hearings and Appeals. All names have been changed.
LEGAL BEAT: Fixture or chattel? Arguments focus on status of motel sign
A large commercial sign situated on a piece of property in western Ontario is at the centre of this dispute.
Volunteer now and make a difference
Joining a committee or task force at OREA is a great way to serve your profession while enhancing your leadership skills.
Call for nominations for RECO 2011 election of directors
Members of the Real Estate Council of Ontario who are interested in serving on its board of directors are required to submit their nomination forms no later than 2:00 p.m. on Friday, April 1.
Campaign College advances real estate issues during election
To prepare member boards and associations to advance REALTOR® issues during provincial election years, OREA is hosting a two-day Campaign College.
Power of sale property must sell in “as is” condition
February 1, 2011
First you see that the lawn has not been cut and the weeds are taking over. Then you notice that the newspapers and mail are piling up on the front porch. The windows look dirty, and the house looks forlorn and neglected.
Vision for future of real estate technology unveiled
Giving a competitive edge to REALTORS® is the goal of several new technology innovations being developed by the Canadian Real Estate Association’s MLS® and Technology Council (MTC).
Growth of social media in U.S. real estate shown
Eighty per cent of REALTORS® in the United States use social media, according to the National Association of REALTORS® (NAR) technology survey for 2010.
MARKET WATCH: Strong housing market predicted for early 2011
News of a strengthening economy and low interest rates may result in a stronger-than-expected housing market for early 2011.
WIRED OFFICE: Etiquette on the web: Always be polite
Canadians are enthusiastic users of the internet. Perhaps the long, cold winters push us towards our internet interfaces.
RECO Case: Failure to disclose commission agreement proves costly
The following decision has been condensed from RECO Complaints, Compliance and Discipline Hearings and Appeals. All names of individuals, brokerages and other businesses have been changed.
LEGAL BEAT by Mervin Burgard: Deal not dead if parties agree to another document
The buyer signed an Agreement of Purchase and Sale (APS) for a pre-sale unconstructed condominium unit that she wished to own. The document contained a condition that stated:
OREA Annual Assembly Meeting open to members
New mobile application for hand-held house hunting.
A mobile application of REALTOR.ca for Windows® Phone 7 is now available to help consumers check out houses while they’re on the go, CREA announced.
MARKET WATCH: More balanced 2011 market predicted for homes
The market for resale homes in Canada was firmer for a third straight month in October 2010, suggesting a soft landing for the once red-hot sector and stable market conditions for the next two years, according to industry reports.
Uncertain forecast for commercial markets in 2011
Wishing they had a crystal ball, many commercial real estate experts expressed uncertainty about 2011 market prospects in the North American and global economies at the Annual Global Property Market and Toronto Real Estate Forum.
New year’s sales tips from the experts
The new year often inspires people to make a fresh start, spurring a rush to the self-help section of bookstores everywhere.
ON THE MARKETS: Canadians wary of household debt risks
Canadians are very cognizant of the dangers of excessive debt leverage, according to a special report by Scotia Economics.
RECO Case: Unsuspecting buyers get less than they bargained for
The following decision from RECO Complaints, Compliance and Discipline Appeals has been condensed.
LEGAL BEAT by Mervin Burgard: Disclose the fact that suicide took place
A question was asked about whether a builder was obligated to disclose to a buyer that an intruder broke into a house and committed suicide just before the sale closed.
OREA NEWS: OREA Annual Assembly Meeting open to members
All OREA members are invited to attend the Annual Assembly Meeting on Wednesday, March 2, 2011 at the Westin Harbour Castle Hotel in Toronto.
OREA office applying for LEED status
The Ontario Real Estate Association has applied to the Canada Green Building Council for LEED status for its renovated headquarters in Don Mills.
Looking for volunteer leaders
Two new topics posted to oreapedia.
REALTORS® can check out the two new topics posted to OREApedia recently.
Podcast offers tips for home staging
December 12, 2010
BMO (Bank of Montreal) has added the Happy Homeowner to its First-Time Homebuyers series of podcasts.
MARKET WATCH: Nine-in-ten Ontario boomers plan to downsize
For their next move, Ontario boomers are looking to downsize to smaller homes.
What does the CREA competition consent agreement mean to REALTORS®?
Now that an agreement has been reached between CREA and the Commissioner of Competition does that mean the public can list properties on the MLS® System? Not without a REALTOR® they can’t.
Over half of Ontarians confused about HST and resale homes
A full 56 percent of Ontarians mistakenly believe that the new Harmonized Sales Tax (HST) applies to the full purchase price of a resale home, according to an Ipsos Reid survey commissioned by the Ontario Real Estate Association (OREA).
WIRED OFFICE: iPads and PlayBooks and Slates, oh my!
With the holiday season coming there has been much ado about a new breed of technology currently being referred to as the digital tablet.
REALTOR® trademark is a valuable asset
One of the benefits of being a member of organized real estate is the right to call yourself a REALTOR®.
LEGAL BEAT: Take care when drafting exclusions
The sellers had serious legal disputes with their neighbours Ms. Belzberg and Mr. Knechtel about restrictive covenants. That went to court and the sellers lost.
Looking for leaders
If you’ve ever thought of serving your profession, why not sign up for an OREA committee?
Public Career Night a success
The first-ever educational open house aimed at promoting real estate as a career was a great success for the OREA Real Estate College.
Leadership courses presented at NAR conference in U.S.
At a recent meeting of the National Association of Realtors (NAR) in New Orleans, two volunteer leadership training courses developed by the OREA Centre for Leadership Development were presented to participants at the U.S. meeting on request from the Americans.
TD targets young Canadians with online budgeting tools
November 12, 2010
In a recent TD Poll, which compared investment attitudes of Gen X (born between 1965 and 1976) and Gen Y (born after 1980), Gen Xers said saving more each month, paying off debt, and opening an RSP are the top financial decisions they would make differently if they were 25 again.
MARKET WATCH: Canadian Housing activity hit $307 billion
The value of housing activity related to new home construction, as well as the rental, sale and renovation of existing homes in Canada reached $307 billion in 2009, or more than one-fifth of Canada’s total gross domestic product, according to Canada Mortgage and Housing Corporation’s (CMHC) latest Canadian Housing Observer report.
Many OREA Standard Forms revised for 2011
A new Seller Commission Agreement form will help protect the commission of co-operating brokers in situations where they are dealing directly with the seller. This new form was created for 2011 and a large number of existing forms have been revised.
New financial tools available to help REALTORS® help clients
REALTORS® have the opportunity to help first time home buyers make their dream of home ownership come true.
ON THE MARKETS: Ontario's economic confidence and housing affordability slide
Ontarian's economic confidence slipped 18 points (from 97 to 79 points) over the previous quarter, the highest of all regions across Canada -- according to the latest RBC Canadian Consumer Outlook. Just 57 per cent of Ontarians believe the state of the economy is good, down nine points from June and compared to 60 per cent nationally.
RECO Case – The price is right
The following RECO Complaints, Compliance and Discipline Appeals decision has been condensed and can be viewed in its entirety on the RECO website at www.reco.on.ca.
LEGAL BEAT: Consider tax allocation for tenants
This case concerns the interpretation of a commercial lease. It asks how the contribution the tenant is to make in respect of property taxes is to be calculated.
Stay current and connected
The OREA Real Estate College has launched two new initiatives to help you stay up-to-date with College news and events.
Calling all candidates!
Interested in running for a position on OREA’s 2011 Board of Directors?
Mandatory home energy audits stopped
October 10, 2010
The Ministry of Energy has decided not to proceed with plans to introduce mandatory home energy audits on real estate transactions.
MARKET WATCH: Survey shows consumers confused about HST
A recent survey by Royal LePage shows that consumers in Ontario and British Columbia have misconceptions about how the Harmonized Sales Tax (HST) affects real estate transactions.
Bubble or no bubble? Two studies show conflicting opinions
Is the Canadian real estate market in a bubble about to burst or not?
REALTORS® have a duty to disclose defects
Basement flooding, cracks in the foundation, mould – what do sellers need to disclose and what do REALTORS® need to find out?
WIRED OFFICE Which smart phone is best for you?
Gone are the days of sitting around in your office waiting for an important call or for that essential email to arrive.
Learn how to stay safe on the job
Real estate is definitely a people business and, as a REALTOR® you meet lots of people on the job.
LEGAL BEAT: Material defect costs commission on 1.2 million dollar deal
The buyer sees a house in Carlisle, Ontario that meets his needs.
Shop for courses 24/7
Enrolling in OREA Real Estate College courses is a whole lot easier thanks to the “web self-serve” functionality on the www.orea.com website.
OREA Government Relations department wins CSAE Award
For its successful campaign against the Ontario government’s proposed mandatory energy audits, OREA was awarded the CSAE’s 2010 Associations Make a Better Canada Award in the Public Affairs/Government Relations category.
OREA celebrates excellence in customer service
At the Ontario Real Estate Association (OREA) we are proud to be participating in National Customer Service Week (October 4 - 8, 2010), and wanted to take this opportunity to thank you for being a "customer" of OREA. We value and appreciate your business.
Commercial real estate sustainable?
September 10, 2010
A new report finds the Canadian commercial real estate industry is playing catch-up with respect to environmental, social and governance (ESG) issues when compared to international peers.
MARKET WATCH: Homeowners are more financially fit
Homeowners are in the best shape when it comes to financial fitness in Canada. Sixty five per cent of homeowners pay off their credit card balances each month, vs. 48 per cent of non-homeowners.
Clauses should clarify terms of agreement between buyer and seller
Get it in writing…and get it right. A good clause in an Agreement of Purchase and Sale (APS) exists to make sure that the requests of both parties are accurately reflected.
“My REALTOR® had all the answers”
A new television commercial promoting the value of REALTORS® began airing across Canada at the end of August.
ON THE MARKETS: Lending rate hike won’t greatly impact real estate market
When the Bank of Canada (B of C) raised its overnight lending rate by 25 basis points in July, it sent fear into the hearts of many would be home buyers.
RECO Decision: Stolen identity, misrepresentation punished
The following RECO Discipline decision has been condensed and can be viewed in its entirety on the RECO website at www.reco.on.ca.
LEGAL BEAT: How to save your client’s money
I act for a builder buying several lots from a developer on which individual homes will be built.
Real Estate as a Professional Career is now offered in class
The OREA Real Estate College now offers the classroom method of course delivery for Real Estate as a Professional Career, the introductory course to The Salesperson Registration Education Program.
Defects and the Importance of Disclosure
Knowing the types of defects to look for and what information needs to be disclosed to your clients is part of the REALTOR®’s duty.
Be the REALTOR® every client wants
A new one-credit, online, CE course, Be the REALTOR® Every Client Wants, is now available!
RECO elects directors
August 10, 2010
Following the Real Estate Council of Ontario’s Annual Meeting in June, the Board of Directors elected George Lavallee as Chair and Keith Tarswell as Vice-Chair for 2010 – 2011.
MARKET WATCH: Housing activity will stabilize
Housing starts rebounded in the second half of 2009 and early 2010 and will stabilize over the next two years, according to Canada Mortgage and Housing Corporation’s (CMHC) second quarter Housing Market Outlook Canada Edition.
Expand your knowledge of clauses and conditions
Real estate transactions are loaded with issues that require carefully worded clauses and conditions to keep the deal on track. OREA Standard Clauses are used by members on a daily basis.
Dealing with the complaints process
What if a complaint is filed against you with the Registrar? What can you expect? How long is the process going to take?
WIRED OFFICE: Privacy and Social Media
Conduct an internet search on yourself by entering your name in a search engine (e.g., Google, Bing, etc.).
RECO Decision: REALTOR® fails to include all owners in listing agreement
Legal beat: power of sale.
The lender started Ontario Power of Sale proceedings and sued the mortgagor-owner who defended on several grounds. None were found in the owner's favour.
OREA exam replaces CAAT for admissions
Applicants to OREA’s Salesperson Registration Education Program can now write the OREA Real Estate College’s own real-estate focused Admissions Test to comply with the Private Career Colleges Act, 2005 mandated ‘Grade 12 or equivalent’ admissions requirement to our program.
Perceived viability of real estate industry shifts: survey
More brokers today feel that the viability of the real estate industry is in jeopardy, according to the 2010 Broker Viability study.
Homeowner emergency response plan starts
June 16, 2010
Residents and businesses in disaster-stricken communities across Ontario will be able to recover and rebuild more quickly, thanks to a plan launched in May by the Ontario Association of Fire Chiefs and The Home Depot Canada.
MARKET WATCH: First time buyers willing to pay more for location
A Bank of Montreal (BMO) survey released in April says among current homeowners and future first-time homeowners, location is the main reason they would consider offering more than the asking price for a home.
Applying the HST: REALTOR®tips
The new harmonized sales tax (HST) takes effect July 1st. Ontario REALTORS® need to prepare for the changes now.
RECO can no longer obtain criminal record checks
To become registered or renew registration with the Real Estate Council of Ontario (RECO), applicants not only have to have the appropriate real estate education, they must also be able to prove financial fitness and disclose any criminal charges against them.
ON THE MARKETS: Canadian economy’s growth will slow
Almost halfway through the year and the recovery in the Canadian economy is strong, but to what extent is this recovery the real thing and to what extent is it sustainable at the current rate?
Real estate brokerages need a plan to ensure a safe and healthy workplace to protect workers
Bill 168, Ontario’s new workplace violence and harassment legislation, will require every real estate brokerage to take specific steps to comply with the new law which comes into effect on June 15, 2010.
LEGAL BEAT: Standard form saves commission
The brokerage sued their buyer client for $21,774.50 under an Ontario Buyer Representation Agreement (BRA).
The OREA Real Estate College has started two campaigns to remind students of the time restrictions for completion of the Salesperson Registration Education Program.
REALTORS® ride to help provide shelter
Show your support for the REALTORS Care Foundation’s fifth annual REALTOR® ride for charity, a motorcycle ride in support of shelter-related charities.
No new applicants for ecoENERGY program
May 5, 2010
Effective March 31, 2010, the ecoENERGY Retrofit program that provided grants of up to $5,000 to Canadians who make their homes more energy efficient, stopped accepting new bookings for pre-retrofit evaluations.
MARKET WATCH: Mortgage rates on the rise
Canada’s big five banks have begun raising rates on certain fixed mortgages, including the benchmark five-year mortgage.
OREApedia helps members find information quickly
Quick and easy access to the vast amount of information on the OREA website is now possible through a feature called OREApedia.
New enrolment requirements for OREA Real Estate College
OREA was recently registered as a Private Career College under the Private Career Colleges Act, 2005 (PCCA).
WIRED OFFICE: Getting the most from your Search
Searching on the internet has become an integral part of our lives. There is an infinite amount of information sitting just a few keystrokes/mouse clicks/touch and presses away.
CREA clarifies MLS® Rules in response to competition concerns
CREA has changed its MLS® rules to clarify that the nature of services to be provided to the seller or buyer is a matter of agreement between the REALTOR® and his or her client or customer.
LEGAL BEAT: Can you live with the rules?
The condo unit owners installed two satellite dishes on the patio of their unit which the condominium corporation said were contrary to the Declaration, Bylaws and Rules.
OREA Real Estate College guarantees course dates
In an effort to assist students and registrants in planning their course schedules for 2010 and meet their timelines to complete required courses, the OREA Real Estate College introduced a schedule of ‘Guaranteed Course Dates’.
Ontario budget: little help for real estate
The Ontario 2010 budget was highlighted by a large provincial deficit and little in the way of help for the provincial real estate industry.
Conference focuses on land, development
April 5, 2010
The Real Estate Forum’s 2010 Land & Development Conference will offer insights on trends and strategies for land acquisitions and development in the Greater Golden Horseshoe as well as speculate on where land values are heading for 2010 and beyond.
MARKET WATCH: Housing starts trend upward for 2010
Housing starts rebounded in the second half of 2009 and will strengthen in 2010, according to Canada Mortgage and Housing Corporation's (CMHC) first quarter Housing Market Outlook, Canada Edition.
Learn how to spot structural deficiencies in homes
What should be one of the happiest moments in a person's life can sometimes be spoiled by the discovery of structural defects that were unknown or undisclosed at the time of purchase.
Social media’s a natural fit for REALTORS®
“REALTORS®are people people so the opportunities available to you through social media are tremendous.”
Canadians feel a home is key to retirement: poll
Home buying momentum in Canada continues to gain steam.
RECO Decision: Disclose terms when offer is presented
The following RECO Discipline Hearing decision has been condensed and can be viewed in its entirety on the RECO website at www.reco.on.ca.
LEGAL BEAT: Judge turns up the heat
When the buyer took possession of his Winnipeg house, he found that the space heaters had been removed, and the pipes were frozen.
Nominations swell for Volunteerism Awards
Karen Shartun of the Kitchener-Waterloo Real Estate Board was awarded the OREA Volunteerism Award for an Individual, presented at the 2010 OREA Annual Conference.
ExamTutor© 2 study guide available
ExamTutor© 2 CD-ROM is now available to students taking the Articling Segment and Real Estate Broker Courses, including Real Property Law, Real Estate Investment Analysis, Principles of Appraisal, Principles of Mortgage Financing, Principles of Property Management and the Real Estate Broker Course.
REALTOR® ride helps provide shelter
The Brampton Real Estate Board is once again hosting the REALTORS Care Foundation annual charity motorcycle ride, from July 7th to 10th, 2010.
OREA podcasts available on OREA website
Interviews with speakers from the recent leadership conference can now be heard on the OREA website.
REALpac releases office green lease guide
March 8, 2010
The Real Property Association of Canada (REALpac) has developed a Green Lease Guide for Commercial Office Tenants.
MARKET WATCH: Consumer confidence hits two year high
The Index of Consumer Confidence rose 13.8 percentage points in January to a 23-month high, according to the Conference Board of Canada’s latest Index of Consumer Confidence.
Make the most of green upgrades
As energy conservation becomes more of a concern for both government and consumers, REALTORS® can better serve their clients by knowing more about heating system upgrades and government grant programs for them.
REALTORS® welcome EI benefits for self-employed Canadians
Self-employed REALTORS® can now participate in the Employment Insurance (EI) program, CREA, the Minister of Human Resources and Skills Development and the Minister of State for Small Business and Tourism announced on February 1.
Mortgage brokers and agents licences up for renewal
More than 1,300 real estate brokers and sales representatives met the requirements to be licensed as mortgage brokerages, brokers or agents under the new Mortgage Brokerages, Lenders and Administrators Act, 2006 (the Act).
WIRED OFFICE: Should you upgrade to Windows 7?
By now, you’ve probably heard some mention of Microsoft’s new operating system known as Windows 7. Released in late October 2009, most new PCs now come with Windows 7 pre-loaded.
Get to know MTO policies for real estate signage
REALTORS® working with properties that enter onto public highways in Ontario need to be aware of guidelines for entrance permits as well as real estate signage.
LEGAL BEAT: Conduct can create agency relationship
The buyer used REALTOR® “S” to look for a condominium unit but refused to sign a Buyer Representation Agreement (BRA).
Errors and omissions new course starts
Risk Management Strategies for Errors and Omissions Insurance is a new six-credit course designed to help real estate professionals understand terms used in errors and omissions insurance policies.
OREA’s 2010 Annual Conference was made possible by the donation of our generous sponsors.
New online study guide available
Has studying got you stressed? The new passit online study guides are designed to help ease the stress of studying for real estate pre-licensing courses in Ontario.
Teachers buy into mortgage insurance business
February 4, 2010
A private investor group, in which Ontario Teachers’ Pension Plan is the lead sponsor, is set to buy the Canadian mortgage insurance business of American International Group Inc (AIG).
MARKET WATCH: Strong market gains expected to continue through first half of 2010
Canada's residential real estate market is forecast to remain unusually strong through the first half of 2010, according to the Royal LePage Market Survey Forecast and House Price Survey.
“Time is of the essence” when notices given and received
One of the most significant changes made to the OREA 2010 Standard Forms was the revision of the Notices clause in Form 100, the Agreement of Purchase and Sale.
First-time buyers may want rental income but beware restrictions
Many homebuyers consider purchasing a property with an existing or potential for a second suite.
ON THE MARKETS: Economists predict higher interest rates in fall
According to many of Canada’s top economists, higher interest rates – and debt servicing costs – may be just around the corner.
Identifying fraud: use caution, common sense
Mortgage fraud continues to be a major concern for the real estate industry.
LEGAL BEAT: Open use of driveway for 20 years supports easement
Welton owned two lots and sold one. He then built a driveway that both lots could use. The driveway is located on the lot that he sold. He has continued to service and maintain the driveway since 1963. A dispute arose between Welton and the new owners of that lot who had bought it in 1985.
Make a difference; join a committee
Realtor® concerns not reflected in brownfield regulation amendments.
None of the province’s amendments to Ontario’s record of site condition regulation 153/04, released in December, address concerns raised by OREA during the consultation process.
AERO improves offer to REALTORS®
AERO Insurance Brokers has just negotiated a 33 per cent increase on the discount offered to OREA members. As a benefit of OREA membership, you have access to great group rates with two of Canada’s leading insurance companies.
OHBA fears black market due to HST
January 5, 2010
The Ontario Home Builders' Association (OHBA) is asking the provincial and federal governments to implement a permanent renovation tax credit or rebate for homeowners to mitigate the effect of the HST.
MARKET WATCH: Bank of Canada rates hold in 2010: poll
The Bank of Canada will most likely keep its promise to hold the key interest rate at near-zero levels through the second quarter of 2010 according to a recent Reuters poll of Canada's primary securities dealers.
Nurture those online leads
Most REALTORS® say referrals and repeat business are their main source of business leads. However, according to the National Association of REALTORS® (NAR) Technology Survey, 53 per cent of respondents feel the Internet is very important to generating leads.
Real estate reality show pulled
CREA successfully won its recent battle to have “Realtor vs. Realtor”, a Canadian real estate reality TV series, taken off the air.
What is a Heritage Property?
In past EDGE articles we’ve learned how to price heritage properties and that a number of Ontario municipalities have initiated programs to provide tax relief, grants and loans to heritage property owners. But how do you identify one?
WIRED OFFICE: GeoWarehouse® introduces online store
Teranet has launched the GeoWarehouse Store to assist REALTORS® in helping their clients make more informed real estate decisions.
OREA main office now a green building
OREA held a grand opening and ribbon cutting ceremony in December to celebrate the completion of the green building renovations to the Duncan Mills office.
LEGAL BEAT: PCDS/SPIS not a warranty
The buyers bought a house in Saskatchewan and received the seller's Property Condition Disclosure Statement (PCDS) that indicated there were no unrepaired roof leaks or moisture or water problems in the house, but also stated that there were previous backyard drainage problems which had been repaired to the best of his knowledge.
OREA mourns Lee Hoppe
The Ontario Real Estate Associations is sad to report that 1975 OREA President Earl Leroy (Lee) Hoppe passed away on Sunday, November 22, 2009 in Kitchener. He was 78.
REALTOR® efforts could not stop HST
Despite vigorous opposition by OREA and other groups, the Government of Ontario and the Government of Canada have both passed legislation that will implement the Harmonized Sales Tax (HST).
OREA Annual Meeting is open to members
All OREA members are invited to attend the Annual Meeting of the Assembly on Wednesday, March 3, 2010 at the Westin Harbour Castle Hotel in Toronto
Self-employed may soon qualify for EI benefits
December 14, 2009
The Conservative government has introduced a bill to extend Employment Insurance (EI) special benefits, such as maternity and compassionate care leave, to the self-employed for the first time.
Market Watch: Canadian commercial markets better off
Canadian commercial real estate executives feel the real estate markets have moved up meaningfully over the past quarter.
Same agency rules apply for commercial, residential REALTORS®
It used to be the three most important rules in real estate were Location, Location, Location.
REALTORS® and HST on collision course
Although organized real estate is still working to derail it, the HST train seems to be headed straight for us and unlikely to be knocked off track.
ON THE MARKETS: New economy means new ways of doing business for REALTORS®
Four out of ten REALTORS® believe the real estate industry is starting to recover from the economic crisis.
Homebuyers care about sustainability
Energy efficiency makes sense to most homebuyers.
LEGAL BEAT: Use non-competition clause in exceptional circumstances
The insurance brokerage employees had written contracts which contained a restrictive covenant which stipulated that for two years after the termination of employment, they were not to "conduct business with any clients or customers of H. L. Staebler Company Limited that were handled or serviced by you at the date of your termination".
Foundation grants swell in 2009
The realtors care foundation granted nearly $300,000 in 2009..
Feedback from the Broker Viability Task Force research showcase presentations has been very positive.
First time buyers learn mortgage basics
November 13, 2009
Building Blocks, a special series launched last month on the Globe Investor website is geared towards educating young Canadian families about various personal finance topics.
World housing markets recovering
Global real estate markets are showing tentative but growing signs of stabilization, according to the recent Global Real Estate Trends report released by Scotia Economics.
Communication issues spur changes to OREA Standard Forms
Well-written standard forms and clauses help to make the trade in real estate an open and transparent process.
Heritage property owners get tax relief
A number of Ontario municipalities have initiated programs to provide tax relief, grants and loans to heritage property owners.
WIRED OFFICE: Safe disposal of consumer electronics
As consumers, we often want the latest and greatest techie toys with the newest bells and whistles.
RECO decision: Member fails to verify chattels
Legal beat: disclose market value comparables.
The REALTOR® knew that a development property might be for sale and discussed it with the sellers.
Interested in running for a position on OREA’s 2010 Board of Directors?
Quality of Life campaign launched at 2009 OREA Political Affairs Conference
In response to the call from member real estate boards and associations, OREA has developed materials for boards, associations and REALTORS® to use to implement quality of life principles and practices in their day to day business.
Distracted driving law on the horizon
October 13, 2009
Bill 118, banning drivers from using handheld devices while operating a vehicle on the road, will become law on October 26, 2009.
Outlook improves for jobless Canadians
More Canadian employers will be hiring in the October to December period of 2009, according to the latest results of the Manpower Employment Outlook Survey.
Legal Forum hits a milestone!
Got a burning real estate question? Chances are you will find the answer to it on OREA’s online Legal Forum.
REALTOR® ad campaign builds on success
This fall, OREA will be continuing the very successful residential campaign that impresses upon consumers the importance of using a REALTOR®.
Economists optimistic recession is over
The outlook is brightening for the economy in general and the housing industry, specifically, according to some recent reports.
RECO decision: Access to lockbox must be authorized
The following RECO Complaints, Compliance and Discipline Appeals decision has been condensed and can be viewed in its entirety on the RECO Web site at www.reco.on.ca.
LEGAL BEAT: Warranty merged on completion
The sellers sold commercial condominium premises and a business used as a party hall primarily for Hindu wedding receptions.
Take home tutor now available
To better prepare students for Registration Education course examinations, OREA Real Estate College has launched ExamTutor© CD ROMs.
OREA stands up for stronger property rights
Speaking in favour of stronger, better defined property rights, OREA made a presentation in August to the Standing Committee on General Government regarding Bill 173, the Mining Amendment Act.
Conferences report on housing markets
September 8, 2009
CMHC will host five Housing Outlook Conferences in Ontario from November 3 to November 19 tailored to each specific local market.
Ontario home starts down in July
The Ontario preliminary Seasonally Adjusted Annual Rate (SAAR) of home starts across all areas declined to an estimated 39,100 units in July, down from 45,800 units in June, reports the CMHC.
RECO Update course gets an update
REALTORS® need to stay abreast of ever changing issues, laws and regulatory activities in the real estate industry.
Updated pamphlet available on Legal Forum
Receiving a letter from the Registrar indicating a complaint has been filed against you can be very intimidating.
WIRED OFFICE: If you build it, will they come?
You’ve created a great Web site full of information that your clients and potential clients will find useful and interesting.
Don’t let a wet basement douse your deal
With the heavy rainfall in Southern Ontario throughout the spring and summer of 2009, moisture has to be a concern for homeowners and buyers alike.
LEGAL BEAT: Misreading a clause cost buyer $90,000
A property was being developed as a golf course, ran into financial problems and went into receivership.
Get CE credit for Leadership courses
As of this past August, Becoming a Leader, Leadership 200 and Enhancing Leadership Skills, Leadership 300 are now RECO continuing education credited courses.
Revised mentoring kit now available
Salespeople need to know about the properties they are trying to sell and they need to know how to close a real estate transaction.
Make music to make a difference
Back by popular demand, the REALTORS Care Foundation is pleased to announce Jamming with a Past President – Brian Walker and his band – at Stop 33 in the Sutton Place Hotel on Tuesday October 27th, 2009 during the OREA Political Affairs Conference (PAC).
RECO Election results
July 8, 2009
Following the Real Estate Council of Ontario’s Annual Meeting in June, the Board elected Glenda Brindle to serve as Chair and George Lavallee to serve as Vice-Chair.
Market Watch: Study shows there's no place like home
According to Genworth Financial Canada's First-Time Homebuyer's Monitor released in June, 84 per cent of those surveyed said that owning a home goes beyond its financial value and feel that homeownership pays off in more ways than one. First-time homebuyers closely associate financial security and emotional well being with homeownership.
Green homes LEED the way
The trend towards “green real estate” continues to accelerate as homebuyers, sellers and REALTORS® see the benefits of a more environmentally friendly living space.
Everything you need to know about brownfield remediation is on a new Web site
Many of Ontario’s commercial REALTORS® recognize brownfield redevelopment offer business opportunities.
OREA course teaches environmental awareness for real estate
Environmental legislation is extensive and varied. It covers all aspects of the environment, from drinking water protocols to snow removal.
Canadian dollar to again outpace American, economist say
The economy is beginning to respond to stimulus by the Bank of Canada, but Canadians can expect to see a very different economy when the smoke clears.
New exam format gives members and students more feedback
Members in the Course 3, articling or broker courses will have noticed a change in OREA exam format. Members and other students who enroll in a registration education course having a start date on or after April 1, 2009 are writing examinations using an all multiple choice testing format.
Ontario Realty Corp requests proposals
Two opportunities for brokerage services are available from Ontario Realty Corp (ORC).
LEGALBEAT: Be aware of your fiduciary duties
The buyer was led to believe that her unit would have granite countertops in the kitchen and a crawl space with a forced air heating system. As it turned out, it did not.
OREA podcasts now available
Listen to The EDGE, OREA’s new podcast series.
Government implements OREA recommendation on retrofit rebates
The Government of Ontario has adopted an OREA 2009 pre-budget recommendation, increasing the amount of funding available to Ontario homeowners for home energy retrofit rebates under the Home Energy Savings Program.
Keep track of the issues
OREA Government Relations recently updated all our issue summaries which became our Spring Legislative and Regulatory update.
Ontario home starts down in April
June 8, 2009
Ontario home starts moved lower in April. Ontario preliminary Seasonally Adjusted Annual Rate (SAAR) of home starts across all areas declined to 36,300 unit starts, down from 62,600 starts in March.
Market Watch: HST squeezes middle-class homebuyers
A report, titled "Big Hit on GTA Middle-Class Homebuyers with the Ontario Budget's HST Proposals," reveals that middle-class families get hit the hardest by the $800 million tax increase on new homebuyers across the province under the Provincial government's planned harmonized sales tax (HST).
Do your homework ahead of time to protect the deal
Over-leveraged properties can be difficult to sell. If the market won’t support the home’s asking price, it puts the whole transaction in jeopardy – including commission.
Power of sale: What you should know
A power of sale is a forced sale of a property by a mortgagee due to a default of one or more of the mortgagor’s obligations under the mortgage.
WIRED OFFICE: Keep your website simple
Anybody and everybody can have a website. Register a domain, follow a template, and in minutes you can have a website. Having a “good” website takes considerably more thought and effort.
RECO decision: Overly inflated price leads to penalty
Legalbeat: fax cover sheet muddies commission.
The seller listed the property with Re/Max for a year but it did not sell. He then signed a co-listing with LePage and Re/Max for 90 days although the actual listing was in the name of LePage.
Home energy audit bill amended
Concerted effort from OREA and REALTORS® to get the Ontario government to drop the idea of mandatory home energy audits when a home is sold has met with success. Ontario Bill 150, proposing amendments to the Green Energy Act, has been amended to allow buyers to waive the mandatory home energy audit requirement.
Broker viability study findings released
Southern and Eastern Board members (brokers and broker –managers only) will get a chance to hear the results of the Broker Viability Task Force research in June.
Become a “Green Agent”
May 5, 2009
The National Association of Green Agents and Brokers (NAGAB) offers a Greenrealestate™ program leading to the Accredited Green Agent™ and Accredited Green Broker™ (AGA™ & AGB™) designations.
Ontario home starts increase in March
Ontario home starts bucked a three month downward trend in March; preliminary Seasonally Adjusted Annual Rate (SAAR) of urban home starts rose to 60,900 unit starts, up from 45,100 starts in February, according to CMHC.
Electronic registration means easier access, but more responsibility
Technology has dramatically changed the way that real estate transactions are processed and completed in Ontario.
Opposition to sales tax harmonization is strong
The McGuinty governments plan to harmonize the GST and PST is hitting a wall of opposition built by REALTORS®.
Canadians retrench to weather economic crisis
Concerns over the cost of living have led to a bunker mentality among Canadian consumers according to a recent Pollara Strategic Insights survey.
RECO decision: Get buyers consent for advertising
Legalbeat: calculating ltt on a vacant lot.
Do you know how land transfer tax is calculated on the purchase of a vacant lot which is subject to a construction contract?
Registration courses feature e-Books
Students who enroll in courses in the OREA Real Estate College Path to Success real estate program will have access to an electronic workbook, or e-Book. These environmentally friendly e-Books provide students with interactive versions of the course accessible directly from their personal My Portfolio account. Students will also be able to access a PDF of the course providing them with the ability to download to their computers and/or print course material.
REALTORS® ride for shelter related charities
Show your support for the REALTORS Care Foundation’s fourth annual REALTOR® ride for charity, a motorcycle ride in support of shelter-related charities.
Develop skills while having fun
Visit the OREA Cyber Café during REALTOR® QUEST 2009 on May 6th and 7th at the Toronto Congress Centre and enter the draw to win a free iPod Touch!
New homes can be LEED-certified
April 5, 2009
The Canada Green Building Council launched a new green home rating system in March, which it says will provide health and cost benefit and preserves resale value.
Housing activity to slow, BMO says
The Canadian economy is expected to contract about two per cent in 2009, marking the nation's first recession in 17 years, according to the BMO Financial Group.
Tarion amends registration rules for new home “flip”
REALTORS® who deal in new home and condominium sales take heed: there are new provisions for registering vendors with Tarion Warranty Corporation.
Health Canada issues advisory on foam insulation
Urea formaldehyde foam insulation (UFFI) has been sold illegally in Canada. In a consumer advisory, Health Canada says RetroFoam of Canada Incorporated imported and illegally sold RetroFoam insulation.
WIRED OFFICE: What to look for in a digital camera
Digital cameras are still one of the top tools used regularly by REALTORS®. According to the National Association or REALTORS® NAR’s latest member profile, 96 per cent of REALTORS® use a digital camera in their business.
Dealing with difficult to insure properties
The ability to obtain property insurance is a critical component of any real estate transaction.
LEGAL BEAT: Buyer has to keep on trucking
The buyer's agent contacts a seller and asks for a list of permitted uses of the unlisted land zoned "highway commercial." He is given a long list of permitted uses.
Skills training wins board honours
In recognition of its success recruiting and training its volunteers, the Toronto Real Estate Board (TREB) has won the OREA Volunteer Award, presented at the 2009 OREA Annual Conference.
Exam changes take effect April 1, 2009
In conjunction with the new Path to Success in Real Estate program, examination procedures will also be changing for courses beginning after April 1, 2009.
INSIDE EDGE absorbed into REALTOR® EDGE
March 12, 2009
Four times a year, we publish the INSIDE EDGE, with news more related to the work that OREA is doing.
Sales and prices drop in Q4
During the fourth quarter of 2008, Canada's real estate market weakened in both unit sales and house prices, according to a House Price Survey released by Royal LePage Real Estate Services.
Brokerages must have broker of record in place
Under REBBA 2002, each brokerage must have a designated broker of record.
Updated GST guide available on REALTOR Link®
Everything you need to know about the Goods and Services Tax (GST) and how it applies to REALTORS® is contained in the recently updated REALTORS® guide to GST/HST/QST.
ON THE MARKETS: Budget recognizes economic importance of housing to stimulate the economy
The Federal Budget 2009 introduced several incentives to get Canadians spending by buying a first time home, or renovating the one they are already in.
PRESIDENT’S NOTE: Ad campaign boosts REALTOR® image
To survive as REALTORS® we have to show potential customers who have not used a REALTOR® our worth.
In Your Corner: Refreshed ad campaign focuses in on REALTOR® value
Changing market conditions and new market research have prompted changes to the National Ad Campaign.
How does your brokerage compare?
The answer to a question mulled over in the abstract just a couple of years ago has now become quite relevant: How can a brokerage struggling in good times be viable when the market turns?
Thank you from the Foundation
REALTORS Care Foundation thanks our 42 real estate boards and our Ontario REALTOR® members for their continued support in 2008.
OREA continues the battle against Land Transfer Taxes.
Tips to pricing a heritage property
In today’s real estate market brokers and salespeople are often asked to suggest a value or asking price for heritage properties.
LEGALBEAT: “Shall not survive and merge” clause survives
The buyer and seller were represented by the same brokerage. T, an owner of the brokerage, was a dual agent.
Conference sponsors contribute to success
OREA’s 2009 Annual Conference was made possible by the donation of our generous sponsors.
Single sign-on gains popularity with members
Almost 15,000 members have discovered the advantages of single sign-on access on the OREA website.
RECO 2009 council seeks nominations
February 6, 2009
Members of the Real Estate Council of Ontario who are interested in serving as directors of the Council are required to submit their nomination form by no later than 2:00 p.m. on Wednesday, April 1, 2009.
Correction likely for market in 2009
Nationally, average house prices are forecast to dip by 3.0 per cent from last year to $295,000, while transactions are projected to fall to 416,000 (-3.5 %) unit sales in 2009, according to the Royal LePage 2009 Market Survey Forecast released in January.
Your knowledge of CMHC insurance products may help close the deal
The current economic situation has many potential homebuyers worried and confused about their prospects for buying a home. For many buyers – especially first time buyers – mortgage insurance is an option that may help them buy their own home sooner.
First impressions more important in a slower market
In a hot real estate market, even homes that don’t give the greatest first impression will still sell. However, as the market cools off, the listings that show well will be the ones that sell faster and for a better price.
WIRED OFFICE: Communicate by tapping, “Swyping” or video messaging
Sending a text message has become a very popular way to communicate quickly and conveniently.
Keep your wood-burning stove in good condition
On bitter cold winter days, a wood-burning stove or fireplace can add warmth and comfort to any home. For many of us, it’s part of our childhood memories.
LEGAL BEAT: You can’t park on the right of way
Fife lives at # 205 and has used a mutual driveway for more than 20 years. The right of way as registered is 76 feet long and 7 feet wide so that the two neighbours could access the backyard parking areas as long as no additions were built onto the back of the houses.
Forge the path to success in real estate
Effective April 1, 2009, the Path to Success in Real Estate for individuals aspiring to become real estate professionals in Ontario will be changing.
All OREA members are invited to attend the Annual Meeting of the Assembly on Wednesday, February 25, 2009 at the Sheraton Centre in Toronto, starting at 10:00 a.m.
Family business also LTT exempt
January 1, 2009
The Government of Ontario land transfer tax exemptions also include transfer of land to a family business corporation.
Fewer new homes built in November
Construction of new homes dropped to 172,000 units in November, down from 211,800 units in October, according to Canada Mortgage and Housing Corporation (CMHC).
Forum offers leasing lessons in a slow economy
The slowing economy has commercial real estate professionals anticipating various scenarios. What do you need to do to look out for your client? Can a tenant restructure his business without paying a penalty? Are landlords prepared to deal with a potential increase in tenant defaults and restructuring requests? What steps can be taken to anticipate default and minimise risk?
The REALTOR® EDGE gets a new look
Welcome to the new look of the REALTOR(r) EDGE. This year as the whole organization looked to refresh OREA's look, we took the opportunity to talk to members to see if there were any changes that they would like to see.
Sub-prime mortgages not responsible for world recession
The world economy is going down the drain because of some repossessed, boarded up, unsellable homes in Cleveland.
RECO Decision: Disclose nature of interest
Seller A and Seller B listed a property located at 1-AB Street for sale with Brokerage A. The listing salesperson was Seller Representative A. The sellers reduced the asking price from $349,995 to $337,995. Two days after the price reduction, an offer was received and presented by Seller Representative A under dual agency.
RECO Real Estate Update is going green
In an effort to reduce waste and help the environment, all Real Estate Update course materials will now be available in either an e-book format or a PDF version for download as of February 1, 2009.
LEGAL BEAT: Check ownership thoroughly
The buyer signed an offer to buy a house in her own name but when the bank needed someone else on title, her mother was added to the Deed. Three years later she decided to sell the house and listed it with the same REALTOR® that helped in her purchase.
OREA Annual Meeting forum for trade issues
All OREA members are invited to attend the Annual Meeting of the Assembly on Wednesday February 25, 2009 at the Sheraton Centre in Toronto, starting at 10:00 A.M.
OREA, TREB work on Teranet deal
Representatives from the Toronto Real Estate Board and OREA met in November with Teranet to discuss providing member boards with low cost access to Teranet’s Geowarehouse service.
New forms available
The 2009 version of Form 220, SPIS, is now available. Unlike the other forms, these no carbon required (NCR) forms are available in packages of 50 at a cost of $20 per package and have a 2009 copyright date. Other forms will continue to be sold in packages of 25. Any forms that did not need to be updated will continue to have the 2008 date.
Ontario expands LTT exemptions
December 8, 2008
The Government of Ontario is expanding exemptions under the land transfer tax to include transfers of farmland from a family farm corporation to one or more family members.
Housing starts down in October says CMHC
The seasonally adjusted annual rate of housing starts was 211,800 units in October, down from 218,600 units in September, according to Canada Mortgage and Housing Corporation (CMHC).
Credit crunch squeezes mortgage seekers
While the majority of Canadian financial gurus continue to maintain that Canada will not experience the same economic meltdown as the United States, the global credit crisis is most certainly having an impact here. Just ask anyone looking to find mortgage financing. It seems the days of easy credit are over as financial institutions tighten up on lending policies.
New and revised standard forms address FINTRAC, Tarion changes
Identifying parties to a transaction, reporting suspicious transactions and keeping good records took on added meaning this year with the stricter FINTRAC requirements.
Searches and mapping modified on REALTOR.ca
Navigating the REALTOR.ca Web site should now be easier thanks to changes recently implemented by CREA.
Why it’s important to protect trademarks
Being a member of organized real estate has many benefits including the right to call yourself a REALTOR®.
CREA issues Do-Not-Call List advisory
Do-Not-Call List promotions by various companies should not be confused with any requirement to subscribe to the national Do-Not-Call List, CREA reminds members.
LEGALBEAT: Sellers should move out when deal closes
The typical Ontario Agreement of Purchase and Sale provides that, "Upon completion, vacant possession of the property shall be given to the buyer...".
Pricing to sell
In this increasingly complex and competitive market, it is essential for the real estate salesperson to be able to accurately price a single family property and list it as close to market value as possible.
Conference offers leadership courses
OREA Leadership Courses will be offered during the 2009 OREA Leadership Conference.
Brookfield buys GMAC
November 8, 2008
Brookfield Residential Property Services of Toronto is buying GMAC Home Services LLC, which operates one of the largest real estate brokerage companies in the United States.
New home starts dip
New home construction will begin to slow in 2008, but will remain high by historical standards, according to the Canada Mortgage and Housing Corporation's (CMHC) third quarter Housing Market Outlook report.
Green leases make going green easier for commercial buildings
The need for and benefits of green commercial buildings have been discussed for several years, and many commercial landlords agree that green is the way to go.
Tax assessments to rise in 2009
Ontario residential property taxpayers will see an average assessment increase of five per cent in 2009, the first year of a four-year phase-in plan.
WIRED OFFICE: Find it fast with Google Desktop
Like many professionals, REALTORS® can accumulate a lot of information on their computers over time. Between E-mails, instant messages, digital photos, PDF documents, spreadsheets, and other files, locating a specific tidbit of information can be like finding a needle in a haystack.
Property appraisal considered personal information
When banks conduct a residential property assessment as part of a loan application, the property owner has a right to receive a copy of the assessment.
LEGALBEAT: Honesty, clarity needed for SPIS
The sellers were aware of some water damage and had professionals do some repairs and restoration work.
Interested in running for a position on OREA’s 2009 Board of Directors?
Activate your OREA Card today!
Activate your OREA Card online today, or call our Customer Service Contact Centre at 1-866-234-0186 to activate your card!
CSAE elects OREA CEO
OREA CEO Edward Barisa was elected to the Canadian Society of Association Executives (CSAE) Board of Directors at the CSAE National Conference and Showcase in October. Ed also received a 20 year membership service pin at the conference.
Developers soon face tough FINTRAC rules
October 18, 2008
Canada's real estate developers will soon face the same tougher transaction reporting rules as REALTORS®.
MLS® listings soar
New MLS® listings rose to 80,147 nationally this summer, up 14.4 per cent year-over-year, according to CREA.
Energy efficient renovations offer good return on investment
REALTORS® are often asked to suggest improvements that will make their clients’ homes more saleable and provide the biggest return on investment (ROI).
Ontario REALTORS®embrace technology for business
Computers play an important role in a REALTORS®’ daily business and most use them at home or in a home office.
WIRED OFFICE: REALTOR® voices on the social scene
Real estate is such a relationship-based business that it’s no wonder REALTORS® across North America are embracing social networking.
RECO decision: Talk to member, not his client
Legalbeat: commission paid without a listing.
During a 5 per cent listing the buyer made several offers through its agent but no transaction was made.
Leadership course training heads west
OREA’s leadership courses have been so well received that they have been demanded nationally.
What do you mean ‘don’t call me’?
OREA offers this new two-credit, classroom only course to teach members about the Do-Not-Call registry.
The Real Estate Board of the future
What would the needs of the member be? What services would be required?
Tarion to get Ombuds
September 8, 2008
Tarion, the province’s new home warranty program, will soon have a New Home Buyer Ombudsperson to mediate homeowner's complaints, as well as to suggest any changes in policy or practice that may be needed.
Prices will rise, but sales will fall
House prices are expected to rise modestly overall in Canada this year, but national sales are projected to fall from last year's levels, according to a recent Royal LePage forecast.
New ad campaign promotes commercial sector
It worked so well for residential REALTORS®, why not give commercial REALTORS® their own ad campaign?
OREA signs Educational Services Agreement with RECO
The Real Estate Council of Ontario has selected the Ontario Real Estate Association as its designate to provide enhanced registration education under a five year agreement signed on July 31, 2008.
Keep proof of payment of Do Not Call List
Marketing, specifically telemarketing, gets a little tougher by the end of this month when the National Do Not Call List (DCNL) will be up and running on September 30, 2008.
Shorter amortization better in the long run
As of October 15th, 40-year mortgages with no money down will no longer be covered through the federal government insurance program administered by Canada Mortgage and Housing (CMHC).
WIRED OFFICE: Cool gadgets for busy REALTORS®
REALTORS® are big users of the latest technology in their business whether it’s the newest cell phone, GPS, digital camera or laptop.
LEGALBEAT: Failure to give notice voids increase
The tenant paid $179 per month rent for her occupancy of land in an Ontario land lease park.
College expands its online offerings
OREA’s reputation for providing quality continuing education courses is spreading across the country.
New ministry oversees REALTORS®
In August, Premier McGuinty announced a reorganization that moves the Consumer Services Division of the Ministry of Government and Consumer Services to the newly named Ministry of Small Business and Consumer Services.
August 8, 2008
Following the Real Estate Council of Ontario’s Annual Meeting in June, the Board elected Brian Sukkau to serve a second term as Chair and Glenda Brindle to serve as Vice-Chair. The following people, elected by RECO members in May, were installed as Directors at the Annual General Meeting:
Ontario starts up in 2008, down in 2009
New home construction will remain above historical averages, with housing starts in Ontario climbing to 72,175 units in 2008, before moderating to 65,000 units in 2009, according to the 2008 Second Quarter CMHC Housing Market Outlook - Canada Edition.
New FINTRAC rules in place
The specific regulations for the real estate sector for anti-money laundering and anti-terrorist financing took effect on June 23rd, 2008.
Seller take-back mortgages exempt from mortgage legislation
OREA members arranging seller take-back (or vendor take-back) mortgages as part of a real estate transaction are exempted from the requirements of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA).
WIRED OFFICE: PoGo goes where you go
Hard to believe it was more than 60 years ago that Polaroid introduced the instant camera amazing consumers with its ability to produce a printed picture within 60 seconds.
The National Do Not call list: dos, don’ts and definitions
CREA has created the booklet “The National Do-Not-Call List” to provide more information to REALTORS® about how they will be affected when the list comes into effect on September 30, 2008.
LEGALBEAT: No parking: both agents found negligent
The seller, buyer's lawyer, buyer's agent and seller's agent were all guilty of negligence in failing to properly deal with property measurements and parking requirements.
Ed Barisa wins award
OREA’s CEO, Ed Barisa, CAE, has won the Chapter Service Excellence Award from the Canadian Society of Association Executives (CSAE) Trillium Chapter.
York Board dissolves
The York Region Real Estate Board was dissolved on July 1, to better serve all REALTORS® within the board’s boundaries.
OREA will be rolling out a new look
Watch for OREA’s new look in all of its printed material, including the REALTOR® EDGE.
New website details best mortgage options
June 6, 2008
The Canadian Association of Accredited Mortgage Professionals (CAAMP) has launched a new website to provide consumers with the tools to find the best mortgage options to suit their needs.
Canadian economy to grow through 2010
The deterioration in economic and financial conditions in the United States will have direct consequences for the Canadian economy, the Bank of Canada said in May.
mls.ca is changing
On June 30, the new REALTOR.ca portal will be launched.
Look to website for FINTRAC updates
On June 23, REALTORS® will have to begin complying with new requirements under Canada’s anti-money laundering legislation.
National Do Not Call List coming in September
Telemarketers, including REALTORS®, will face a new marketing challenge and will have more rules to observe as the National Do Not Call List (National DNCL) comes into effect on September 30, 2008.
WIRED OFFICE: iPhones coming soon to Canada
The Apple iPhone’s much-hyped debut in the U.S. almost a year ago left many Canadian technophiles anxiously awaiting the product’s release in Canada.
Green buildings may affect lease negotiations
Getting the right tenant with the right landlord or the right developer often requires masterful negotiations.
LEGALBEAT: Oil tank ruled not a latent defect
Goodyear owned a property which was sold to buyer 1 in 1988 and then sold to buyer 2 in 1996 who discovered a buried oil tank. Goodyear was sued by buyer 2.
OREA is recognized as a leader in quality continuing education not only in the province of Ontario, but across the country.
Get easier access to your information
Responding to the requests of many boards, OREA is making access to the information you need to know easier.
OREA mourns Past President Johnson
The Ontario Real Estate Association is sad to report the passing of 1978 President Arthur F. Johnson, 72, in Guelph, in May.
RECO introduces on-line voting
May 6, 2008
New this year, registrants can vote on-line in the upcoming RECO elections.
Ontario housing starts down slightly in March
For the first quarter of 2008, actual Canadian housing starts in both rural and urban areas combined increased by 12.8 per cent compared to the same period last year according to Canada Mortgage and Housing Corporation (CMHC).
New rules for real estate lawyer representation
Two lawyers are now required for many real estate transactions involving a transfer of title following recent amendments to the Rules of Professional Conduct by the Law Society of Upper Canada (LSUC).
Property owners to get a fairer assessment appeal system
A fairer property tax appeal system is expected with changes announced by the provincial government.
WIRED OFFICE: New Microsoft technology about to “Surface”
New product development in the computer technology industry could be the stuff spy action-thrillers are made of.
Some FINTRAC issues clarified
The fog of confusion of complying with some of the new requirements of Canada’s anti-money laundering legislation may be a little less dense now that FINTRAC has provided CREA and members with some answers and tools.
RECO Decision: registrant concealed UFFI
The following RECO Complaints, Compliance and Discipline Appeal decision has been condensed and can be viewed in its entirety on the RECO web site at www.reco.on.ca.
LEGALBEAT: Initialled counter-offer stands
The buyer presented an offer to the seller who discussed it with her husband. Subsequent discussions and negotiations also involved the husband.
Construction at OREA
Construction has begun at OREA to add an extension onto our office at 99 Duncan Mill Road.
Keep cell phone handy
Keep cell phones, PDAs, portable MP3 players, or sunglasses within easy reach on the dash of your car with the OREA Real Estate College Cell-Mate.
New course maximizes use of your Blackberry®
Two new one-credit courses, Introduction to Blackberry® 101 – “Trackball” and Introduction to Blackberry® 101– “Trackwheel” are now offered by the OREA Real Estate College.
Continue leadership training with courses
Take the opportunity to continue your leadership training by taking and perhaps completing OREA’s current series of leadership courses at upcoming workshops.
Learn about mortgage brokerage at session
April 7, 2008
On July 1, 2008, the new Mortgage Brokerages, Lenders and Administrators Act, 2006 comes into full effect.
Business real estate betters bonds in 2007
Real estate return on investment remained strong throughout 2007 according to results of the recently released ICREIM/IPD Canadian Annual Property Index. IPD, a leading commercial real estate performance analysis service,
Money laundering law taxes REALTORS®
Changes to Canada’s anti-money laundering legislation, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PC(ML)TFA) come into effect on June 23, 2008,
CREA addresses recession fears
The Canadian real estate market is not on the brink of collapse and is expected to have balanced conditions in 2008, and REALTORS® need to get that message out.
WIRED OFFICE: Put two numbers on one cell phone
If you are one of those people who carries two cell phones – one for business and one for personal use – you may be happy to hear about a relatively new offering from Rogers Wireless called Second Voice Line Service (SVLS).
More paperwork needed for new homes
Tarion Warranty Corporation is introducing new regulations regarding delayed closing and delayed occupancy warranties for new homes and condominiums which will come into effect on July 1.
LEGALBEAT: Fee or commission – not both!
An employee/salesperson alleged that his employers had breached a provision of the Real Estate and Business Brokers Act by charging clients a flat processing fee and a percent sales commission.
Training, mentoring wins board honours
In recognition of its success recruiting, training, and recognizing the contributions of its volunteers,
REALTOR QUEST hosts leadership workshops
Take the opportunity to complete OREA’s Leadership series of courses at the upcoming Toronto Real Estate Board REALTOR QUEST conference at the Toronto Congress Centre, May 12 and 13.
Join the REALTOR®Ride
Show your support for the REALTORS Care Foundation’s third annual REALTOR® ride for charity, a motorcycle ride is support of shelter-related charities.
Commercial job search web site launched
March 7, 2008
Produced in English and French, both www.BusinessRealEstateCanada.com and www.ImmoCommCanada.com feature job search and career information to serve the Canadian commercial real estate industry.
Winter recreational properties are hot
High levels of demand combined with limited inventory have pressured winter recreational property prices upward according to the 2008 Royal LePage Winter Recreational Property Report.
Rules change for reinstatement
As a further sign of a more professional regulatory environment in the real estate industry, a new requirement comes into effect this month.
Ottawa gets grow house registry
A new online registry will allow potential homebuyers in Ottawa to find out if the house they want to buy has been used as a marijuana grow house or crystal meth lab.
Tips for a more effective Web site
Over and over again, studies show that consumers want to start their search for a home online and expect REALTORS® to have a Web site. According to NAR’s latest technology survey more than 75 per cent of respondents have their own real estate business Web site.
Property assessment freeze lifted
The end of a three-year assessment freeze could mean homeowners in some parts of the province may face double-digit hikes in property taxes.
New energy initiatives good to know for homeowners
Grants are available for homeowners going green. Both the provincial and federal government have programs designed to encourage energy reduction.
LEGALBEAT: Wrong measurement leads to abatement
The Agreement of Purchase and Sale described the lands as being approximately 98,950 square feet as outlined on [a Schedule] attached.
OREA’s 2008 Annual Conference was made possible by the donation of our generous sponsors.
Terms phase out: course covers it all
Registrants must remember that as of April 1, 2008 the term associate broker can no longer be used in advertising.
Fahmi wins award of merit
The REALTORS® Association of Hamilton-Burlington (RAHB) recently bestowed its Award of Merit on 2005 OREA President Tamer Fahmi.
Hail 50-year mortgage?
February 11, 2008
We’ve seen the 30-year and even the 40-year mortgage.
New homes up in 2007
Housing starts in 2007 reached their second highest level in nearly two decades, according to Canada Mortgage and Housing Corporation (CMHC).
Consumers want more commitment, aftercare from REALTORS®
REALTORS® are seen as professional, knowledgeable and communicative according to a recent OREA online consumer survey.
TSSA warns of pitfalls of purchasing gasoline stations
With some economists telling Canadians to prepare themselves to pay $1.50 a litre for gasoline and predicting oil to reach US$150 per barrel, purchasing a gasoline station may seem like a sound investment.
WIRED OFFICE: Voice-to-text service now available through Rogers
In the ever-changing world of mobile communication technology, voicemail to text conversion is a hot new trend.
Home inspections – to be there or not to be there?
RECO has received several questions regarding home inspections and who should be present during the inspection as well as how client instructions should be handled.
Dip in new home builds slows growth in Ontario
Ontario's economy will continue to struggle with a beleaguered manufacturing sector and the effects of Canada’s high dollar slowing growth to 1.4 per cent in 2008, according to a provincial forecast released in January by RBC.
LEGALBEAT: Buyers should have asked about mice
The buyers viewed a home for sale with a REALTOR® and while other potential purchasers were present, they did not observe any evidence of mice.
New Student Handbook replaces career guide
The Student Handbook is now available, replacing the Real Estate Career Guide of previous years.
Uncover leader secrets
Board leaders are invited to the 2008 OREA Annual Conference, February 26 to 28, at the Sheraton Hotel in Toronto, to discover the secrets of how to be a leader in this industry.
All OREA members are invited to attend the Annual Meeting of the Assembly on Wednesday, February 27, 2008 at the Sheraton Centre in Toronto, starting at 10:00 a.m.
Ontario Expands Land Transfer Tax Refund
January 12, 2008
First time buyers of resale homes are now eligible for a refund from the provincial government of up to two thousand dollars of the land transfer tax paid.
Home ownership is a high priority for new Canadians. According to a recent report by Genworth Financial, half of new Canadian immigrants purchase a home within three years of their arrival in the country.
Canada not linked to US real estate market troubles
The melt-down of the U.S. real estate market has left many homebuyers wondering if and how it may affect the housing market in Canada.
GST cut good for new homebuyers and homeowners
The tax changes outlined in the federal government’s economic statement will bring significant savings to new homebuyers, but will also benefit existing homeowners.
WIRED OFFICE: Video tours may be the next big thing in online marketing
Consumer surveys consistently reveal that potential homebuyers want to see lots of pictures in online listings.
Boilers need annual testing and inspections
A new rule regarding heating systems in Ontario means all natural draft gas and propane-fired boilers in homes will require annual inspection and testing.
LEGALBEAT: Checking for easements
The buyer paid a deposit of $60,000 with an offer for a Toronto home.
New MPAC online course coming soon
What gives the Municipal Property Assessment Corporation (MPAC) the right to go onto your property and assess it?
Get updated forms
New forms have been introduced and changes have been made to enhance the readability of existing forms.
Participate in RECO's satisfaction survey
December 5, 2007
RECO is conducting its second registrant satisfaction survey in order to assess its service delivery, identify areas for improvement
Housing starts to dip slightly in 2008
Canada Mortgage and Housing Corporation’s (CMHC) fourth quarter Housing Market Outlook predicts residential construction in Canada will decline to about 214,000 units next year.
New and revised forms for 2008 keep pace with the industry
REALTORS® rely on OREA’s standard forms extensively in their day-to-day businesses.
Legal Forum tops 3,000 questions
OREA’s online Legal Forum has hit another milestone.
WIRED OFFICE: More REALTORS® investing more money on technology
A new survey by the National Association of REALTORS® (NAR) suggests REALTORS® invest heavily in technology with more than half of brokers, salespeople, and managers saying they spent more than $1,000 last year.
Pamphlet offers septic system advice
Having knowledge about septic systems is important for REALTORS® who deal with cottage and rural properties.
LEGALBEAT: Two listings, two commissions
The mortgagee started a British Columbia foreclosure action and the court ordered that the property was to be sold.
“Sell” book updated
Guiding sellers through the sale of their home is always easier if they come into the process with some knowledge.
Leadership courses on to next level
Leadership 200, Becoming a Leader is the second in a series of leadership courses offered by the OREA Centre for Leadership Development.
Ontario workers to get another day off
November 8, 2007
A day after the provincial election was held in October, the Ontario government confirmed that it would create a new statutory holiday called Family Day.
Condo market cooling
Condo market demand across Canada is expected to ease slightly although new construction and resale activity will remain high by historical standards according to a report by Genworth Financial Canada.
CREA issues Call to Action on proposed FINTRAC changes
Proposed changes to Canada's anti-money laundering and anti-terrorist financing framework could be costly for REALTORS®.
Anti-competitive behaviour – be aware of it; avoid it
How well do you know Canada’s Competition Act?
Add these wireless gadgets to your wish list
Wireless technology is becoming more common in notebooks, PDAs, and especially cell phones.
REALTOR® profile high; volunteers key
In 2007 OREA instituted the OREA Centre for Leadership Development, and the time could not have been better.
Delayed occupancy agreement is not a waiver
Under Ontario's new home legislation there are provisions dealing with a delayed or extended closing of a transaction.
Barisa reaches CSAE Pinnacle
OREA CEO Ed Barisa has won the Canadian Society of Association Executives (CSAE) 2007 Pinnacle Award.
Interested in running for a position on OREA’s 2008 Board of Directors?
New reverse mortgage kid on the block
October 9, 2007
New Zealand-based Senior's Money International has announced it will open a Canadian branch to offer "reverse mortgages" that will compete against the Canadian Home Income Plan product offered by Home Equity Income Trust.
Resales break more records
According to CREA, resale home transactions in Canada hit a fourth straight monthly record in July, with the average price rising to $332,442, a 13.1 per cent increase over July 2006.
Why you should use the SPIS
OREA’s Seller Property Information Statement (SPIS) is a valuable tool that all REALTORS® should consider using at all times.
Improving water quality through reverse osmosis
A reliable supply of clean drinking water is always a concern for homebuyers of rural and recreational property.
Podcasting can boost your marketing efforts
Technology has forever changed the world of real estate marketing.
RECO decision: Failure to disclose costly
The following RECO Complaints, Compliance and Discipline Appeals decision has been condensed and can be viewed in its entirety in the 2007 Discipline and Appeals Decisions on the RECO Web site at http://www.reco.on.ca/.
Merv’s column: Independent contractor put to test
The issue in this case was whether the mortgage broker was engaged pursuant to a contract of services or a contract for services.
Leadership program wins award
OREA and the OREA Centre for Leadership Development has won a national award for Education and Professional Development from the Canadian Society of Association Executives’ (CSAE) “Associations Make a Better Canada Award”.
Multiple Offers now offered on-line
The two-hour, two-credit course Multiple Offers: Risks and Rewards is now available on-line.
Tim Lee honoured for years of service
OREA has bestowed an Honorary Life Membership on 2007 Past President Tim Lee for his many years of service.
Housing market studied at CMHC conferences
September 9, 2007
CMHC will host five Housing Outlook Conferences in Ontario from November 6 to November 22.
Goodnews or bad news for Ontario economy?
Despite concerns over a higher Canadian dollar and its impact on the province’s manufacturing sector, stronger than expected consumer confidence levels have fuelled extraordinary demand for properties across Ontario
High-rise condo market continues to climb
Most people want to own a home. But with legislation restricting the places where people can build, how will that affect consumers?
Ontario rent increase guideline lowest rate ever
At only 1.4 per cent, the Ontario rent increase guideline for 2008 will be the lowest guideline since rent increase guidelines were introduced more than 30 years ago.
The wonderful world of Web 2.0
If you’re just getting comfortable with using the Internet in your business, hang on to your mouse!
Property tax deferral programs benefit seniors and disabled homeowners
Low-income seniors and disabled people in the City of Ottawa who own their homes may be able to defer some of the taxes on their property.
Correcting three prevalent myths about heritage properties
Heritage properties are becoming an area of focus for some Ontario real estate salespeople and brokers. In Brampton (at time of writing), for example, there are no fewer than 400 listed heritage properties on the municipal inventory.
Merv’s Column: No option
A 74 acre parcel of farmland sold for $850,000 in a Purchase Agreement that contained an addendum that was allegedly drafted to allow the seller to acquire title to the farm’s residential parcel if the rest of the property was ever subdivided.
Tap into apartments
Ontario is Canada’s second-largest overall rental apartment market, trailing only Quebec.
Teach new leaders!
The OREA Centre for Leadership Development is now accepting applications for Leadership Instructors to teach the newly developed leadership courses.
July 9, 2007
Following the Real Estate Council of Ontario’s Annual Meeting in June, the RECO board elected Brian Sukkau to serve as chair and Lawrence Bremner to serve as vice-chair. In earlier voting for its 2007 Board of Directors, members elected the following people:
Real estate market slowing down
Canada’s housing market is expected to cool off gradually this year thanks mainly to rising interest rates, an increased supply of homes on the market and an aging population according to Scotiabank’s most recent economic report.
Closed book examinations will raise education bar
Brokers, REALTORS®, regulators and other certification bodies have all expressed a need to implement more rigorous registration standards to prepare real estate professionals to deal with consumers and other professionals with credibility and authority.
Non-payment of insurance will result in suspension
As a result of amendments to the Real Estate and Business Brokers Act, 2002 and regulations, the consequences of failing to pay required insurance amounts have changed.
Wired Office: Smartphones offer all-in-one solution
From getting listings to showing properties to closing sales -- REALTORS® are often away from their desks.
Check hydro pole ownership in rural areas
When your clients buy a rural property do you think they know they might be buying hydro poles, too?
Employee’s indiscretion results in complaint to Privacy Commissioner
A recent decision of the Office of the Privacy Commissioner (OPC) shows how an employee’s “slip of the tongue” during a relatively routine telephone call about debt collection resulted in her employer getting into trouble with the Privacy Commissioner.
Merv’s Column: What constitutes “nuisance”?
The buyer purchased a New Brunswick gas station site “as is” and added it to other adjacent lands for development.
New course offers technology tips
OREA Real Estate College offers a new online one-credit course to help REALTORS® make good choices when it comes to hand held technology.
Continue leadership training with course
The OREA Centre for Leadership Development is about to launch its second leadership development course, Leadership 200.
Lenovo cuts prices for OREA members
If you are looking for a new computer, now might be the time to buy.
The Real Estate Book, LiveDeal.ca partner
June 10, 2007
Network Communications, Inc. (NCI), publisher of the Real Estate Book, recently signed an agreement with LiveDeal.ca, to post all Canadian listings of homes for sale from The Real Estate Book on LiveDeal.ca.
High-end cottage property in demand
According to the 2007 RE/MAX Recreational Property Report, sales of luxury recreational properties are set to soar in the coming months across the country.
Same advertising rules apply for REALTOR® Web sites
Web presence in the early days of the Internet was mainly limited to big business.
Mortgage insurance changes may not be a good thing
For the last 40 years, homebuyers have been required to buy mortgage insurance unless their down payment totalled at least 25 per cent of the purchase price.
Internet to Go!
Considering the amount of time a REALTOR® spends out of the office, mobile Internet technology can have many advantages.
RECO decision: Deal fairly other members
The following RECO Complaints, Compliance and Discipline Appeals decision has been condensed and can be viewed in its entirety on the RECO Web site at http://www.reco.on.ca/.
Discipline under REBBA 2002
The RECO Code of Ethics now falls under the Real Estate and Business Brokers Act, 2002.
Merv’s Column: GST – CONDO Q&A
QUESTION: The buyers accepted the bank's offer on power of sale listing (price etc.) except that the bank's agent brought an offer which indicated that GST is "in addition to" the agreed up on price of a resale property "sold as is where is".
Course praised for quality education
The course “Agency Fundamentals: The National Perspective” has been chosen as the Real Estate Educators Association’s (REEA) Education Program of the Year for 2007.
OREA offers new service to members
Feeling like a valued customer or client is important in any service relationship.
Achieving excellence in the classroom
OREA Instructor Geof Smith addresses instructors at a seminar with a focus on "Classroom Performance — Achieving Excellence”.
Opportunity: ORC looking for vendors
May 10, 2007
Real estate brokerages are invited to submit proposals to be considered as Vendor of Record as detailed in Ontario Realty Corporation’s (ORC) Request for Proposals (RFP) RFP 06C037.
Housing market exceeds expectations
Canada's housing market got off to a surprisingly strong start in 2007 with average house prices rising in all major markets surveyed, according to a first quarter report released by Royal LePage Real Estate Services.
WEBForms™ V4 now available
WEBForms™ officially released Version 4 to REALTORS® across Canada at the end of March. Prior to the release, the upgrade was put through three months of beta testing with over 80 REALTORS® and staff.
Protect your reputation
NAR’s most recent Profile of Home Buyers and Sellers showed that potential clients look for a good reputation and trustworthiness when choosing a REALTOR®.
Do your listing photos reflect your professionalism?
A picture tells a thousand words as the saying goes. But, when it comes to listing photos, a bad picture can tell a negative story and can hamper your ability to sell a house for the best price possible.
What you should know about surveys
There are many situations when REALTORS® should recommend to their clients to have a survey of the property completed.
Merv’s Column: Aren't tax laws just super?
The owner gives a first mortgage at a time when he owes money to Canada Revenue Agency (CRA) for GST and source deductions.
Learn how to lead
The OREA Centre for Leadership Development launched Leadership 100 in April.
Spring into action
Take advantage of the OREA College’s Spring into Action promotion for continuing education online course credits.
New 55-year mortgage aimed at self-employed
April 8, 2007
Reliant Home Warranty Corporation's Canadian subsidiary, Reliant Home Mortgage Canada Inc.
MLS® sales stay high
According to statistics released by The Canadian Real Estate Association, resale housing activity in Canada's major markets remained strong in February 2007.
Underground fuel oil tanks: get the facts
Did you know that as of May 1, 2007, all existing fuel oil storage tanks (aboveground and underground) and associated appliances must undergo a comprehensive inspection?
New act governs tenanted-properties
The Residential Tenancies Act (the RTA) came into effect on January 31, 2007.
WIRED OFFICE: Don’t trash your old PC – recycle it!
The rate of change in computer technology may prompt you to upgrade your PC every few years.
RECO decision: Act in client's best interest
The following RECO Complaints, Compliance and Discipline decision has been condensed and can be viewed in its entirety on the RECO Web site at http://www.reco.on.ca/.
Merv's Column: Seller must honour agreement
The seller listed his property for sale with a real estate salesperson and retained a lawyer to act for him in connection with the sale of the property. During the listing period he sold the property pursuant to a private agreement of purchase and sale.
Developing leaders wins board honours
At the 2007 OREA Annual Conference, OREA Past President Tim Lee (second from left) presented the OREA Volunteer Award to the Windsor Essex County Real Estate Board for its successes encouraging member involvement, retaining volunteers and developing leaders through an exemplary recognition program.
Join the Dash for Cash
Show your support for the REALTORS Care Foundation’s second annual Dash for Cash, a charity motorcycle ride in support of shelter-related charities.
Bell Canada launches home watch service
March 8, 2007
Bell Canada offers a new, customizable surveillance service that is controlled by the homeowner via a secure personalized Web site.
Shelter costing more than many can afford
According to the Canadian Council on Social Development (CCSD) almost 3 million Canadians are spending too much of their income on housing including 40 per cent who are renters.
Title insurance offers more than just fraud protection
When it comes to the single largest investment most of us will make – buying a home – consumers want to make sure they’ve protected that investment to the best of their abilities.
Reports show real estate is a good investment
If you have potential buyers still hesitant to get into the market, they should consider the following: as well as providing them with the house of their dreams, real estate has proven to be a solid investment over the last 25 years.
WIRED OFFICE: Cell phone 101: What to look for in a new phone plan
According to Statistics Canada, there are currently more than 16.3 million wireless subscribers across the country. REALTORS® are a significant part of that group with more than 90 per cent indicating that they use a cell phone in NAR’s most recent technology survey.
Pre-listing inspections may simplify negotiations
Home inspections used to be initiated almost exclusively by the buyer in a real estate transaction.
Merv’s column: Multiple representation tricky
The buyers met with the agent, SP, when they became interested in purchasing a lot.
Thanks to sponsors
OREA’s 2007 Annual Conference was made possible by the donation of our generous sponsors.
Guide helps grasp changes to courses
All students in pre-registration, articling and professional brokerage courses are expected to have a working knowledge of the Act and associated regulations of REBBA 2002.
OREA mourns Reardon
The Ontario Real Estate Associations is sad to report that 1987 OREA President Francis Martin “Frank” Reardon passed away on Tuesday, January 23, 2007. He was 86.
Standard forms – new name, same program
The Quick Offer computer software package for OREA standard forms, formerly produced by Nereosoft, is now produced by FormPaper Inc.
AIG newest Canadian mortgage insurer
February 18, 2007
The CEO of AIG United Guaranty, the third company to provide mortgage insurance in Canada alongside CMHC and Genworth Financial, predicts 50-year mortgages will be available in the future.
Moderate growth expected for housing market this year
Canada's housing market is poised for continued, yet moderate growth in 2007 with average house prices forecast to rise by 6.5 per cent to $293,000, according to the 2007 Royal LePage Market Survey Forecast.
Health Canada plans stricter radon guidelines
February 1, 2007
Mandatory testing for radon gas in private homes may become a condition of sale if Health Canada adopts recommendations for stricter radon guidelines.
Municipal licensing fees won’t affect REALTORS®
New revenue-generating powers granted to municipalities through taxation and licensing measures will not adversely affect the viability of REALTOR® businesses, thanks to efforts of OREA and the Toronto Real Estate Board (TREB).
WIRED OFFICE: Dispose of your old PC safely and securely
Whether your computer is an old clunker or you just want the latest technology, the time will eventually come when you will need to replace your hardware.
Bird dog fees violate REBBA 2002
Representing both a buyer and a seller in a real estate transaction can be tricky.
Dealing with multiple buyer representation
Merv’s column: power of sale price deemed sound.
Canada Trustco started Power of Sale proceedings and obtained two appraisal reports prepared by appraisers holding AACI designations from the Appraisal Institute of Canada.
Consumer campaign to launch nationally
Encouraged by so much positive feedback, CREA takes its campaign across the country to educate consumers on the value REALTORS® bring to the real estate transaction.
Healthy condo air focus of new course
The indoor air quality of a condominium building is a result of the interaction between the location, temperature, the heating, ventilation and air conditioning systems, pollution sources, construction techniques, building maintenance and occupant activities.
Tune in to leaders
Board leaders are invited to attend the 2007 OREA Annual Conference, February 27 to March 1, 2007, at the Sheraton Hotel in Toronto, to build your leadership repertoire.
Mortgage brokers will need license
January 6, 2007
Anyone who deals in mortgages will need a license now that Bill 65, the Mortgage Brokers, Lenders and Administrators Act, passed final reading in the Ontario Legislature.
House price increase to slow in 2007
January 18, 2007
The upward pressure on Canadian house prices will start to ease off thanks to an influx of new listings over the next year, according to the latest RE/MAX Ontario-Atlantic report.
Protect yourself from title fraud
Title fraud is a daunting problem for all stakeholders in real estate, and it’s not just an Ontario problem; it affects the industry across Canada and the United States.
Privacy compliance tip sheet updated
The federal privacy law has changed the way REALTORS®, as well as every commercial organization in Ontario, conduct their businesses since PIPEDA (Personal Information Protection and Electronic Documents Act) came into effect three years ago on January 1, 2004.
Create a large presence for your small business
Seventy-seven per cent of homebuyers begin their search for a home on the Internet according to the latest NAR Profile of Homebuyers and Sellers.
Commercial projects take the LEED
More focus on the environment and sustainability is not just a wave of the federal opposition party.
Seller goes Dutch, pays commission
The seller signed a listing agreement with the REALTOR® for the sale of the seller's farm for $1,260,000.
Volunteer Handbook best practice model
OREA’s Volunteer Handbook has been honoured again.
Effective January 1, 2007, Form 200 Listing Agreement and Form 300 Buyer Representation Agreement will be $15.00 for a package of 25.
2007 Career guide sports new look
The 2007 Real Estate Career Guide is now available, and the book sports a new look. Gone is the old 8 ½” by 11” format in favour of a smaller, more portable 6” by 9” size.
In tune with leaders
Learn to be a good conductor of your band of board volunteers.
Debate trade issues at Annual Meeting
All OREA members are invited to attend the Annual Meeting of the Assembly on Wednesday, February 28, 2007 at the Sheraton Centre in Toronto, starting at 10:30 a.m.
December 4, 2006
On November 14, the Registrar issued Final Notices revoking the registrations of 100 brokers and salespersons who failed to submit the required insurance renewal premium, resulting in a breach of a condition of registration under REBBA 2002.
Canadian market both vigorous and stable
Canada's housing market is likely to outperform the American market through 2007 according to a report by Royal LePage Real Estate Services.
Full advertising guidelines kick in January 2007
December 1, 2006
Time is drawing near for registrants to begin complying with the REBBA 2002 advertising rules regarding the words brokerage and brokers of record.
OREA forms keep pace with REBBA
Whether the concern is disclosing interest on deposits, legibility of agreements, or defining relationships, changes to REBBA 2002, and subsequently to OREA Standard Forms, seek clarity for customers and clients.
Keeping your PC running at peak performance
Most people rely heavily on their computers to carry out their day-to-day business and the thought of a computer breakdown or crash is a nightmare.
Commission rules clarified in REBBA 2002 guide
It’s been over six months since REBBA 2002 and its regulations took effect. Since then, brokers and salespeople have had to get familiar with the changes and begin complying with them.
Full price not the full story
The REALTOR® had a Listing Agreement for $123,900 and presented an offer for $120,000 which the seller refused, insisting that she wanted her full asking price. Several days later the REALTOR® presented a second offer from the same buyer for the full asking price.
Home inspectors laud Leyser’s contribution
OREA past-president Laura Leyser has been chosen to receive the 2006 Michael Ludolph Award by the Canadian Association of Home and Property Inspectors (CAHPI).
Home ownership and GST brochures updated
Inform your clients about the programs that will help them save money.
Build and repair tips earn credits at seminar
November 11, 2006
REALTORS® can earn 15 RECO credits at the Ontario Building and Renovation Forum taking place January 11 and 12, 2007, at the Hilton Suites Toronto-Markham.
Home starts to slow in 2007: CMHC
According to Canada Mortgage and Housing Corporation (CMHC) urban starts decreased by 4.3 per cent in Ontario in September compared to August.
OREA campaign promotes how REALTORS® help
Consumers think more highly of real estate practitioners when they know more about the real estate process and the extent of the education REALTORS® and brokers require.
Insurance must be paid to get paid
If your insurance premium is not paid, you cannot get paid. That is one of the changes of the Real Estate Business Brokers Act, 2002 (REBBA 2002) and one RECO has started to enforce.
REALTORS® avoid Law Society regulation
OREA has succeeded in its push to amend legislation that would have made Ontario REALTORS® subject to regulation by the Law Society of Upper Canada (LSUC).
What’s your position?
Real estate professionals need to know their way around town.
Volunteers key in year of change
Have you ever wondered if your contribution to the profession could make a difference? This past year, over 140 real estate professionals dedicated their time to the Ontario Real Estate Association, and found out that, yes, they could effect change.
Merv's Column: What was bargained for?
When the buyer inquired about the property, the real estate agent represented that the land size was 81.00 feet x 143.00 feet or 11,583 square feet.
Send a bit of home to our Afghan troops
The Renfrew County Real Estate Board is appealing to REALTORS® across the country to join them in sending a little reminder of home to Canadian troops in Afghanistan this holiday season.
OREA College adds new online courses
Members can earn their next MCE credits from the comfort and convenience of their own home, office or even hot spot! OREA Real Estate College has added five three-credit courses to the online offering, bringing the selection to 13 courses.
Interested in running for a position on OREA’s Board of Directors?
Homeowners protected from real estate fraud
October 7, 2006
The McGuinty government announced proposed legislation in September that, if passed, will ensure that property owners do not lose their homes as a result of real estate fraud or become responsible for fraudulent mortgages.
Housing starts to slow down in 2007
Ontario home starts will moderate over the next year, but still remain above historical averages according to a recent Canada Mortgage and Housing Corporation (CMHC) report.
Are you trademark savvy?
Not every real estate salesperson in Ontario can call themselves a REALTOR®.
New law steps up fight against grow ops
A new law came into effect in August giving police, municipalities and electricity companies the power to crack down on marijuana grow houses.
Remote access creates a virtual office
Wireless technology, combined with a good laptop or hand held computer, has made it easy to bring your office just about anywhere.
RECO Decision: Honour agreement of peers
The following RECO Complaints, Compliance and Discipline decision has been condensed and can be viewed in its entirety on the RECO Web site at www.reco.on.ca.
Time is of the Essence
The sellers were approached by Loblaws to buy about 12 acres of a 56 acre parcel for $1.8 million based on a price of $150,000 per acre.
Avoid renewal panic: Buy by the bundle
Members can avoid the rush just before registration renewal and finish their course requirements at their own pace over the two year renewal period.
Fahmi service honoured
OREA has bestowed an Honorary Life Membership on 2006 Past President Tamer Fahmi for his many years of service.
OREA Foundation Gala coming in October
The Shelter Ball, the OREA Foundation Gala, takes place on Friday, October 20, 2006 at 6:30 p.m. at the Granite Club in Toronto.
2007 course dates up, revised reference manual out
Articling students and those studying to become brokers can check out the 2007 schedule of courses on the OREA College Web site, under Registration Education.
Rogers offers deals on wireless data plans
Get housing market data at cmhc conferences.
September 7, 2006
CMHC’s annual Housing Outlook Conferences provide focused information on local and regional housing markets.
Resale market strong
Resale housing activity in Canada’s major markets in the first six months of 2006 surpassed all previous records for the first half of any year, according to statistics released by The Canadian Real Estate Association.
OREA/CREA agreement guides boards on discipline matters
Ontario REALTORS® will not be subject to two sanctions for the same infraction under two Codes of Ethics thanks to an agreement between OREA and CREA.
What you should know about vermiculite insulation
Is it UFFI all over again? Recent media coverage reporting the health risks associated with vermiculite insulation containing asbestos has sparked fear in the minds of some homeowners and even a class action lawsuit.
WIRED OFFICE: Stay secure at Hot Spots
The days of spending hours chained to your desk are gone. With today’s mobile technology, and the growing availability of hotspots, REALTORS® are able to conduct business anywhere, anytime.
Development in Ontario will get bogged down in legislation: panel
The new and proposed amendments to the Planning Act will make development in Ontario a complicated, expensive and time-intensive process, with the onus on the developer to make the process efficient and transparent.
LEGALBEAT Claim to right of way denied
An owner had two homes and three carports and one driveway on one lot and received approval to sever them into two lots. One of the conditions of that approval was that the centre carport be removed.
OREA mourns directors
The Ontario Real Estate Association is sad to report the loss of two active directors this past summer. Emile Boudreau, 2006 Commercial Director, died suddenly on July 24. Edward (Ted) D. McCracken, 2006 Director-at-large, passed away on August 7.
Leyser speaks up for taxpayers at MPAC
OREA past-president Laura Leyser has been appointed to serve as a member of the board of directors of the Municipal Property Assessment Corporation (MPAC).
July 7, 2006
Following the Real Estate Council of Ontario’s Annual Meeting in June, the RECO board elected Joe Pinheiro to serve as chair and Brian Sukkau to serve as vice-chair.
Housing affordability declines slightly
ntario's housing market witnessed a mild drop in affordability across all classes, according to a recent report by RBC Economics.
OREA wins more time to comply with REBBA advertising changes
OREA scored a major victory for members recently with an extension to the REBBA 2002 advertising compliance deadline until the end of this year for the use of the words brokerages and brokers of record.
TREB Buyer Registry Service promotes buyer interest while protecting them
Buyers can get the word out to several listing REALTORS® that they are interested in purchasing a home, and still only sign one representation agreement.
Brokers need to disclose trust account interest terms
The Real Estate and Business Brokers Act, 2002(REBBA 2002) contains new provisions regarding any interest generated on money held in trust by a brokerage.
Do more mega pixels matter? What to look for in a digital camera
Consumers want pictures, pictures and more pictures when shopping for a home according to CREA’s most recent mls.ca® survey.
Cottage country real estate can be tricky
The lure of cottage life is mighty powerful for most Ontarians – especially at this time of year.
Merv’s Column: Mortgagees must act in good faith
The owners of a Kemptville golf course sold it and took back a mortgage and other security.
New course offers good business tips
Cash flow problems are often the reasons new real estate ventures falter.
Lenovo partners with OREA
OREA is pleased to welcome Lenovo to the exclusive list of affinity partners.
Updated guide teaches election ins and outs
If real estate is your profession, politics is your business.
Coalition fights for property tax reform
June 7, 2006
A new province-wide citizen’s coalition has been formed to fight for a five per cent cap on annual property assessment increases and reforms to the property tax system.
Cottage country’s booming
The full impact of an aging baby boom generation is hitting recreational property markets across the country, according to the RE/MAX Recreational Property Report, which highlights activity in 40 major Canadian centres.
New GST rate will keep dollars in homebuyers’ pockets
Ontario homebuyers can save thousands of dollars this summer on newly-built homes thanks to the Federal government plan to reduce the GST from seven per cent to six per cent, effective July 1, 2006.
Do you know how to stay safe?
REALTOR® safety on the job is of real concern. The very nature of real estate involves personal risk because REALTORS® often work alone in vacant buildings with people who are complete strangers.
Learn the ins and outs of IXN
Sharing information is something most REALTORS® want.
The 30, 35-year mortgage: blessing or curse?
Whatever happened to paying down the mortgage faster?
LEGALBEAT: Show buyers SPIS
The buyers hired an agent, viewed this rural property and made an offer that was conditional on financing, a home inspection and being satisfied with the "quality and quantity" of water.
Updated brochure available in French
The updated version of the consumer brochure Working with a REALTOR®, is now available in French. The brochure had been updated to clarify representation and customer service agreements for consumers, to comply with the REBBA regulations.
Board has new home
Update your contact information.
Dash for Cash
Show your support for the Dash for Cash, a 1300-km charity motorcycle ride from Toronto to Nashville, Tennessee on July 20 to 22, 2006.
REALTORS® can earn six MCE credits
May 5, 2006
Earn mandatory continuing education credits at the Land Conference, June 13 in Toronto.
Ontario's housing market is showing signs of a controlled cooling down, according to a Housing Affordability Index issued by RBC Economics in March.
Brokers may set office policy on commissions – with care
It may be possible for a brokerage to set an office policy on commissions and avoid competition issues, but certain steps should be followed.
Expand IXN for data sharing, OREA MLS® summit urges
Most REALTORS® believe sharing MLS® information is a good idea that will benefit them and their clients, according to a recent OREA survey.
Don’t let a virus get you down
Computer viruses are an unfortunate reality in today’s technological world. These nasty bugs that commonly show up in e-mail attachments are capable of eating all of your files including your business data.
Deposits can seal the deal
An adequate deposit is one of the essential elements of an agreement to buy or lease real estate.
LEGALBEAT: Keep the ring
The buyer lost his job and decided not to complete his purchase.
1969 OREA president Albert Fish dies
The Ontario Real Estate Association is sad to report that 1969 president Albert Fish passed away suddenly on Wednesday, April 5, 2006 in Guelph. He was 83.
OREA advisory panel wants your opinion
In an effort to better understand the needs of its members, OREA is in the process of setting up an Internet based advisory panel.
Make an impression
We’ve all heard it before: “You don’t get a second chance to make a good first impression.”
Tee up at golf classic
The 11th Annual OREA Foundation Golf Classic charity golf tournament will take place on Wednesday, May 31, 2006 at the Glen Abbey Golf Club in Oakville.
Insurance resolution service expanded
April 5, 2006
The General Insurance OmbudService (GIO), a federal not-for-profit corporation, has set up a new national toll-free number, 1-877-225-0446.
Commercial construction will bolster industry
Strong non-residential and engineering construction will offset a long-anticipated decline in housing starts to maintain industry profits in 2006, according to the Conference Board of Canada’s latest outlook on Canada's construction industry.
Code of Ethics ensures your good name
The Code of Ethics in the new Real Estate and Business Brokers Act (REBBA), 2002 identifies that real estate is a service profession where the consumer relies on the expertise of its members, and takes them at their word.
Technology and REALTOR use on the rise
Technology is transforming how North Americans buy and sell homes in unexpected ways, including how they work with real estate professionals, according to the 2005 National Association of REALTORS® (NAR) Profile of Home Buyers and Sellers.
Legal Forum hits 2,000 questions
“Am I entitled to be paid for the work that I have done showing homes?” This question, and variations of it, is very common on OREA’s online Legal Forum, which hit the 2,000-question mark in March 2006.
Making agreements: Forms reflect changes under new statute
For as long as listings have existed, many real estate practitioners have been of the opinion that, since a listing agreement is really a contract, the broker should sign as a party to the agreement as well as the seller.
Consent Clause must be explained to sellers
The OREA Listing Agreement - Form 200 04/2006 now contains an expired listing consent clause to give sellers an opportunity to consent to being marketed to by other REALTORS after expiry of their property listing.
LEGALBEAT: Building lot it’s not
The Loggerhead Shrike is a small bird that is an 'endangered' species protected under Ontario's Endangered Species Act.
OREA offers new course
OREA has created a new course that focuses on the revised Real Estate and Business Brokers Act.
Attracting volunteers pays off for boards
At the 2006 OREA Annual Conference, OREA past presidents Laura Leyser and Dianne Usher presented the OREA Volunteer Awards to two boards.
House market to moderate
March 5, 2006
Sales of existing Canadian homes will slow down from a record 481,900 sales in 2005 to 461,500 units this year and to 444,000 units in 2007 according to Canada Mortgage and Housing Corporation’s first quarter Housing Outlook report.
Expired listings off limits
Can a REALTOR contact a seller whose listing has expired if the only information taken from the MLS® system is the fact that the listing has expired and the actual contact information is obtained from the phone book?
New REBBA means new, revised forms
The many changes to rules, regulations and terminology adopted under the new Real Estate and Business Brokers Act (REBBA) have resulted in numerous revisions and updates to the OREA standard forms.
WIRED OFFICE: Do some virtual spring cleaning
Getting organized is listed as one of the top New Year’s resolutions.
Curriculum changes under REBBA, 2002
REALTORS need to learn about REBBA 2002–which comes into effect March 31 – and what the changes to the Act and the Code of Ethics will mean to them.
Legal pamphlets help with Code compliance
Two pamphlets available to OREA members contain plenty of important information to help you comply with the new REBBA 2002 regulations.
LEGAL BEAT: Lack of support could topple deals
Are you dealing with financially sound people? REALTORS should be concerned about liens or potential liens and attempt to determine if their buyers or sellers owe monies to anyone including spouses.
“Buy” book updated
Guiding first time buyers through their purchase is always easier if they come into the process with some knowledge.
Conference sponsors’ role appreciated
OREA’s 2006 Annual Conference was made possible by the donations of our generous sponsors.
Agency relationship explained in brochure
RECO has always required that seller clients and buyer clients clearly understand the nature of their relationship with the brokerage.
OREA standard forms available to lawyers
OREA has made several of its standard forms available for purchase by Ontario lawyers.
New smoke detector regulations announced
February 5, 2006
Under changes to the Ontario Fire Code that take effect March 1, 2006, every floor of every house in Ontario must have a working smoke detector.
Canadian house prices forecast to rise in 2006
The effects of an unusually strong fall market are expected to carry through into the first half of 2006 resulting in an average house price increase of about 6 per cent in most areas of Canada according to the Royal LePage Real Estate Services 2006 Market Survey Forecast.
Being green is getting easier
You are an owner and occupant of an older office building. You have high operating costs, high ongoing capital costs, and your employee productivity is low, partly related to high absenteeism.
Opportunities will grow with waterfront development
Toronto’s waterfront represents a great opportunity for business and REALTORS as revitalization efforts are working to create cultural institutions, commercial enterprises and residential communities.
Spyware: Are you being watched?
Hidden programs may be running on your computer that track and communicate your online activities without your knowledge or consent.
RECO decision: Dishonesty proves costly
Orea college launches salesperson training program.
New real estate salespeople graduate from OREA’s Real Estate College with a comprehensive education, but often struggle with practical knowledge in the first weeks and months on the job.
LegalBeat: How do you measure far?
A dentist warranted and agreed that he would not carry on a dental practice within a radius of 15 kilometres of the existing practice being purchased.
Legislative Update gets an update
Today more than ever REALTORS need to stay informed about legislation that affects the real estate profession.
All OREA members are invited to attend the Annual Meeting of the Assembly on Wednesday, February 22, 2006 in the Harbour Ballroom at the Westin Harbour Castle Hotel
Home insurance brochure available
In recent years consumers have faced tougher standards when looking to buy insurance for their homes.
New energy bill passed
January 5, 2006
Bill C-66 – the Energy Costs Assistance Measures Act – received royal assent just prior to the federal general election call at the end of November.
No bubble market evident
According to TD Bank Financial Group’s Housing Bubble Watch the risk of a housing bubble remains low in most Canadian markets because prices are being driven by fundamental factors like historically low mortgage rates and a rise in incomes as opposed to speculation.
Get ready for REBBA, 2002
Breaking the rules will mean stiffer penalties for registrants starting next spring when a new Real Estate and Business Brokers Act (REBBA, 2002) comes into effect. Maximum fines for violating the Act have increased from $25,000 to $50,000 for an individual and from $100,000 to $250,000 for corporations.
Tenants rights – what you should know
Showing a rental unit without giving proper notice to the tenant could be a criminal offence.
What will they think of next?
Technological inventors had a busy year in 2005 coming up with several practical and not-so-practical gadgets.
Property assessments not set in stone
Real estate markets seem to be plateauing and the Municipal Property Assessment Corporation (MPAC) is trying to reflect that in their property value assessments.
Parliament passes Do-Not-Call List
Unsolicited telemarketing has become a serious irritant for many Canadians.
Merv’s column: Tenants have rights
The landlord who was also the seller agreed to sell this rented residential premises to the buyer who was also the landlord's real estate agent as well as the agent for the buyer.
Annual Conference: The sky’s the limit
Add a little fuel to your creativity engine and build your leadership skill set by attending the 2006 OREA Annual Conference, February 21 to 23, 2006, at the Westin Harbour Castle Hotel in Toronto.
Encyclopedia updates real estate’s A to Z
Expanded sections on Canadian regulators, accounting procedures and mortgage financing can be found in the recently released upgraded of the OREA College Real Estate Encyclopedia, Canadian Edition.
All OREA members are invited to attend the Annual Meeting of the Assembly on Wednesday, February 22, 2006 in the Harbour Ballroom at the Westin Harbour Castle Hotel, 1 Harbour Square in Toronto, starting at 10:30 a.m.
Help for efficiency upgrades available
December 6, 2005
Hydro One has teamed up with Canada Mortgage and Housing Corporation (CMHC) and Natural Resources Canada (NRCan) to provide financial incentives for energy-efficiency upgrades to low-income Hydro One customers who heat their homes with electricity.
Green buildings good for business
A new Canadian Study of green buildings reveals a clear link between the market value of real estate and its environmental friendliness.
Condominiums: what you should know
You may be an expert at selling a house, but what do you know about condos?
Standard Forms: keep it simple
Several updates have been made to the standard forms this year with a view to simplicity and identifiability for the REALTOR and the client, and consistency in the wording.
What the Blog is that?
“Blogs,” short for Weblogs, are the hot new trend in Internet technology.
What’s in your PDA is private
The functionality and portability of a personal digital assistant (PDA) makes it an indispensable tool for a growing number of REALTORS.
Merv’s Column: Can’t rely on old survey
The buyers relied on a 13 year old survey which did not show that the driveway encroached on the neighbour's property.
OREA leads in learning
On the heels of having its Real Estate Instructor Designation and Instructor Assessment adopted as the national model and designation, the OREA Real Estate College was awarded in November the 2006 Learning Resources Network (LERN) Award in the category of Best Management Practice.
Are you grappling with privacy compliance concerns surrounding a CMA or just sold properties?
Property assessments issued
November 6, 2005
Notices for Ontario's 4.4 million properties will be delivered to owners this fall indicating the updated assessed value of their properties.
Home renovations outpace economy
A report by Clayton Research suggests renovation spending in Canada will hit $40.7 billion this year and $43.5-billion in 2006.
Be clear with OREA Standard Clauses
Standard clauses can mean the difference between a smooth real estate transaction and a deal gone wrong.
Consumer awareness week
For the second consecutive year OREA is partnering with the Ontario Government and other consumer and business groups in a province-wide consumer protection campaign.
Something “phishy’s” going on. Protect yourself against e-mail fraud
E-mail scammers are using realistic bait to lure unsuspecting consumers onto their hooks these days.
OREA volunteers keep the wheels turning
More than 140 dedicated real estate professionals volunteered their time over the past year to keep the Ontario Real Estate Association running smoothly for its members.
Merv's Column: No copy, no validity
The seller entered into a listing agreement to sell his house with Sutton for a six per cent commission.
Calling all candidates
OREA has awarded an Honorary Life Membership to 2005 Past-President Laura Leyser for her many years of service to the association and the profession.
Committee volunteers needed
Mls data sharing survey underway.
Is access to all MLS information something that is important to you?
Insurance pay-outs up due to summer storm
October 5, 2005
Canada's car, home and business insurers said they expect to pay out more than $400 million to help Southern Ontario recover from the August 19 storm.
Housing affordability improved in Ontario in the second quarter, according to the RBC Financial Group Housing Affordability Index.
Warm up to oil heating
Dirty, smelly and expensive; these are three common misconceptions about oil heat about which the Canadian Oil Heating Association (COHA) would like to clear the air.
OREA reviews CRG agency recommendations
OREA is working to ensure that any changes to agency guidelines as a result of the Canadian Regulators Group (CRG) Agency Task Force recommendations are practical and workable for the day-to-day activities of members.
Text messaging spells out new marketing tool
D.U. txt? If you are an avid text message fan, you know that means, “Do you text?” in short code.
RECO Decision: Watch what you say
The following RECO Complaints, Compliance and Discipline Appeals decision has been condensed and can be viewed in its entirety In the Regulatory Activity, Discipline and Appeals section of the RECO web site at www.reco.on.ca.
Merv’s column: Internet business not a broker
An owner of a Saskatchewan business "listed" it for sale with an Internet business and signed a "Website Agreement."
OREA wins another award
The Canadian Society of Association Executives (CSAE) has awarded the 2005 Associations Make a Better Canada Award for Ethical, Technical or Professional Standards to OREA for its Volunteer Handbook.
New grow house leaflet available for consumers
Inform your clients about the dangers of grow houses and what they should do if they suspect one is in their community.
OREA aids storm relief
The Ontario Real Estate Association (OREA) has given its support to victims of Hurricane Katrina with a donation of $100,000 US to the National Association of REALTORS (NAR) REALTORS Relief Foundation.
September 9, 2005
CMHC’s annual Housing Outlook Conferences provide focussed information on local and regional housing markets.
Recreational property demand softens
The 2005 RE/MAX Recreational Property Report states buyer resistance to higher recreational property values has put the brakes on price increases in many Ontario markets.
Boating law likely to affect cottage country REALTORS
With prices starting at close to a half million dollars in the Wasaga Beach area and on the larger lakes in Muskoka, chances are good clients are going to want to inspect the property and the lakefront.
Superior service builds customer loyalty
Every successful REALTOR knows that referrals are the lifeblood of their real estate business. So how do you ensure a steady stream of referrals from your customers?
Implementing the CREA Code is next step
A new Code of Ethics, designed by REALTORS, and governed by REALTORS, is set for implementation next year, following a strong vote of support for the Code at CREA’s spring Annual General Meeting.
What’s new in tech accessories?
What will the best-dressed cell phones be wearing this season? Some of the innovations introduced at the CTIA Wireless 2005 trade show last spring are not only fashionable, but might help you solve problems you didn't even know you had.
Unsolicited e-mail violates privacy act
With federal legislation for a do-not-call registry looming, REALTORS need to work around another potential barrier to their marketing efforts: do not e-mail.
Merv’s column: Illegal suite breaks deal
The buyers were interested in purchasing a home and enlisted the services of a real estate agent.
OREA Card launched
Training sessions and promotional launches for the OREA Card have been a success in boards in the north, northeast, east, and west ends of the province.
MVA insurance change
Aon Reed Stenhouse announced a change to its insurance policy coverage for MVA-Residential Appraisals.
Home ownership brochure updated
Inform your clients about government programs that will help them save money.
Board changes name
Grey Bruce-Owen Sound Real Estate Board has changed its name to REALTORS Association of Grey Bruce Owen Sound.
RECO election results
August 9, 2005
Following the Real Estate Council of Ontario’s Annual General Meeting in June, Bruce Law ( Burlington) was elected Chair and Joe Pinheiro (London) was elected Vice-Chair.
Houses less affordable
Rising prices, slower income growth and higher utility costs took a bite out of housing affordability according to the Royal Bank of Canada’s affordability index for the first quarter of 2005.
De-stigmatizing problem properties
Do you routinely check for skeletons in the closets when you take a new listing?
All this for $80!
Eighty dollars of the annual dues you pay to your real estate board goes to the Ontario Real Estate Association.
Big things come in small packages
If you do a lot of your business on the go, you might appreciate some of the new ultra portable notebooks that are making the technology scene lately.
Broker breaches privacy law
The first privacy decision involving a real estate issue has been rendered, and the Privacy Commissioner of Canada has reinforced the requirement to obtain consent before disclosing anyone’s personal information – be it client or competitor.
New resource available
Whether you are a veteran broker or brand new salesperson, having good resources available will increase your job success.
Merv’s column: Whose risk?
The buyers bought a 70-year old house for $650,000 and had a home inspection that noted repairs amounting to $70,000 including major work on the roof.
It’s wise to use REALTORwise
Did you know that you can get free articles for your newsletter or other marketing materials on the Member Services section of the OREA web site?
Track your success with My Portfolio
Now when you finish your mandatory RECO Real Estate Update course, you won’t be receiving your transcripts in the mail.
MapArt adds wall maps
MapArt, Canada’s largest map publisher, provides folded maps, street guides, road atlases, wall maps and mapping software at a discount to OREA members.
REALTORS can earn six MCE credits
June 9, 2005
More women than men buy first home in 2004
According to a recent Royal LePage survey, 51 per cent of first-time buyers in 2004 were women, compared to 49 per cent for men.
RECO Real Estate Update teaches fundamentals
Do you know about the Boost and Flip? That’s when a fraudster quickly purchases a listed home and gets the listing broker to remove it from MLS so fewer people know about it.
CMHC lowers insurance premiums
First time buyers will get a break on mortgage insurance thanks to a 15 per cent reduction in premiums by Canada Mortgage and Housing Corporation (CMHC).
All for one and one for all?
Multi-function printers (MFPs) or “all-in-ones” are perfect for home offices where space is often limited.
RECO DECISION: Play fair on the web
The following RECO Complaints, Compliance and Discipline decision has been condensed and can be viewed in its entirety in the Regulatory Activity, Discipline and Appeals section of the RECO web site
No new fees, OREA says
OREA took a stand to keep costs low and standards high in its submission to the Real Estate Council of Ontario in response to the Council’s plan to restructure its Mandatory Continuing Education (MCE) program.
Merv’s column: Both in a couple are clients
These buyers of modest means purchased a condominium unit and arranged a mortgage through an experienced mortgage broker.
OREA sets pace for instructors
OREA Real Estate College standards are now national standards in terms of instructor assessment and recognition.
Give yourself credit
For a limited time only, you can buy two MCE CD-ROM courses at $25.00 each, and get a third free.
New legal pamphlet leads to resources
A new pamphlet, “Resources to Assist REALTORS when Dealing with the RECO CCD Process,” is now posted in the Legal Pamphlets section of the MyOREA website.
Ontario board excels at CREA meeting
The Toronto Real Estate Board was the winner of the 2005 NCC Merit Award, presented during the opening ceremonies of the CREA Leadership Conference,
CHBA pushes for bigger GST rebates
May 18, 2005
The new president of the Canadian Home Builders' Association, David Wassmansdorf, wants the federal government to boost the GST rebate for buyers of new homes to reflect higher home prices.
House hunting rises
According to RBC Royal Bank’s 12th Annual Homeownership Survey, this spring will be another busy house hunting season.
Disclosure the focus of Agency practice
“Who is looking out for my best interest?” Home sellers and buyers alike will certainly have the question foremost on their minds when they enter into the process of buying or selling a home.
Consultation sought on New Mortgage Broker Proposals
The Ontario government is modernizing the legislation regulating the mortgage broker industry.
Phones - not just for talking anymore
The evolution of cell phone technology has been as rapid as has the increase in cellular users.
Going tankless – the wave of the future?
Never run out of hot water again and save up to 50 per cent on hot water heating bills – two claims being made by distributors of new “tankless” water heaters.
Merv’s column: Tell what you know…and what you don’t
The buyer sued the seller after discovering large cracks in the basement foundation that caused a severe water problem in this Regina home.
Barisa to chair AEC
OREA CEO Edward Barisa assumed the role of Chair of the Association Executives Council (AEC) at the annual CREA conference in early April.
Yukon Realtors pick OREA online courses
The Yukon Real Estate Association (YREA) will be able to offer online courses to its members for the first time, thanks to a partnership with OREA College.
Discipline decisions available on OREA site
Complementing OREA’s educational courses on ethics and professional practice, OREA’s Legal Resource Committee has created a compilation of RECO CCD Discipline Decisions, which is posted under Legal Pamphlets on the MyOREA website.
Names are no longer required to fill OREA committee rosters, as all committees are staffed. Thanks to all who volunteered.
MVA appraisals covered
OREA’s MVA-Residential Committee is pleased to advise that Aon Reed Stenhouse Inc. has confirmed insurance coverage for MVA-Residential designees.
Rogers and Second Cup launch WiFi hotspots
April 8, 2005
Rogers Wireless announced in February the availability of wireless fidelity (WiFi) service in select Second Cup locations across Canada.
Real estate returns surge across Canada
Private institutional investors enjoyed a total return on direct investment in Canadian property of 12.9% in 2004, up sharply from 8.4% in 2003
Grow houses still a burning issue in Ontario
Marijuana grow house operations and their implications have been headline news in Ontario and the rest of the country, and often linked to other heinous crimes.
WEBForms new and improved in phase three
Some exciting new features have been added to WEBForms including WEBKits, a personal library of WEBForms with more options than before!
Get the most out of REALTOR®technology products
A little knowledge can go a long way to helping REALTORS® make effective use of the Internet and technology.
Are you an independent contractor?
If you ask most salespeople today whether they are an independent contractor or an employed salesperson, most of them will probably say independent contractor.
LEGALBEAT: Sump pump revealed
A seller has a water problem and her husband "fixes it." Several years later she sells the house.
Volunteer promotion efforts rewarded
At the 2005 OREA Conference, Past Presidents Laura Leyser and Linda Baumgartner present the OREA Volunteer Awards to the Peterborough & the Kawarthas Association of REALTORS®
OREA College adds new CD-ROM courses
Members can earn their next MCE credits from the comfort and convenience of their own home or office.
Budget Rent-A-Car is new OREA partner
For lowest rates, book online at www.budget.com and enter your OREA customer number (BCD A436700).
New software for real estate lawyers
March 4, 2005
New software has been developed to reduce by as much as 50 per cent the time it takes for lawyers to complete transactions.
Housing market to remain hot in 2005
The longest and most consistent residential housing bull market in over 30 years will continue with further price increases in 2005, according to Century 21 Canadas year-end national house price survey.
RECO targets mortgage fraud
REALTORS could unknowingly become party to mortgage fraud an activity that according to the Canadian Institute of Mortgage Brokers and Lenders (CIMBL) is on the rise and costing Canadians hundreds of millions of dollars each year.
OREA says no to mandatory CREA Code of Ethics course
OREA has opposed CREAs proposed Education Protocol which would require REALTORS to take a mandatory Code of Ethics course every four years.
In the market for a new computer?
PDAs, notebooks and other mobile technology have taken the spotlight in the computer world lately, but any home office would not be complete without the basic desktop PC.
What does the future hold for commercial real estate?
Will telecommuting, e-tailing and outsourcing mean the end of office and retail space as we know it?
Legal Beat: Not liable for sewer
A home the buyers purchased was described in an MLS listing as being connected to the city sewer system. In fact the home turned out to have a septic tank.
Primus Canada joins OREA affinity team
PRIMUS Canada offers to members great savings on communications needs.
More benefit from OREA College courses
The Alberta Real Estate Association (AREA) has partnered with OREA Real Estate College to offer the online course Recognizing Structural Deficiencies in Homes.
Thank you to the conference sponsors
OREAs 2005 Annual Conference could not have been a success without the support of our sponsors.
REITs outperform stock exchange
February 4, 2005
For five consecutive years Scotia Capitals real estate investment funds have outperformed the Toronto Stock Exchange's S&P/TSX composite index based on total returns
Mortgage rates make ownership feasible
Low mortgage rates bring home ownership within the reach of many renter households shrinking demand for rental housing, according to the CMHC Rental Market Survey.
New form helps with multiple offers
REALTORS facing multiple offer situations will find great value in a new OREA standard form entitled, Offer Presentation Acknowledgement (Form 109).
Todays REALTOR is younger, better educated
A younger, better educated REALTOR has emerged in the past three years, according to member research conducted for OREA late last fall.
Site seeing on the Internet
The Internet offers a wealth of resources for REALTORS.
The Privacy Law: A review
Federal privacy law has changed the way REALTORS, as well as every commercial organization in Ontario, conduct their businesses since PIPEDA (Personal Information Protection and Electronic Documents Act) came into effect just over one year ago on January 1, 2004.
LEGALBEAT: Overlisting is risky business
The buyer bought a development property and gave a mortgage back to the sellers.
1985 OREA President William Hopkins dies
The Ontario Real Estate Association is sad to report that 1985 OREA President Bill Hopkins passed away on Thursday, January 6.
Unsure about courses on CD? Try our demo
If you're not sure if you'd like at-home learning, you can give it a try at no cost. A demo of the Buyer Agency course on CD-ROM is available on the OREA College site.
Call centre expanded
With double the call lines and double the staff, the OREA Real Estate College has expanded its customer contact centre to deal with the increased volume of education calls.
Record hits on mls.ca
January 4, 2005
There were 1.96 million unique users to mls.ca in September 2004, which is another monthly record, CREA reported.
More buyers shop online for mortgage info
Just under 50 per cent of buyers use the Internet to obtain mortgage information according to a recent CMHC survey.
Businesses and professionals regularly advertise to attract new business and promote themselves.
CMHC launches new incentives
Making home ownership more attractive and attainable are the objectives behind new incentives recently introduced by Canada Mortgage and Housing Corporation (CMHC).
Where's your favourite hot spot?
No, we're not referring to nightclubs or local watering holes.
GTA REALTORS oppose greenbelt legislation
More Ontario residents won't be able to afford homes if the provincial government's Golden Horseshoe Greenbelt proposal becomes law.
Merv's Column: Whose best interest?
Should a buyer's agent disclose an obvious sloping floor to her client and suggest a home inspection?
OREA to hold Annual Conference
The 2005 OREA Annual Conference will take place February 23 & 24, 2005 at the Sheraton Centre Hotel in Toronto.
Annual Meeting of the Assembly
All OREA members are invited to attend the Annual Meeting of the Assembly on Wednesday February 23, 2004 in the Grand Ballroom of the Sheraton Centre Hotel
New schedules / clauses online
Two new schedules, available now on the OREA web site and on WebForms, are designed to assist members who deal in new home sales.
Rogers Wireless offers specials
Until February 14 Rogers offers specials on cell phones and new low prices for Blackberry and TREO data plans. Members can also get three months of unlimited local data with a TREO data plan.
New name for GE Mortgage
December 5, 2004
GE Mortgage Insurance Canada, a unit of General Electric Co. that provides default insurance for homebuyers, has changed its name to Genworth Financial Canada.
Ontario home construction to hit 15 year high
CMHCs Housing Outlook predicts Ontarios 2004 annual home starts to surpass last years level to set a 15-year record.
What's new in standard forms
In a business that relies on the exchange of personal information, the privacy legislation introduced this year has a major influence.
Audits for money laundering compliance loom
Federal agents want to know if your firm has a policy in place for handling large cash transactions. To find out, they may do an audit.
Global positioning systems (GPS) are fast becoming a popular option in many new vehicles.
OREA points heeded on procedures for CREA code changes
OREA's objections to proposed changes to CREA's Code of Ethics and Standards of Business Practice has held them for further consideration, thanks to amended motions that passed at the CREA Special Assembly on October 23.
Merv's Column: Going once, going twice... SOLD
The owner of a condo went into arrears on his mortgage when he lost his job and moved back to his parents' home.
OREA adds three new CD-ROM courses
If you love the convenience of OREA's CD-ROM courses, be sure to check out the newest offerings for furthering your education.
Rent Check Credit Bureau is new partner
OREA's latest affinity partner is Rent Check Credit Bureau.
November 8, 2004
The Technology Council of the Canadian Real Estate Association recently reported that the number of unique visitors to mls.ca grew throughout the summer.
Real estate assets double
According to a recent Bank of Nova Scotia report, rising rates of home ownership and house prices have contributed to a 27 per cent national increase in overall household financial assets since mid-2001.
Confirmation of Co-operation and Representation - the multi-purpose form
As the name suggests, OREAs Confirmation of Co-operation and Representation form serves two purposes.
OREA has partnered with the Ontario government and other consumer and business groups to create a province-wide consumer protection campaign.
Do you need a PDA?
What's a PDA and should you have one? PDA stands for Personal Digital Assistant, and is essentially a powerful, hand-held computer.
Laws changed, homes built, thanks to volunteers
This past year, more than 130 dedicated real estate professionals have volunteered their time in order to make the Ontario Real Estate Association work well for its members.
Merv's Column: No disclosure is no excuse
The sellers were the original owners of the house and sold to Relocation Services.
OREA has awarded an Honorary Life Membership to 2004 Past-President Linda Baumgartner for her many years of service to the association and the profession.
Interested in running for a position on OREA's Board of Directors? The following positions are up for election: four Provincial Directors (made up of one each from the Eastern, Northern, Western and Central Ontario Areas), four Directors-at-Large, and one Commercial Director.
If you're willing to serve the profession, why not sign up for an OREA committee?
About 700 randomly selected members will be asked for feedback on OREA products and services, with a telephone survey to begin later this fall.
Watch for new rental equipment
October 9, 2004
Union Energy recently announced an expanded rental program that includes not only water heaters, but furnaces, air conditioners, humidifiers and air cleaners.
Construction activity remains strong
Although the overall value of building permits fell 11.4 per cent in July, Statistics Canada reports permits for single-family dwellings rose 2 per cent to $2.1-billion
How to turn a FSBO into a listing
For sale by owner? Can you turn a competitor into a client? The fact is that many homeowners believe they can save thousands of dollars in fees for the services REALTORS provide by selling their property on their own.
OREA supports revision to Mortgage Brokers Act
The Ontario Real Estate Association has told the Ministry of Finance that it is prepared to accept changes to the deemed registration provision of the existing Mortgage Brokers Act that allows real estate brokers to be deemed mortgage brokers.
Make your personal web site professional
Are you among the 50.5 per cent of REALTORS who have a personal web site for business purposes?
Making the most of your mls.ca
Providing value added service is so important in today's hot real estate market.
Merv's Column Full basement not full story
The seller was a municipal planner who bought a home that he knew did not have a full basement.
OREA's CE courses debut out west!
Impressed by the content and design of OREA's continuing education courses, the British Columbia Real Estate Association (BCREA) now offers three of them.
Get hits to your site
Understanding the Internet for Real Estate Professionals is an online and classroom course that will teach you how to drive traffic to your website
Kit helps boards with communication
A tool to help real estate boards reach their members effectively was launched at the end of September.
Clause book giveaway
Can't find the right words? The Guidelines for Residential & Commercial Clauses can provide some guidance.
Mortgage toolkit available online
September 6, 2004
A new online toolkit to help consumers understand the real costs of mortgages is available through the Financial Consumer Agency of Canada (FCAC).
New homes in Ontario nearing record level
New homes are going up at a near record pace, with 84,500 new units expected in Ontario this year, according to a CMHC housing forecast.
Loose language a concern for competition compliance
It's known as loose language; any conversation or phrase that can be interpreted as anti-competitive by nature. REALTORS who use "loose language" in their dealings with customers
Website offers safety tips for REALTORS
In October 2002, a Calgary REALTOR was attacked by a man who claimed to be looking for a new home for his family.
Make your home office work for you
Many REALTORS find keeping office space at home along with some key mobile technology gives them precisely the flexibility required to run a successful real estate business.
The following RECO Complaints, Compliance and Discipline decision been condensed and can be viewed in its entirety on the RECO website at www.reco.on.ca.
The buyer sued the sellers who knew or ought to have known that there were latent defects in the house they had constructed themselves, lived in and then sold to her for $375,000.
Learn about power of sale
A power of sale is a forced sale of a property by a mortgagee due to a default of one or more of the mortgagors obligations under the mortgage. These obligations include, among others:
TD Insurance Home and Auto (an OREA member savings program participant) is offering the opportunity to win one of four trips to Mexico or $7,000 cash simply by requesting a home or auto insurance quote.
Cottage country sales boom
July 6, 2004
According to a recent Toronto Star article, prices for a standard cottage, condo or chalet are up between nine and 10 per cent from last year.
Following the Real Estate Council of Ontario’s Annual General Meeting in June Terry Landon (Cornwall) was elected Chair and Bruce Law (Hamilton) was elected Vice-Chair
Draft REBBA regulations lengthens time for trust monies deposit
Proposed regulations will give brokerages an extra three day leeway to deposit money in trust accounts.
No big changes for real estate in new budget
The new Ontario Liberal budget will have a greater impact on REALTOR pocketbooks than on the real estate profession.
SPIS - don't leave the office without it!
REALTORS heading out to list or sell residential property should consider taking along a SPIS.
Wired Office: CD-ROM courses offer the ultimate flexibility
Busy REALTORS can't always find the time to complete continuing education courses - even online courses - during the allotted schedule.
Setting the stage for a quick sale
REALTORS know how important a home's first impression can be to its ultimate selling price.
Merv's Column: When a seller's agent becomes the buyer
Are you still an "agent" with fiduciary duties when you become the "buyer?"
Foundation Golf tourney raises $26,000 for Ontario shelters
Changing the time and venue of their annual golf tournament was a positive step for the OREA Foundation.
French REALTOR brochure updated
An updated French version of the Working with a Realtor Brochure, (Traiter avec un agent immobilier) is now available.
RECO Annual General Meeting
June 8, 2004
RECO's annual general meeting will be held on June 17, 2004 at the Old Mill Inn in Toronto commencing at 10:00 a.m.
ONHWP gets new name
The Ontario New Home Warranty Program will now be known as Tarion Warranty Corporation.
Housing starts remain high in April
Even though the seasonally adjusted annual rate of urban housing starts declined 6.8 per cent in Ontario for April, according to CMHC
Multiple representation OK under draft REBBA regulations
With the appropriate disclosure, registrants will be allowed to represent more than one party in a transaction if proposed regulations for the new Real Estate and Business Brokers Act are passed.
Affordability keeps market from bubbling
Supply remains low and prices continue to rise in the current housing market.
Outlook for Ontario
The market conditions for Ontario along with Alberta and Atlantic Canada are expected to stabilize as more supply in the form of new housing and new resale listings become available this year.
Microsoft Outlook is good for managing contacts
Keeping track of prospects, clients and customers both past and present is vital to a REALTOR's business success.
Task force seeks solutions to growing insurance problems
Obtaining property insurance at a reasonable premium has become increasingly difficult for some homebuyers over the past few years.
Mervs Column No deposit, no deal?
A buyer submitted an offer which provided for a deposit of $10,000 to be made.
E-courses now available on demand
Accessing online continuing education courses has just gotten easier.
REALTOR receives prestigious award
Ontario REALTOR Eugene Barna was one of 18 Canadians to receive the Governor General's Caring Canadian Award from her excellency, Adrienne Clarkson, at Rideau Hall in April.
REBBA regulation update
May 4, 2004
The Ministry of Consumer and Business Services plans to release the consultation draft of the REBBA regulations in two parts
Affordability outlook good for housing markets in 2004
Low interest rates, higher household incomes and economic growth combined with moderate house price increases mean good news
CREA seeks input on changes to its code of ethics
Proposed changes to the CREA Code of Ethics might subject REALTORS to double jeopardy, a concern OREA will relate to the Canadian Real Estate Association task force considering those changes.
Commercial members are highly satisfied with OREA's standard forms and clauses according to a survey conducted by OREA's Ontario Commercial Council.
Preparing for the growing 'boomer market'
What type of property does the typical 60-something, empty-nester, recent retiree want you to find for them?
RE/MAX First Wave report findings
While not all boomers will be extra wealthy in retirement, the affluent boomers will drive the market says RE/MAX.
Cellphones, Internet top list of REALTOR must have technology
Today's REALTOR relies on technology more than ever according to the latest survey by the National Association of REALTORS Center of REALTOR Technology.
Merv's Column Farm Fraud
The sellers made several false representations when selling their ranch about the coverage of the irrigation pivots, the ton per acre production, the yield of calves and average weight and price,
Buyer agency course on CD-ROM
Everything you need to know about buyer agency is now available on CD-ROM.
OREA Foundation hosts first lunch
Raising money was on the menu at the inaugural OREA Foundation luncheon.
Woodstock-Ingersoll EO honoured
Carol Smith-Gee, Executive Officer of the Woodstock-Ingersoll and District Real Estate Board, recently received the Frank Johns Award in recognition of her dedicated service as an association executive.
Two-thirds of Canadians believe they will own their dream home
April 7, 2004
Two-thirds (68%) of Canadian homeowners and prospective home buyers believe that they will own their dream home, according to a recent CIBC telephone poll conducted by Decima Research.
Legal Forum hits 1000 questions!
OREA's online Legal Forum has been a valuable source of legal information for members since November 1999. More than 1000 questions have been submitted to the forum covering everything from advertising to UFFI clauses.
Tourism web site boosts Ontario commercial properties
Ontario's commercial and investment properties received a promotional boost from the provincial government with the launch of its new tourism investment web site.
Form helps maintain confidentiality
Commercial members often handle confidential information when pursuing properties for their clients.
Software enables in-house colour printing
New colour printing technology can help real estate offices to save money and increase productivity by creating marketing materials in-house.
The following RECO Complaints, Compliance and Discipline Appeals decision has been condensed
Merv's Column What's better-- 0% or 50%?
The sellers list a subdivision property using a typical Ontario Listing Agreement.
New OREA Board of Directors 2004
The 2004 Board of Directors for OREA was elected at the Leadership Conference in February.
Dianne Usher joins CREA Board of Directors
Former OREA President Dianne Usher has joined the CREA Board of Directors as Regional Director for Ontario as of April 2004.
CD-ROM Courses now available from OREA
Earn your next MCE credits on CD-ROM anywhere, anytime.
March 6, 2004
Beginning March 8, 2004 electronic land registration is being introduced on an optional basis in the City of Peterborough.
Value added house features
A recent study by the National Centre for Real Estate Research in the United States calculated the value that is added to the selling price of a home with the following home features
Pre-listing inspections may ease insurance woes
Alan Carson argues that if homes were inspected before they went on the market
Commercial database updated
OREA's Commercial members have known about the benefits of the Commercial Property Database (CPD) for some time. Now the CPD is about to become even better with the launch of some significant enhancements this spring.
New and improved mls.ca
More photos, more options and more marketing power are the key benefits members and consumers will find on their next visit to www.mls.ca.
Logging on to My OREA is easy
OREA members can log on to the My OREA section of the web site by simply typing in their REALTOR id and password.
The following RECO Complaints, Compliance and Discipline Appeals decision has been condensed and can be viewed in its entirety on the RECO web site at www.reco.on.ca.
Seller broker A1 was found to be in breach of Rules 2 and 6 of the RECO Code of Ethics
Cottage ownership on the rise
According to a recent Royal LePage survey, more Canadians are purchasing vacation homes.
Merv's Column: Watch your step
The buyer signed an offer for a 1.3 acre parcel of undeveloped land.
Thanks to conference sponsors - OREA Annual Conference 2004
The 2004 OREA Leadership Conference was a great success and the support of our conference sponsors made it possible.
The new edition of OREAs Real Estate Encyclopedia is now available.
RECO's Mandatory Continuing Education Policy Revised
February 6, 2004
RECO's Board of Directors recently extended the double credit hour eligibility of the RECO Code of Ethics Course until December 31, 2004.
Canada's housing market will cool in the coming years, but there is no reason to fear a major correction, according to TD Bank's report
When the buyer is a customer
What do you do when a buyer decides to select Customer status rather than become a Client of your firm?
Buyer Customer Service Agreement
OREA's new form 310 Buyer Customer Service Agreement is an ideal solution to this common problem.
The Buyer Customer Service Agreement is non-exclusive.
VOWS: A cautionary tale
If you're considering a VOW, a virtual office web site, stop to smell the coffee. There could be strychnine in it.
Dealing with privacy requests or complaints
Now that privacy is law, how should you handle a request about personal information?
How to deal with information requests
Under PIPEDA and the CREA Privacy Code, REALTORS have a responsibility to provide individuals with access to their personal information.
Consumers may complain to the Privacy Commissioner if they are not satisfied with your response to their request for information or if they believe that your firm has not complied with the PIPEDA privacy principles.
Are you ready for Bluetooth?
While Bluetooth may sound like something your dentist should warn you about, it's actually a new technology that is going to change the way people interact with machines.
Members save at Petro Canada
Petro-Canada, the latest partnership in OREA's line up of member savings programs
Legal Beat: Domain names
REALTOR X, a principal broker in the U.S. firm XYZ, was technologically savvy and constantly looking for ways to use the Internet to promote his firm and drive additional traffic to his web site.
Maurice Lamond 1986 OREA President
The Ontario Real Estate Association is sad to report that former OREA President, Maurice Lamond passed away in late December.
OREA Annual Conference 2004
OREA's Annual Conference takes place February 25 26 at the Fairmont Royal York Hotel in Toronto.
All OREA members are invited to attend the Annual Meeting of the Assembly on Wednesday February 25, 2004
Members interested in serving on OREA committees are encouraged to send their resumes to their Provincial Directors or OREA's chief executive officer or apply online
Garage sells for $135,000, no house attached
January 6, 2004
A two-car garage in the upscale neighbourhood of North Toronto - no house - has sold for $135,000
Average Rental Vacancy Rate Rises to 2.2 Per Cent
The average rental apartment vacancy rate in Canada's metropolitan areas rose to 2.2 percent in October 2003
It's a new year and a new law is in effect. Starting January 1 all businesses must comply with the Personal Information Protection and Electronic Documents Act (PIPEDA) when collecting, using and disclosing an individual's personal information.
Verify mortgage details up front
This is the first article in an ongoing series about OREA Standard Forms written by Geof Smith, who is OREA's Student & Faculty Services Manager and an OREA College instructor.
Competition: Know the Law
Real estate is a highly competitive industry. So, it's vital that every REALTOR understand competition law and the penalties for non-compliance.
Keep up to date on all the real estate news
Staying current with all the issues in the world of real estate can be challenging for a busy REALTOR. Here are a few key sources of "quick" real estate related information.
"Fore" whose benefit?
MCE Courses now available on CD-ROM
Earn your next MCE credits while sitting in front of your computer.
OREA's Annual Conference takes place February 25 - 26 at the Fairmont Royal York Hotel in Toronto.
All OREA members are invited to attend the Annual Meeting of the Assembly
Members interested in serving on OREA committees are encouraged to send their resumes to their Provincial Directors or OREA's chief executive officer
RECO reports high rate of renewal
December 15, 2003
Only 713 RECO registrants were terminated for non-payment of their premium for the Consumer Protection Program.
The cost of home ownership in Ontario rose to 31 percent of pre-tax household income needed to carry a home
OREA forms revised, reformatted
OREA standard forms will be easier to read and easier to fax thanks to a new 8 1/2 by 11 inch size and a redesigned layout.
Three new residential and two new commercial forms have been created.
To deal with the complexities of commercial leases, OREA created an additional Agreement to Lease - Commercial form 511.
Home Inspection Clause
A clause has been added to the Agreement of Purchase and Sale indicating that the buyer has had the opportunity to obtain a home inspection.
All OREA Standard Clauses are now indexed alphabetically by topic making it a lot easier to find the clause you need.
OREA clauses tackle tough issues
Insurance issues topped the list of priorities for home inspections this past year.
Privacy law just around the corner
In a few weeks protecting personal privacy will become a "way of life" for REALTORS as well as all businesses in Canada.
Who gets deposit when the deal goes south?
As most of us have learned, some more painfully than others, it's generally easier to dispose of money than to acquire it. But that's not always the case and one exception involves the return of deposits in the case of a failed agreement of purchase and sale.
Assess your skills with virtual technology
Most top performing REALTORS will tell you that to succeed in the business of real estate you need to know yourself well and be constantly improving your skills.
Merv's column Employment contracts
A commercial REALTOR and his firm went to court to resolve commission disputes about amounts owing to each other after the REALTOR left the firm.
Rogers AT&T wireless specials
Rogers AT&T Wireless is offering holiday specials on cell phones which include 200 weekday minutes
OREA Online Continuing Education courses now 50% off
OREA's online Continuing Education courses are now 50% off.
E-REG in Waterloo
November 25, 2003
Starting this month, Waterloo Land Registry Office clients will be able to transact business by electronic means as well as by the current manual paper-based process.
CREA housing report shows hot resale sector
Privacy know-how for REALTORS
All the do's and don'ts of privacy compliance may sound complicated, but resources abound for REALTORS to learn everything they will need to know in order to comply with the requirements of the Personal Information Protection and Electronic Documents Act.
Hats off to real estate volunteers
Behind the scenes of any successful not-for-profit organization can usually be found a dedicated, hardworking group of volunteers.
REALTORS are offering virtual tours of properties for sale as a part of their services more than ever before.
A lesson in perils and price
CMHC Price Ceiling Eliminated
October 5, 2003
Canada Mortgage and Housing Corporation (CMHC) has announced that effective September 22 2003
Home Financing Costs Still Down
October 21, 2003
The average monthly cost of financing a new home, based on an average five year fixed mortgage, dropped 1.7 per cent from a year ago
OREA Real Estate College opens for business
All the education needs of a real estate professional can now be met under one roof with the launch of the OREA Real Estate College.
New course about the Internet
OREA has recently introduced its latest online Continuing Education course titled
Don't wait until the last minute!
If your license is coming up for renewal, remember that you must take either the RECO Real Estate Update or the RECO Real Estate Update
Questions about privacy compliance?
As of January 1, 2004 all Ontario REALTORS will need to comply with the requirements of PIPEDA
Looking for forms? Need a form? Thanks to Internet technology REALTORS can access a variety of real estate related forms with a few clicks of a mouse.
Estates: The basics
An experienced REALTOR dealing with property owned by a deceased person, in other words an estate sale, will know that there may be concerns in connection with the authority of the seller
OREA's online Continuing Education courses are now 50% off. This promotion started on July 1, 2003 and runs until December 31, 2003.
OREA and Scotiabank Partner for enhanced member services
OREA is delighted to announce a preferred financial services arrangement with Scotiabank.
Additional Insurance clause added
OREAs Standard Forms committee has added another insurance clause to provide REALTORS with another option for the Agreement of Purchase and Sale.
Homeownership more affordable
September 5, 2003
A Canada Mortgage and Housing Corporation (CMHC) is making homeownership more affordable through a 15 per cent reduction
Condo fees on the rise
Condominiums in the Toronto area can expect monthly maintenance fees to double over the next 10 years
OREA launches new and improved web site
If you haven't visited www.orea.com lately, you need to check it out! The OREA website has been relaunched with an enhanced format that's much more user-friendly.
Preparing for privacy legislation
Legislation to protect the personal privacy of every individual will take effect on January 1, 2004.
Put your best (business practice) foot forward
Do you have your own website yet? Many REALTORS are taking advantage of Internet technology to market themselves and their listings to consumers.
As the incidence of grow house operations in Canada continues to increase, questions about the disclosure responsibilities and potential liabilities of REALTORS dealing with these properties are also on the rise.
The seller decided to sell his farm and listed it for sale at $173,500 and told the REALTOR he did not want a VTB mortgage as he was 91 years old and in poor health.
The savings are the same just the names have changed
Two of OREA's member service partners have gone through name changes, but their services to our members have not changed.
Commercial Condominium Guide
July 5, 2003
A new comprehensive condominium buyers' guide, developed by Canada Mortgage and Housing Corporation (CMHC), will help homebuyers by providing the basic information needed to start on the path to condo ownership.
RECO Board of Directors
The Real Estate Council of Ontario recently held elections for its 2003 Board of Directors.
Mortgages for self-employed people
Scotiabank is offering a mortgage for self-employed people, in order to provide small business customers with up to 85 per cent home financing
How do REALTORS rate?
REALTORS need to develop their own brand, and clearly specify the value of the services they provide to consumers, according to a recent Consumer Branding Study commissioned by the Canadian Real Estate Association.
Spell out buyer agency to avoid misunderstandings
Entering into a buyer agency relationship with a client is more than just having the buyer sign a buyer agency agreement.
Should you be following up?
Despite your advice to the sellers, your listing is overpriced.
If your license is coming up for renewal, remember that you must take either the RECO Real Estate Update or the RECO Real Estate Update Commercial as part of your 24 hours of MCE credits
Fujitsu LifeBook promotion
OREA members now have the opportunity to purchase a Fujistu LifeBook through a member services program with Albert White Technologies at an excellent price.
Access standard forms online
This is the fourth in a series of five articles about the features of the members only section of the OREA web site.
OKI Data Members Savings Program
OREA recently announced a partnership with OKI Data Americas for a special discount price on colour and monochrome laser printers.
Broaden your skills with the RECO Real Estate Update - Commercial
Issues involving cellular towers, wrong building size and contamination are just some of the areas you'll learn about when you take OREA's new RECO Real Estate Update - Commercial course.
Five Mortgage Insurance Innovations for 2003
June 6, 2003
The Canada Mortgage and Housing Corporation (CMHC) is introducing five new mortgage insurance innovations
Housing to Remain Affordable for Most Canadians
A new report from the BMO Financial Group Economics Department says the average monthly carrying cost of new home ownership is now 30.5 per cent of household income
New in digital cameras
If you're one of those people who likes to be the first on your block to own new technology, check out some of the latest offerings in digital cameras.
Risks and rewards of OREA standard forms
The forms are standard and you see them all the time; in fact, you may scarcely notice the wording any more, even if some of it has changed.
Get your MVA!
Who would want an MVA - Residential (Market Value Appraiser) designation?
When the seller is not my client
Clearly defined relationships are the mark of any successful business transaction and, in real estate, are mandated by the RECO Code of Ethics.
The seller sued her REALTOR for an alleged overpayment of commission.
Commercial RECO Real Estate Update available online or by correspondence
The commercial version of the RECO Real Estate Update (6 credits) is now available online or by correspondence.
New home insurance clause
In the May issue of the EDGE, we featured an article about insurance that suggested that if there is any doubt about the house's insurability to include a condition regarding the buyer being able to obtain home insurance.
Protecting your commission
How can you help protect your commissions? Through RECO's Insurance Program.
What can unregistered assistants do?
The Real Estate and Business Brokers Act states that a person must be registered under the Act in order to trade in real estate.
Real estate boards up to the challenge
The Hamilton-Burlington and District Real Estate Board announced at the OREA assembly meeting that his board would be donating $2.00 per member to the OREA Foundation and challenged all real estate boards to make a contribution.
Complaints, Compliance & Discipline (CCD) Statistics
May 4, 2003
To learn more about CCD process, visit RECO's web site at www.reco.on.ca
Is home insurance harder to get?
Acquiring home insurance is usually one of the last steps a buyer takes in the home buying process.
Program provides funding to upgrade water wells
How well is the well on that rural property you're listing?
Injunction issued to protect mls.ca data
The Canadian Real Estate Association has been awarded an interlocutory injunction by the Quebec Superior Court that protects the listings displayed on the mls.ca web site.
RECO makes improvements to CCD process
Over the past year, the Real Estate Council of Ontario (RECO) has made some notable improvements to its Complaints, Compliance and Discipline (CCD) process.
Nothing but net
Under this lease for Ontario commercial premises the tenants were required to pay occupancy costs which were the operating costs times the square footage of the leased premises.
Don Richardson wins Frank Johns Award
Congratulations to Don Richardson, Chief Executive Officer of the Toronto Real Estate Board (TREB), for being honoured with the Frank Johns Awards by the Association Executives Council (AEC) of the Canadian Real Estate Association.
OREA CEO elected to AEC board of directors
OREA CEO, Ed Barisa was recently elected to the Association Executives Council (AEC) Board of Directors.
Mo Park 1980 OREA President
Former OREA President, Maurice Mo Park passed away in early April.
OREA's e-EDGE has been in production now, since February.
Home is Where the Heart Is
An RBC Royal Bank/Ipsos-Reid study shows that when they get older, proximity to friends and family is the most important external factor (46 per cent) in a home for Canadians.
Protect your image
If you have a website for your business or you are planning on creating one, give careful consideration to the images you portray.
CMHC Guide to Renting a Home
The Canada Mortgage and Housing Corporation (CMHC) recently announced a new online publication titled Your Guide to Renting a Home
E-REG in Essex
April 6, 2003
Starting this month, Essex Land Registry Office clients will be able to transact business by electronic
Ontario's escalating housing prices boost cost of home ownership
Rising house prices coupled with higher mortgage rates will likely cause housing affordability in Ontario to deteriorate further over 2003
Make multiple offers work
Multiple offers on houses in today's real estate market are not unusual and can be rewarding if everyone involved remembers the basic principles of fair play
Why volunteering pays
Why do REALTORS volunteer in organized real estate and what do they get out of it?
Find out how to avoid money laundering and grow houses
The real estate market is big business, and not just in the buying and selling of homes.
Avoid water woes with an SPIS
The sellers are aware that there are problems with water in the basement of their home.
New OREA Board of Directors
The 2003 Board of Directors for OREA was elected at the Leadership Conference in February.
Residential and Commercial Clauses Guidelines
The Guidelines for Residential and Commercial Clauses are available in hard copy at a cost of $6.00.
Thank you volunteers
OREA's Board of Directors would like to thank the volunteers who expressed their interest to serve on various committees for 2003.
Get free electronic consumer brochures
This is the third in a series of five articles about the features of the members only section of the OREA web site. T
Commercial RECO Real Estate Update now available
March 6, 2003
The commercial version of the mandatory RECO Real Estate Update course is now available.
No Significant Increase in E&O Insurance Premium
RECO's Insurance Committee announced that the Errors and Omissions Insurance premium will increase by only $10 per registrant this year.
Home Buying Intentions Remain Strong
An average 11 per cent of households surveyed in cities across Canada say they are in the market to buy a home
e-EDGE is here!
Need to catch up on the latest real estate issues and trends, but don't have much time?
MLS.ca posts new web traffic records
MLS.ca generated record traffic and page view levels this year.
Take care with advertising
Advertising plays an important role in a REALTORS day-to-day business and should be carefully thought out for maximum effect.
Thank you OREA Conference Sponsors
The 2003 OREA Leadership Conference was a great success and the support of our conference sponsors made it possible.
Real Estate Forum Participants Receive MCE Credits Courtesy of OREA
More than 175 participants at the 11th Annual Real Estate Forum received up to 10 RECO MCE credits
Check out new legal pamphlets online
Three new legal pamphlets are now available to members on OREA's website bringing the total number of topics to nine.
Polish your knowledge of architectural styles
Your clients may be looking for a Victorian home, but do they want a Queen Anne, a Stick or another style from the Victorian era?
Common email mistakes to avoid
Email can be a highly efficient way to communicate, and in many businesses it has flourished, both internally and externally.
The property owner signed a commercial listing agreement which expired November 16th.
Phone features can make you more productive
February 8, 2003
Today's technologically savvy REALTOR probably uses e-mail, a cell phone and maybe even an electronic organizer.
Tell all about MLS
Explaining both the benefits and the requirements of MLS to your clients up front can prevent misunderstandings and concerns later in the real estate process.
OREA encourages brownfield remediation
OREA wants all levels of government to work together to increase incentives for the remediation of brownfield sites.
Get it signed
A commercial REALTOR acted for seller #1 in a conditional deal and was to get $375,000 commission (later reduced to $210,000).
Is mould a big deal?
The issue of mould growth and its impact on the real estate profession is getting a lot of attention lately especially in the U.S.
Revised Standard Forms online
Owners of contaminated property in Ontario can recover damages from neighbouring polluters, even if the owners do not intend to clean up the contamination.
Consumers prepared to borrow in 2003
A CIBC report says Canadian consumer spending will continue to buoy the national economy in 2003.
Licensing Education web site gets updated
OREA's Licensing Education web pages have a new look and are easier to navigate.
OREA Leadership Conference
OREA's Leadership Conference takes place February 27 28 at the Sheraton Centre in Toronto.
e-EDGE coming soon
OREA members will soon be receiving a copy of e-EDGE via e-mail.
Tenant Protection Act Changes
January 7, 2003
Recent changes to Ontario's Tenant Protection Act include revised forms and changes to the Ontario Rental Housing Tribunal's Rules of Practice
Shopping around for a Mortgage
More homebuyers shopped around when seeking a mortgage in 2002
New Ontario real estate act finalized
After 50 years without any substantive changes, a new Ontario Real Estate and Business Brokers Act (REBBA) was passed in December.
OREA creates seven new forms
Seven new forms have been added to OREA's line up of standard forms for 2003.
New Commercial forms
Two new forms tailored for commercial real estate transactions were also developed.
Changes to existing forms
Several other forms were changed including the Seller Property Information Statement (SPIS) and the Registrant's Statement.
WEBforms gaining popularity
The number of REALTORS accessing real estate forms online through WEBforms on REALTORLink has increased from 905 users in January of this year to 7,504 users by the end of October.
Sharpen your EDGE monthly!
You asked for it - you got it! In a recent OREA membership survey
Legal Information Online at OREA
This is the first in a series of five articles about the features of the members only section of the OREA web site.
Long gone are the days of real estate where deals were finalized on a handshake.
Everything you need to know about
Title Insurance - online Title Insurance Basics is the latest addition to OREA's slate of online course offerings.
One of the most important assets a REALTOR has to offer is knowledge.
With OREA's online course, REALTORS will learn the basics of title insurance as it relates to a residential real estate transaction.
The benefits of title insurance
Understanding the ins and outs of title insurance can help REALTORS answer clients' questions and provide general guidance.
The Surprise Assessment
Prior to closing the purchaser's condominium unit purchase, her lawyer received an estoppel certificate from the condominium corporation that revealed no deficiencies.
The Defunct Trunk
Prior to the closing of the consumer's purchase, the local municipality had issued a Notice of Violation regarding a dead tree on the property.
The Encroaching Septic Tank
While surveying a neighbouring property, the surveyor observed that the septic system servicing the insured's property appeared to encroach onto the other property.
A marble might have helped
After the seller said that it was a "good" house, the buyer prepared an offer conditional on a home inspection.
OREA's Leadership Conference takes place February 27 - 28 at the Sheraton Centre in Toronto.
New Legal Pamphlets
Two new online legal pamphlets were recently added to the Members Only section of the OREA web site.
- Financial Statements
- Expense Claim
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
OREA AI Assistant
- Coaching Team
- Student Success
Real Estate Investing Strategies
- Real Estate Business
- Real Estate Markets
- Real Estate Financing
- REITs & Stock Investing
How To Navigate The Real Estate Assignment Contract
What is assignment of contract?
Assignment of contract vs double close
How to assign a contract
Assignment of contract pros and cons
Even the most left-brained, technical real estate practitioners may find themselves overwhelmed by the legal forms that have become synonymous with the investing industry. The assignment of contract strategy, in particular, has developed a confusing reputation for those unfamiliar with the concept of wholesaling. At the very least, there’s a good chance the “assignment of contract real estate” exit strategy sounds more like a foreign language to new investors than a viable means to an end.
A real estate assignment contract isn’t as complicated as many make it out to be, nor is it something to shy away from because of a lack of understanding. Instead, new investors need to learn how to assign a real estate contract as this particular exit strategy represents one of the best ways to break into the industry.
In this article, we will break down the elements of a real estate assignment contract, or a real estate wholesale contract, and provide strategies for how it can help investors further their careers. [ Thinking about investing in real estate? Register to attend a FREE online real estate class and learn how to get started investing in real estate. ]
What Is A Real Estate Assignment Contract?
A real estate assignment contract is a wholesale strategy used by real estate investors to facilitate the sale of a property between an owner and an end buyer. As its name suggests, contract assignment strategies will witness a subject property owner sign a contract with an investor that gives them the rights to buy the home. That’s an important distinction to make, as the contract only gives the investor the right to buy the home; they don’t actually follow through on a purchase. Once under contract, however, the investor retains the sole right to buy the home. That means they may then sell their rights to buy the house to another buyer. Therefore, when a wholesaler executes a contact assignment, they aren’t selling a house but rather their rights to buy a house. The end buyer will pay the wholesale a small assignment fee and buy the house from the original buyer.
The real estate assignment contract strategy is only as strong as the contracts used in the agreement. The language used in the respective contract is of the utmost importance and should clearly define what the investors and sellers expect out of the deal.
There are a couple of caveats to keep in mind when considering using sales contracts for real estate:
Contract prohibitions: Make sure the contract you have with the property seller does not have prohibitions for future assignments. This can create serious issues down the road. Make sure the contract is drafted by a lawyer that specializes in real estate assignment contract law.
Property-specific prohibitions: HUD homes (property obtained by the Department of Housing and Urban Development), real estate owned or REOs (foreclosed-upon property), and listed properties are not open to assignment contracts. REO properties, for example, have a 90-day period before being allowed to be resold.
What Is An Assignment Fee In Real Estate?
An assignment fee in real estate is the money a wholesaler can expect to receive from an end buyer when they sell them their rights to buy the subject property. In other words, the assignment fee serves as the monetary compensation awarded to the wholesaler for connecting the original seller with the end buyer.
Again, any contract used to disclose a wholesale deal should be completely transparent, and including the assignment fee is no exception. The terms of how an investor will be paid upon assigning a contract should, nonetheless, be spelled out in the contract itself.
The standard assignment fee is $5,000. However, every deal is different. Buyers differ on their needs and criteria for spending their money (e.g., rehabbing vs. buy-and-hold buyers). As with any negotiations , proper information is vital. Take the time to find out how much the property would realistically cost before and after repairs. Then, add your preferred assignment fee on top of it.
Traditionally, investors will receive a deposit when they sign the Assignment of Real Estate Purchase and Sale Agreement . The rest of the assignment fee will be paid out upon the deal closing.
Assignment Contract Vs Double Close
The real estate assignment contract strategy is just one of the two methods investors may use to wholesale a deal. In addition to assigning contracts, investors may also choose to double close. While both strategies are essentially variations of a wholesale deal, several differences must be noted.
A double closing, otherwise known as a back-to-back closing, will have investors actually purchase the home. However, instead of holding onto it, they will immediately sell the asset without rehabbing it. Double closings aren’t as traditional as fast as contract assignment, but they can be in the right situation. Double closings can also take as long as a few weeks. In the end, double closings aren’t all that different from a traditional buy and sell; they transpire over a meeter of weeks instead of months.
Assignment real estate strategies are usually the first option investors will want to consider, as they are slightly easier and less involved. That said, real estate assignment contract methods aren’t necessarily better; they are just different. The wholesale strategy an investor chooses is entirely dependent on their situation. For example, if a buyer cannot line up funding fast enough, they may need to initiate a double closing because they don’t have the capital to pay the acquisition costs and assignment fee. Meanwhile, select institutional lenders incorporate language against lending money in an assignment of contract scenario. Therefore, any subsequent wholesale will need to be an assignment of contract.
Double closings and contract assignments are simply two means of obtaining the same end. Neither is better than the other; they are meant to be used in different scenarios.
Flipping Real Estate Contracts
Those unfamiliar with the real estate contract assignment concept may know it as something else: flipping real estate contracts; if for nothing else, the two are one-in-the-same. Flipping real estate contracts is simply another way to refer to assigning a contract.
Is An Assignment Of Contract Legal?
Yes, an assignment of contract is legal when executed correctly. Wholesalers must follow local laws regulating the language of contracts, as some jurisdictions have more regulations than others. It is also becoming increasingly common to assign contracts to a legal entity or LLC rather than an individual, to prevent objections from the bank. Note that you will need written consent from all parties listed on the contract, and there cannot be any clauses present that violate the law. If you have any questions about the specific language to include in a contract, it’s always a good idea to consult a qualified real estate attorney.
When Will Assignments Not Be Enforced?
In certain cases, an assignment of contract will not be enforced. Most notably, if the contract violates the law or any local regulations it cannot be enforced. This is why it is always encouraged to understand real estate laws and policy as soon as you enter the industry. Further, working with a qualified attorney when crafting contracts can be beneficial.
It may seem obvious, but assignment contracts will not be enforced if the language is used incorrectly. If the language in a contract contradicts itself, or if the contract is not legally binding it cannot be enforced. Essentially if there is any anti-assignment language, this can void the contract. Finally, if the assignment violates what is included under the contract, for example by devaluing the item, the contract will likely not be enforced.
How To Assign A Real Estate Contract
A wholesaling investment strategy that utilizes assignment contracts has many advantages, one of them being a low barrier-to-entry for investors. However, despite its inherent profitability, there are a lot of investors that underestimate the process. While probably the easiest exit strategy in all of real estate investing, there are a number of steps that must be taken to ensure a timely and profitable contract assignment, not the least of which include:
Find the right property
Acquire a real estate contract template
Submit the contract
Assign the contract
Collect the fee
1. Find The Right Property
You need to prune your leads, whether from newspaper ads, online marketing, or direct mail marketing. Remember, you aren’t just looking for any seller: you need a motivated seller who will sell their property at a price that works with your investing strategy.
The difference between a regular seller and a motivated seller is the latter’s sense of urgency. A motivated seller wants their property sold now. Pick a seller who wants to be rid of their property in the quickest time possible. It could be because they’re moving out of state, or they want to buy another house in a different area ASAP. Or, they don’t want to live in that house anymore for personal reasons. The key is to know their motivation for selling and determine if that intent is enough to sell immediately.
With a better idea of who to buy from, wholesalers will have an easier time exercising one of several marketing strategies:
Real Estate Meetings
2. Acquire A Real Estate Contract Template
Real estate assignment contract templates are readily available online. Although it’s tempting to go the DIY route, it’s generally advisable to let a lawyer see it first. This way, you will have the comfort of knowing you are doing it right, and that you have counsel in case of any legal problems along the way.
One of the things proper wholesale real estate contracts add is the phrase “and/or assigns” next to your name. This clause will give you the authority to sell the property or assign the property to another buyer.
You do need to disclose this to the seller and explain the clause if needed. Assure them that they will still get the amount you both agreed upon, but it gives you deal flexibility down the road.
3. Submit The Contract
Depending on your state’s laws, you need to submit your real estate assignment contract to a title company, or a closing attorney, for a title search. These are independent parties that look into the history of a property, seeing that there are no liens attached to the title. They then sign off on the validity of the contract.
4. Assign The Contract
Finding your buyer, similar to finding a seller, requires proper segmentation. When searching for buyers, investors should exercise several avenues, including online marketing, listing websites, or networking groups. In the real estate industry, this process is called building a buyer’s list, and it is a crucial step to finding success in assigning contracts.
Once you have found a buyer (hopefully from your ever-growing buyer’s list), ensure your contract includes language that covers earnest money to be paid upfront. This grants you protection against a possible breach of contract. This also assures you that you will profit, whether the transaction closes or not, as earnest money is non-refundable. How much it is depends on you, as long as it is properly justified.
5. Collect The Fee
Your profit from a deal of this kind comes from both your assignment fee, as well as the difference between the agreed-upon value and how much you sell it to the buyer. If you and the seller decide you will buy the property for $75,000 and sell it for $80,000 to the buyer, you profit $5,000. The deal is closed once the buyer pays the full $80,000.
Assignment of Contract Pros
For many investors, the most attractive benefit of an assignment of contract is the ability to profit without ever purchasing a property. This is often what attracts people to start wholesaling, as it allows many to learn the ropes of real estate with relatively low stakes. An assignment fee can either be determined as a percentage of the purchase price or as a set amount determined by the wholesaler. A standard fee is around $5,000 per contract.
The profit potential is not the only positive associated with an assignment of contract. Investors also benefit from not being added to the title chain, which can greatly reduce the costs and timeline associated with a deal. This benefit can even transfer to the seller and end buyer, as they get to avoid paying a real estate agent fee by opting for an assignment of contract. Compared to a double close (another popular wholesaling strategy), investors can avoid two sets of closing costs. All of these pros can positively impact an investor’s bottom line, making this a highly desirable exit strategy.
Assignment of Contract Cons
Although there are numerous perks to an assignment of contract, there are a few downsides to be aware of before searching for your first wholesale deal. Namely, working with buyers and sellers who may not be familiar with wholesaling can be challenging. Investors need to be prepared to familiarize newcomers with the process and be ready to answer any questions. Occasionally, sellers will purposely not accept an assignment of contract situation. Investors should occasionally expect this, as to not get discouraged.
Another obstacle wholesalers may face when working with an assignment of contract is in cases where the end buyer wants to back out. This can happen if the buyer is not comfortable paying the assignment fee, or if they don’t have owner’s rights until the contract is fully assigned. The best way to protect yourself from situations like this is to form a reliable buyer’s list and be upfront with all of the information. It is always recommended to develop a solid contract as well.
Know that not all properties can be wholesaled, for example HUD houses. In these cases, there are often anti-assigned clauses preventing wholesalers from getting involved. Make sure you know how to identify these properties so you don’t waste your time. Keep in mind that while there are cons to this real estate exit strategy, the right preparation can help investors avoid any big challenges.
Assignment of Contract Template
If you decide to pursue a career wholesaling real estate, then you’ll want the tools that will make your life as easy as possible. The good news is that there are plenty of real estate tools and templates at your disposal so that you don’t have to reinvent the wheel! For instance, here is an assignment of contract template that you can use when you strike your first deal.
As with any part of the real estate investing trade, no single aspect will lead to success. However, understanding how a real estate assignment of contract works is vital for this business. When you comprehend the many layers of how contracts are assigned—and how wholesaling works from beginning to end—you’ll be a more informed, educated, and successful investor.
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What home buyers and sellers need to know about real estate assignments
What is an assignment.
An assignment is a sales transaction where the original buyer of a property (the “assignor”) allows another buyer (the “assignee”) to take over the buyer’s rights and obligations of the Agreement of Purchase and Sale, before the original buyer closes on the property (that is, where they take possession of the property). The assignee is the one who ultimately completes the deal with the seller.
In other words, an assignment clause allows the buyer of a home to sell the place before they take possession of it.
In Ontario, assignments are more common in pre-built homes and condos than on re-sale properties, but they are possible on any type of trade.
Are assignments legal and why do they happen?
When done properly, assignments are legal and can be a useful tool for buyers and sellers. An example of this would be a situation where a buyer’s financial or personal situation changes before closing. Assigning allows them to pass along the contract to another buyer, without backing out of the deal with the seller.
For instance, someone could buy a condo that is still under construction and might not be ready for a couple of years. The buyer’s work or family situation could change during that time, causing them to change their mind about living in the condo they purchased. Another example may be where a buyer runs into financial difficulties to close on an existing house and wants to find another buyer rather than risk the financial penalties that might come with having to try to back out of the deal.
Why is there so much attention surrounding assignments at this time?
Recent media reports out of British Columbia suggest that some real estate professionals in that province may have been using assignments to make more money on the deal without telling their seller clients about what they are doing. When there is a registered real estate professional involved in a transaction, they have a number of obligations to their client. Some of those obligations involve disclosing if they have a personal interest in the transaction that goes beyond the commission they stand to earn on the transaction.
The assignment situation in Vancouver appears to be a localized issue, and we haven’t seen evidence of it being prevalent in Ontario. However, we are monitoring closely. If consumers are aware of questionable practices, RECO wants to know about it so we can investigate. Our complaint form can be found here .
What are the obligations of real estate professionals when it comes to assignments in Ontario?
Ontario has rules requiring real estate professionals to disclose any personal interest in a purchase or sale. There would also be disclosure obligations if the same brokerage were representing both the buyer and the seller in a transaction and the buyer intended to assign the purchase to another buyer. In this case the brokerage would have to inform the seller. The seller could then make an informed decision about whether to include an assignment clause in the Agreement of Purchase and Sale.
In Ontario, all registered real estate professionals have an obligation to act with fairness, honesty and integrity when dealing with others in a real estate transaction, while protecting and promoting the best interest of their clients. The seller’s representative is expected help the seller weigh the pros and cons of giving the buyer the ability to assign the property to another buyer.
What is RECO doing about assignments in Ontario?
RECO is continuing to monitor this issue and if a registered real estate professional breaches the rules, they would be pursued to the full extent of the law. In addition, RECO has asked its inspection team to watch for anything unusual related to assignments.
If you work with a registered real estate professional and feel like they did not look out for your best interests, you can file a complaint with RECO and we will investigate the situation.
What about the tax implications of assignments?
As with any contract, it’s crucial for buyers and sellers to know what they’re signing. Real estate contracts are legally-binding, so getting legal advice can be a smart idea. It’s important to know what each clause means and how it will affect you. Buyers and sellers are encouraged to ask their real estate professional to explain the clauses in the contract.
Beyond contracts, RECO encourages buyers and sellers to do their homework. That means interviewing several salespersons, getting several comparative market analyses to understand what their home is worth and having realistic expectations about timelines, pricing and how the process will work.
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Assignment of Contract – Assignable Contract Basics for Real Estate Investors
What is assignment of contract? Learn about this wholesaling strategy and why assignment agreements are the preferred solution for flipping real estate contracts.
Beginners to investing in real estate and wholesaling must navigate a complex landscape littered with confusing terms and strategies. One of the first concepts to understand before wholesaling is assignment of contract, also known as assignment of agreement or “flipping real estate contracts.”
An assignment contract is the most popular exit strategy for wholesalers, and it isn’t as complicated as it may seem. What does assignment of contract mean? How can it be used to get into wholesaling? Here’s what you need to know.
What Is Assignment of Contract?
How assignment of contract works in real estate wholesaling, what is an assignment fee in real estate, assignment of agreement pros & cons, assignable contract faqs.
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Assignment of real estate purchase and sale agreement, or simply assignment of agreement or contract, is a real estate wholesale strategy that facilitates a sale between the property owner and the end buyer.
This strategy is also known as flipping real estate contracts because that’s essentially how it works:
- The wholesaler finds a property that’s already discounted or represents a great deal and enters into a contract with the seller,
- The contract contains an assignment clause that allows the wholesaler to assign the contract to someone else (if they choose to!), then
- The wholesaler can assign the contract to another party and receive an assignment fee when the transaction closes.
Assignment of contract in real estate is a popular strategy for beginners in real estate investment because it requires very little or even no capital. As long as you can find an interested buyer, you do not need to come up with a large sum of money to buy and then resell the property – you are only selling your right to buy it .
An assignment contract passes along your purchase rights as well as your contract obligations. After the contract assignment, you are no longer involved in the transaction with no right to make claims or responsibilities to get the transaction to closing.
Until you assign contract to someone else, however, you are completely on the hook for all contract responsibilities and rights.
This means that you are in control of the deal until you decide to assign the contract, but if you aren’t able to get someone to take over the contract, you are legally obligated to follow through with the sale .
Assignment of Contract vs Double Closing
Double closing and assignment of agreement are the two main real estate wholesaling exit strategies. Unlike the double closing strategy, an assignment contract does not require the wholesaler to purchase the property.
Assignment of contract is usually the preferred option because it can be completed in hours and does not require you to fund the purchase . Double closings take twice as much work and require a great deal of coordination. They are also illegal in some states.
Ready to see how an assignment contract actually works? Even though it has a low barrier to entry for beginner investors, the challenges of completing an assignment of contract shouldn’t be underestimated. Here are the general steps involved in wholesaling.
Step #1. Find a seller/property
The process begins by finding a property that you think is a good deal or a good investment and entering into a purchase agreement with the seller. Of course, not just any property is suitable for this strategy. You need to find a motivated seller willing to accept an assignment agreement and a price that works with your strategy. Direct mail marketing, online marketing, and checking the county delinquent tax list are just a few possible lead generation strategies you can employ.
Step #2: Enter into an assignable contract
The contract with the seller will be almost the same as a standard purchase agreement except it will contain an assignment clause.
An important element in an assignable purchase contract is “ and/or assigns ” next to your name as the buyer . The term “assigns” is used here as a noun to refer to a potential assignee. This is a basic assignment clause authorizing you to transfer your position and rights in the contract to an assignee if you choose.
The contract must also follow local laws regulating contract language. In some jurisdictions, assignment of contract is not allowed. It’s becoming increasingly common for wholesalers to assign agreements to an LLC instead of an individual. In this case, the LLC would be under contract with the seller. This can potentially bypass lender objections and even anti-assignment clauses for distressed properties. Rather than assigning the contract to someone else, the investor can reassign their interest in the LLC through an “assignment of membership interest.”
Note: even the presence of an assignment clause can make some sellers nervous or unwilling to make a deal . The seller may be picky about whom they want to buy the property, or they may be suspicious or concerned about the concept of assigning a contract to an unknown third party who may or may not be able to complete the sale.
The assignment clause should always be disclosed and explained to the seller. If they are nervous, they can be assured that they will still get the agreed-upon amount.
Step #3. Submit the assignment contract for a title search
Once you are under contract, you must typically submit the contract to a title company to perform the title search. This ensures there are no liens attached to the property.
Step #4. Find an end buyer to assign the contract
Next is the most challenging step: finding a buyer who can fulfill the contract’s original terms including the closing date and purchase price.
Successful wholesalers build buyers lists and employ marketing campaigns, social media, and networking to find a good match for an assignable contract.
Once you locate an end buyer, your contract should include earnest money the buyer must pay upfront. This gives you some protection if the buyer breaches the contract and, potentially, causes you to breach your contract with the seller. With a non-refundable deposit, you can be sure your earnest money to the seller will be covered in a worst-case scenario.
You can see an assignment of contract example here between an assignor and assignee.
Step #5. Receive your assignment fee
The final step is receiving your assignment fee. This fee is your profit from the transaction, and it’s usually paid when the transaction closes.
The assignment fee is how the wholesaler makes money through an assignment contract. This fee is paid by the end buyer when they purchase the right to buy the property as compensation for being connected to the original seller. Assignment contracts should clearly spell out the assignment fee and how it will be paid.
An assignment fee in real estate replaces the broker or Realtor fee in a typical transaction as the assignor or investor is bringing together the seller and end buyer.
The standard real estate assignment fee is $5,000 . However, it varies by transaction and calculating the assignment fee may be higher or lower depending on whether the buyer is buying and holding the property or rehabbing and flipping.
The assignment fee is not always a flat amount. The difference between the agreed-upon price with the seller and the end buyer is the profit you stand to earn as the assignor. If you agreed to purchase the property for $150,000 from the seller and assign the contract to a buyer for $200,000, your assignment fee or profit would be $50,000.
In most cases, an investor receives a deposit when the Assignment of Purchase and Sale Agreement is signed with the rest paid at closing.
Be aware that assignment agreements can have a bad reputation . This is usually the case when the end buyer and seller are unsatisfied, realizing they could have sold higher or bought lower and essentially paid thousands to an investor who never even wanted to buy the property.
Opting for the standard, flat assignment fee is much more readily accepted by sellers and buyers as it’s comparable to a real estate agent’s commission or even much lower and the parties can avoid working with an agent.
Real estate investors enjoy many benefits of an assignment of contract:
- This strategy requires little or no capital which makes it a popular entry to wholesaling as investors learn the ropes.
- Investors are not added to the title chain and never own the property which reduces costs and the amount of time the deal takes.
- An assignment of agreement is easier and faster than double closing which requires two separate closings and two sets of fees and disclosures.
- Wholesaling can be a great tool to expand an investor’s network for future opportunities.
As with most things, there are important drawbacks to consider. Before jumping into wholesaling and flipping real estate contracts, consider the downsides .
- It can be difficult to work with sellers and buyers who are not familiar with wholesaling or assignment agreements.
- Some sellers avoid or decline assignment of contract offers because they are suspicious of the arrangement, think it is too risky, or want to know who they are selling to.
- There is a limited time to find an end buyer. Without a reliable buyer’s list, it can be very challenging to find a viable end buyer before the closing date.
- The end buyer may back out at the last minute. This may happen if they do not have owner’s rights until the contract is assigned or they do not want to pay an assignment fee.
- Not all properties are eligible for wholesaling like HUD and REO properties. There may be anti-assignment clauses or other hurdles. It is possible to get around this by purchasing the property with an LLC which can then be sold, but this is a level of complication that many wholesalers want to avoid.
- Assignors do not have owner’s rights. When the property is under contract, investors cannot make repairs or improvements. This makes it harder to assign a contract for a distressed property in poor condition.
- It can be hard to confirm an end buyer is qualified. The end buyer is responsible for paying the agreed upon price set by the seller and assignor. Many lenders do not handle assignment agreements which usually means turning to all-cash end buyers. Depending on the market, they can be hard to find.
In the worst-case scenario, if a wholesaling deal falls through because the end buyer backs out, the investor or assignor is still responsible for buying the property and must follow through with the purchase agreement. If you do not, you are in breach of contract and lose the earnest money you put down.
To avoid this worst-case scenario, be prepared with a good buyer’s list. You should only put properties under contract that you consider a good deal and you can market to other investors or homeowners. You may be able to get more time by asking for an extension to the assignment of contract while you find another buyer or even turn to other wholesalers to see if they have someone who would be a good fit.
What is the difference between assignor vs assignee?
In an assignment clause, the assignor is the buyer who then assigns the contract to an assignee. The assignee is the end buyer or final buyer who becomes the owner when the transaction closes. After the assignment, contract rights and obligations are transferred from the assignor to the assignee.
What Is an assignable contract?
An assignable contract in real estate is a purchase agreement that allows the buyer to assign their rights and obligations to another party before the contract expires. The assignee then becomes obligated to meet the terms of the contract and, at closing, get title to the property.
Is Assignment of Agreement Legal?
Assignment of contract is legal as long as state regulations are followed and it’s an assignable contract. The terms of your agreement with the seller must allow for the contract to be assumed. To be legal and enforceable, the following general requirements must be met.
- The assignment does not violate state law or public policy. In some states and jurisdictions, contract assignments are prohibited.
- There is no assignment clause prohibiting assignment.
- There is written consent between all parties.
- The property does not have restrictions prohibiting assignment. Some properties have deed restrictions or anti-assignment clauses prohibiting assignment of contract within a specific period of time. This includes HUD properties, short sales, and REO properties which usually prohibit a property from being resold for 90 days. There is potentially a way around these non-assignable contracts using an LLC.
Can a non-assignable contract still be assigned?
Even an non-assignable contract can become an assignable contract in some cases. A common approach is creating an agreement with an LLC or trust as the purchaser. The investor can then assign the entity to someone else because the contractual rights and obligations are the entity’s.
Assignment agreements are not as complicated as they may sound, and they offer an excellent entry into real estate investing without significant capital. A transaction coordinator at Transactly can be an invaluable solution, no matter your volume, to keep your wholesaling business on track and facilitate every step of the transaction to closing – and your assignment fee!
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