Wednesday, October 29, 2014
Maria Mak.Burnaby Realtors - right time to reduce the PPT
Friday, October 17, 2014
Maria Mak. Burnaby Realtor - what is a contract and when is it legally binding?
A contract is a legally binding agreement between two or more parties and describes the rights and obligations of the parties to the contract.
Where a contract has been properly drafted and signed by the parties to the contract, and where the terms are clear and the contract is not for an illegal purpose, then it is likely that a Canadian court would consider the contract valid and enforceable.
Only the parties to a contract can sue or be sued under the terms of that contract.
Before you sign a contract
1. Never sign a contract if you don’t understand it.
As a general rule, Canadian courts expect that if you have signed a contract, you have agreed to it and you will therefore be bound by its terms. You may not be protected if you claim you did not understand what you were signing. Always make sure you understand a contract before you sign it.
Standard form contracts.
The real estate contracts used by REALTORS® are standard form contracts. The wording and terms of these contracts have been prepared by lawyers and have been tested in Canadian courts.
Cancelling a contract.
If you have signed a standard form Multiple Listing Contract, Exclusive Listing Contract or Exclusive Buyer Agency Contract and you wish to cancel the contract early, you can only do so if the other party to the contract (your REALTOR®’s company) agrees. The Real Estate Board cannot require its members to cancel listing or buyer agency contracts early.
If you have signed a contract to buy or sell a property (contract of purchase and sale) and wish to cancel it you should seek legal advice without delay.
What happens if a buyer or seller doesn’t fulfil the terms of a contract?
Even though your REALTOR® may have drafted the contract to sell or buy a property for you, s/he is not a party to that contract. A REALTOR® cannot force his/her client to fulfil the terms of a contract with the buyer or seller. If the buyer or seller does not fulfil the commitments they have made in the contract, you may have legal recourse and should seek legal advice.
If you do not have a lawyer, you may wish to contact the Lawyer Referral Service: 604.687.3221. If you have difficulty understanding English then you may wish to contact organizations like S.U.C.C.E.S.S., call 604.684.1628 for assistance.
Here are examples of common issues for which the buyer or seller (not the REALTOR®) is responsible: • Buyer does not close the sale. • Buyer does not remove the contract’s subject clauses. • Seller does not close the sale. • Seller does not remove the contract’s subject clauses. • Property is left untidy or dirty by the seller. • Seller has removed items that were included in the contract. • Transaction does not close on time. • Appliances break down or a previously unknown property defect reveals itself after closing.
Your REALTOR® and his/her brokerage may be able to assist you to resolve this type of complaint. Typically your REALTOR® will contact the other party’s REALTOR® or brokerage and let them know about your concerns and ask them for assistance in resolving your concern. As noted, your REALTOR® cannot force the other party to do what they said they would do in the contract. (For this, you need the assistance of a lawyer or the Courts.)
Wednesday, October 15, 2014
Maria Mak - Burnaby Real Estate Agent - - I am honoured to be a member of Quarter Century Club of the Real Estate Board of Greater Vancouver
Tuesday, October 14, 2014
Maria Mak - Burnaby Real Estate Agent - - I am honoured to be a member of Quarter Century Club of the Real Estate Board of Greater Vancoucer
Monday, October 13, 2014
Maria Mak- Burnaby Real Estate Agents - REBGV - September 2014 Housing Market Update
Thursday, October 2, 2014
Maria Mak. Burnaby Real Estate Agent - Why the Bank of Canada will keep interest rates low
On September 3, 2014, the Bank of Canada announced that it was holding its trend-setting overnight lending rate at one per cent. The overnight rate has not moved in four years. It’s likely that it will remain where it is for some time yet. Why?
1. Inflation is on target
Inflation recently increased and is tracking close to the Bank’s two per cent target. However, the Bank believes the increase reflects temporary factors and cited evidence in support of this in its policy rate announcement. As a result, it does not see interest rate hikes as being necessary to rein it in. Instead, the Bank thinks inflation will keep itself in check as temporary factors dissipate.
2. Uncertainty remains high
While the U.S. economic recovery appears to be back on track after a dismal first quarter, European economic growth has faltered due in part to its trade sanctions with Russia. This means low interest rates are still needed to support Canadian economic growth while question marks loom about the outlook for global economic growth, demand for Canadian exports, and Canadian economic growth.
3. Canadian exports need help from the currency exchange rate
The Bank rate announcement noted that “Canadian exports surged in the second quarter.” The reasons cited were strengthening U.S. investment and “the past depreciation of the Canadian dollar.” Hiking interest rates too soon would result in a stronger loonie and dampened Canadian exports. The Bank is counting on stronger exports to lift business investment and economic growth.
4. Higher exports have not yet translated into stronger investment or hiring
The Bank was pleased to see the pickup in exports but noted, “While an increasing number of export sectors appear to be turning the corner toward recovery, this pickup will need to be sustained before it will translate into higher business investment and hiring.” As such, interest rates will need to remain stimulative in order to entice firms into increased investment and hiring even if exports remain strong.
Housing market
With these reasons in mind, interest rates are unlikely to rise in the near future. One notable change in language in the September 3 announcement was the removal of any references to a soft landing in the housing market. The Bank said that the housing market has in fact remained stronger than previously anticipated and that risks associated with household imbalances have “not diminished.”
That said, it is possible that stronger U.S. growth, a surge in exports, and the current strength of the housing market could all reflect a rebound from weak performances this past winter, which was unusually harsh.
As such, the Bank said that it remains “neutral with respect to the next change of its policy rate,” and will wait for new information as regards their outlook and assessment of risks to economic growth
and inflation.
As of September 3, the advertised five year lending rate stood at 4.79 per cent, unchanged from the previous Bank rate announcement on July 16, and down 0.55 percentage points from the same time one year ago.
The next interest rate announcement will be on October 22 and will be accompanied by an update to the Monetary Policy Report which contains the Bank’s outlook for the economy and inflation, risks to its economic projections, and an update to its estimate for potential Canadian economic growth.
Source: Canadian Real Estate Association