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Lets get social Keep your home dry during the spring thaw Buying a resale condo? Heres what you need to know.
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Its worth the effort to learn about the home buying and selling process; doing so could save you time, stress and money. One way to protect yourself is to learn from the mistakes of others. RECO is responsible for protecting home buyers and sellers, and weve seen too many Ontarians fall victim to easily avoidable buying and selling hazards, says RECOs Registrar Joseph Richer. Being mindful of these issues can help the process go a lot smoother.
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NOT MAKING YOUR EXPECTATIONS CLEAR WITH YOUR REAL ESTATE PROFESSIONAL
Working with a real estate professional is a partnership, so communication is the key to success. Its important to have a mutual understanding about what youre looking for in a home, what elements you would consider to be deal-breakers, and what services the brokerage will be responsible for. Make sure you discuss what services you expect them to provide, and get it in writing.
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Spring Edition 2014reconnect 5
KE E P TH E WATE R OUT
Before the snow begins melting, clear away any snow and obstructions that have accumulated around windows, and clear debris from gutters and downspouts. If there are any piles of snow near the house, move them further away. Make sure theres nothing outside that would block proper drainage as the snow melts. Proper grading around your home is essentialthe ground shouldnt slope toward your home.
M I N I M I Z E R ISK
Also, make sure any water that enters your home can drain properly. Keep the drains in your basement clear of obstructions and consider installing a sump pump. If you already have one, make sure its in proper working order. Also consider installing a sewer backwater valve to prevent flooding due to a sewer backup. By following these simple tips, you can reduce your risk of flooding and enjoy the change of season. The information in this article is courtesy of the Insurance Bureau of Canada (www.ibc.ca).
Even if water gets into your home, there are steps you can take to minimize the damage. Basements are often used as storage, but its not a good idea to keep highly valuable or irreplaceable items down there. Dont take the risk, keep your treasured possessions above ground.
DID YOU KNOW? There are new options for real estate commissions The Government of Ontario has changed the rules to give consumers and real estate brokerages more options and exibility regarding how fees and commissions for real estate services are calculated. Previously, real estate brokerages could charge consumers a at fee or a percentage of the sale price, but not a combination of the two. This restriction has been removed, so brokerages now have the option to make fee arrangements that include a combination of a at fee and a percentage of the sale price. While choice and exibility are good for consumers, it remains crucial for home buyers and sellers to educate themselves and understand what services will be provided to them and at what cost, says RECO Registrar Joseph Richer. When choosing a real estate professional, consider the services you are looking for and the prices associated with those services. Both prices and service levels vary, and communicating clearly ahead of time and getting everything in writing can help avoid problems later on. CONSUMER Q&A Im looking to buy a home. How do I know whats included? When looking at a home, you cant assume that what you see is what you get. Buyers can be in for a costly surprise if they nd out that the appliances, light xtures, water heater, alarm system or other items they thought were part of the home are actually not included. These items are referred to as chattels. Before putting in an offer on a home, ask your registered real estate professional to conrm, in writing, which chattels will be included with the purchase. Additionally, youll want to conrm whether there are any rental or lease agreements in place that you will be responsible for taking over. By getting all the details in writing, youll know that youre making an informed buying decision.
Do you have any comments or inquiries about the Reconnect newsletter? Please send them to: communications@reco.on.ca Real Estate Council Of Ontario 3300 Bloor Street West Suite 1200, West Tower Toronto, Ontario M8X 2X2 Tel: 416-207-4800 Toll-Free: 1-800-245-6910 Fax: 416-207-4820 @RECOhelps RECOhelps
Disclaimer: While RECO makes every effort to ensure that the information in this publication is current and accurate, RECO does not warrant or guarantee that it will be free of errors. The information contained in this publication is not intended to cover all situations. It is general information only and users/readers are encouraged to seek their own independent advice for particular fact situations.