All Forum Posts by: Ross McKenzie

Thanks everyone, we'll see how it goes.  Seems that even local Lawyers use the "standard 5 subject-condition clauses" - a little more scourging of the internet should reveal exactly what those are. But it seems that even in the absence of reasonable subject-condition clauses, the addition of one clause; "Subject to review of this contract by buyer's Lawyer" could buy me peace of mind to review the contact with Real Estate Lawyer - BUT it is questionable in a hot market whether such as a clause will go over favorably (and if it was on a weekend I'd be out of luck) - when 4 other people may submit a Letter of Offer on the same day.  Canada is a totally different market that USA.  A work associate sold his house in Vancouver, BC a few months ago.  In the span a 2-day Open House he had 750 people view  his home. and sold it immediately for $80,000 more than asking price (the old buyers frenzy tactic).  Regards.

Good Day Ladies & Gentleman. Any suggestions please on drafting reasonable (acceptable to Vendor) Letter of Offer / Intent to Purchase Contract "ESCAPE" clauses? I've scoured Forum & REI Educational Materials and come up with nothing. I find it odd that of the 3 reputable Real Estate Law Firms I talked to, none of them are willing to draft a Letter of Offer for me. I can't figure out why a buyer is left to do this himself or to trust that the Realtor has his best interests in mind. Many thanks.

Thanks Roy.  You are indeed correct.  More sleuthing disclosed that the magic number is 75%:  

When a builder or renovator sells a house where he has rebuild or modified 75% or more of the footprint / ft2, then he has to provide a New Home Warranty to buyer. (Info from Travelers Guarantee Company of Canada).

Equally as interesting, is that CHS Safeclose (Canada Home Shield Safeclose - Ontario only) sells Defect Coverage to home buyers.

RE: HOME WARRANTY PROTECTION provided by seller required by law.  

Little known risk is BC Canada: Sellers are obliged to provide buyer with "Home Warranty Protection" Insurance when if they have performed a significant amount of renovations.  Are any of our Canadian Pros willing to share information in this regard?  I expect that it is whatever the seller acquired a Building Permit for is what they must offer the warranty for.  And it is my understanding that the cost of such Warranty coverage is so cost prohibitive that it discourages sellers from selling their renovated home within a 10 year period, (after which seller-financed warranty is not required).

Good Day.  Newbie here wanting to work with an investor friendly Real Estate Agent here on Vancouver Island, BC, Canada please.  Any leads would be appreciated.  Note: That I am temporarily stuck here on Saltspring Island - and I am therefore insulated & isolated from RE Investor clubs.  Namaste.

Thanks @Carly Young.  Yes indeed.  Finding trustworthy & decent people to deal with and relate to is the key. I can obviously count you as one.  Many of my interactions with real estate people reveal that they feel that ethics have no place in the RE field. Interesting that so many people get their back up when I ask the question, rather than offer any useful advice.  Regards.

Re: How can a buyer avoid the situation where his realtor buys the property that the prospective buyer (me) asks him to show me?  Said another way; Because most successful realtors are also property investors, what's to stop realtors using "buyers" to find deals for themselves.

I suppose that the answer is obvious: don't use a realtor for buying, but it's my first property, I I want to ensure that I don't miss a legal step that ends up costing me huge money - and I'm not so good at negotiating - and Realtors are necessary to determine fair market value.

This situation seems to have happened to me, whereby I found a good deal, then asked my Realtor to show it to me. Realtor said he'd set up a showing for 5 days later, to which I replied "not good enough!". I called another realtor to show it to me the next day, and found that that the property was sold. I suspected, (but cannot know), that "my" Realtor bought the property for himself as an investment, or alerted one of his preferred clients to the deal.

Many thanks.  Ross

Interesting.  Thank you all for your participation.  I see that there are at least a few people who have considered the question, and understand the value of integrity in modern business.  Sorry for having seemingly offended so many Capitalists in the asking of the question.  At the end of the day, "(s)he who lives by the sword, dies by the sword",  or "we reap what we sow". Regards, Ross.

Good Day All. It seems to me that so many BP or successful REI stories are about scoring properties at a steal, and following up with potential sellers with umpteem phone calls to convince them into selling their home to you at far far below market value. I had a girlfriend many decades ago who's mantra was "buyer beware" - meaning of course that "all is fair in love or war or business. And so, as a newbie, it really bothers me to hear an REI with a success story saying "Woohoo! I just scored a property at 58% of its market value", when they're also could be saying "I just swindled a nice old lady out of her life savings for a down payment on my new Lexus". No comment really necessary. My intent is on Win-Win deals, wherein I split the profit, not maximize my own. I expect that I'm not the only one out there. For the others, yo must know that the old energy of Capitalism as extortion is dead, and life & business will cease to be profitable & pleasurable for any anyone with this mindset. Regards. Ross

Team up?  I'm open to anything David if the deal looks good.  I'm just learning the ropes, but hope to ramp up soon. Vancouver is a wonderful city, not happening like Montreal, and it's not California (my fave - but I can speak of Texas - never been there), but so many waterfront oasis's that you can't help but feel like Alice in Wonderland sometimes, (without the dress).