Tuesday, May 8, 2012

Changing Brokerages

Well it happens all the time in the real estate business.  Reps go from office to office.  Everyone has reasons for it.

 

I myself never wanted to be one of those.  I like longevity, but sometimes change is needed.  If you haven’t already heard, I did make a change this week.  For 6 years I have worked with the Coldwell Banker franchise, The Property Shoppe in Port Elgin.  My time there was awesome and I met lots of great people because of this office.  It came time though where my career was becoming stagnant.  Because I want to be the best that I can for my family, my clients and my future clients, I decided that I needed this change. 

 

The Wilfred McIntee company has been a real estate staple in the Southwestern Ontario market for almost 60 years, and this was my attraction to them.  In an era where independents are fading away, McIntee just gets stronger.  I believe this is in part because of their hometown hospitality and eagerness to please the client.  They are not a huge franchise who’s bottom line is all about business.  They are not an American company looking to expand into a Canadian market....they are homegrown and here for you.

At Wilfred McIntee, we are the YELLOW SIGN GUYS!

 

PS. Would you feel comfortable introducing me to someone you care about that needs my help?  The next time you are in conversation with them, please pull out your cellphone and pass on my information right away!

 

Thank you so much,

Jason Steele

 

Follow my BLOG for real estate information.

 

                    A sure "Sign" of Spring!

Jason Steele - Broker                          

Wilfred McIntee & Company Real Estate Brokerage

519-377-2147 cell

http://www.jasonsteele.ca

http://www.youtube.com/user/trumpyourfired

http://www.facebook.com/portelginrealestate

 

Not intended to solicit persons/properties currently under contract with any other representative or brokerage.

 

This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the system manager. This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. If you are not the intended recipient you are notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly prohibited.

Trademark owned or controlled by The Canadian Real Estate Association.  Used under license

 

 

 

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Jason and Jewel Steele - Sent from Samsung Galaxy Note

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Jason and Jewel Steele - Sent from Samsung Galaxy Note

Saturday, May 5, 2012

Forms and clauses explained

Over the next couple of weeks, I will be trying to update this blog very regularly with information on clauses, forms and agency relationships....a very important component in the real estate transaction.....know what you are signing!  Every Clause should be explained in detail by your real estate professional.

 

Today information is on the LISTING AGREEMENT...In Ontario the common form is:

FORM 200 LISTING AGREEMENT (Authority to Offer for Sale)

 

This form is used to list your property for sale in Ontario.  It is a very convoluted form that needs careful consideration through each clause as it is very restrictive and binding.

 

1)      Decide whether you want an MLS® or exclusive listing.  Exclusive is restrictive in who can show it, and where it is advertised.

2)      The next section spells out who the Brokerage is, and whom the Seller is.  Be sure names and addresses are correct.

3)      The duration is very important.  Many boards have a policy of a sixty day listing minimum.  If this is the case, be sure that somewhere in the contract you “write in” that you can cancel at anytime for any reason other than to sell it privately.  (Out of fairness to the agent for the expense of advertising and working on selling it)  But for any other reason you should make it clear that you want to be able to contract out of this contract. 

 

Clauses on this form:

1)      Definitions and interpretations: This defines who will be referred to as the Buyer and Seller for the remainder of this document

2)      Commission: This declares the total fee that the Seller has agreed to pay to the real estate company if they are successful in the sale of the property.  It also indicates a period of time after the contract expires or is cancelled if the seller sells the property to someone introduced to the Seller through the original listing.  This is void if re-listed through another company. (hold-over period)

3)      Finders Fees: This provides consent that the Salesperson may accept a finders fee from companies such as banks, home inspectors etc as a “referral type of reward”.  NOTE: the sales person must get individual consent for each fee received from the Seller before receiving the fee)

4)      Representation: This confirms that the agent has explained the agency relationships to you so listen carefully to this section!  It also says that the brokerage agrees to cooperate with other real estate companies in the sale of the property and what the fee will be paid to them through the original agreed commission.

5)      Referral of Enquiries:  This states that the Seller must inform their brokerage of any enquiry on the property that comes through the Seller.  And that the holdover clause is enforced for anyone that is introduced to the property through the seller during the listing period.

6)      Marketing: This gives the brokerage to right to advertise the property through any medium according to company policy and that a “for sale” and “sold” sign will be placed on the property.

7)      Warranty: This confirms that the “Sellers” that are signing this Agreement are all of the individuals necessary to give authority to sell the property.  It goes on to warrant that the Seller (YOU) does not have any claims against them on the property such as leins, easements, encroachments which could affect the sale of the property so ANSWER THIS AS BEST AS YOU CAN.

8)      Indemnification and insurance: This section states that the Salesperson and brokerage can’t be held liable for the condition of the property or any damage that may occur during inspection with prospective Buyers that are viewing the property.

9)      Family Law Act: This section says, in the form of a warranty that if spousal consent is required, then the spouse will sign.  This is in the case of a matrimonial home in many cases. 

10)   Verification of Information: This section is somewhat of a “power of attorney” so be careful on what you sign.  It gives the Brokerage the authority to contact anyone with information on your property.  Even an office admin can call the bank to get your mortgage information.  (in my opinion, cross out the word brokerage, and replace with your agents name)

11)   Use and Distribution of Information: This section gives the Salesperson/Brokerage the authority under the Privacy Act to use personal information provided to them by the Seller or banks etc to assist in making the transaction happen.  It also informs the seller that stats will be kept by CREA for the transaction.  It also confirms with the seller that I won’t be calling all the carpet cleaning companies in the area to sell your information to!

12)   Successors and Assigns: This is a tough clause to explain...not because it is convoluted, rather because it states that if you die or become incapacitated that your estate trustees are legally bound to this contract.

13)   Conflict or Discrepancy:  in summary, anything that is added to this contract supersedes anything pre-printed.  For example, above I suggested that you remove the word Brokerage and add the salespersons name  (sec. 10)..

14)   Electronic Communication: This document can be sent by fax, email, or any other form of electronic communication unless you cross out this clause.

15)   Schedules: this is where you would add things such as a further agreement on commission, cancellation agreements etc)

16)   The signature section is for when you AGREE TO ALL THE TERMS ON THIS CONTRACT....DO NOT SIGN IF THERE IS SOMETHING YOU DON’T UNDERSTAND!

 

A listing agreement is enforceable from the time it is signed to the expiry date. It cannot be cancelled just because you have changed your mind. If the Brokerage agrees, then of course, it can be cancelled, but you have no automatic right to cancel prior to expiry, even if your salesperson is leaving the company. If there are to be any special cancellation arrangements, then you should specify those in writing as a schedule on the listing agreement.....at anytime, if you feel you have been wronged then you can approach the Real Estate Council of Ontario http://www.reco.on.ca

 

 

PS. Would you feel comfortable introducing me to someone you care about that needs my help?  The next time you are in conversation with them, please pull out your cellphone and pass on my information right away!

 

Thank you so much,

Jason Steele

 

Follow my BLOG for real estate information.

 

                   

Broker                           

Coldwell Banker, The Property Shoppe  Real Estate, Brokerage

(independently owned and operated)

519-377-2147 cell

http://www.jasonsteele.ca

http://www.youtube.com/user/trumpyourfired

http://www.facebook.com/portelginrealestate

 

Not intended to solicit persons/properties currently under contract with any other representative or brokerage.

 

This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the system manager. This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. If you are not the intended recipient you are notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly prohibited.

Trademark owned or controlled by The Canadian Real Estate Association.  Used under license

 

 

 

Thursday, May 3, 2012

Testimonial

I had the pleasure of working with Jason on a recent home purchase in Southampton. Thanks to his hard work, diligence and patience, I am now moving in to my first home and could not be happier! I initially discovered Jason online where I found his website easy to navigate and his regular emails of listings allowed me to get to know the local area from out of town. When we met in person, I was impressed with his knowledge and positive attitude and knew that I was in highly competent hands. He is the sort of guy who does not simply tell you what you want to hear but instead listens and goes the extra mile in checking and double checking on important details and information pertaining to the sale.  He answered the questions I forgot to ask and was a calm and reliable voice in a process that can be both challenging and stressful. I found Jason easy to reach and very quick to respond to any and all concerns. I hope not to have to think about moving again any time soon but if I ever have any future real estate needs, I can relax knowing that I have a realtor with integrity and experience on my side. Thanks Jason!

AM Johnston, Southampton, On

 

 

PS. Would you feel comfortable introducing me to someone you care about that needs my help?  The next time you are in conversation with them, please pull out your cellphone and pass on my information right away!

 

Thank you so much,

Jason Steele

 

Follow my BLOG for real estate information.

 

                   

Broker                          

Coldwell Banker, The Property Shoppe  Real Estate, Brokerage

(independently owned and operated)

519-377-2147 cell

http://www.jasonsteele.ca

http://www.youtube.com/user/trumpyourfired

http://www.facebook.com/portelginrealestate

 

Not intended to solicit persons/properties currently under contract with any other representative or brokerage.

 

This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the system manager. This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. If you are not the intended recipient you are notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly prohibited.

Trademark owned or controlled by The Canadian Real Estate Association.  Used under license