risk management: Title Insurance: Is it Necessary? - 01/23/13 08:40 AM



Ontario Real Estate Source                          

By Brian Madigan LL.B.

That's a good question. Prior to 1997, there was no commonly available title insurance in Ontario and yet it was the norm in the United States.
Solicitor's Opinion
Traditionally, purchasers sought a title opinion from a solicitor who undertook a search of the title to the property. This included checking the chain of title as well as completing searches to determine if there were any liens or whether the property complied with zoning and building by-laws. The solicitor would express an opinion as to whether the title was "good … (5 comments)

risk management: RECO Election 2012 ~ Risk Management Issues - 04/05/12 12:51 PM

RECO Election 2012 ~ Risk Management
Ontario Real Estate Source
By Brian Madigan LL.B.
As many of you know, I have offered to let my name stand as a candidate for election as a Director of the Real Estate Council of Ontario for a three year term commencing in June 2012. Let's look at an issue which I believe is topical for the 2012 election? There are several matters that arise in terms of risks. Here are the top 2 causes of loss according RECO arising in both urban and rural areas:
· Non-Disclosure
· Miscommunication
Since these matters are fairly … (3 comments)

risk management: Form to Authorize Submission of an Unconditional Offer - 03/29/12 08:56 AM

Unconditional Offers ~ Informed Consent Acknowledgment
Ontario Real Estate Source
By Brian Madigan LL.B.
We know that there are risks associated with the unconditional Offer. The question from the perspective of the real estate agent is how to minimize them.
First, the issue needs to be identified, discussed and recorded or noted by the agent in some way. That information needs to be placed in a file.
Second, an e-mail summary of the issue should follow. A response is not necessary, but it demonstrates that the client was aware of the issue, well in advance and at a time when … (5 comments)

risk management: Risk Management and the Use of the Informed Consent E-Mail - 03/29/12 04:57 AM

Informed Consent E-Mail
Ontario Real Estate Source
By Brian Madigan LL.B.
From time to time, the issue of informed consent arises. That means that the client must truly understand and appreciate the consequences resulting from a decision. What better way to provide that information than through the “Informed Consent E-mail”.
 
Here is one which deals with no conditions in a multiple offer bidding war:
 
Bill,
 
I just wanted to clarify a few matters before we submit our first Offer once we find a suitable property.
 
The Toronto real estate market is very “hot” at the market … (0 comments)

risk management: Risk Management in Internet Real Estate Negotiations - 09/05/11 01:51 PM

Risk Management in Internet Real Estate Negotiations
Ontario Real Estate Source
By Brian Madigan LL.B.
This is something of a difficult issue.
 
The Electronic Commerce Act (ECA) which came into force in October 2000 was somewhat unclear when it came to real estate deals.
 
Both RECO and OREA had expectations that the legislation would be updated and reviewed, resulting in amendments that clearly permit agreements of purchase and sale to be negotiated by e-mail.
 
So, fast forward 11 years. Nothing happened. But, I suppose OREA got fed up waiting so it published its new “E-mail Clause”. That … (0 comments)

 
Brian Madigan, LL.B., Broker (RE/MAX West Realty Inc., Brokerage (Toronto)) Rainmaker large

Brian Madigan

LL.B., Broker

Toronto, ON

More about me…

RE/MAX West Realty Inc., Brokerage (Toronto)

Address: Toronto, Mississauga, Oakville, Brampton, Caledon, Thornhill, Greater Toronto Area, http://www.iSourceRealEstate.com

Office: (416) 745-2300

Fax: (416) 745-1952

Email Me

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