The children have a POA (Power of Attorney for assets) and Mom has been getting really ill lately.
WE MAY need to sell the house.
The owner of a property is very ill and family members have a POA and they go ahead and list it. If the owner passes away prior to the property being sold does anything change with the listing? Does it have to become the Estate of Deceased?
There must be an event (other than procrastination) that triggers the validity of the POA. This creates a medical (MOH) Form 21 Certificate of Incapacity under section 54(4) Signed by the attending physician.
If your parent was to pass away prior to the closing of the sale, the estate trustee, would arrange for a probate certificate.
As always, call an Accredited Senior Agent who has the answers that you need. Always seek a legal opinion for guidance.
David Pylyp
#Bythewater in Etobicoke
Doing Everything yourself Could save you money, usually it is time consuming and nets a poorer result. http://SellinginToronto.ca
Family Law Court in Ontario is CLOGGED with unrepresented litigants because of the expense of using lawyers. with that comes a lack of proper process, forms, disclosure, obligations and the ever present; I didn't KNOW I was supposed to do that!
Can you imagine how our legal systems would be clogged with Self negotiated real estate transactions, private buyers and private sellers neglecting time lines and waiver needs. Did you cancel that contractor? Did you pay cash for that roof repair?
At some point DIY and Home Handyman Have some strings attached.
I'm just reading an article here from Legal Matters, the fact that everyone wants to do everything themselves. I was very surprised, Very Surprised to learn, that in Family Law in Ontario, 75 to 80% of all the work done in court is self represented.
Unrepresented Applicants and Respondants
It makes me understand why long term career lawyers like Stan Gelman [in Mississauga] have opened up "do it yourself" assistance programs.
So we're trying to save money everywhere; by doing everything ourselves.
In the family law case everything is delayed, claimants argue they didn't know, Financial Statements are not done properly, things are handled in a ... [SLOPPY] fashion. They are not paying attention to the timelines; they are always in trouble with the court. The Judge has to adjudicate the merits of each case that is delayed before they get to mediation or a decision. Transcripts are need and typed. [DARP]
Now WHAT IF we were to apply those same standards to each and every real estate transaction in Toronto. Let's have every house Sold " For Sale By Owner" and Every Buyer is a By Owner Purchaser, and they are all out on their own arranging their financing, inspections and insurance.
..and Mortgage.
Can you see what's happening here?
There are claims right now that lowest interest rate available is 1.99%. Thats a variable rate that's very exciting.. but there are conditions involved. There are indeed some strings attached to the 1.99% Variable Rate program at IG
There is always "Some Strings Attached". If you would like to have a candid conversation;
Give me a call. I'm available at 647 218 2414
Or of course, You could do all of it yourself.
David Pylyp Sales Representative
RE/MAX Realty Specialists Inc., Brokerage
Mark Weisleder makes an excellent point in his recent email (August 26th, 2013) about the cascading effect of one purchaser's financing not coming through and the Seller's purchased another home and then could not close.
This follows on the heels of another conversation I had with Stan Gelman about a bank withdrawing the Financing because the house did not appraise for the agreed Selling Price. We can debate the details, but a BANK issues a Commitment to Finance based on certain conditions being met; in this case appraisal was only one. Since the property did not appraise the Financing was withdrawn and a DOMINO effect ensued for NON closing transactions.
Due to the growing possibility of buyers being declined their
financing at the last minute, sellers need some protection in the event their
closing is delayed or cancelled and they are forced to carry 2 homes for an
extended period of time.
One company that I have dealt with that provides this coverage is
Canadian Home Shield. Their President, James Vlachos, who is an insurance
broker, advises me that for as little as $99, sellers can purchase a $25,000
insurance policy that will cover all mortgage payments, real estate taxes,
utilities and insurance premiums up to a total of $25,000 in the event that the
deal does not close through no fault of the seller. I personally have had 2
seller clients recover over $9,000 in costs after a buyer failed to close their
purchase agreement.
Buyers can also purchase breakdown insurance protection for their
home systems and appliances. Since most real estate contracts provide that
sellers only warrant their systems and appliances to the date of closing, this
provides buyers with the opportunity to purchase additional insurance
protection for a year after closing.
For further information, please see the attached website:
http://www.canadianhomeshield.com/
http://www.thestar.com/business/personal_finance/2013/08/16/bridge_financing_can_ease_closing_day_stress.html
The Agents in the transaction should not have waived the Condition for Financing UNTIL the appraisal had been completed. However, within the logistics of the transaction, a Financing Waiver is prepared 5 days post the Acceptance and Acknowledgement [of a Deal being made]. This has no bearing on the closing date. I am not making excuses or blame, this is exactly how I would normally proceed with a transaction.
With changing Home Values, spirited Bidding, Slipping Condo Values, Changing Credit qualifying Criteria there is ever more need for vigilance on the part of Buyers and Sellers. I intend to meet that challenge with West Toronto Homes.
I will be including this Transaction Insurance in all future Listings as a part of my Bundle of Services. If you are buying all cash, none of this applies; it doesn't matter does it?
Would you take this insurance?
