New legislation in Ontario Canada requires the Executor of an estate to provide as estimate of assets.
The estate administration tax is imposed on the value of all the property that belonged to the deceased at the time of his or her death less the actual value of any encumbrance on real property that is included in the property of the deceased. It is a requirement under the Estates Act that this value be disclosed when the estate representative files an Application for a Certificate of Appointment of Estate Trustee with the Superior Court of Justice. The estate administration tax must be paid as a deposit at this time.
http://www.fin.gov.on.ca/en/tax/eat/faq.html#Q2
If you have not submitted the Application the Estate Trustee could be held liable
Anyone who applies for a Certificate of Appointment of Estate Trustee on or after January 1, 2015, must file an Estate Information Return with the Ministry of Finance. An Estate Information Return must be received by the Ministry of Finance within 90 calendar days after an estate certificate is issued by the courts. This requirement does not apply to anyone who applied for but was not issued a Certificate of Appointment of Estate Trustee.
FINES
Estate representatives who fail to file an Estate Information Return as required, or who make false or misleading statements on the return, may be found guilty of an offence and, on conviction, are liable to a fine of at least $1,000 and up to twice the tax payable by the estate, or imprisonment of not more than two years, or both.
We can help you with an evaluation of the home in the GTA. If this is not in my direct trading area I will help you find an agent fit.
David@davidpylyp.com
http://AgentLocatorToronto.com
Friday, December 4, 2015
Monday, May 11, 2015
Let's Facetime that Listing! Can you see the Live Stream?
We have some significant new entries to the social media application world in the form of SKYPE and FaceTime. Both of these applications allow users to quickly and easily provide Personal Live Streaming (PLS), meaning they can start shooting video and instantly sharing it on social media. No shooting video and uploading to YouTube/Instagram/Vine, this is an ongoing live stream complete with user interaction.
When I book a showing do I ask permission to skype the video tour with the listing agents office?
Do I ask about taking pictures of interiors with my iPhone to send to my buyers or for record keeping?
One source already says;
Advertise the time you will broadcast that OPEN HOUSE
Virtual Open Houses / Teasers
If you’ve already gained a large social following, then you’re ahead of the game. All you have to do is point them towards your Meerkat or Periscope account and let them know that you’ll be hosting a live ‘open house’ tour of a property. Extend this information to any of your listing pages so that whoever is interested can attend.
I respect that with properties ONLINE views could target homes for theft.
But what about the broadcast of other people's listings on my Periscope, Facetime or Skype.
..on Twitter I could post....
I'm going to be showing you around on Saturday! Drop in! Can I broadcast the SHOW?
Am I soliciting someone else's client?
RECO received our request for guidance and send this response;
The marketing mediums you have described below will require written permissions and a clear understanding from both Sellers and Listing Brokerages before proceeding. If obtained then the advertising will also require prominent identification of the listing brokerage information within the stream which cannot imply it is your brokerage’s listing. I suggest you review the Registrars Advertising Guidelines and the Social Media Advertising Guide (available at reco.on.ca) to ensure that your own advertising compliance obligations are being met. In addition, there may be Privacy Act implications but RECO does not enforce that legislation.
Thank you for contacting RECO, Glen Thomas | Complaints, Compliance and Discipline | Real Estate Council of Ontario | 416-207-4850 | fax 416-207-4820| 1-800-245-6910 | www.reco.on.caRECO's mission is excellence in the delivery of regulatory services that protect the public interest and enhance consumer confidence in the real estate profession.
There are so many rules in place; but none directly address these changing and growing technologies.
How would I brand a FACETIME display of a property walk thru? What do you think?
Can I live stream this Listing for you as a preview? Are you open for business or closed....
Add your thoughts....
Sunday, March 29, 2015
Your Real Estate agent Earns $1,000 per hour
If I was earning $1,000 per hour (better than the Bay Street lawyer who abandoned his flooded Ferrari) do you think I would be preparing your artwork and property brochures, Running to Business Depot to bind booklets and print evaluations; Taking Video classes in editing and your virtual tours almost by candlelight?
Do you believe I would be standing outside houses on weekends presenting multiple offers?
No, but it sounds sensational doesn't it!
Do you want a recruit who license is from last Wednesday handling your real estate transaction? Well, they are on a salary.
No, You want a seasoned experienced ethical and proven agent.
Because in reality, we have talked and planned for months, painted and staged, inspected and tested, long before the sign went on the lawn.
Let's put some truth back in Real Estate.
David Pylyp
647 218 2414
Tuesday, March 10, 2015
Buyers Target Private Sellers because they save more!
When does it pay to go after a Private Sale or Mere Listing?
When they are negotiating for themselves..
“The average reduction from the private seller’s asking price and the price paid was 8.7% which is a significantly larger discount than the market average of just under 5% over the same period.
“Several people said that they actually targeted private sales because they knew they would buy more cheaply if they didn’t have to negotiate through a professional agent and in a couple of instances boasted that they had saved more $60,000 by buying privately.
What's the logic of that?
“In all but two cases the buyers considered that they purchased their property more cheaply because there was no agent involved”, he said.“When asked if they took into account the fact that the seller wasn’t paying an agent’s fee, every buyer surveyed said yes and that they expected to and in most cases did negotiate this amount and more off the price of the property.“Several of these buyers even stated that the seller willingly offered up that they would look at a lower price because they weren’t paying an agent.http://www.cprea.com.au/real-estate-accreditation-blog/?bp=23&nid=7717
So if you are selling and you want more; use a full time REALTOR
David Pylyp 647 218 2414
Wednesday, March 4, 2015
Whisper Listings Listings for Luxury Homes
So What is a POCKET LISTING? Simply put, I protect your privacy.
It is a Listing that at this time the Seller has no intention of placing on the open MLS.
These are listings that I sometimes have that are in better closed neighbourhoods. This may be because of school district or simply pricing. [or the owner's privacy]
We have met at an open house and a specific buyer that wants this particular subdivision. There are very few or none available. I will write and canvas the individual homes for pocket listings.
Notes and Direct Mail; Receiving a few replies will lead to previews of specific properties, that will agree to showing their home discreetly.
These one party signed exclusive [pocket] listing agreements, may prove suitable or may not. They nevertheless become available inventory to my clients.
What are the advantages?
Some want privacy...
Some do not want the open MLS knowing they are for sale
No people [shoppers] through the property that are unqualified to make the purchase.
Are you ready to be previewed for Whisper Listings?
Call Now.... If its busy call back
647 218 2414
Wednesday, February 25, 2015
Talk to their past clients
Results that Matter;
Its what the client's say afterwards that matters
Its what the client's say afterwards that matters
Thank you David for introducing us to Lawyer [Victor Lishchyna]. He is going to be a great help to settle the estate for Zina. He is kind and is gentle in leading us through all the paper work that has to get done. I really appreciate your wisdom and guidance in all you did for Zina Lucyk Thank you again. Nellie C.
Its not me you have to talk to.. Its my past client's you need to ask
Wednesday, February 11, 2015
I have an agent but he's busy
Are you under contract or intending to use another realtor?
" Yes I'm working with an agent. I like to look at places before I call him. I don't want to waste his time. Anytime after noon will work for me. Can you tell me what the condo fees include, what the tenets pay in rent, how long have they been there?"
How would you respond?
David Pylyp
647 218 2414
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