Mississauga Real Estate | Buying a Home in Mississauga

One of the most frustrating aspects of real estate, as well as other legal ventures, is the expectation that all those who are in any way participating in the exchange of real estate (including renters, owners, landlords, and tenants) are automatically savvy with the associated ‘lingo’. Common complaints of those buying or renting a home is the lack of understanding they initially carry into conversations and negotiations with lenders, agents, or other involved individuals.

The sheer length of an article or exposition laying out all real estate terms would be substantial; if such is needed, a real estate agent or property manager is most likely the better source, but listed below are four commonly misunderstood phrases that perhaps will shed light on some real estate questions or concerns:

Joint and Several Liability

This term comes into play when there is more than one individual on a tenancy agreement. Contracts must be drawn up in such a way that no grey area exists as to who is responsible and accountable for specified roles, particularly payment. When two or more tenants carry Joint and Several Liability, this translates to each individual on the contract being individually responsible for ALL the rent and other associated costs (including that of damages), not just what would compile their share. For instance, if four tenants had signed, if three of them for whatever reason fail to pay, the fourth tenant is responsible for the entire amount, not just 25%.

Forfeiture Clause

This entails a more aggressive grip of ownership and tenancy than per usual. Ordinarily, if a tenant failed to pay rent consistently, a landlord or agent cannot simply take ownership; they must comply with the standard obligations of serving notice and eventually obtaining a court order. However, with a Forfeiture Clause, if 14 days or more have elapsed since the tenant paid their overdue rent, the right is present to actually re-enter the property and take possession of it. This allows a landlord or agent to have more control over their properties, but is done at the expense of the tenant. This might make said tenant slightly less likely to sign the lease or contract.

Access and Inspection

Agents and landlords have the responsibility to carry out inspections on a home; this is a critical role they play legally in the real estate exchange. Because that is part of their right, they are legally given Access and Inspection to houses they steward over, but in order to protect the tenants, a bare minimum of 24 hours must be given to carry out the inspection. Mutual consent must be present, typically at a date and time agreeable to both parties.

Quiet Enjoyment

Very simply put, the right to Quiet Enjoyment connotes that those individuals specifically named on the tenancy agreement have full rights and access to live in a property, at least for a specific amount of time, with zero interference. An agent, landlord, or other person acting on their behalf cannot enter during these periods unless specifically allowed. Be aware that these terms are critical components of housing contracts, and need to be discussed before signing on the dotted line.

Written by Clif, freelance writer for RPM East Valley

Due to the current market trends in real estate, residential realtors and commercial real estate brokers are seeing more business in recent months. When things are hot and the trend is up it is not unheard of for multiple buyers to make offers on a single commercial property. So, what happens when a Buyer makes multiple offers and offers that are in alignment with the listing agreement, as well as offers that are above what the listed sales price is?

Commercial real estate brokers have a listing agreement in place that technically allows them to market a seller’s property. However, the listing agreement is not really an offer from the seller to sell their commercial property to a specific buyer. A seller is not bound within a listing agreement to sell their commercial space. A seller is not bound within a listing agreement to accept any offer from any potential buyer, either. This means that the first offer in and first offer out on a commercial property listing do not always apply.

An offer from a buyer that is ready and able to perform and make a purchase may entitle the commercial real estate broker to a commission on the sale. However, would a seller be liable for more than one commission if multiple offers are received by more than one able and willing buyer? In other words, if a seller receives ten different offers on a commercial property and the seller accepts one of them, are they liable for the other nine offers? Within the context of an open listing the seller is not liable for more than one commission on any given sale. An owner in an open listing (non exclusive) has a right to authorize more than one broker in which each broker is independent of the other, in which the seller is not liable to more than one commission when the consummation of the sale is made with one of the brokers.

A commercial real estate broker must prove in this type of agreement that they were the “procuring cause” of the transaction occurring and the commercial real estate property being sold. An open listing agreement is not usually in the best interest of a commercial real estate broker, although it may be of interest to the seller. Most commercial real estate brokers will not take an open listing. Open listings can often lead to issues popping up with marketing the property. Commercial brokers may run into problems with open listings where they end up having to double up their efforts, as well as having to prove they were the procuring cause of the sale of the property. Also, an open listing does release the seller for paying more than one commission if they pay the broker that is not the procuring cause of the sale.

The favored listing agreement is a win-win agreement that is in place that protects both the real estate broker and the seller. This listing would be an “exclusive agency“ listing agreement.

Mike Henry has been involved in the real estate industry in some fashion for over thirty years. He ocassionally blogs online about the current state of the industry, primarily in the southwest. For more information about commercial real estate, please visit http://austin-office.com.

Buying a home is one of the most important experiences in a person's lifetime. Considering this, if you are in the market for a new place to call your own, you want to be certain you've seen all your options and covered as much ground as possible before you make the final decision and begin to settle in. One of the best chances you have of doing this is by doing an MLS search, a well-known and popular tool in the real estate industry. Often thought just to benefit sellers, the MLS listing database actually provides buyers with many advantages as well.

Ability to Work With One Agent
Before the MLS (multiple listing service) was created, real estate agencies worked to sell only the listings that they had access to from the sellers they worked with unless granted permission from another agent or company to show one of their properties. This means clients working with one agency were rarely able to view a home if it was not listed with that particular company or they were forced to work with multiple agents if they ever wanted to see a variety of options. Now, any agent subscribed to the service is able to be connected to all the properties listed within an area, and a simple MLS search will show buyers a multitude of possibilities. This allows a buyer to develop a close and trusting relationship with one agent, have all of their paperwork handled in one place and not worry about the competitive nature of the business. Read more about the origin of MLS here.

Less Research, More Compatibility
One of the biggest benefits of an MLS search for buyers is the ability to cut out all the properties that don't match the criteria they require. Once your agent gets you hooked up to the database, you are free to customize your search to homes that are within your budget, have the number of bedrooms and bathrooms you desire, stand in certain zip codes and specific school districts and contain whatever numerous other features that you can think of, leaving you only with results that will truly peak your interest.

Most Updated Information
Our society is turning to the Internet for everything we need these days, and a good portion of the time we can find exactly what we need. While the Internet is heavily utilized by those scoping out real estate listings as well, potential home buyers could possibly be wasting their time and not getting the most updated information on a property that they come across online. Having your real estate agent set you up to do an MLS search will get you the most comprehensive report on the available homes in your market and the most up-to-date details.

If a house is up for sale, it's most likely listed in the MLS. That makes it equivalent to a one stop shop for buyers. Driving around hoping to see "for sale" signs on your own or going off of a few listings you find online won't get you nearly as far or give you as many options as an MLS search can.

Featured images:

•  License: Creative Commons image source 
•  License: Image author owned 

By Tiffany Olson
Tiffany Olson has taken a recent interest in real estate and has hit the ground running. She loves to write and share about real estate with others via social media and blogging.