Tag: Jim Gardiner

Natural Flooring Choices for your Next Cottage Renovation

Today’s market offers a welcome and growing range of green products. Many owners are on the search for non-toxic flooring choices, abandoning the formaldehyde drenched fibers of days past.

 

Where does one begin on the search for new, green flooring? First, decide what type of flooring works best for your space and make the commitment to go green.

Natural hardwoods work well for bedrooms and living rooms, but don’t stand up as well to the moisture found in bathrooms. Tile is great for all rooms, but is more time-consuming to install and can represent a slipping hazard. Finally, carpet is a warm and traditional touch popular for decades, but finding natural non-toxic versions can be difficult.

Next, you need to decide upon a budget. There are options for all price ranges.

Let’s look at carpet. Going green doesn’t mean giving up the warmth and comfort of carpet. While traditional carpet can be inexpensive, it and its padding and glues can be steeped in formaldehyde and other chemicals.

According to the Environmental Protection Agency (EPA), “ Airborne formaldehyde acts as an irritant to the conjunctiva and upper and lower respiratory tract. Symptoms are temporary and, depends upon the level and length of exposure, may range from burning or tingling sensations in eyes, nose, and throat to chest tightness and wheezing. Acute, severe reactions to formaldehyde vapor — which has a distinctive, pungent odor — may be associated with hypersensitivity. It is estimated that 10 to 20 percent of the U.S. population, including asthmatics, may have hyper reactive airways which may make them more susceptible to formaldehyde's effects.” Who wants to mess with that?

Beautiful wool carpets can be pricey, but they’ll save your big when it comes to their durability, feel, and of course green status. You can find many companies online and in your community that offer this option. Cork (renewable and recyclable), sisal, and recycled carpets are also worth consideration.

When it comes to woods, bamboo is a truly renewable source. Bamboo grows fast, very fast. It’s not a hardwood, but it looks like one. It can one of the less expensive green flooring options.

Natural Stained Hardwoods can be another great choice. The key is natural stains (and glues if applicable). Stains can leach fumes into your living space for years the same way traditional paints do. Opt for natural stains options. The ultimate plus for hardwoods is they look wonderful for generations and only need a moderate level of care.

Finally, consider the benefits of tile. Stone tiles are a natural rock. They are quarried right out of the earth and require no chemical concoction to create. It is incredibly user-friendly in maintaining and of course requires no VOC finishes!

Green flooring options are out there and within any budget! Be sure to go green when you replace your next floor.

Published: February 24, 2012

Source: Realty Times

What is Ontario title insurance? Why do I need it?

Tierney Stauffer LLP Lawyers, Alexander Parker, Associate
Arnprior, Ontario

When you purchase real estate, it is crucial that you obtain a property with clear ownership or “good title.” Title insurance can assist in ensuring that the quality of the legal title that you are purchasing is unproblematic thereby giving you peace of mind.

Title insurance can provide coverage for work orders which arise from the failure of previous owners to obtain proper permits. Title insurance can also cover a purchaser for issues that an up to date survey might reveal (such as encroachments of buildings over lot lines), access related problems, fraud, mortgages or other encumbrances affecting title and, in general, the unmarketability of title to the property.

Use of title insurance often lowers your closing costs by eliminating many of the costly “off-title” searches. It allows you to close your transaction sooner instead of waiting weeks for responses to the off-title searches. The survey coverage provided by title insurance allows a purchaser to close a transaction without obtaining an up to date building location survey potentially saving $1500 to $2000. The cost of title insurance is approximately $280 and is a onetime payment which provides coverage to the purchaser for the length of time that they own the property.

Title insurance will not necessarily fix any issue that is discovered on title but will often protect an owner from financial loss for issues which may not be discoverable through regular investigations. Title insurance is a tool to be discussed with your lawyer to provide you added protection and peace of mind when purchasing real estate.

This article is provided as an information resource and is not intended to replace advice from a quaified legal professional and should not be relied upon to make decisions. In all cases, contact your legal professional for advice on any matter referenced in this document before making decisions.

 

 

 

 

 

 

 

March 31 Deadline for Challenging MPAC Property Assesment

What to do if you have questions about your property's assessed value

Review your Property Assessment Notice to make sure that it contains the most up-to-date information about your property. Ask yourself this question – could you have sold your property for its assessed value on the valuation date listed on your Property Assessment Notice? If you have more questions about your property’s assessed value, there are steps you can take to have your concerns addressed.

 

Step 1 – Contact MPAC

Please call the Customer Contact Centre at 1 866 296-MPAC (6722). They are here to help you.  Please contact them with your questions or concerns.

 

Step 2 – Review the value of properties similar to yours

Comparing your assessment to similar sold and unsold properties in your area will help you determine its accuracy. You can obtain information about your property and information on up to 24 additional properties of your choice and up to six selected by MPAC, free of charge.

To do so, please:

Visit AboutMyProperty™
Enter your personalized User ID and Password for AboutMyProperty™ included on your Notice and follow the instructions to register and obtain the information.

Alternatively, you may send a written request:
Mail: MPAC
Attention: GRAD
P.O. Box 9808
Toronto ON M1S 5T9
E-mail: Contact Us
Fax (toll-free): 1 866 297-6703

AboutMyProperty™ New features allow for easier searching of residential properties When you visit AboutMyProperty™, you can use the interactive map or property address search to help you compare your assessment to the assessment of similar properties in your neighbourhood. Through the map, you can view up to 100 Property Detail Snapshots to help you make an informed choice of what is a comparable property, or a property that is most similar to your own.

For areas of the province where mapping is not available, you can search at the municipal level through an address search. If you want to look up a property that is not in your neighbourhood, but still within your municipality, you can enter the address in the property search window to get a Property Detail Snapshot.

 

Step 3 – Ask MPAC to review your assessment through a Request for Reconsideration (RfR)

If you still do not believe your assessed value or classification is accurate, MPAC will review it free of charge. The deadline to file your RfR is March 31 of the tax year.

There are two ways to file a RfR:

The preferred method is to complete a RfR form.

Forms are available at www. mpac.ca or call and they’ll send you a copy. You may also choose to file your RfR electronically through AboutMyProperty™. You will be able to attach documents, pictures and reports to accompany your RfR.

Write a letter requesting a RfR.

In your letter, please include the 19-digit roll number on your Property Assessment Notice; your full name, address and phone number; and all the reasons why you feel your assessment is incorrect. The mailing address is:

MPAC
P.O. Box 9808
Toronto ON M1S 5T9

https://bit.ly/ybFWOw

When to Look a Gift Horse in the Mouth

Originally posted in International Living
December 14, 2011

Dear Reader,

It’s not every day that you get a freebie.

And the usual advice is to take the freebie and run, before the giver changes their mind. But when it comes to real estate, you need to analyze why you’re getting the freebie, and what you’re missing out on if you take it.

I thought of this when speaking to an attorney we work with a few weeks ago.

There had been a recent surge in property sales in the area this attorney works in. I asked if he had seen a similar surge in buyers asking him to check out their property purchase. 

He said no. I figured another attorney had set up shop and taken a chunk of his business. But that wasn’t the issue. The problem was that property developers and real estate agents in the area had started to offer a new freebie.

Buy a property…and we’ll cover your closing costs.

Sounds very tempting, doesn’t it? But the agents and developers weren’t just calculating the projected closing costs and giving you a credit, or picking up the tab at closing. Both are common, acceptable practices that I’ve seen before. In this case, they simply said that they would “take care of closing for you”.

At face value, it’s attractive. It can save buyers a lot of time. It can save the headache of trying to find a local attorney. It can save thousands of dollars. So what’s the catch?

The catch is that you don’t get to choose the attorney.

Instead, the agent or developer chooses one for you. He’s most likely the real estate agent’s or developer’s attorney. He may have carried out the original due diligence on the property. He may have worked with the developer’s or agent’s family for years. Sometimes he’s the developer’s or agent’s paid employee.

If you think this won’t happen….that there are rules governing attorneys representing both sides of a transaction…think again. In many countries that’s not classed as a conflict of interest. The attorney may not even have to disclose that he represents the developer or agent, or is their employee. But when push comes to shove, he’s the developer’s or agent’s attorney, not yours.

He won’t necessarily have your best interests at heart.

Even if he scrupulously flags any potential problem, it’s still not ideal. He may have overlooked something when he did the original checks on the property title. He may not have included all the standard clauses in the sale contract. He might not realize that the development needs one more permit.

It’s not that the developer’s or agent’s attorney is dishonest. But one of the most important benefits of having your own attorney is the check-and-balance that you get…that “second pair of eyes” on the transaction.

If you use your own attorney, he’ll flag up these problems. He may also suggest changes to the contract to protect you as a buyer. He’s 100% on your side. He’s not trying to keep the developer or agent happy.

My advice if you’re offered the “we’ll pay your closing costs” deal is to ask what that means. If the developer or agent gives you a discount on the purchase price, or pays the fees – and you hire your own attorney, that’s great. If the deal means using his personal attorney, or one that he chooses, I’d turn it down. Instead, I’d ask for a straight discount. It might not cover the full closing costs, but you'll get an attorney that's only looking out for you.

Margaret Summerfield

Muskoka Lakes & Lake of Bays Market Report – January to September 2011

2011 has been an uneven year. The early months of the year dramatically underperformed the same period in 2010. There were a number of national and international economic matters that affected the market place, as well as a long and difficult winter that made viewing recreational properties difficult and unappealing. Winter lasted into early May, but as weather conditions improved, and Buyers could once again access properties, sales began to take place, resulting in dramatic improvements in the number of reported sales by the Muskoka and Haliburton Association of Realtors.

Unfortunately, the worlds and our economic concerns, continued to plague Buyers of recreational properties and particularly in August when sales once again dropped off substantially. The US economy and debt, the European Economic Unions problems and a slowing economy in China caused Buyers to reconsider purchases, and this was reflected in the number of reported sales. Ironically and unexpectedly sales ?rebounded in September, particularly on the big Muskoka Lakes. Last year 22 sales were reported in September, this year there were 26.

On a year-to-date basis the market has performed as follows. On the Muskoka Lakes there were 182 recreational properties reported sold to the end of September. When compared to 2010. In 2010 over the same period there were 195 sales, a decline of a little more than 6 percent. It is obvious that the numerous issues that have been affecting world economies and the equity markets have impacted sales. Although May, June, July were strong sales months, August sales sagged, bringing the overall Muskoka Lakes numbers down. Lake of Bays finished the third quarter marginally down from the same period last year. As at the end of September 63 recreational properties were reported sold. Last year over the same period of 65 properties were sold.

Overall for all recreational properties sold and reported by the Muskoka and Haliburton Association of Realtors as compared to 2010, the market continues to underperform, although not nearly as negatively as in the early months of this year. At the end of September 612 recreational properties were reported sold throughout the region. This compares to 679 for the same period last year, a decline of 9.8 percent. This means that both the Muskoka Lakes (6 percent) and Lake of Bays (marginal decline) out performed the other trading areas of the Association.

Over the last quarter inventories of recreational properties have continued to increase, surpassing last years level of available properties. On the Muskoka Lakes 329 recreational property listings were processed during the first nine months of 2011. This compares to 319 for the same period in 2010, an increase of 3 percent. At the half way point in the year listing inventories were 3 percent below those available last year. In the case of Lake of Bays, inventory levels were marginally down, from 142 new listings in 2011 as compared to 145 last year. The overall recreational market place as reported by the Association saw more significant increases in available properties. Last year the Association processed 1161 new listings. During the first nine months of 2011 it processed 1244, an increase of 7.1 percent. As in the case of sales, both the Muskoka Lakes and Lake of Bays have not been entirely in lock-step with the overall market place.

Chestnut Park continued to increase its market share during this reporting period. Its Sales Representatives performance was more than 200 percent better than its nearest competitive real estate office.

The available statistics make it clear that the recreational market remains unstable, influenced by many economics factors, many of which are neither local, or even national. Uncertainty in global equities, the Euro, the American debt crisis, and now a slowing Chinese economy will continue to impact the Muskoka Lakes and Lake of Bays as these markets represent discretionary purchases. If transactions are not driven by need, as is often the case in urban environments, and Buyers are concerned about global economic issues, then pricing will be the key to sales. Overpriced properties will simply remain unsold. Looking forward it is not anticipated that the global issues will be soon resolved. As a result 2012 may see a repeat of the 2011 market. Needless to say we will reexamine the market each quarter in order to detect any changing trends.

Prepared by: Chris Kapches, Vice President and Legal Counsel

Real Estate Q & A: Mortgage Broker David Smith of Oriana Financial gives Chestnut Park an update on rates

Mortgage agent David Smith talks to Chestnut Park Real Estate about whether mortgage rates are subject to change in the future, and how the 2012 Presidential election in the United States might help Canadian rates stay stable.

Here Are Five Things You Should ALWAYS Do If You're Buying A Foreclosed House

https://read.bi/v4rhYy

Any of you who are interested in a investing in a Florida, SC, etc. winter home might find this advice helpful. With more than 1 million U.S. homes in some phase of the foreclosure process, great deals abound — if you know how to separate the wheat from the chaff.