The SPIS will provide information related to defects, renovations and other pertinent property information, based on the seller’s knowledge and experience.The Code of Ethics, a regulation under the Real Estate and Business Brokers Act, 2002, contains specific provisions related to the Seller Property Information Statement (SPIS). However, it does not oblige a seller to complete … Read moreWhat is a SPIS (Seller Property Information Statement)?
When you purchase a home, it’s often recommended that you have a home inspection done. In fact, a typical Agreement to Purchase Form will include a standard preprinted clause with respect to home inspections. This is one of the most common conditions in an offer to purchase a property. When real estate markets are extremely active … Read moreWhy are home inspections necessary?
In Ontario, in order to trade in real estate, brokers and salespersons must be registered under the Real Estate and Business Brokers Act, 2002. Before you begin working with a real estate broker or salesperson, make sure you confirm that they are registered by using the online search feature. The information available to you includes the … Read moreCan you sell real estate if you are not registered?
Education, Knowledge and Experience All brokers and salespersons are required to complete educational courses prior to becoming registered and are also required to take continuing education courses. In addition, many brokers and salespersons pursue ongoing professional development opportunities, obtain membership in professional associations and attend industry events on a regular basis. While consumers buy and … Read moreWhat are the benefits of working with a registered salesperson?
UPDATE: Previously, real estate brokerages could charge consumers a flat fee or a percentage of the sale price, but not a combination of the two. The restriction has been removed, so brokerages now have the option to make fee arrangements that could include a blend of a flat fee and a percentage of the sale … Read moreCan commissions be an agreed upon amount?
Commissions are not fixed nor approved by the Real Estate Council of Ontario, government authorities, real estate associations or real estate boards. It is the brokerage that determines the commission rate it wishes to charge a consumer. Typically, the commission will be based on the services provided by the brokerage and its employees. Keep in … Read moreAre Commissions Negotiable?