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Real Estate Talk:
Identification

Know whom you are buying from and selling to

By Joseph Marovitch

Have you heard about the Brooklyn Bridge being for sale? It is a euphemism for someone trying to sell you a scam. It can be anything from a property they do not own to a beautiful home on a fault line. For our purposes in real estate, it is important to know who is selling a property.

A person who inherits a property but has not acquired the declaration of transference, cannot sell that property until they do. The seller may not know that they cannot sell that property but nonetheless proceeds to sell. The offer, counter offer and acceptance will not be valid. The buyer will hopefully find out from the notary but why go through all the hassle. Just make sure to clearly identify the seller. A broker can check who owns the house on their system and anyone can check city records. This example is an honest mistake.

A simple mistake can cost time, money and even implicate you in a crime.

There are those who do have criminal intent and may try to make dirty money clean by placing it in a property and then selling that property so that the money used, shows as clean money with taxes paid. Ill gotten money taken via scams and thievery can be placed in property to hide it. Middle men/women can use real estate for terrorist or organized crime to hide and/or invest.

The bottom line is, know whom you are buying from and whom you are selling to. A simple mistake can cost time, money and even implicate you in a crime.

State Of The Market

So the new mortgage rules are in effect and it is more difficult to get a mortgage. Yes, these rules are in place to protect the public from a housing market crash, however, at the same time, these rules will drive prices down.
Everyone has to qualify for a five-year mortgage rate even if they are going for a two- year open variable lower interest rate. Many will not qualify unless they are purchasing a home in a range that their household debt will allow. In some cases the mortgage can be achieved if the price is lower on the house they want to buy.

If you’re planning to purchase a residential property, it may be wise to wait a bit. Prices will fall and money will be saved.

If you’re planning to sell, get to it now and price well. In the future you may sell for less.

For questions or comments please feel free to write to info@westmountmag.ca and I would be pleased to respond or call me at 514 825-8771.

Previous issues

Fear of Inspection
Mental Preparation to Sell
Consider Resale

Image: hjjanisch via StockPholio.net


Joseph Marovitch - WestmountMag.ca

Joseph Marovitch has worked in the service industry for over 30 years. His first career was working with families from Westmount and surrounding areas, hosting children between the ages of 6 to 16 as the owner and director of Camp Maromac, a sports and arts sleep away summer camp established in 1968. Using the same strengths caring for the families, such as reliability, integrity, honesty and a deep sense of protecting the interests of those he is responsible to, Joseph applies this to his present real estate broker career.

Should you have questions please feel free to contact Joseph Marovitch at 514 825-8771, or josephmarovitch@gmail.com



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