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Ask me anything about Real Estate
- Thread starter Addy
- Start date
Wow this guy got defensive FAST.
like I said you're wanting to punish everyone for what a few rotten apples might be doing.
Does it occur to you that the agent you met paid market value for those 15 properties? In case you haven't noticed, Ontario real estate market has been doing really well. Those with money and initiative have done well.
like I said you're wanting to punish everyone for what a few rotten apples might be doing.
Does it occur to you that the agent you met paid market value for those 15 properties? In case you haven't noticed, Ontario real estate market has been doing really well. Those with money and initiative have done well.
Sorry dude, it does happen a lot. There are so many crooked real estate agencies and agents. I've had an agency try to sue me for a listing that I got. I called in once and inquired about a property. They logged my call and then put me on file. They found out that I closed a house 6 months later that wasn't even related and they claimed I had an agreement with them etc... Pure scam. I never sign any agreements with any agents.
Once I was thinking of buying a business where the agent claimed it was his personal and exclusive listing. He claimed to have talked with the owner etc... He jacked up the price by $100k. My brother by chance was talking with that owner of that business and he claimed never to have even talked to that agent ever.
Never ever sign anything with an agent. Also get copies of what you sign right away. Read fine print and how to exit the agreement. Majority of them can't do business legitimately so they try to de-fraud people.
Be careful!
Once I was thinking of buying a business where the agent claimed it was his personal and exclusive listing. He claimed to have talked with the owner etc... He jacked up the price by $100k. My brother by chance was talking with that owner of that business and he claimed never to have even talked to that agent ever.
Never ever sign anything with an agent. Also get copies of what you sign right away. Read fine print and how to exit the agreement. Majority of them can't do business legitimately so they try to de-fraud people.
Be careful!
There are bad people out there? You don't say. :|
If you've been defrauded while in an agency relationship with a brokerage, you can take them to court and you WILL win. You are well protected in Ontario. Now, if you signed up with Bill and Bob's Real Estate Services Inc. and their office was the trunk of an old Caprice, it might not matter what the judgement says and you won't see a penny... but lets be wise out there, folks.
If you've been defrauded while in an agency relationship with a brokerage, you can take them to court and you WILL win. You are well protected in Ontario. Now, if you signed up with Bill and Bob's Real Estate Services Inc. and their office was the trunk of an old Caprice, it might not matter what the judgement says and you won't see a penny... but lets be wise out there, folks.
Good luck, you know how hard and expensive it is to sue someone? When you lawyer in canada, only the lawyers win.
Give up life, sell all personal possessions. ALL HAIL REALTOR OVERLORDS
(Im not practicing real estate but Ive done all the courses and exams, and we went over plenty of case law surrounding fraud, various agency misrepresentation, etc etc.)
The sky isn't falling. You're protected. Fraud is a criminal matter. Do your research before signing anything, do your research before hiring a realtor. Good life advice. God bless. Eat your wheaties.
(Im not practicing real estate but Ive done all the courses and exams, and we went over plenty of case law surrounding fraud, various agency misrepresentation, etc etc.)
The sky isn't falling. You're protected. Fraud is a criminal matter. Do your research before signing anything, do your research before hiring a realtor. Good life advice. God bless. Eat your wheaties.
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Older lady I know inherited a house from aunt. She'd been seeing a lawyer re: suing former employer, imminent inheritance of house came up in conversation (you don't say!). Oh my friend is real estate agent, how convenient. House listed 10am, sold after lunch. What a wonderful agent!! Friend of agent bought it, is now rented to McMaster Hospital doctor. Everybody wins except old lady.
She didn't get any money from the sale? Was it obviously sold below market value?
Older lady you know should hire another lawyer and go to town. Unless of course she didn't REALLY sign anything with any 'agent' (wrong term for a real estate salesperson or broker) and was simply duped by a sleazy lawyer.
Older lady you know should hire another lawyer and go to town. Unless of course she didn't REALLY sign anything with any 'agent' (wrong term for a real estate salesperson or broker) and was simply duped by a sleazy lawyer.
She got tag teamed but rationalized it away during and after the process. Inheritance means free money, you know like some lotto winners who are flat broke inside a year. But still, they saw, they conquered.
So... they coerced her into selling it below market value? They charged her some kinda exorbitant commission? They stole her money? What happened, Im genuinely curious. How much money?
It's not the first time I've heard these "old lady" stories, but they're usually scant on details.
It's not the first time I've heard these "old lady" stories, but they're usually scant on details.
She won't accept that she was coerced and none of us pushed her on it. We know her labour lawyer was friends with the agent and the agents friend bought the house a few hours after listing. She paid full pop and was pleased with the speedy process and the happy coincidences of all the goodwill and friendship. Hey, legal process is legal process, if it costs $15,000 give or take for a mornings' work so be it right? It was only free moneeee to her anyway.
Red_Liner740
Well-known member
Im defensive? Lol, you're the one with self admitted zero actual real estate experience telling us that basically it "never happens" because its against the law. You're adamant that we're so out of touch that you're willing to use snarky, sarcastic remarks and "derp derp" to highlight your vast non-experience knowledge.
Its ZERO skin in my game, i wasnt duped, i actually am very satisfied with my agent and just stated an opinion. Now that we know you're a lot more vested in this conversation than any of us, your statement make much more sense.
Theres an old saying. Theres the classroom, and then theres the real world.
Its ZERO skin in my game, i wasnt duped, i actually am very satisfied with my agent and just stated an opinion. Now that we know you're a lot more vested in this conversation than any of us, your statement make much more sense.
Theres an old saying. Theres the classroom, and then theres the real world.
Have similar story with my old neighbour. Her husband died, she was adamant about making a quick sale. In an agency relationship with a brokerage, they gotta do what you tell em (if its lawful)... wanna sell your $800k house for $25? They gotta do what you want.
Not saying anything. Just saying.
Not saying anything. Just saying.
Quote where I said it never happens. I'll wait.
All I said was you're advocating for some big changes based on the actions of a few rotten apples. A realtor is required to disclose personal involvement in a transaction. If he doesn't, it renders the contract voidable and opens the brokerage up to legal action which they WILL lose. Look the stuff up yourself, I know MY responsibilities and rights.
(Derp derp)
/better watch my nose
Question for Addy:
I currently own a house (dual ownership with spouse) and live in it as primary residence. I also own a condo that I used to live in, but it is now rented out. The condo has been rented out for just over a year now and was my primary residence for 5 years prior moving into the house. The condo has about 10 years remaining on mortgage and the gross rental income is about $40 month less than the operating costs per month (mortgage / taxes etc). Once the condo mortgage is paid off, we plan to keep it and rent it out as an income property for a long time.
Do you know anything about how taxation works on the condo, since it is no longer my primary residence, but was for 5 years? And under current law, does the taxation change once it the mortgage is paid off and all the rental income is just money in the bank other than taxes and maint. fees?
I clearly know nothing about this stuff, but do not want surprises or fines later.
Thanks for the thread!
I currently own a house (dual ownership with spouse) and live in it as primary residence. I also own a condo that I used to live in, but it is now rented out. The condo has been rented out for just over a year now and was my primary residence for 5 years prior moving into the house. The condo has about 10 years remaining on mortgage and the gross rental income is about $40 month less than the operating costs per month (mortgage / taxes etc). Once the condo mortgage is paid off, we plan to keep it and rent it out as an income property for a long time.
Do you know anything about how taxation works on the condo, since it is no longer my primary residence, but was for 5 years? And under current law, does the taxation change once it the mortgage is paid off and all the rental income is just money in the bank other than taxes and maint. fees?
I clearly know nothing about this stuff, but do not want surprises or fines later.
Thanks for the thread!
We were in a similar situation a few years ago. Bottom line, we hired a smart accountant and we were glad we did as when we came to sell one of the properties we would have faced some extra taxes apparently due to one residence providing income etc. Not sure what a Realtor will tell you but get a good accountant as soon as you can for advice on all scenarios.
We used to have a rental condo. All income from the condo counts towards your income. We use CCA to write off against the income. Flip side is that you'll take a hit when you sell and your capital gains will be higher.
After we started using an accountant for tax planning we started to save a bit more money on investment properties. Some we buy through a corporation and show a loss. Others we have it personally. If you buy more properties I would suggest you get a proper CA/CPA to help you plan it out before you buy,
After we started using an accountant for tax planning we started to save a bit more money on investment properties. Some we buy through a corporation and show a loss. Others we have it personally. If you buy more properties I would suggest you get a proper CA/CPA to help you plan it out before you buy,
Are you sure you want to hold onto long term equity in a condo? Things aren't looking favourable in that department, IMO.
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