Do you ever wonder why your favourite movie stars always look so good? Or why your local coffee shop is always spotless and decorated for the season? The reason is simple: they have a team of professionals who meticulously arrange every detail.

Before you start wondering how this relates to your home-buying journey, think about all the professionals you have standing behind you as you search for your dream home. Besides your real estate agent, you have a whole team helping guide you home, including a real estate lawyer.

What Does a Real Estate Lawyer Do for the Buyer?

Buying a home is likely the most significant transaction you will make in your lifetime. This life-altering decision requires the support of professionals to make sure that every step of the process is followed, ensuring that every “i” is dotted and every “t” crossed.

The person who takes care of the dotting and crossing on every legal document is your real estate lawyer. If you’re new to the home buying experience, you probably know you need a lawyer but may not be sure what role they play.

A real estate lawyer is necessary both for the buyer and seller. We’ll start with their role on the buyer’s side. They ensure the transfer of ownership, outlining the terms of your purchase agreement and a clear title to the property. That is their role at the most basic; it goes far beyond, including the following:

• Review the Agreement of Purchase and all other legal documents
• Ensure there are no claims listed against the property
• Arrange for Title Insurance
• Ensure you have a valid title upon closing
• Ensure property taxes are up to date
• Calculate the land transfer tax due on closing
• Draw up the mortgage documents
• Close the transaction and ensure all legal and financial conditions are met
• Exchange legal documents and keys with the seller’s lawyer

What Does a Real Estate Lawyer Do for the Seller?

The real estate lawyer’s role on the seller’s side is also related to ensuring the transaction goes smoothly and that all legal aspects are covered. They are focused on the mortgage payout and a smooth transfer of the property’s title. Just like on the buyer’s side, a real estate lawyer performs several key tasks, including:

• Review the Agreement of Sale and other legal documents before you sign
• Assist you with the negotiation of the terms and conditions
• Prepare the deed to your house
• Deal and remedy title issues as they occur
• Close the transaction
• Ensure all legal and financial conditions have been met
• Exchange legal documents and keys with the Buyer’s lawyer

When Do You Need a Real Estate Lawyer?

Whether you are buying or selling a home, you will need a real estate lawyer to register the transfer of property with your province’s land registry office. You are required to have a lawyer because lawyers can access Provincial Electronic Land Registration Systems. Every province has different regulations, but a legal professional must register a property and purchase a home to ensure it is legal.

While many real estate transactions in Canada use standard form agreements prepared by realtors, a lawyer will review and amend these contracts to ensure they cater to specific needs or situations. They can also conduct a title search to ensure there are no liens or other encumbrances on the property and help you understand and secure title insurance, which is becoming increasingly common in Canada.

How a Real Estate Lawyer Can Help with Complications

A real estate lawyer is indispensable when a housing deal faces complications, such as when a property is appraised at a value lower than the agreed offer. The attorney can provide clarity on the contractual implications of such a scenario. Many real estate contracts contain appraisal contingencies that allow the buyer to renegotiate or withdraw from the purchase without penalty if the appraisal is low. The lawyer can review the terms and advise on potential avenues of action. If both parties remain keen on completing the sale, the attorney can facilitate negotiations, ensuring that any new terms or price adjustments are legally sound and in the best interest of their client. A real estate lawyer can also investigate if the appraisal was conducted accurately and fairly, providing grounds for a potential challenge or request for a second opinion.

Can a Real Estate Lawyer Represent the Buyer and Seller?

In real estate transactions, it’s generally considered a conflict of interest for a single lawyer to represent both the buyer and the seller. This is because the interests of the buyer and the seller can often be at odds. The seller aims for the highest price and best terms, while the buyer typically wants the opposite. A single attorney representing both parties can be put in a difficult position, trying to serve two masters with diverging goals. Dual representation also increases the risk of malpractice claims, as either party might later believe they were inadequately represented if the deal goes awry. Each party deserves an advocate who can negotiate and advise with their best interests in mind. This becomes compromised when one lawyer tries to balance the needs of both parties.

Now that you better understand the real estate lawyer’s role, it’s time to choose one that will best represent you throughout the transaction. Choosing a real estate lawyer is something The Barnett Real Estate Team can help you with, as they often work closely with trusted professionals.

First, what is a balanced market anyway? This is when the supply of residential properties matches the level of demand from buyers. The two other types of housing markets are buyers and sellers: the former is when an enormous volume of units exceeds prospective homeowners, while the latter is when supply is far outpaced by demand.

Indeed, homeowners easily sold their homes above the asking price for the last couple of years. However, the Canadian real estate market has changed, so selling these homes has become more challenging.

Here are five tips for selling your home in a balanced market:

#1 Set a Competitive Price

Because active or new residential listings are now keeping up with the number of buyers, it is crucial to establish a price that lines up with current conditions. In addition, real estate experts contend that buyers may be a bit more fastidious when the broader housing sector is calm. As a result, it is essential to price your home correctly based on what the neighbourhood is doing and what agents recommend.

#2 Home Inspector

Before listing your home on the market, it is critical to hire a contractor or a home inspector and determine if there is anything wrong with the property, be it something that needs to be repaired or replaced.

During the pandemic-era boom, many buyers had ditched the idea of hiring a home inspector since it might have lost them the single-family house, attached property, or townhome. Today, it is a bit different, and even minor repairs might deter buyers from submitting an offer.

#3 Clear Your Things

When interested parties arrive at your home, they want to envision what their stuff will look like in the living room, bedroom, or kitchen. They do not want clutter to distract them from where they would potentially install their things. Therefore, as a rule of thumb, sellers need to clear at least 50 per cent of their furnishings, decorations, or items from each room. The more space, the better an idea visitors will have of how they will look in the new home.

#4 Add Incentives

While you do not need to go overboard in trying to strike a deal, you may need to add modest incentives to attract buyers. This could consist of new appliances, or a new television. The little things can ensure the home is sold faster and without complications or headaches. This might not be necessary for some regions of the national housing market, but it may be imperative in a part of the country with little sales volumes.

#5 Wait and See

In the previous boom, it was almost guaranteed that the listing would sell over the asking prices. Today, everything has been turned upside down, so you will know how much of the actual selling price you will receive once an agreement has been made. This can be difficult if you are in the market for a new home since you do not know how much equity you will possess. Because of this, you may need to wait a while until you can determine what you can afford.

Or course, working with the Barnett Real Estate team we are able to help guide you through the process, regardless of the market conditions.

It’s happening: 2021 is drawing to a close. The ongoing pandemic has led to plenty of ups and downs this year, and the real estate market has been no exception. Low inventory and high (in fact, record-breaking) home prices have meant that many sellers achieved incredibly successful results—but what will the year ahead bring?

If you’re planning to sell in 2022 and you’re wondering what will come next, you’re not alone. We can’t predict the future of real estate, but given our decades of local experience, we can certainly provide some context and make a few educated guesses.

Here’s what you should know if you’re putting your home on the market in 2022…

You’re in a good position, no matter the home you have

There’s no denying that the local real estate market has been a hot commodity of late, and detached homes have been the most in-demand housing type. We’re seeing many buyers who are seeking more space during the pandemic, purchasing houses with some outdoor square footage. That said, we’re seeing a flurry of activity across housing types.

For one thing, limited inventory means many buyers need to be more flexible. That means they’re purchasing properties that don’t necessarily fit their ideal criteria and those that may not be in perfect shape. In addition, many buyers are looking to the future, thinking about what will constitute a good investment in the years ahead. 

For example, while bungalows have always made fantastic family homes, we’re seeing a resurgence of interest in this particular property type. Often, they afford buyers the opportunity to rent out their basements as separate apartments (an increasingly popular way to make some extra income). In some cases, they also contain the extra space required for the much-coveted home office.

Not only are some buyers more inclined to think about a range of property types, but they may also be more willing to consider various locations. In some cases, former city dwellers are moving away from urban centres in light of the pandemic. This has boded well for sellers in suburban and primarily residential communities—and likely will for the foreseeable future.   

All of that said, consider the fact that interest rates are set to rise by Q3 of 2020. When that happens, affordability will go down for many home buyers. That may or may not have an impact on how you should price your home (depending on who your most likely buyer is). A real estate professional who knows the local market can help you understand all the nuances involved. 

Wondering whether selling with our team is right for you? Learn more about what it’s like to work with us.

• How we Help Sellers
• Our Seller’s Guide

Buyer competition will likely remain strong

As a seller, you’re in a good position right now, as the market is very competitive. The most recently-released statistics for Oakville-Milton reveal that in November, the number of new listings added for that month were the lowest they’ve been in over a decade. At the same time, sales rose by nearly 5 per cent year over year.

Low inventory has meant more buyers competing for properties that are on the market, and we believe we’ll see more of this in the new year. If that happens, it’s going to mean more multiple offers scenarios, quicker sales, and more transactions where the sellers receive offers over asking. 

It’s worth noting that we may see a rise in the number of sellers looking to take advantage of these conditions. Even if low inventory persists to the extent that it currently exists, many of the sellers who do make a move will likely take steps to ensure their property looks its best—and you should too. It could mean the difference between selling your home and selling it for more than you ever could have predicted.

Expert advice will help you make the most of the situation

When it comes to the best time to sell, is the spring still considered ideal? Should your home be staged—or is it unnecessary when the market is this hot? Does it make sense to price your home below market value right now to generate multiple offers?

Sellers always have questions about how to get the best possible price and conditions. That’s especially true right now when many of the so-called “rules” of the market have gone out the window (at least for the moment). The good news is, with conditions so strongly in your favour, it’s a matter of making the best of a good situation.

If you’re preparing to take this life-changing step, your best bet is to find a real estate agent who will help you price, prepare, and market your property for the best possible price. It’s all about building a strategy based on long-term local expertise, which is why it’s so important to find a professional who can provide it. 

Interested in learning more about selling with us? Here are some of our latest selling posts:

• How to Set the Right Price the First Time
• Our Top 7 First Time Seller Tips
• The Costs of Selling a Home: What to Expect

The bottom line

If you’re preparing to sell in 2022, you’re well-positioned to achieve fantastic results. That said, there’s a lot of uncertainty right now, including in the real estate market. Now is the time to do your research and find a skilled agent who can act as your guide. Remember that even in a market that favours you, strategy is a must!

April 2021 – GTA Housing Market News

What is going on with the real estate market?

Here are the April stats:
– Number of sales is down 12.7% in April over March
– But, number of sales are up 36.6% compared to the 10 yr average
– New listings are down 8.4% month over month

Milton Real Estate Market

The average price in Milton is $1,061,348

Burlington Real Estate Market

The average price in Burlington is $1,055,023

Oakville Real Estate Market

The average price in Oakville is $1,458,793

Previous Reports on GTA Housing Market News – March, February, January

Do you have questions about the GTA real estate market? Reach out to learn more about your local market—and how we can help!

Decluttering When Selling Your Home

Selling your home is all about taking a step forward in your life’s journey. While you may be eager to make your next move—and get the highest possible return on your investment—there are a few major tasks you’ll have to tackle first. Without a doubt, one of the most challenging is decluttering your property to stage, show, and sell it.

If you’re preparing to sell your home, here are five tips to paring down your possessions first…

1) Start Early

Even the most organized family can start to feel like time is the enemy once they start decluttering. From junk mail to winter wear, you’ll probably find that there’s a lot more to go through than you thought. That’s why it’s important to get started before you start to feel the crunch.

The first step is creating a sorting system (many sellers find that categories like “keep,” “toss,” and “donate” are helpful). Next up, figure out where you want to make donations—and call ahead to avoid any unforeseen hassles.

2) Let Go

If you have a tendency to hold onto things past their expiration date, you’re not alone. Most homeowners keep duplicate kitchenware, worn-out furniture, and clothing that’s two sizes too small—all with the misguided notion that it will come in handy someday. Usually, it won’t.

Don’t make the mistake of carting possessions you’ll never use to your next home. As a general rule, if it’s been out of commission for at least a year, you’ll never miss it.

While it’s always okay to hold onto items with sentimental value, try to imagine where they’ll live in your next home. Whether it’s on a photo wall or atop the coffee table, you should have a designated place in mind for everything.

3) Focus on Selling

One of the trickiest things about decluttering before you sell is knowing not only what you want to keep, but what buyers will want to see when they tour your home. This is where an agent with selling expertise and an eye for detail can be helpful.

An experienced professional will know which items enhance your property as part of a cohesive aesthetic. On the flip side, they’ll also be able to tell you which ones should go (even if it’s just into storage for a short time).

If your agent suggests packing away an old armchair or piece of artwork, try not to take it personally. They’re simply ensuring that your property will appeal to as many buyers as possible!

4) Make Time

Decluttering can take weeks of sustained effort, so make sure you schedule it into your family calendar. An hour or two every couple of days can help you tackle the job piece-by-piece—without being overly disruptive to your lives.

Choose times when everyone will be home, whether that’s before dinner or on Sunday afternoon. While longer time blocks may be daunting for your kids (and you), breaking it down into fifteen-minute intervals followed by short breaks can help everyone feel good about what they accomplished.

5) Create a Routine

There’s a reason why homes need to be cleaned often. Unfortunately, clutter has a way of sneaking back into our lives—even after we’ve put in the effort to get rid of it. From old magazines and overfilled coin trays to loose toys and craft supplies, things will pile up quickly if you don’t have a plan to stay on top of them.

To keep your home in show-ready shape, mentally commit yourself to putting items back where they belong when you’re done with them. This can be especially challenging if you have kids, but there are steps you can take to help them stay motivated (like offering small rewards if they keep their rooms clean).

Decluttering a home before a big move is a challenge, and it can even feel downright impossible. The key is to take it one step at a time, celebrate your progress, and listen to your agent’s advice when it comes to home preparations!

Are you ready to start the process of selling your home? Reach out today to get started!