The Pen is Mighty: Your Guide to Fine Print in Real Estate

I wonder if I would have even needed glasses were it not for all the fine print I’ve read over the years in real estate.  Yes, the pen is mightier than the sword, even when the print is as tiny as it is on real estate contracts.

Many people assume all the paperwork involved with buying and selling real estate is always perfect. After all, these are professionals drawing up the contracts, right?

Right, but professionals are humans too. And we know that humans are prone to….. mistakes.

So when I tell you to read all the fine print (actually, read the big print as well), it is mandatory. You are signing contracts for large amounts of money. Do not take these binding documents lightly.  I ask all my clients to look closely, ask questions and never sign something they don't understand.

It’s one thing to sign your child up for tae kwondo instead of ballet.  It’s quite another thing to sign up for a mortgage that has holes in it.  Maybe the area in which you are buying doesn’t allow certain sized homes on less than two acres?  Or you sign up for a mortgage five years longer than you had originally intended.  Not a good way to start your retirement!

What if your property taxes are not included in the monthly mortgage payment like you were told?  Terrible things like that really do happen if you don’t pay attention. Or if you have a real estate agent asleep at the wheel.

Being sharp is part of my promise to my clients. The reason is, often I am called on by them to answer questions about contract details.  Sometimes, answering these questions requires some research.  I do that part too.  This afternoon, a property that I have almost sold half a dozen times has a new interested party.  But they have really good questions, ones I haven't been asked.  So I am digging and working to make sure everyone understands the deal.

Clients trust me to be in their corner to fight the devil that hides in the details. And if I can’t answer them with absolute certainty, we will call upon our trusted real estate lawyer to help us.  You never want a Realtor® too proud to look it up or pick up the phone.

At the end of all real estate transactions you will receive a copy of the contract. Make sure you have plenty of room in your filing cabinet by the way. But having a copy won’t do much good if you failed to read it carefully, or left questions unasked to your Realtor®.

Remember: The pen is mightier than the sword even in the world of real estate. And guess who is holding that powerful instrument at the end of the day?

That’s right. You are.

So make sure you don’t use it until you are 100 percent sure you know what’s on the papers in front of you.

Each and every one of them.

PS: You should get familiar with the many real estate forms listed below.  They are all standard for real estate transactions in Ontario.

Click on a form title in the list below to download. You need Adobe Acrobat Reader to view these forms. Acrobat Reader is free to download here.

•    Agreement of Purchase and Sale
•    Buyer Representation Agreement
•    Buyer Customer Service Agreement
•    Confirmation of Cooperation and Representation
•    Listing Agreement - Authority to Offer for Sale
•    Seller Customer Service Agreement

Check out this resource detailing consumer data on not reading sales contracts fully and this RECO resource cited in this post.

Don't worry.  I have been doing this for almost 30 years.  I have your back.  Call me or click here to book a conversation or showing at a time that works for you.

Thanks!

Sharon

Tina and Steve found their special place on Papineau Lake in Bancroft.

I wanted to take some time to tell you about what it's like to work with me on real estate matters, but not in a flashy, glossy, self-promotion kind of way.  So I figured I would interview some of my past clients and let them tell you!

It’s easy to get a 5-star review on Amazon when you sell a bottle of shampoo. How hard is that? Not. At. All. 

Selling a home or property is a little more complicated.  It takes hard work to make people happy with their real estate transactions.  It takes hard to work to protect clients against shady deals and massive money pits.  

It’s a good thing hard work and I became acquainted decades ago.  From the Navy to real estate, if I know one thing, it's the satisfaction of a job well done. 

Over the next few weeks we’re going to be hearing from some of them about their experiences buying and selling real estate in the Bancroft area with my help. 

Tina and Steve Sharpe hired me to find them a seasonal home on Papineau Lake. We had not met prior to their search.  My number one job with Steve and Tina was to get them closer to making memories on the lake they fell in love with on a vacation.   They made some fond memories on that first trip to Papineau and my job was to help them make more. 

Steve and Tina Sharpe, Cottage Buyers with Sharon White Real Estate Ltd. Brokerage in 2016

“Sharon was very accommodating with our time schedule from our first meeting and beyond. We felt at ease and comfortable with proceeding to work with her from the start,” Tina says.

Steve and Tina mentioned that they had seen other real estate agents waste time with unrealistic pricing on certain listings. They didn’t have time for that as they were eager to begin renovations on their home away from home.

For me, referring superb contractors to my clients is the norm. But Steve and Tina thought I went beyond the call of duty in that area.   And they really liked that I took the time to introduce them to their neighbors along their beautiful new Papineau Lake community.

“Sharon took time to introduce us to our abutting neighbors, who we have needed to contact and consult while purchasing our shoreline road allowance.”

— Tina Sharpe

Papineau Lake

Helping this lovely couple find a summer home where they could watch glorious sunsets daily was really enjoyable work for me.  I had a foundation of knowledge to work with that makes processes like buying a recreational property smooth.  And I listen.  Everything you need to know about a client is there, if you just listen. 

Not to mention, the Sharpes were great clients.  They were positive, clear and honest in every way.  

“I feel we can contact Sharon at any time to obtain information about our area. I feel we have gained a friend in Bancroft. Sharon was super knowledgeable and great to work with. I would not hesitate to recommend her as an agent," Tina said. 

Thanks guys!

I’m sure glad I didn’t get into the shampoo business!

Have a great March!

Sharon

Is house flipping on TV anything like real life? Kind of.

Wiki

Yes, I watch home decor and renovation shows.  I too can get pulled into some of these reality shows about easy real estate deals on TV. Flipping houses like you're making burgers and turning a mundane backyard into an oasis in 30 minutes….wow!

It’s hard not to fall in love with these programs.   But I know the reality and it can be quite satisfying, but rarely do projects tie up neatly in a little bow. 

We live in the real world of real estate in Bancroft where not everyone working on the remodeling crew can be on the cover of a fitness magazine. Are these television contractors personal trainers or builders?

I don’t want to sound negative about these reality shows featuring home buying and selling.  There are some similarities with real life.  The reason everything goes so smoothly on a show about renovating a home or getting a house sold in three days is because of the unseen magic behind the cameras.  

It’s the team in the background, off camera that makes everything come together.

Likewise, I see this happen week after week as I connect buyers and sellers. I have had great success selling homes for motivated sellers. The same holds true for the nice folks I’ve assisted in buying their first house or a cottage for their family or retirement dreams.

And yet, there is the unseen with me as well.  I am not a one woman show.  I too have a team.  My team is made up of a network of solid people I’ve met over the years in my community.

From my fellow Realtors®, to contractors, to local shops and restaurants, to community leaders and local newspapers, I have a slew of wonderful people who make my job possible. 

In the real world, there are speed bumps on the path to buying and selling homes. We can’t just edit out the problems that pop up here and there.  That could be stressful if I were going at this business all alone. However, these challenges are hardly ever a big deal because I know I am not in this business by myself:

1. I have inspectors I can call on a day’s notice.
2.  I have go-to service providers who know home maintenance like the back of their hand.
3. I have two local newspapers where I advertise for my clients, and the papers help me with graphic design and branding. 
4. I have help answering my phone and organizing my contacts. 
5. I have mortgage brokers, lawyers and environmental service companies that help structure deals in our region. 

Now, don’t get me wrong. The network I have behind me didn’t happen overnight like an HGTV backyard waterfall installation.  It’s taken me decades to learn the ins and outs of the real estate scene in the Bancroft area. Along that journey, I’ve met quality people whom I can trust.

They make me look good and make life easier for the clients who trust me with their real estate deals.

You can’t believe everything you see on TLC when it comes to home remodels and house flipping.  There is no doubt however, that the teams behind the scenes of these shows help make them a hit.

Similarly, my team has helped me clear the path for plenty of customers. We may not work out a deal in 30 minutes like on TV. But we work together to make the process a pleasurable one for all involved.

See you soon!

Sharon

What Are My Options for Buying Vacant Land and Building a Home?

Many people come to our neck of the woods with visions of their perfect home, nestled into stunning landscapes.  Sometimes, their dreams and reality match.  Sometimes though, people can't find a home with the right layout, the right size or the right age for their needs.  

You may not find the home of your dreams in the traditional way. That's ok; you can build it! Custom built homes on vacant land give you the opportunity to create your living space brick by brick. What's more, you may actually save money. Let's take a look at some of your options.

Building From Scratch on Vacant Land

Buying land and building a house from scratch is one of the most exciting experiences that you can undertake in the real estate market. You have full reign over the feature set of the home, you can build it with the exact materials that you want, and you can fit the home to your needs.

Building from scratch can also be less expensive than a factory built home in certain cases. With the right real estate agent helping you find and broker deals, you can profit on the buy of the land and the construction of the home as well. The process is detailed; however, if you are looking for customization, this is the way to go.  

With all vacant land purchases where you intend to build, you have to always be sure that electricity and internet - if you want it - can be provided to the lot.  Also, you need to think about where your water will come from and the anticipated changes in property tax after your build is complete.  Working with respected real estate professionals will enable you to ensure you don't make an investment that will not return in the future due to an amateur mistake.  Trust me, I've seen it. 

Buying a Pre-Built (or 'Pre-Fab') Home

The traditional path of buying a pre-built home is still quite popular in Canada, and if you can find a basic house frame that you can update later, then this may be the most convenient pathway for you.  Pre-fab is fast.  Building a foundation for the home is takes some time.  

Often the pre-fab companies can do 100% of the build, including foundation, for a higher price than if you were to sub-contract all of the jobs individually.  The advantage of getting the builders to take over the project is that you don't have to.  

Popular options in our area include Canada Builds, Canadian Timber, Royal Homes and Guildcrest Homes. 

Some pre-fab builders are getting into the Tiny House movement.  This Toronto pre-fab company  went totally viral with their tiny home.

Meka's ALP 320 Model

The Factory Built Home

If you have a plot of land but you do not necessarily need a fully customized house, a factory built home is an incredible option.  They're actually becoming really popular and are shedding their boring reputation. 

The Royal Homes model build in Toronto, featured in the Financial Post

According to the Canadian Manufactured Housing Institute, Canada has around 13,000 factory built single family homes that are built every year. The factory built home has a framework that is already put together, and once the materials get to the construction site, the home can be assembled in a matter of days!

Factory build homes can look really great.  They don't have to be cosmetically boring.  

DIY Home Kits

So these are interesting.  DIY Home Kits are unassembled homes in a box that you put together.  They've been around since the 1970s and they are the most hands-on of the options.  If you've got some pre-existing skills, these can be extremely cheap.  I like this guide from ReThink Rural. 

Amish Cabin Kit from the Amish Cabin Company

There you have it.  Doors are open for vacant land buyers and your options are more plentiful than you thought. 

Warmly, 

Sharon