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

Buying a new property? Here is what you need to know.

The first rule of real estate is simple: Never make an emotional decision.  

The second rule of real estate is Murphy's Law: When things can go wrong, they will.  

Realtors® have a code of conduct. I take this very seriously.  It was developed in 1913 and there is a reason we still use it. 

“A REALTOR’s® ethical obligations are based on moral integrity, competent service to clients and customers, and dedication to the interest and welfare of the public. The REALTOR® Code, by setting high standards of professional conduct for REALTORS®, helps to protect Canadians’ rights and interests. It also creates a level of trust between REALTORS® and their clients.”

— Canadian Real Estate Association

But I also see my job as protecting people from the first two laws of real estate: making emotional decisions and avoiding calamity.  Here is the advice I give to my clients when I walk them through one of the most important decisions of their lives. 

Stay Focused on Your Needs.

I did not get into business to lecture first time buyers about how to compromise - I am all about making things happen on your terms.  And I've been doing it for almost three decades in the same small town.  Do not let anyone, and we mean ANYONE, drive you off of your square when it comes to your budget or deal-breakers.   Work hard, be demanding of your help, and stay focused on your budget and your needs - now is not a time to keep up with the Joneses.

We have come up with a pre-form specialized for the first time home buyer. Taking the time to fill this out will give you a leg up in the market and help to organize your thoughts.  Print it out and complete for every new place you look at. 

Get the Right Help.

The people that you bring into your life should be professionals at transferring your strategy into reality. If you find people lecturing you on what you "should have" or about "seller's markets," run, don't walk, in the other direction. There are always deals  if you look hard enough and have patience, and you should always reserve the right to walk away from any team member if they are not giving you the insight that you need.

Know Your Rights.

Learn The Real Estate Council of Ontario's Three Pillars of Protection: Insurance, Knowledge and Professional Standards.

“Knowledge

Real estate professionals must complete courses before they can enter the real estate sector. And once they are in the profession, they complete additional courses every two years to keep their knowledge up-to-date and their skills sharp.

Professional Standards

Brokers and salespersons are required to uphold professional standards that emphasize treating anyone involved in a transaction with fairness, honesty and integrity, and following rules and regulations that are there to protect consumers. In the rare instance that something goes wrong and you want to complain about your representative or the brokerage, RECO will investigate the complaint and take steps to hold the real estate professional accountable for their actions.

Insurance

Deposit insurance provides you with peace of mind knowing that your hard-earned deposit will be held in trust and insured against loss, insolvency or misappropriation by a brokerage.”

— RECO

Making your initial moves in a real estate market is hard, and you are entitled to the protection ensured by working with a great Realtor®. 

Know the Offer Process

This video from RECO is one I send to my clients to help them understand the high level details around the offer process and subsequent transactions. 

Happy buying and selling!

Sharon