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3.1 Real Estate and the Law ………………………………………………………………… 55 3.2 Duties and Obligations …………………………………………………………………

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3.1 Real Estate and the Law ………………………………………………………………… 55 3.2 Duties and Obligations ………………………………………………………………… Buying a Home in Canada Copyright 2012 by Alain Savard All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or any information storage and retrieval system, without permission in writing from the author. Alain Savard HBI – Home Buyers Incorporated 22 Giberson Drive Westphal, Nova Scotia B2W 6J6 www.BuyingaHomeinCanada.ca First printing December 2012 The author has taken care to ensure the accuracy and completeness of the information in this manual. Nevertheless, he assumes no responsibility for errors, inaccuracies, omissions or inconsistency herein. He will gladly accept any information that will enable him to rectify any error, missing reference, omission or inaccuracy in subsequent editions. This material does not constitute the rendering of legal advice. The author expressly suggests that you seek the advice of a lawyer in the purchase or sale of real estate and in all matters involving legally enforceable obligations. 2 PREFACE Something big happened in Canadian real estate in 1995. In the early years, when a company sold a house, half* the commission usually went to the agent on the sign; and the other, to the member of the firm that had found the purchaser. In the 1950s, this deal was fine-tuned. The agent on the sign kept his share, but to attract more purchasers, the rest of the money got offered to agents from all companies. They called this the Multiple Listing Service®. And transactions involving two different real estate firms were born. But their MLS® System was flawed. Because it didn’t allow for the commission to be shared with a buyer agent. Buyer agents are real estate professionals who instead of selling houses, point out property flaws and defects and help purchasers negotiate prices down. The rules were clear. The two firms had to work together at trying to get the highest price for the seller. Siding with the buyer – regardless of his identity – and claiming the money, was strictly prohibited. But it was happening anyway. By the mid 90s, the practice was so common – especially when the buyer was a relative or a friend – that the industry had to make it legal. And fighting for purchasers was “officially” born. But allowing buyer representation on MLS® transactions was dangerous. What if purchasers started asking for companies that did it exclusively? Firms with no listings and no sellers, whose job would be to save homebuyers headaches, time, and money. Companies that offered to treat all purchasers like family and try to get them the best homes at the best price. To make things worse for traditional firms, these companies wouldn’t have to charge buyers anything for their service since the other half of the commission could now serve as their fee. Allowing buyer representation on MLS® transactions should have led to the arrival of these firms. But it did not. Because people can’t ask for something unless they know it exists. When the new rules came into effect, everyone got told that it was business as usual. And so it remained. There were no companies dedicated to fighting for the little guy back in 1995. And although they can be found in all 50 states south of the border, only two of them are currently in existence in Canada. All because of a lack of knowledge. But what if someone wrote a book about them, created a website, and made the info on it available for free? Would the public invest the time to learn and spread the word so all Canadians can one day benefit from this great service? We’ll soon find out. Because this is the book. BuyingaHomeinCanada.ca is the site. And you are the public. * Real estate commissions are negotiable by law and although 50-50 splits between firms are still common, these percentages can and do vary. 3 4 A WORD FROM THE AUTHOR Dear readers, What would you say if I told you that buying a house through the agent on the “For Sale” sign is the single biggest mistake a purchaser could make? And that buying that same house through a colleague of that agent, is probably the second biggest? For years, real estate companies have been offering agency services to sellers; more recently they have started offering agency services to buyers; but no firm has ever offered a real estate education service to the public… that is until now. My name is Alain Savard and although I don’t go around calling myself a home-buying expert, I don’t think I could make a good argument to deny the fact. You see, I bought my first investment property in 1990, got my real estate license in 1993, became a broker in 1995, opened the first real estate company for purchasers only in Canada in 1996, and represented more than 300 homebuyers on their purchases since I have been licensed. So, whether I like it or not, life has made me a home- buying expert in my local market. And it is as such, that I am coming to you today. I have been a buyer; I have been a seller; I have been a seller agent; but I have mostly been a buyer agent. Buying a house is the subject I am most knowledgeable about; and it is this knowledge that I will share with you in this manuscript. A house purchase is probably the single biggest investment you will make in your lifetime. But how much do you honestly know about the buying and selling of houses? Wouldn’t it help, if you could quickly get a good, solid grip on what is going on before you even get your feet wet? Of course, it would. For having taught close to 100 live home-buying seminars over the years, I know that real estate is a mystery to a lot of people. And I consider that a big problem. This is why, in 2007, I decided to create “Buying a Home in Canada”, a specialized website where everything a purchaser would ever want to know about real estate can be found. I built the site for those who, like me, believe in educating themselves before starting out on any project. You people are in for a treat, because I have put everything that I know in here, and that, not only on paper but on video too. That’s right. I took this manual and went over it section by section in front of a camera, to give you a different version of the material. Knowledge truly is power. Knowing how things work will allow you to minimize your risks and maximize your chances of success. What you are about to discover is extremely powerful and yet so simple. It is all common sense. The concepts I explain are not complicated; they are just numerous. That’s why I have tried to introduce them in an order that I believe logical and organized. I am curious by nature, but I also like to keep things simple. So I have divided my text in seven distinct sections; and at the end of each, I cut to the chase and tell you what I think is important to remember. As you can probably imagine, some of the issues I tackle in this manual are highly sensitive, and controversial within the industry. The opinions expressed in here are my own and I apologize in 5 advance, to those I may offend with my comments. My intent is not to infuriate anybody; it is only to provide you, my readers, with information that I believe ought to be considered before buying a home. It is also important for me to warn you that since I am not a lawyer, home inspector, or mortgage specialist, you are not to consider my opinions the rendering of professional advice – even when it comes to real estate matters – because rules and regulations vary from province to province and sometimes from municipality to municipality. That’s why you must always run things by a local expert – someone that works in your area and is familiar with your local customs. With this said, most of the differences are small. That’s why the fact that I am coming to you from Nova Scotia and will be using Halifax as my city of reference, does not really affect the relevance of my comments. I would go as far as saying that even residents of the United States can benefit from this knowledge. So, if you are new to Canada, new to home buying, or if it has been a while since you have purchased or sold real estate, reading this guide before you do anything else is, without a doubt, a great step in the right direction. This manual is packed with information. It took me over 20 years to acquire this knowledge and I think I can realistically pass it all on to you within a week. So please don’t rush anything; take your time. To make your reading more enjoyable, I wrote the book as if I were talking to you directly. I know some subjects will seem a little dry, but don’t give up. In order to get a clear picture of the Canadian real estate landscape, you need every piece of the puzzle. You should also know, that in order to provide you with the most accurate information, this manual is being updated on a regular basis. So before you start this long read – and especially if you have a paper copy of the manuscript in your hands – take a minute and check the date printed on page two to ensure that you are referring to a fairly recent version.
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