Trade Record Sheet Tips For New Brokers

Posted by on Dec 28, 2015 in Uncategorized | Comments Off on Trade Record Sheet Tips For New Brokers

If you’re new to working in a real estate brokerage, the record keeping requirements can be overwhelming. Understanding what you have to have on file for each transaction is important, because one mistake could spell disaster in a thorough audit. In addition to the standard financial statements and records you would expect to keep, you also have to create a Trade Record Sheet for every property transaction that your brokerage completes. Here’s a look at what you need to know about trade record sheets and how to create them for your transactions. Trade Record Sheet Basics There are many basic templates for approved Trade Record Sheet reports, any of which may be deemed acceptable for your sales records. In fact, most brokerage firms have specific Trade Record Sheet templates that they use for these transactions. If your firm doesn’t have a standard template, you’ll need to create a report of your own with all of the required information. Keep in mind that you have to have all of the information on the form. You might think that you don’t really need the form since all of the required information can be found on other forms in the sales packet. This isn’t the case. You need to have everything consolidated in one form. Trade Record Sheet Information If you’re creating your own trade record sheet, you need to make sure that it includes all of the required information. You’ll have to specify the exact nature of the trade, whether it’s a sale, lease or other type of transaction. The report also needs to include a detailed description of the property in question. The property description should include the address and a general physical summary of the amount of land, any structures and other details that would allow you to easily identify the property. Looking at some examples of legal property descriptions can help you create a comprehensive one for your records. Every transaction is required to have a unique identification number that allows you to track the sale. That identification number must be included in the record sheet. Each record also needs to include the sale price of the property, the names and addresses of both the seller and buyer, and a detailed summary of the cash handling. For example, you’ll have to include details of every payment that the brokerage receives as well as details of each subsequent disbursement. In the case of a property lease, your record sheet must include detailed information about the lessor as well as the lessee. You also need to include the requirements of the lease, such as the effective term, the current lease rate and any deposits required for security or pet handling. Trade Record Sheet Requirements Trade record sheets are required any time your brokerage receives or holds any funds as part of a real estate transaction, no matter what type of transaction it is. The form should be filed with all of the other documentation of the property and the transaction. Keep in mind that the financial declarations and transaction details included in the trade record sheet are not a substitute for the standard financial statements and records that you are required to provide for each property sale. You’ll still need the detailed breakdowns of the property assessment, closing fees, deposits...

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Considering Buying a New-Construction Condo? Avoid These 4 Common Mistakes

Posted by on Sep 23, 2015 in Uncategorized | Comments Off on Considering Buying a New-Construction Condo? Avoid These 4 Common Mistakes

If you like the idea of owning your own property, but you don’t want to have to keep up with a lawn and exterior work, then purchasing a condo may seem like the ideal choice. Especially when you purchase a new-construction condo, you generally get a beautiful interior living area that you can customize as you wish, set on property that is cared for by a homeowner’s association. Unfortunately, a lot of people who opt to buy new-construction condos make some mistakes that end up costing them money or happiness along the way. Avoid these mistakes for a more positive buying and living experience. Mistake #1: Assuming that everything included in the model home will be included in yours. When you go to see the model home, it is generally dressed to the nines with the highest quality dishwasher, refrigerator, countertops and other elements. Many shoppers assume that the condo they are purchasing will come with the same elements. However, this is not always the case. If you read the fine print in your contract, you may find that the options displayed in the model home were optional upgrades. Unless you specifically request them, lower-end appliances and accessories may be included in the condo you’re buying. To avoid being surprised when your condo looks different from the model, always check with your real estate agent to be sure you know exactly what appliances and specialty elements will be included in your condo. Be prepared to pay a little more if you want the upgrades seen in the model home. Mistake #2: Not getting a home inspection. You might assume that since the condo will be brand new, you’ll be safe buying it without having it inspected by a building inspector first. While there may be a lower risk of hidden problems with a new home than an older one, this does not mean there is no risk at all. You should always have a building inspection conducted by a reputable inspector before signing on the dotted line for your new-construction condo. The inspector may identify mistakes that were made during building that would compromise safety if left alone. It’s better to discover these early on than later, when your home is collapsing around you or your walls have begun to crack. Mistake #3: Not accounting for closing costs. Closing costs vary widely by region; in some areas they are substantial, and in other areas they may be just a few hundred dollars. However, it’s common for buyers to overlook the fact that when it comes time to close on their condo, they’ll own more than the down payment. There will also be lawyer fees, funds owed to your real estate agent, and perhaps some tax fees owed to your municipality. Ask your real estate agent for an estimate of your closing costs up front, and then set that money aside, so you’re not struggling to find cash when it’s time to close. Mistake #4: Not working with your own real estate agent. There is generally a real estate agent working with the builder of the condos. He or she is the representative of the builder. If you show up to inquire about purchasing a condo without your own agent, the builder’s agent may offer to represent you as well....

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2 Requirements You Need to Make Sure Are Included in Your Basement Apartment

Posted by on Sep 17, 2015 in Uncategorized | Comments Off on 2 Requirements You Need to Make Sure Are Included in Your Basement Apartment

Before you can convert your home’s basement into something like Wynn residential Toronto apartments and begin renting it out, you need to make sure you are following all the regulations for legal basement apartments in your municipality. It is important to make sure your apartment is constructed for safety and meets the regulations in size and ceiling height. Here are some rules you need to follow about fire protection and and the apartment’s size when you complete the construction. Fireproof Ceiling and Walls When a tenant is living within the walls of your home’s structure and a fire starts in their unit, you and your home will be at risk of damage from a fire that is outside your control. If a fire starts in your part of the home, your tenant is at risk of the fire that is outside their control. A proper fire wall can help protect you and your tenant to give you both time to escape the home in the event of a fire.  You need to make sure the materials separating your home from the basement apartment follow the proper requirements. The type of wall and ceiling building materials you use to separate the apartment from your part of the home are important. According to the Ontario Fire Code, the drywall or lath and plaster you use to separate the units need to be at least a 30 minute fire resistance rating for walls and ceilings. Also, the penalty for violating the fire code is a fine of up to $25,000 or a prison term of up to one year, or both. For walls in your basement apartment, it is recommended to install one layer of 1/2-inch regular drywall on each side of the wall. For the ceiling, you need at least one layer of 1/2-inch Type X drywall or two layers of 1/2-inch regular drywall installed or one layer of 5/8-inch regular drywall installed. The use of these fire protection materials will slow down the speed with which the fire spreads from one unit to the other, allowing you or your tenant time to escape. Doorways through any fire protection separation walls need to be protected with self closing fire rated doors installed in hollow metal or solid wood frames. Always let your home owner’s insurance know you are converting your basement into an apartment. If a fire occurs in your home and your home owner’s insurance doesn’t know about the apartment, they can deny your fire insurance claim.  Apartment Size and Ceiling Height When you are turning your basement into an apartment, you want to provide adequate space and area to increase the apartment’s value to renters. Just be sure to keep the apartment’s square footage less than the upstairs unit. Depending on the municipality you live in, there can be different requirements for the total size you can give your basement apartment. For example, North Vancouver requires you to make the apartment at least 400 square feet, but no more than 968 square feet. Then, the total size of the basement apartment cannot be more than 40 percent of the entire livable space in the dwelling.  The ceiling height of your basement apartment also needs to meet certain requirements, depending upon which municipality you live in. According to The Ontario Building Code, a basement apartment’s ceiling heights needs to be at least 6-feet 11-inches and can be lowered to 6-feet 5-inches under beams...

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