Paul Indrigo - Blog

Important update for ALL condo owners buying OR selling in 2013

paul.indrigo@century21.ca — Thu, 20 Dec 2012 00:00:00 GMT

I dont post every update on every form as some are not likely to change your life. This one might. Understanding the importance of how it works when the unit is freehold but rests on a POTL (parcel of tied land) is important to know. Whether you are buying one OR in the process of selling a space like this, its critical to have a realtor who understands this process. One recent blog post I did discussed the importance of using the right representation vs someone who is not familiar with the building. The Watermark Lofts in the Upper Beach is a good example.

New Agreement Of Purchase and Sale Form for POTL's

December 19, 2012 -- OREA has developed a new Form to accommodate Common Element Condominiums.

A Common Element Condominium occurs when the dwelling is freehold but a parcel of land is tied to the condo in some way, e.g., roadway, golf course. This is commonly referred to as a POTL (parcel of tied land).

The following is an example of how the legal description would appear in the registry system:

{Part of lot 12, plan 69 T/W an undivided common interest in Rainy River common elements Condominium Corporation No. 1970}

The only real difference between the Agreement of Purchase and Sale Form 100 and this Agreement – POTL is Clause #28 which covers the common element portion. The main points being:

(a) Common Elements Condominium

Monthly common element fee

(b) Status Certificate and Management of Condominium

No special assessment being contemplated
No legal action pending
Status Certificate will be required

Termination of condominium
Substantial alterations
Substantial changes in assets or liabilities of the Condominium Corporation
If such notices are received the Buyer has the option to declare the Agreement null and void

(d) Name of the Condominium Property Management

Via TREB 2012.

How will East York Real Estate fare in 2013?

paul.indrigo@century21.ca — Mon, 10 Dec 2012 00:00:00 GMT

As many of you may have read here early in 2012, the average price of a home surpassed the $500,000 mark this year.

Some of my clients in the area have used this opportunity to move up or down to a place of their choice and safely put away the "tax free capital gains" they received from the sale of their principal residence. Seeing as no one knows if this rare tax free status will remain, its more important than ever to know how YOUR home value is doing 2x per year (as all of my ViP clients do via "The Sold Report-East York").

As a resident since 1998, I have met and talked to thousands of you over the years in person, online, at school events etc. The best part about the area getting better is that the people who live here are still humble and not often affected by ups and downs of the overall Toronto real estate market.

All real estate is local and being your chosen "East York Realtor", you will always get the best information on local and national real estate facts....not news.

PS. Over the next few weeks, you wont see many posts about real estate here. Instead, my goal in December of each year is to give thanks for the amazing support I have received from all of you and the local businesses in our area. As part of this, if you know a local business that would like to receive $1000-5000 in rebate vouchers towards buying or selling a home in 2013 that they can offer to clients of theirs as thanks for a great year.....just let me know the details sooner vs later.

December is here along with $15,000 in Scholarship Awards from TREB. Please share.

paul.indrigo@century21.ca — Sat, 01 Dec 2012 00:00:00 GMT

As a 10+ year member of the Toronto Real Estate Board, this award is one I am very glad we are part of. I have always said there is NOT enough emphasis on explaining homeownership, renting, mortgages etc to kids in high school. Although some of the teachers are likely to know a great deal, I dont often hear my nieces and nephews talking about real estate 101 on facebook.

As a result, its up to smart parents to give their kids the skills needed to survive IN ADDITION TO career skills.

As an added service to any clients (past, present or future), I will always make time to share my skills with any of your high school aged kids that need a mentor. If ages 0-5 is critical for early learning, I would add that 10-20 is critical for adult learning. Feel free to contact me to discuss my 1 hour seminar called "Real Estate 101- Teaching Canadian Kids how the real estate world works".

Real Estate investment started for me in my early 20s. In fact, for those who plan to work right after high school.....having the skills to thrive in real estate investing should be considered a MUST.

Seventh Annual Past President's Scholarship Awards

November 29, 2012 -- TREB’s Past President’s Scholarship Program, now in its seventh year, expanded last year to include two additional scholarships. Two $5,000 first-place scholarships and two $2,500 second-place scholarships will be awarded on behalf of REALTORS® to four graduating high school seniors going on to pursue post-secondary education.

Based on community involvement and a 1,000-word essay, the awards will be presented to the four winners in the spring.

This year’s essay topic choices are:

Which is a more viable financial decision today, homeownership or renting? What do you think is the impact of this decision on society?
What municipal revenue sources do you think the City of Toronto might utilize for future infrastructure funding?

The deadline for application is March 15, 2013.

Click here to view the 2013 scholarship application and essay criteria.

The application can also be obtained by clicking the Education button on the TorontoMLS/New Stratus home page or from the www.TorontoRealEstateBoard.com website.
If you have any questions regarding the scholarship, please contact Christine Shallhorn in the Education Department at (416) 443-8000 x8030 or cshallhorn@trebnet.com

Do you know the secret history behind Toronto's famous lofts, condos & homes?

paul.indrigo@century21.ca — Wed, 28 Nov 2012 00:00:00 GMT

"Every loft tells a story, I am the Storyteller."

Yes, I tell the REAL stories. Not the version you see in glossy magazines, not the kinds you see on most realtors websites who dont know a loft from a condo.

Starting in 2001, my first tours took place in Leslieville right at 245 Carlaw Ave. With thousands of you following me through the doors of some amazing lofts, the stories I have learned over the years of being a Toronto resident (39 & counting) have served me well.

The good, bad, ugly and (in some cases) shocking stories behind some of the lofts you OR your friends love to look at. Some of you have seen lofts for sale on other websites with nothing but over edited photos and no mention WHATSOEVER of the rich history of the building or the area. A smart loft buyer will always look past the fluff.

Did you know that one loft in particular was famous for selling illegal booze during the prohibition?
Did you know that several lofts claim to be haunted?
Did you know I keep a ongoing database of the lofts and condos lived in by musicians & famous actors?

If you think you will get all the answers here or on Google, I'm afraid not. I dont feel the others who live in those buildings should have to read about their loft on someone's blog.

However, when you are working with me and out looking at lofts that may have a story attached.....I may be one of the few to know the details. As you buyer or seller agent, my job is to disclose every material fact I know about that property. If someone died in the complex and I know about it OR am told about it, so will YOU. If you are a client of mine, you know this is true.

After 10+ years of doing this for a LIVING (not part time, not on the side), I predict I have taken approx 5,000,000 footsteps through Toronto's most amazing lofts. In some cases, I may have seen the factory BEFORE it became a finished loft.

MY PLEDGE: Before you ever sign an agreement to buy/sell/rent a loft with anyone, join me for one of my 10LoftsInADay tours in the area you are looking at. You have nothing to lose and EVERYTHING to gain. In fact, if you decide to join me as a client immediately following the tour....you receive a bonus of 500 Air Miles to be credited on your next purchase or sale with me.