module 9- key words Flashcards
an excellent resource for
conducting property research is GeoWarehouse®, a
web-based property information source that provides
detailed property reports. Use GeoWarehouse®
reports to verify the following:
• Property lot measurements • Registered owner(s) of the property • Last sale date of the property, with the sale price • Assessed value of the property • Legal description of the property • Description of the property (for, “single-family detached home”) • Total square footage of the property
Be aware of any past misuse
Past misuse of a structure or property may also affect
marketing and sale
you should also
research past use—or misuse—of the property. This
type of knowledge ensures the listing is current and
accurate and may offset any future legal issues
Check with the local police department and do an
internet search using the property address to uncover
any possible stigma associated with the property, such
as a previously illegal grow operation or a murder or
suicide on the property.
Determine external influences
An external influence refers to any situation or condition
surrounding the property that may affect the value and
marketability of the property.
Know the surrounding neighbourhood
Research the surrounding neighbourhood through
GeoWarehouse®, or Google Maps, a web-based
mapping service.
Knowing the surrounding neighbourhood well also
means being informed about area schools and access
to public transit, recreation, and health care facilities
Benefits of a Pre-listing Presentation
-One way to prepare to meet with a potential seller is to create a pre-listing presentation. As a
salesperson, you will create this pre-presentation after a potential seller has contacted you/your brokerage and
before you meet with them in person.
-A professional and thorough pre-listing presentation will demonstrate to the seller that you have the knowledge,
expertise, and confidence to sell their property. It will also instill confidence in the seller that they will be making the
right choice if they sign with your brokerage.
FINTRAC
is a federal government agency that assists in the detection, prevention, and deterrence of money laundering, and financing of terrorist activities. FINTRAC may review the information provided on the form
GeoWarehouse®
report for lot size description (front/
depth) and lot irregularities, surveys, permits (such as
parking permits), property tax statements, and
contracts for rental equipment (such as furnace, hot
water tank or alarm system).
Seller Disclosure Obligations
As a salesperson, to avoid future legal issues and protect both the seller and the brokerage, you would:
• Ask the seller questions about the condition of the property
• Use a seller property information statement to help identify known latent defects and obtain the seller’s
permission to make this statement available to all interested parties
• Ensure the seller understands the importance of making accurate statements about the condition of the
property, particularly relating to material latent defects
• Remind the seller of their legal obligation to disclose known latent defects to all potential buyers
As a salesperson, you will need to conduct a thorough visual inspection of the interior and exterior of a property.
. Complete and current information is necessary to market the property accurately and without
misrepresentation. What you discover may be considered a material fact, as you learned earlier, and material facts must be disclosed to your seller.
Interior Property Conditions
(pictures of what to look for in very place in the house)
Interior Property Conditions
picture of what to look for
Interior Property Conditions
Once you have conducted the visual inspection of the seller’s property, you will need to discuss the results with the
seller. This discussion can be tricky if you discover something that contradicts what the seller has told you. Consider
the following strategies to help you navigate through a potentially sensitive situation:
• Explain to the seller that their perception of the issue may differ from your perception; a potential buyer may
have another perception; for example, peeling paint in the upper level may indicate a leaky roof
• Ask for documentation from other third-party professionals to identify the current status of the repair, such as
the recent paid invoice for new shingles
• Recommend that the seller repair minor items before putting the property on the market, and how they may
affect the sale of the property if left in poor condition
Ownership and title
Confirm the following with the seller and gather
documentation where applicable to support:
• Who is registered on the title.
• If anyone has a spousal interest in the property.
This means the spouse is not on title but has an
interest in the property.
• If the property is subject to a first right of refusal.
The right of first refusal means there is a thirdparty interest or claim on a property, such as a
mortgage.
• Mortgages, lines of credit, or other debt
obligations registered against title.
Land use restrictions
Confirm the following with the seller and gather
documentation where applicable to support:
• Encroachments, easements, or rights of way
indicated on the survey
• Disputes with neighbours about the given issues
or other boundary-related disputes
• Special designations, such as a heritage property
zoning
Confirm the following with the seller and consider
follow up with the municipality:
• Zoning bylaws and restrictions
• Compliance with the zoning
• Municipal plans for re-zoning the property or
neighbouring properties, if any
