😡 26th Sep 2024 - Couple On the Hook For Over $500K Say 4-Year-Old Ontario Home Is A Teardown, So They're Suing the Builder!

💥 Thursday 26th September 2024 💥 Rent-To-Own Homes Toronto GTA Real Estate Daily: Hot Headlines! "Home Buying & Selling Made Easy: Free Reports & Exclusive Listings!" "GTA Real Estate Daily: Hot Headlines" brings you the most important and up-to-date news from the Greater Toronto Area's real estate market. Every day, we deliver a curated selection of breaking stories, emerging trends, and expert analysis to ensure you're always informed and ready to make the best real estate decisions. Whether you're buying, selling, investing, or simply keeping tabs on the market, our daily headlines keep you ahead of the curve. Stay informed and connected with "GTA Real Estate Daily: Hot Headlines." Can tenants expect any additional costs or fees associated with rent-to-own agreements, such as maintenance expenses or option fees, and how transparent are these costs? Yes, tenants entering into rent-to-own agreements can expect several additional costs and fees beyond the monthly rent. Understanding these expenses and how transparent they are is crucial for making informed decisions. Here are some common costs associated with rent-to-own agreements: 1. Option Fee Description: An option fee is typically paid upfront at the beginning of the rent-to-own agreement. This fee secures the buyer's option to purchase the property at a later date. Amount: The option fee can vary widely but is often between 1% and 5% of the purchase price. It may or may not be credited toward the purchase price if the tenant decides to buy the property. Transparency: The specifics of the option fee, including its amount and how it applies to the purchase price, should be clearly outlined in the contract. Tenants should ensure they understand the terms regarding the option fee before signing. 2. Monthly Rent Description: Rent-to-own agreements usually involve higher monthly rent payments than traditional leases. A portion of the rent may be credited toward the eventual purchase of the home. Transparency: The agreement should specify how much of the monthly rent goes toward the purchase price and how long this credit will be applied. Buyers should verify that the terms are clearly stated in the contract. 3. Maintenance and Repairs Description: Depending on the terms of the agreement, tenants may be responsible for maintenance and repair costs during the rental period. This can include routine upkeep, repairs, and possibly property taxes. Transparency: It’s essential for tenants to discuss and understand who is responsible for maintenance and repairs before entering the agreement. This should be clearly detailed in the contract. If the tenant is responsible, they should budget for these costs, which can add up quickly. 4. Utilities Description: As with traditional rental agreements, tenants in rent-to-own arrangements are typically responsible for paying utilities such as water, electricity, gas, and internet. Transparency: While these costs are usually not hidden, tenants should ensure that they understand what utilities they are responsible for and how they might change during the rental period. 5. Property Insurance Description: Rent-to-own tenants may be required to obtain renter’s insurance or property insurance. This protects both the tenant's personal property and the property owner’s interests. Transparency: The requirement for insurance and the specific coverage needed should be included in the rent-to-own agreement. Tenants should confirm the types of coverage necessary to avoid gaps in protection. 6. Closing Costs Description: If the tenant decides to purchase the property at the end of the rental period, they will be responsible for various closing costs associated with the home purchase. These may include appraisal fees, title insurance, attorney fees, and other associated costs. Transparency: The agreement should outline the anticipated closing costs and whether any portion of the rent or option fee can be applied to these costs. Tenants should be prepared for these additional expenses when transitioning from renting to ownership. 7. Escrow Fees Description: In some cases, rent-to-own agreements may require the establishment of an escrow account for the option fee or monthly rent credits. This account may incur fees for managing the funds. Transparency: The details regarding any escrow accounts and associated fees should be clearly articulated in the agreement. Tenants should inquire about how these accounts are managed and any costs involved. 8. Late Fees Description: If tenants fail to pay rent on time, they may incur late fees, which can add to the overall cost of the rent-to-own arrangement. Transparency: The rent-to-own agreement should specify the late fee structure and any grace periods. Tenants should ensure they understand these terms to avoid unexpected penalties. Conclusion Tenants in rent-to-own agreements should be aware of several additional costs, including option fees, maintenance expenses, and potential closing costs. Transparency is key; all costs should be clearly outlined in the rent-to-own agreement, allowing tenants to budget accordingly and avoid surprises. Before entering an agreement, it's advisable for tenants to carefully review the terms, seek clarification on any unclear points, and possibly consult with a legal professional to ensure they fully understand their financial obligations and rights. Couple on the hook for over $500K say 4-year-old Ontario home is a teardown, so they're suing the builder | CBC News Carolynn Mayers and James Durban say their Fort Erie, Ont., house's foundation isn't strong enough to hold up their house and they have no choice but to rebuild from scratch. cbc.ca READ MORE ... A homeless homeowner. A fight that led to criminal charges. Disputes between tenants and landlords ‘getting out of hand’ Extreme cases highlight challenges in local rental market, realtors say thespec.com READ MORE ... GTA faces widest housing gap in over 50 years amid soaring population growth Toronto's housing crisis is intensifying, as data reveals high municipal fees and slow approval processes are driving up prices. Read on. cochranetimespost.ca READ MORE ... An adorable two-bedroom Toronto home is on the market for under $700,000 If you're in the market for a cozy, detached home that packs serious charm into an affordable package, this adorable house in Oakridge might just be … blogto.com READ MORE ... Toronto home sales pick up pace in September after summer season’s slog Fall has brought more buyers and a quicker tempo to sales, after an August in which GTA sales were their lowest for that month since 2000 but listings at their highest level since May, 2010 headtopics.com READ MORE ... Renovations to single-family homes lifting property values, says RE/MAX Impact of provincial zoning reforms remains to be seen biv.com READ MORE ... Most non-homeowners in Calgary say owning is not realistic: poll The majority of Calgarians who aren’t homeowners say they don’t ever see themselves owning a home in this city, according to a new poll. calgary.citynews.ca READ MORE ... Helping clients navigate essential property regulations and key condo bylaws Don't let property bylaws ruin the sale. Learn how to navigate the labyrinth of condominium rules to protect your client's interests realestatemagazine.ca READ MORE ... Why are mortgages so expensive in Canada? - MoneySense Is your salary enough to buy a home in these Canadian cities? Here’s how much you need to earn based on August real estate data. moneysense.ca READ MORE ... Young homebuyers face $100,000 interest hit in Burlington, Hamilton under new mortgage rules | INhalton A move to encourage young adults in Burlington and Hamilton to become homebuyers is a double-edged sword. The federal government’s new mortgage rules will allow all first-time homebuyers and buyers of new builds to have 30-year amortization periods. On top of that, the new measures will also increase the price cap for insured mortgages from […] halton.insauga.com READ MORE ... “After missing out on a lavender farm and almost buying a dilapidated house, we finally found paradise two hours from the city" - Toronto Life 1,077,815 Torontonians can’t be wrong. torontolife.com READ MORE ... New rules make it tougher for landlords to get rid of tenants by 'renoviction' | CBC News A city bylaw aimed at ending bad-faith evictions passed at city council Tuesday night, but some say it doesn't go far enough. cbc.ca READ MORE ... Vancouver short-term rentals to soon include properties rented less than 90 days - BC | Globalnews.ca Following a public hearing on Tuesday night, the definition of a short-term rental in Vancouver will change from less than 30 days to less than 90 days. globalnews.ca READ MORE ... ANALYSIS: Why mortgage changes won't loosen London's tight rental market Ottawa's move to allow 30-year mortgages is unlikely to create much relief for renters fighting a tight vacancy rate and rising prices lfpress.com READ MORE ... OSFI scraps stress test rules for borrowers switching lenders at renewal Association president hails ‘significant win’ for Canadians mpamag.com READ MORE ... Canadian Real Estate Flippers Are Still Near Record Levels   - Better Dwelling Canadian real estate may have slowed for the average person, but not for flippers. The share of homes purchased and sold in less than 12 months remained largely unchanged in Q2 2024. In fact, the share of sellers that managed to flip their property within a few months is just off record highs. It’s getting […] betterdwelling.com READ MORE ... One underestimated factor is rapidly accelerating home prices in Toronto Toronto's mighty real estate market has fallen quite devastatingly from its heydey over the last year or so, but amid a months-long sales slump and t… blogto.com READ MORE ... Nightmarish Ontario rental shows 'everything wrong' with the housing market Finding an affordable place to live in and around Toronto is no small feat, and, as the latest nightmare rental listing to make the rounds online is … blogto.com READ MORE ... Court awards Ontario residents over $500k due to nightmare neighbour Citizens and businesses in and around Toronto have experienced first hand over the years how messy neighbourly disputes can get, with people resortin… blogto.com READ MORE ... Unlocking homeownership: Why interest rate cuts are not the only key to getting first-time buyers in the door Canadians need more than interest rate cuts to secure their first home. Learn about the financial obstacles faced by first-time buyers realestatemagazine.ca READ MORE ... Editor's Note "Welcome to my Newsletter Page! I am a professional Real Estate Agent in Toronto GTA with an Architectural background from India. With a unique combination of design and real estate knowledge, I am dedicated to helping clients find their dream home. My expertise in both fields allows me to understand the potential of a property and how to best showcase it to potential buyers. I am committed to providing excellent service and going above and beyond for my clients. Let me help you navigate the real estate market and find your perfect property in the Greater Toronto Area & Surroundings. Contact me today!" Click Here For Hot New Toronto Regional Real Estate Board [TRREB] MLS® Listings. Call | Email me for more Info on any GTA Listings, Buying, Selling, Investing or Homebuyer's queries. Click Here to View Listings like Real Estate Agents. Click Here For HOMES & CONDOS In Toronto. Click Here For PRE-SALE CONDOS in Toronto. How does Rent-To-Own Homes works? Click Here for Power of Sale Listings. Manoj Atri, REALTOR®  Experienced Toronto GTA Sales Representative with Architectural Background. My forte: Power of Sale | Bank Foreclosures | Fixer-Upper | Rent-To-Own Homes All types of Credits Low or Zero down With Bank Cash-Back + Cash For Renovations Info & Much More... 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