Protect Yourself Against Real Estate Fraud and Identity Theft

What is real estate fraud? There are many different types of real estate fraud, but the two that consumers should be aware of are mortgage fraud and title fraud. Mortgage fraud occurs when an individual intentionally provides inaccurate, fraudulent or incomplete information to a lender in order to secure a mortgage that they might not otherwise be granted. This could include anything from an individual claiming to have a higher income than they actually have to providing falsified proof of identification or a falsified appraisal of the property. Title fraud occurs when a fraudster assumes the identity of an individual
Read More

Knob and Tube Wiring in Residential Homes – Insurance May be Denied

The Electrical Safety Authority has received an increasing number of questions about the safety of knob and tube wiring. In particular, purchasers or owners of older homes are finding that many insurers will not provide or renew coverage on such properties. In some cases, the insurance companies are requiring a total replacement of this wiring prior to providing insurance coverage. Knob and tube wiring, more recently referred to as open wiring, was a wiring method used in the early 1900s to 1940s in the residential sector. Over the years wiring installation practices have changed in the residential sector and knob
Read More

Mold in Your Home Can Be Harmful to Your Health

All types of mould have the potential to cause health problems and many people are allergic to it. The severity of the health effects depends on the type or amount of mould and any pre-existing health problems. People with asthma or allergies are more susceptible to mould-related problems. Mould weakens its host food source and can cause structural damage to buildings. Mould can develop on organic materials if they remain wet for 24 to 48 hours. It is not the quantity of water, but the time the material has been exposed to water or moisture that determines the growth of
Read More

Household Pests Can be Damaging to Your Home

Household pests have a knack of residing in homes to satisfy their needs of food, water and shelter. If you do not seek the services of a pest control company in time, pests can cause your home a significant amount of damage. Although you may not feel too concerned about a couple of rodents roaming around your house, it is essential to remember that these pests can mate and multiply rapidly. Many people end up losing a large amount of cash due to the lack of timely treatment of these problems. Carpenter Ants Although the creatures may look miniscule and
Read More

Smoke Alarms are the Law

Effective March 1st. 2006 it became law for all Ontario homes to have a working Smoke Alarm on every story and outside every sleeping area. With this previously announced Fire Code amendment now in effect, it is hoped there will be a reduction of the number of preventable fire-related injuries and fatalities.  The amendment covers single family, semi-detached and town homes, whether owner-occupied or rented. Penalties for non-compliance with the Ontario Fire Code smoke alarm requirements could result in a ticket for $235 or a fine of up to $50,000 for individuals or $100,000 for corporations. Working smoke alarms save
Read More

What You Need to Know About Oil Heating and Oil Tanks

It is critical for a home buyer contemplating the purchase of a home with oil heating that they have a clear understanding of their responsibilities and liabilities under laws that have been implemented to protect our environment. It is also important to note that Mortgage Companies may not advance Mortgage funds and Insurance Companies may decline Insurance Coverage if the property does not meet the new regulations. The Ministry of Consumer and Business Services recently amended Ontario’s Technical Standards and Safety Act (TSSA) to include new regulations with regard to fuel oil. Inspections One component of the new regulations involves
Read More

How to Protect Yourself From a Grow Home

Buying a home that was once a Grow House has some advantages as they can usually be purchased below market value. Usually the owner has done all necessary work using professionals to ensure that the property is safe for human habitation. However in recent months one of the growing difficulties with purchasing a residence that was once used as a grow house is that there are limited companies that will provide mortgage funding. If you are considering purchasing this type of home, first consult with your Royal LePage Team Realty Representative to ensure that Mortgage Funding will be available. Grow
Read More

Don’t Wait Until the Last Minute to Get Your Home Insurance!

The home insurance market has changed dramatically over the past years especially in the aftermath of 9-11 Gone are the days when a buyer could simply call their insurance brokers and arrange for insurance on their new home within 24 hours of the call. Standards Are Tougher Today the insurance companies are not only looking at the home to be insured but they are also taking a close look at the homeowner as well. When considering the home to be insured, the insurance companies are looking at age and condition including structural components, electrical, plumbing, roof, windows, heating etc. and
Read More

Fire Retrofit – Does The Home You Are Purchasing Need One?

  When purchasing a home with an auxiliary dwelling unit i.e.: a basement apartment or in-law suite or area in the home or garage that contains kitchen and bathroom facilities that are intended to be exclusive to the unit, as the home buyer it is imperative that you obtain a Fire Retrofit Certificate to ensure that the area meets safety and fire codes if the area in question is to be used futuristically as rental income or is to be occupied by family members. Strict laws have been put in place to ensure human safety and if the area is
Read More

Aluminum Wiring What You Need to Know… Your Home Insurance May Be Declined

Careful attention needs to be paid to what type of wiring exists in the home you are contemplating on buying. If your chosen home insurer finds that Aluminum Wiring is present in the home, they may refuse to insure the property causing delays on closing or failure by the mortgage company to advance mortgage funds. All mortgage companies prior to the advancing of mortgage monies need evidence and undertakings that the property has insurance coverage. Not addressing the issue of Aluminum Wiring prior to closing could result in a litigious situation with a claim for damages from the seller. It
Read More