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As a real estate sales representative and active investor I always get questions from clients, family and friends about what to buy or how to invest in real estate. First things first, it is not for the faint of heart and I have made my fair share of mistakes over the years. As the saying goes “sometimes you win, sometimes you learn”.
Below I have condensed, what I think, are the most important lessons I have learned over the years into my top 5 tips for investing in real estate.
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What is it? An assignment is essentially a sale of a contract or right to acquire property. An assignment is a transaction whereby the original purchaser (the "Assignor") of a property sells, and thereby transfers, their interest and obligations under the original contract to a new purchaser (the "Assignee"). The Assignee will generally assume all of the Assignor's duties and obligations under the original Agreement of Purchase and Sale.
Can I assign my investment? An assignment is legally permitted unless otherwise expressly prohibited in writing in the original Agreement of Purchase and Sale. An assignment fee may be charged by the developer and is normally a cost borne by the Assignor (the original purchaser).
So after months of looking you’ve finally found that dream property. It’s in the perfect neighbourhood, school district with an easy commute to work ( we can all dare to dream).
However, one thing, the kitchen is a mess. Oh and the floors are faded and cracked. Wait, you only have 3 working electrical outlets -so nowhere for the cappuccino machine - plus the kitchen counter looks like the previous owner chopped wood on it.
So what do you do?
Read moreWell, 2017 is a few weeks away. For those of you starting to make your plans and goals for the new year, I thought that this would be a good time for me to offer some insight on the current leasing/rental landscape in Toronto and what we can expect going forward. Those of you who are real estate investors or who are currently renting, are very aware of how much lease prices have increased over the past few years. In a nutshell, if you own a rental unit I’ve got some good news for you for 2017. If you are currently renting or looking for a new space in the near future well…..
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Brandt J. Morris
Sales Representative
Bosley Real Estate Ltd., Brokerage
103 Vanderhoof Avenue
Toronto, Ontario M4G 2H5
Office: 416.322.8000