Before Buying a London Ontario Condominium, Be Aware Of What You Are Signing

Before buying a condominium in London Ontario, be aware of what you are signing!

Signing buyer agency in London Ontario

 

Why is That?

Most real estate agents may want you to sign a Buyer Agency Agreement because without a written agreement; there are no guarantees the Realtor who finds you your new home will get paid.

Most agency agreements say, in effect, that the Realtor will help you find a place, and you agree not to work with other real estate agents during your search. That’s like someone asking you to get married, and you haven’t even had your first date yet!

Now, after reading this, hopefully, you will know enough to maybe go out with this Realtor on at least one date (viewing a few homes).  Still, you may feel uncomfortable signing a contract that obligates you to this Realtor until you buy or die.

How can you handle it?

In Ontario, licensing laws require that you acknowledge receipt of a copy of The Buyer Agency Agreement which explains what you are signing.  Who represents whom in the transaction?

It is imperative that you understand what it is that you sign, and  keep in mind, this form is from our licensing body RECO (Real Estate Council of Ontario), and there is a lot of language in there to ensure that when you buy a home, that Realtor will get paid, either by you or by the seller.

Also, keep in mind that you are free to negotiate a change to any of the boilerplate language if there are terms or conditions you can’t live with

working with a Realtor in London Ontario

Here are some of the major issues it will include:

  • How much does the broker charge and how is that paid?

In Ontario, the sellers usually pay the brokerage fees, and I’ve even heard Realtor’s telling people that their services to buyers are “free.”  Not quite.  If the listing company has negotiated a payment from the seller (called a “co-op” commission) to your Realtor of less than the amount of the fee he or she charges, the agreement may say that you must make up the difference.  In other words, if your contract calls for a 3% payment, and the co-op commission is only 2.5%, you may have to write a cheque for the difference at settlement.

  • Does the buyer broker charge an up-front contingency fee?  If so, how much is it?  Is it refundable under any circumstances?  Is it credited back to you at closing toward your down payment and closing costs?  An upfront fee is one way that a Realtor can help weed out real buyers from tire kickers, and it’s becoming more customary.
  • How long is the term of the agreement?  If you are not sure you want to enter into something long-term, and if the Realtor insists that you have to sign something, make it a week or so.  You can extend your contract at the end of that time – assuming the Realtor is doing a good job and you both want to continue the relationship.
  • What geographical area does it cover?
  • What type of property?
  • Is it possible for you to break up once you’ve signed on the dotted line?  If it turned out that you’ve made a mistake and didn’t want to work with that Realtor after all, how do you get out of it?  Most brokerages will let you out, but they don’t have to make it easy for you unless you have included language that lets you terminate.

Make every word count

When a good Realtor enters into a buyer-brokerage agreement with a new client, they know that they have to earn the trust and loyalty that the agency agreement represents.  But the deal has got to be more than a piece of paper.

 Some questions to ask

Cadeau Terrace London Ontario Townhouses & Town Homes Only

2,5,6,7,9,10,14,18 Cadeau Terrace is an adult orientated townhouse & townhome community in Byron, Warbler Woods neighbourhood of London Ontario. Most of these one-floor condominium townhomes have a double car garage and some backing on to green space.

Cadeau Terrace London Ontario Condo Town Homes

This enclave of eight townhouses and townhomes is an excellent location for nature lovers, golf enthusiasts and for those who travel and would like a safe upscale neighbourhood to live.

Depending on the Cadeau Terrace address, some units are detached with walkouts, some back onto green space, and there are some without a patio door to the backyard!

Cadeau Terrace Map London Ontario

A very well maintained area, easy access to shopping, services and downtown London located off of Commissioners Road West.

2 Cadeau Terrace 75 Units

These one-floor ranch/bungalow residences are 1700 square feet on the main floor, and most units have a finished basement and a small private courtyard. This complex did not skimp on green space, trees, shrubs and exterior finishes. Note: The residences at 2 Cadeau do not have a rear deck or back entrance door or a patio door.

  • In 2018, one  sold $440,000
  • in 2017, seven sold from as low as $340,000 and up to $431,000

  5 Cadeau Terrace 48 Units 

 These 1500+  square foot one-floor condominium townhouses have a double car garage, and the maintenance and care are quite evident and have a private courtyard. Note: The residences at 5 Cadeau do not have a rear deck or back entrance door or a patio door.

  • In 2018, two sold, one for $370,000, the other $420,000
  • In 2017, three sold, from $320,000 to $415,000

  6 Cadeau Terrace 13 Units

These 13 detached one-floor condominiums do not come up for sale very often. Eleven residences have two car garages and the other two, a single car garage. Five of the units have a walkout onto a ravine!

  • In 2018, no sales recorded on MLS
  • In 2017, one sold for $316,500

7 Cadeau Terrace 34 Units

 Called ‘Warbler Ridge,’ these 34 adults orientated condominiums have a combination of double and single car garages

  • In 2018, three sold from $332,000 to $380,000
  • In 2017, three sold from $307,719 to $370,000

9 Cadeau Terrace 39 Units

These condominium residences have a combination of double and single car garages, a few with a walk out.

  • In 2018, one sold $497,000
  • In 2017, four sold from $319,900 to $351,000

10 Cadeau Terrace 9 Units

 All nine detached townhomes back onto a ravine

  • In 2018, one sold $437,000
  • In 2017, no sales recorded on MLS

14 Cadeau Terrace 36 Units

  These detached condominium townhomes are one-floor residences that are highly sought after, some back onto a ravine for that extra privacy.

  • In 2018, no sales recorded on MLS
  • In 2017, one sold $355,000

18 Cadeau Terrace 43 Units

 These detached condominium townhomes are one-floor residences that are highly sought after, seven of them back onto a ravine for that extra privacy.

  • In 2018, two sold, one for $394,000 & the other, $351,000
  • In 2017, four sold, starting at $329,900 to $379,900

As you can see, the Cadeau Terrace condominium residences have increased in price as has all similar properties throughout London Ontario and area. To build a similar home in 2019, you are looking at a minimum $100,000 or more if lucky.

Scroll down this page, and you can request exact sales price and amenities and get an opinion on what your residence is worth.

 All the condos & houses currently listed for sale on MLS in Byron.                       

 All Townhouses & Townhomes For Sale in London Ontario & Area on MLS

Pond Mills London Ontario Townhouse Bargain, Needs TLC

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TLC & Vision for this three bedroom townhouse in London Ontario

•  Two bath, three bedroom townhouse – FOR SALE CAD185,000. What an opportunity

Here is your chance to apply your decorating skills to this three bedroom, 1 1/2 bathroom townhouse in Pond Mills, the last two sales were $225,000 and $240,000 and both sold in one week! A well-managed complex of townhouse residences, this unit has a carport, and a fenced backyard patio, low condo fees of $187 and the taxes are only $1702.03!

We all know this will not last long on the market, call now for an appointment to see this bargain.

Property information

Condo Buying in London Ontario Is Like Fashion, Changes Occur Rapidly

Are you spending countless hours searching the MLS, real estate magazines, classified ads &  real estate websites looking for the right condominium at the right price in a good neighbourhood in London Ontario?

searching for a condo in London Ontario

Going to Open Houses?

Have you missed out a few properties because they already have an offer or were sold before you even knew about it being for sale?

You may be missing out on some excellent properties that sell in a day or two or one priced so aggressively that it sells as soon as it comes on the market or in a specific area?

Is all that searching working for you or is that you wish to avoid a pesky or bothersome real estate person (don’t blame you)?

Or, perhaps you are curious, or you are in the ‘just thinking stage’ of real estate. Possibly to purchase or sell.

Like fashion, real estate changes quickly, people change, neighbourhoods change, real estate markets change, and the motivation of buyers and sellers change.

So how do I, as a real estate professional & problem solver help?

We view a lot of houses and condos every week. We do loads of searches daily for clients; we are continually researching properties, even For Sale By Owners.

Search Lpndon Ontario Condos For Sale

 

We are out looking at properties every day, we know the jungle, the alleys, the streets, avenues, crescents, what a reasonable price is, what junk is and what the games are that some play.

You won’t have to jump off any cliffs, scale any mountains, wrestle a crocodile, put up with a pushy real estate salesperson, cross-eyed lawyers, impotent mortgage lenders, near-sighted home inspectors, just put up with us!

Small price to pay to get what you want!

  These folks did, and they are still with us!

Two Bedroom Apartment For Sale Downtown London Ontario

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Downtown London Ontario Luxury Residence 19 King Street

•  1700 Plus Square Feet, two bedroom plus a den apartment condominium , only 3 residences per floor for sale $379,900

Here is your chance to live in downtown London Ontario in desirable ‘Regency Towers’ at 19 King Street. This rare and spacious two bedroom plus den residence includes 1,700+ square feet of space and is one of only three units on the entire floor! With only 39 residence condominiums in the building, these apartments very seldom come up for sale as 19 King is a few minutes’ walk to Harris Park, London Museum, Budweiser Gardens, Covent Garden Market, superb restaurants, walking and biking trails and a tremendous serene view of the Thames River.

This apartment residence has two good sized balconies with fabulous views, an updated stylish kitchen and gleaming hardwood floors throughout — two spacious bedrooms including a large master with a walk-in closet and a large master ensuite with a rainfall glass shower. The second bedroom includes beautiful wood built-in shelving & a Murphy Bed, great as an office, yet, a guest bedroom as well.

Two convenient storage lockers, as well as two underground parking spaces, window coverings and an electric fireplace, are included.

The amenities that this adult building offers is a saltwater pool, a sauna, small library, an upscale lobby, a security system and the condo fees include ground and building maintenance, caretaker and cable. Average monthly costs for hydro and gas $90, Roger’s phone ($51.56), not included in condo fees, insurance about $45 and water heater rental approximately $32!

As you can see, the location is prime, the quality and size are there, the safety is superb, and the management is top notch. Why not book your viewing now and then start packing?

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