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GERALDTOOLEY.COM

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Gerald Tooley, Realtor®, Business Broker and Environmental Planner in Victoria, British Columbia

http://www.geraldtooley.com/

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Real Estate Information | geraldtooley.com Reviews
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Gerald Tooley, Realtor®, Business Broker and Environmental Planner in Victoria, British Columbia
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residential buyers,fees,patent defects,residential sellers,cleaning,material latent defects,property disclosure statement,calculators,mortgage affordability,debt service,household budget,considerations,asbestos,kitec,references,home reference book,region
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Real Estate Information | geraldtooley.com Reviews

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Gerald Tooley, Realtor®, Business Broker and Environmental Planner in Victoria, British Columbia

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1

Gerald Tooley - REALTOR® - Homes, Land Developments and Businesses - Victoria, BC

http://www.geraldtooley.com/patent-defects.html

A Buyer Must Diligently Investigate Visually And Use Appropriate Experts To Determine Every Possible Patent Defect When Purchasing Real Estate. A patent defect, according to the Real Estate Council of British Columbia, "is one that is readily visible and/or obvious upon ordinary inspection. A patent defect may also materially affect the property's use or value". (See Real Estate Council of British Columbia, Professional Standards Manual, Trading Services 2.(l). This definition is based upon court cases.

2

Gerald Tooley - REALTOR® - Homes, Land Developments and Businesses - Victoria, BC

http://www.geraldtooley.com/material-latent-defects.html

A Seller, Under Common Law, Must Disclose All Known Material Latent Defects. According to Section 5-13 (1) of the Real Estate Council Rules, Ministerial Order: M417,. A "material latent defect. Means a material defect that cannot be discerned through a reasonable inspection of the property, including any of the following:. A) a defect that renders the real estate. I) dangerous or potentially dangerous to the occupants,. Ii) unfit for habitation, or. B) a defect that would involve great expense to remedy;.

3

Gerald Tooley - REALTOR® - Homes, Land Developments and Businesses - Victoria, BC

http://www.geraldtooley.com/cleaning.html

Cleaning - One of Your Most Important Marketing Strategies. Remember, a potential buyer checks every nook and cranny). Please make sure all lights are clean and working). Kitchen - Nook - Dining Room. Remove all stickers. Clean exterior, crisper, shelves, freezer, door, rubber moldings, ensure light is working. Clean stove top, knobs, elements, burner pans, oven, oven racks, drawer, sides. Make sure light is working. Remove exhaust screen and clean. Clean vent hood inside and out. Clean and remove smudges.

4

Gerald Tooley - REALTOR® - Homes, Land Developments and Businesses - Victoria, BC

http://www.geraldtooley.com/debt-service-calculator.html

This Calculator (courtesy of Canada Mortgage and Housing Corporation) helps you to determine the Maximum Debt you can incur when buying a home, by examining your monthly Housing Expenses and monthly Debt Payments to your Gross Annual Income. Two Ratios are analyzed: Gross Debt Service (GDS) and Total Debt Service (TDS). These Ratios provide a mathematical answer as to whether you can afford your financial obligations and are used by most lenders to decide whether you qualify for a mortgage.

5

Gerald Tooley - REALTOR® - Homes, Land Developments and Businesses - Victoria, BC

http://www.geraldtooley.com/property-disclosure-statement.html

THE PROPERTY DISCLOSURE STATEMENT. The Property Disclosure Statement (PDS), which only applies to non-commercial property on the Multiple Listing Service Systems, is a preset document (about three pages) with predetermined questions answered by the seller with either a "YES", "NO", "DO NOT KNOW" or "DOES NOT APPLY" response. Not all the responses are available for each question. A) a defect that renders the real estate. I) dangerous or potentially dangerous to the occupants. Ii) unfit for habitation".

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