Canadian Funding Corp Reviews CMHC Sustainability Reports

Canadian Funding Corp
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2008 will be known best known for it’s rough real estate property foreclosures and price drops. There has not been a real estate market crash. The 1980’s crash has been referred to many times in the same breath as the recent disaster.

Things are looking up for the market and by the end of ‘09 we should see properties start rising again. Property owners will love hearing this as some weren’t sure it would ever happen. Once the market hits rock bottom, it will start gaining steam and you will see pricing start to rise.

Knowing how the crash originally crashed is the only way you will be able to comprehend how there will ever be a rise again. Different components can easily be fingered as the market down fall. In 2000 the housing market starting a price rise that would last until 2006, in this time most communities would see their property price double.

As prices were rising at amazing rates, potential buyers acknowledged that they weren’t making enough money to purchase a home. There started to be a lot of houses on the market but no suitable buyers, this meant values had to come down in order for people to be interested in them.

Most people have seen all the news about how sub-prime mortgages played a big role in the crash of the market. Although this wasn’t a direct factor in the Kamloops real estate market, we were still affected, along with other cities in Canada.

Loans were being applied for by potential purchasers that knew they couldn’t handle the payments. Loans were still being approved for these buyers with little to no down payments and extended years on their mortgage terms.

Mortgage payments could not be met due to insufficient funds, so loan company’s pressed the home owners. People were beginning to lose there houses to foreclosure. The more foreclosures happen the more houses starting coming on the market. Prices would fall because there were not enough buyers for all of the houses. It was no longer a sellers market.

Faulty loans was a monster of a problem in America, but as we know, whatever happens usually affects us too. Their markets are now close to their ultimate low point. This is solid news for us because that means we will start seeing a rise.

The majority of large cities are already seeing a rise in real estate prices, meaning that a rise in the little communities shouldn’t be far behind. Also now that with the down trend in real estate pricing, you will see more people can afford to buy again. You will start to see how this will affect us in a positive way. It had to happen sooner or later.

http://www.real-estate-news-articles.com/real-estate-market-will-start-to-rise/

reviewed by Moishe Alexander, CFC moishe alexander CEO

By Brian Madigan LL.B.

Ordinarily, one would think that chattels are not included in an agreement of purchase and sale concerning real estate. And, most of the time they would be right.

However, this is not the case when we are talking about the sale of a business. Under the Real Estate and Business Brokers Act the term “real estate” is defined to include real property, leasehold and business whether with or without premises, fixtures, stock-in-trade, goods or chattels in connection with the operation of the business.

Bob operated a small electrical contracting company. After 25 years in the business, he felt that it was time to retire. In addition to the 10 trucks all clearly marked “Bob’s Electric”, he had recently purchased a minivan. Bob used this vehicle to get to work. He acquired it right at the end of the year so that he could maximize the depreciation. Bob listed the business and negotiated an excellent price.

You might imagine his surprise when it came to the day of closing and his lawyer had prepared a Transfer of the minivan for him to sign. Bob said it was not part of the deal. There was nothing about the minivan in the agreement of purchase and sale. This was true!

His lawyer reviewed the agreement and said that the definition of “real estate” when it concerned the sale of a business included chattels. Since the minivan had been acquired and used in connection with the business, no matter how remote this connection might be, the minivan was deemed to be part of the deal. The obligation rested upon Bob to clearly exclude it, if that was his intention. It did not have to be written into the agreement to become part of the deal. Silence meant the minivan was part of the deal.

So, on closing the purchaser received an assignment of the lease, the stock-in-trade, the fixtures, the 10 trucks, and to his surprise, Bob’s brand new minivan that he drove to work.

In addition, there is one more little problem here worth mentioning. Bob was attracted to the minivan because of the zero percent financing spread out over five years. You guessed it! The agreement of purchase and sale conveyed the title to the assets “free and clear of all encumbrances”. So, out of the funds due on closing, Bob had to pay off the loan on the minivan in order that the purchaser would get clear title.

This little glitch arises in many business transactions, but most of the time neither the buyer nor the seller are aware, and no one asks about the minivan that the owner uses to get to work. There was some good news however. Bob had been thinking about buying a Mercedes.

http://ontariorealestatesource.blogspot.com/2009/07/dont-sell-minivan-by-mistake.html

reviewed by Moishe Alexander, canadian funding corp CEO