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Hello everybody and welcome to another exciting
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episode of the Michael and Patty Show. I'm Michael
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and I'm Patty and we're recording live on in
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front of the Charlottetown Yacht Club. It's three
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degrees Celsius today. It's actually Thanksgiving
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Day but we've taken time out of our schedule
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and turkey time to do an episode of the podcast.
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There's very few boats left in the water probably
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because it's going to be turning into ice soon
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as we Look straight out ahead of us. They have
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a crane, actually two cranes, removing the boats
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from the water. So that's where we're at today.
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And we're going to get right into the stats,
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unless you have anything to add to Thanksgiving
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Day here in Canada. Yeah, well, Thanksgiving
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Day is technically Monday. And today, to keep
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our schedule, is a Sunday. So our recordings
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we do every Sunday. And yes, it has been a beautiful
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weekend here. The colors are so vibrant on the
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trees as they're changing their colors. And the
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boats are going to be coming out, which is a
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very sad time of year to see all the boats come
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out. But it is beautiful. So in front of me,
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I have the stats for September 2026. And again,
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our numbers are thin here, so it doesn't take
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much to move the needle. So according to this,
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oh, things are just great. Home sales are up
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6 .9%. But when you look at the numbers, home
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sales number 201 this year, 188 last year. New
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listings are up almost 5%, 4 .9, 341 new listings.
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Versus 325, the market is balanced. So all you
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overpriced sellers that think open houses and
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new price stickers are going to sell your house.
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All you're doing is you're wasting your time,
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wasting your agent's time, and your house will
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eventually settle at market value, Patty. Yeah,
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and it's okay if you are a listing agent listening
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to this to have that uncomfortable conversation.
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Because the reason you see open houses is because
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the sellers are putting pressure onto the listing
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agents going, what are you doing to sell my overpriced
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listing without actually saying that exact word
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in there? listing agent feels this sense of pressure
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because they've already got time, they may have
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money, everything invested in it, that they're
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going to jump through hoops and do whatever they
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can to see if they can be that agent that follows
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the sale to the finish line. Have that conversation.
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If you're still on the market, chances are you're
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priced too high. And we're just getting into
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the Christmas season. So if anyone knows anything
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about Atlantic Canada, particularly PEI. The
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focus will be on Christmas starting the middle
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of November until the end of the year. And then
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January will be determined on the weather. If
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we have 10 feet of snow, nothing's going on.
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You may as well leave for the Bahamas. But if
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it's green grass, things will be happening in
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January. Yeah, but don't take your property off
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the market and assume, well, it's going to be
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the holidays. No one's going to be interested
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because, Michael, it's Thanksgiving weekend.
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you would assume that people are going to be
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focused on spending time with family and friends.
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No, it is a great time for people who are traveling
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to travel to wherever your location is to maybe
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look at some real estate while they're visiting
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family and friends or because they have the extra
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day to play with a long weekend, they're looking
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at real estate. Did you not receive an offer
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last night, Michael? I did. Nine o 'clock at
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night, I received an offer on a property. which
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actually will turn into our next subject here.
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But before we do that, I just wanted to say that
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the benchmark price is the last part of the stats
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and the price has not changed. Everyone's got
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this bizarro idea that real estate just goes
Load full transcript
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up and up and up and up and up and up. And that's
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what caused the crash back in 2008, 2009, as
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people were buying real estate that knew nothing
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about real estate and they're over leveraged
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mortgage. people offering mortgages were lending
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money to people that shouldn't have been getting
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it. So the benchmark price here, interestingly
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enough, has not changed in a year. Benchmark
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price is $377 .9 Canadian dollars. And it was
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the same last, they're comparing it to same month
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last year. Yes. So it hasn't gone up. In fact,
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I've noticed a lot of markets, as I do watch
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markets in the US and Canada, markets which I'm
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interested in buying real estate, And they're
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actually going down. I'm watching the prices
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go down and down and down. And of course, they're
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getting the same thing there. The idiotic vendors
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that are way overpriced, that think they have
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the best house in the world, are getting open
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houses done because it's a free pacifier and
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the agent has commission breath. Yeah, and it
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doesn't cost... You know what commission breath
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is. Yes, I do. It's not anything that Listerine
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or Scope will take care of. That's right. All
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they can... All they smell like is... that commission
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check coming in. So they're going to bend over
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backwards and tell you what you want to hear
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and do your open houses because essentially they're
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free. But there is a huge advantage to the open
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house, of course, that the listing agent gets
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to meet all your neighbors and put on a big show.
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So when they want to list or their friends want
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to list, it gives them ability to use your house
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as a tool or a conduit to more clientele. Absolutely.
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And of course, what do they tell the people at
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the open house? Oh, well, there might be some
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interest. Oh, it went great. We gave away all
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30 donuts. Oh, well, absolutely. Or, I mean,
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when I was showing properties, they used the,
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there's a doctor interested in this place. So
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if your clients are interested, they might want
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to move fast. And don't allow that to end up
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causing you to move quicker because you think
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somebody... regardless of what their stature
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is, is interested in that product. But it is,
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it's just an opportunity for agents. And you
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also get the new agents that want to establish
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themselves in the business. So they'll do everyone's
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open houses just so they can introduce themselves
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and have conversations with people who come in
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the door. Only to find out that the people going
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through the open house are already represented
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by a buyer's agent and they'll write the offer
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through them and cut you out of the picture altogether
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and the listing agent will thank you for your
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time. Yes, because that kept their seller happy
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for another week. That's right. So let's move
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on to something that shouldn't be happening if
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you have experience. So, you know, you get an
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offer and I'm going to talk about this offer.
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that I just received, and I'll put this as nice
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as possible. Here's an agent that's been in the
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business for years, claims to be the expert in
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that area of the province. I get the offer. It
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has an ortho photo and it has the cut sheet.
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And not only the cut sheet, but it's got pages
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and pages and pages of every frigging photo on
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the listing. They included the photo album of
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the house. They sent the whole photo album. So
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right away, I look at two things, which is what
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a lawyer is going to look at, a good lawyer.
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They're going to look at the purchase and sale
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agreement, and they're going to look at the first
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page and see what documents are actually part
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of or attached to the purchase and sale agreement,
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which is typically your Schedule A or agency
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disclosure. Schedule A being a set of paragraphs
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that
are standardized, like home inspections,
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water tests, lawyer review, blah, blah, blah.
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The... Agency disclosure establishes the fiduciary
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responsibility, so we all know who's working
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for who, so there's no misrepresentations that
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the buyer doesn't think the listing agent's working
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for the buyer and vice versa. However, in this
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particular case, they did not include the photo
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album, the cut sheet, and the orthophoto or the
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satellite view. which included the property lines.
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They did. They did include because you said they
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did not. They didn't include it on the purchase
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and sale. They included the document. So my normal
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response is this isn't part of the offer. And
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that's what a lawyer is going to tell you as
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well. However, Patty, I did just out of curiosity
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and fun as I ran this through Claude to see what
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Claude would think after I sent Claude AI the
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documents, which is. particularly phenomenal
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at analyzing documents. Fun fact, CNBC .com,
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just two days ago, I sent you the article. They
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said, what, over 80 % of lawyers are now using
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AI to interpolate documents? That is interesting.
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So what Claude said is, acknowledge you've received
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those documents, but also... acknowledge the
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fact that they're just there for information
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purposes only, and they're not part of the offer.
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In other words, where we see the offer, we saw
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the nonsense you've included with it, but it's
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just information only. The problem is, and I
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hope brokers can get this into their heads, because
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this has just been something that's happened
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over the course of the last few years, it doesn't
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make the offer look better that you've included
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all this crap with it. What you've done is you've
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introduced potential liability on so many different
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levels. Yes, you need to keep your offer. So
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on Prince Edward Island, speaking from our real
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estate market and our association here, our
forms
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have been, and they're not perfect, but our forms
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have been set up to ensure that everything, pretty
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much everything is covered. There's extra clauses
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and you can redact a clause out if it's not applicable
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to what you're purchasing. We have purchase and
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sale agreements specifically for land and specifically
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for residential. So you want to make sure that
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you use the forms. Our errors and admissions
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protects you when you use the forms. If you start
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adding a bunch of additional items to it and
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you don't actually record or document that these
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These items are making up part of the contract,
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which is page one of the agreement of purchase
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and sale. So if anyone listening has an actual
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agreement of purchase and sale, there will be
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a line about two -thirds of the way down the
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page on our contracts, I will say, that say like
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Schedule A, agency disclosure, make up part of
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this contract agreement as well as or part of.
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And there's a blank line there, an opportunity.
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If there's a document that's very important,
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like a Schedule B or some sort of maybe a chattels
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list or something that's been agreed upon, you
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insert that there. If you do not insert it, it
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does not come into. And like you said, Michael,
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Claude's interpretation was it's for information
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only. It does not make up part of the contract.
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So your 30 pages that you're a buyer. you think,
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wow, look at the offer that my agent wrote me
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is just redundant. It can't protect you because
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it is just information. And if you're a listing
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agent and someone misses disclosing on that page
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one that those items, these pages or addendums
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are part of the contract, you don't even have
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to get your seller client to sign them. It's
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like, that's fine. If this agent wants to send
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36 pages so that All the brokerages have to print
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off 36 pages, and the lawyers' offices on both
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sides have to print off 36 pages. Keep your offer
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clean and simple, and only the information that's
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going to protect the clients should be there.
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And what's the problem with including a giant
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photo album and an ortho photo or satellite view
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with the property lines on it? Of which, if I
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may just add to that before you answer, both
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of these documents say... that this information
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may or may not be correct in essence. That's
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paraphrasing, of course, but Claude picked that
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up too, that there was a disclaimer on both of
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these packages saying that they may not be reliable.
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So if they're not reliable, why are you including
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them? Other than probably your broker told you
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to throw in everything but the sink and you have
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the inability to think for yourself. One reason
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that I feel, and that's the beauty of this podcast,
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is that we do have two a little bit sometimes
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different opinions, errors can happen. If you
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trust what is on the MLS as this is the property
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ID, data input errors happen. If you do not include
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or have, say, the ortho map to reconcile the
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parcel ID number, you could get yourself into
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a bit of a situation. So I usually like to see
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the ortho map. because I can reconcile the PID,
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make sure that, oh yes, this is correct. And
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if the listing doesn't include the PID, but I'm
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putting in the PID on the listing and by pulling
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the ortho map, I find out that there's an error.
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These are measures taken to ensure accuracy and
00:13:16.600 --> 00:13:19.399
that you're selling the right property and the
00:13:19.399 --> 00:13:21.919
right names are down and the right information
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is recorded on the property feature sheet. Do
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you think it's a good idea for them to be attaching
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an ortho photo with included property lines that
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may or may not be accurate, and it states that
00:13:32.879 --> 00:13:36.519
right on the picture? I feel that if you're going
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to include, you could insert that the ortho map
00:13:40.960 --> 00:13:44.620
at the bottom of
Schedule A, purchaser acknowledges
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that the ortho map attached may or may not be.
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An actual representation. A survey would be great
00:13:52.659 --> 00:13:55.059
to include if you have a survey. A plot plan
00:13:55.059 --> 00:13:57.500
even better. A plot plan would even be better.
00:13:57.559 --> 00:13:59.679
And the difference between a survey and a plot
00:13:59.679 --> 00:14:02.620
plan, Michael, is? They have the structures and
00:14:02.620 --> 00:14:04.899
anything else typically on the property, like
00:14:04.899 --> 00:14:07.740
easements, right -of -ways, and encroachments
00:14:07.740 --> 00:14:12.259
could be on that plot plan depending on the surveyor,
00:14:12.299 --> 00:14:13.980
but its main function is to show you where the
00:14:13.980 --> 00:14:16.990
buildings are. And the other function that having
00:14:16.990 --> 00:14:22.889
a plot plan can do for a buyer is it can reduce,
00:14:22.970 --> 00:14:26.210
there is the potential for it to reduce the amount
00:14:26.210 --> 00:14:29.549
of title insurance. If you don't have a plot
00:14:29.549 --> 00:14:31.549
plan and you're buying a residential property,
00:14:31.789 --> 00:14:35.070
you're... your title insurance could be more
00:14:35.070 --> 00:14:38.070
because there's a little bit more of a risk that
00:14:38.070 --> 00:14:40.669
the insurance company is taking to protect you.
00:14:40.830 --> 00:14:44.190
Okay, so moving along to the giant photo album,
00:14:44.269 --> 00:14:47.070
which took four or five pages of this offer approximately,
00:14:47.190 --> 00:14:51.169
what's wrong with that picture? Excuse the metaphor
00:14:51.169 --> 00:14:56.399
or the simile. My concern with the picture is
00:14:56.399 --> 00:14:59.120
because now that you've got these photos that
00:14:59.120 --> 00:15:03.080
were taken when the listing was initially introduced,
00:15:03.320 --> 00:15:06.919
it could be a year later. And in that picture,
00:15:06.940 --> 00:15:09.940
there was a tree in the front. And now come closing
00:15:09.940 --> 00:15:13.000
day, this nice little bush doesn't exist. Or
00:15:13.000 --> 00:15:16.179
appliances. Or appliances. Or colors of bedrooms
00:15:16.179 --> 00:15:18.679
or flooring or anything. There's so much liability
00:15:18.679 --> 00:15:22.039
there. Again, apply some common sense here, agents.
00:15:22.700 --> 00:15:25.019
Just because your broker said include the cut
00:15:25.019 --> 00:15:27.940
sheet doesn't mean it's the right thing to do.
00:15:28.019 --> 00:15:30.240
Anything that's attached to that offer, in this
00:15:30.240 --> 00:15:33.620
case, it wasn't even attached, but it was implicated.
00:15:33.879 --> 00:15:36.679
So what happens is if this was ever to turn into
00:15:36.679 --> 00:15:38.759
a lawsuit, they're going to say, well, if this
00:15:38.759 --> 00:15:41.720
wasn't part of the offer, why was it included
00:15:41.720 --> 00:15:45.759
in the package? And the person's lawyer is going
00:15:45.759 --> 00:15:48.460
to say there's some liability there because these
00:15:48.460 --> 00:15:51.919
documents existed. The cure for all this is...
00:15:52.070 --> 00:15:54.809
in your counteroffer, say, we've received all
00:15:54.809 --> 00:15:57.830
this crap, but it's for information purposes
00:15:57.830 --> 00:16:00.289
only. In other words, we're not acknowledging
00:16:00.289 --> 00:16:04.210
anything in the form of a legality or representation
00:16:04.210 --> 00:16:08.929
in the crap that you've added. So I will insert
00:16:08.929 --> 00:16:13.580
this. If you are a buyer's agent, here's a reason,
00:16:13.639 --> 00:16:15.539
and I'm going to disagree with you, Michael,
00:16:15.580 --> 00:16:18.820
on the property feature sheet, that you should...
00:16:19.509 --> 00:16:21.809
include the property feature sheet, but also
00:16:21.809 --> 00:16:24.529
acknowledge it on page one of the agreement of
00:16:24.529 --> 00:16:27.830
purchase and sale. This happened to me, which
00:16:27.830 --> 00:16:31.049
is why I am a huge advocate of including it.
00:16:31.440 --> 00:16:35.879
The commission was changed. So when I wrote the
00:16:35.879 --> 00:16:40.820
offer, on a property feature sheet on the realtor
00:16:40.820 --> 00:16:45.039
view, it will have SB, which is selling brokerage.
00:16:45.039 --> 00:16:48.259
It's the compensation. So whether it's a percentage
00:16:48.259 --> 00:16:51.299
or a flat rate, there could be a bonus included
00:16:51.299 --> 00:16:56.700
in there. So I did not include the property feature
00:16:56.700 --> 00:17:01.399
sheet, but I saved a copy in my file, my online
00:17:01.399 --> 00:17:04.779
cloud file for this particular property, and
00:17:04.779 --> 00:17:08.180
the commission was changed. What they did was
00:17:08.180 --> 00:17:11.420
they were offering a selling bonus, which I am
00:17:11.420 --> 00:17:16.089
not an advocate of, but they were... proposing
00:17:16.089 --> 00:17:18.670
there was a selling bonus at the time that the
00:17:18.670 --> 00:17:23.029
offer was written and accepted fast forward to
00:17:23.029 --> 00:17:26.210
closing now the listing brokerage they can make
00:17:26.210 --> 00:17:28.609
little modifications and changes if they want
00:17:28.609 --> 00:17:31.670
they may have taken the selling bonus out because
00:17:31.670 --> 00:17:34.150
the seller went you know what just in case if
00:17:34.150 --> 00:17:37.069
there's a backup offer or any further interest
00:17:37.069 --> 00:17:39.829
and want the selling bonus taken off at closing
00:17:40.750 --> 00:17:43.490
they refused to pay the selling bonus. And I
00:17:43.490 --> 00:17:45.829
didn't include the property feature sheet, which
00:17:45.829 --> 00:17:49.089
stated there was a selling bonus. It became a
00:17:49.309 --> 00:17:52.069
point of contention. But you didn't have to include
00:17:52.069 --> 00:17:53.670
that with your purchase and sale agreement. You
00:17:53.670 -->
00:17:56.089
just had to print it out, make sure it's dated
00:17:56.089 --> 00:17:59.190
and timed, and then there's your evidence. You
00:17:59.190 --> 00:18:00.829
didn't have to include it with the offer. And
00:18:00.829 --> 00:18:02.650
the other thing Patty's talking about is our
00:18:02.650 --> 00:18:06.289
cut sheets. There's... 50 different versions
00:18:06.289 --> 00:18:08.430
of these cut sheets and you can customize them
00:18:08.430 --> 00:18:11.390
beyond that. But she's talking about a one -page
00:18:11.390 --> 00:18:15.410
summary of the property being sold. The document
00:18:15.410 --> 00:18:17.789
that was included in this offer that I referred
00:18:17.789 --> 00:18:21.609
to as crap was a whole photo album and a bunch
00:18:21.609 --> 00:18:23.710
of other stuff that you usually don't see on
00:18:23.710 --> 00:18:26.410
a one -page cut sheet. But you could have just
00:18:26.410 --> 00:18:30.420
as easily not included that in the purchase and
00:18:30.420 --> 00:18:32.940
sale. However, I do understand the benefit to
00:18:32.940 --> 00:18:35.079
doing so. We need to move along here. I agree.
00:18:35.450 --> 00:18:38.609
Unless you have anything else that's short and
00:18:38.609 --> 00:18:40.369
sweet. No, I was just saying, so if you're a
00:18:40.369 --> 00:18:42.750
buyer's agent listening to this, you might want
00:18:42.750 --> 00:18:45.710
to just include the summary, not the photo album.
00:18:46.190 --> 00:18:50.230
They followed the KISS rule. It will protect
00:18:50.230 --> 00:18:54.589
you and also it will protect your buyer if they
00:18:54.589 --> 00:18:57.269
are assuming they're buying a property with certain
00:18:57.269 --> 00:19:00.329
details and finishes. And although they should
00:19:00.329 --> 00:19:02.769
be doing a home inspection to reconcile all the
00:19:02.769 --> 00:19:04.829
information and do their due diligence before
00:19:04.829 --> 00:19:08.019
closing. But there is some level of protection.
00:19:08.380 --> 00:19:11.259
And what's KISS stand for? Keep it simple, silly.
00:19:11.619 --> 00:19:14.960
Stupid. It's keep it simple, stupid. That's the
00:19:14.960 --> 00:19:17.660
mom version. The new political version is silly.
00:19:18.220 --> 00:19:20.940
AI Corner. So after this offer is presented,
00:19:21.200 --> 00:19:22.900
what are the owners going to ask for right away?
00:19:23.039 --> 00:19:25.480
They're going to ask for sales data, right? Absolutely.
00:19:25.759 --> 00:19:28.849
So. Being preemptive about this, what I did,
00:19:28.910 --> 00:19:31.369
and this is part of our AI corner, is I took
00:19:31.369 --> 00:19:35.029
the last 168 sales that happened everywhere in
00:19:35.029 --> 00:19:37.589
that zone. In this particular case, it was pretty
00:19:37.589 --> 00:19:40.470
well the whole center of the island. I wanted
00:19:40.470 --> 00:19:42.930
to cut that down a bit. So I made the values
00:19:42.930 --> 00:19:45.849
like plus or minus 150 grand on either side.
00:19:45.950 --> 00:19:48.289
I said, it's not waterfront and there is a garage.
00:19:48.509 --> 00:19:51.750
One thing about our market is for some reason,
00:19:51.809 --> 00:19:54.390
you don't see garages on the majority of properties
00:19:54.390 --> 00:19:56.910
here. And this illustrated that. because when
00:19:56.910 --> 00:20:00.710
I got rid of the properties that had a garage,
00:20:00.750 --> 00:20:05.089
it cut the data set down to about 70 or 80 properties,
00:20:05.170 --> 00:20:08.329
just about half, so that I fed that information
00:20:08.329 --> 00:20:12.569
into Clod, and I'm having it create a CMA, a
00:20:12.569 --> 00:20:15.009
comprehensive market analysis, which is similar
00:20:15.009 --> 00:20:18.329
to an appraisal. But the interesting aspect of
00:20:18.329 --> 00:20:21.970
using AI tools to do this, albeit they do need
00:20:21.970 --> 00:20:24.490
some interaction with an experienced agent to
00:20:24.920 --> 00:20:28.680
interpret them is that it's sort of like a biased
00:20:28.680 --> 00:20:32.039
third party that's not involved in the transaction
00:20:32.039 --> 00:20:35.180
assigning a value, which is nice because usually
00:20:35.180 --> 00:20:37.759
what this turns into is the vendor saying, well,
00:20:37.779 --> 00:20:39.480
you're just working for the purchaser and that's
00:20:39.480 --> 00:20:41.880
why you're trying to get the price down. Yeah.
00:20:41.920 --> 00:20:45.319
Claude is an unbiased third party. They don't
00:20:45.319 --> 00:20:47.660
have a vested interest in either side. They're
00:20:47.660 --> 00:20:50.980
just interpreting the data. And yes, you do have
00:20:50.980 --> 00:20:54.660
a little bit of input that you have to while
00:20:54.660 --> 00:20:59.119
you're educating your quad to be able to understand
00:20:59.119 --> 00:21:02.460
your area and what's deemed important or relevant
00:21:02.460 --> 00:21:07.140
and what is not. Islanders can apply for up to
00:21:07.140 --> 00:21:13.019
a $1 ,200 reimbursement or credit. I'm not sure
00:21:13.019 --> 00:21:16.549
how they're doing this. And heating help. So
00:21:16.549 --> 00:21:19.390
if you are using, I assume this is referring
00:21:19.390 --> 00:21:23.069
to oil. I haven't read all the details. but there
00:21:23.069 --> 00:21:26.069
is a program out to reimburse you potentially
00:21:26.069 --> 00:21:28.890
for heating oil. And the other thing, the federal
00:21:28.890 --> 00:21:30.750
government of Canada, I don't know if you heard
00:21:30.750 --> 00:21:32.690
this or not, but they're bringing back another
00:21:32.690 --> 00:21:35.950
version of the heat pump installation program.
00:21:36.329 --> 00:21:38.750
No, I didn't hear that. Well, you heard it here
00:21:38.750 --> 00:21:40.950
first. I tried to look for the information on
00:21:40.950 --> 00:21:43.190
the federal Canadian government website, couldn't
00:21:43.190 --> 00:21:45.390
find it. But if you are in any state or province,
00:21:45.819 --> 00:21:51.160
check for... programs that entitle you to rebates
00:21:51.160 --> 00:21:53.019
because most people aren't aware of them or don't
00:21:53.019 --> 00:21:56.000
utilize them. And in this particular province,
00:21:56.039 --> 00:21:58.200
just like other provinces, and I just signed
00:21:58.200 --> 00:22:00.839
up for one the other day in a city in Ontario,
00:22:01.059 --> 00:22:04.140
is they typically have a newsletter which covers
00:22:04.140 --> 00:22:06.680
a lot of stuff happening in your community. And
00:22:06.680 --> 00:22:09.119
PEI, Patty, you can tell us something about the
00:22:09.119 --> 00:22:11.759
government newsletter? Yeah. So if you subscribe
00:22:11.759 --> 00:22:15.180
to the Prince Edward Island newsletter. Government
00:22:15.180 --> 00:22:18.490
newsletter. Government newsletter. They will
00:22:18.490 --> 00:22:22.029
provide information on rollouts of like this
00:22:22.029 --> 00:22:25.710
particular program to help more lower income
00:22:25.710 --> 00:22:30.069
individuals offset some of the expense or costs
00:22:30.069 --> 00:22:34.569
in heating your home. They will talk about, you
00:22:34.569 --> 00:22:38.730
know, street projects. They talk about just...
00:22:39.299 --> 00:22:42.240
Pretty much everything and anything you will
00:22:42.240 --> 00:22:44.599
get, and they're not inundating you. So if you're
00:22:44.599 --> 00:22:46.640
somebody that's like, I don't like a lot of emails.
00:22:46.720 --> 00:22:49.599
I got five yesterday. Yeah, I want to keep my
00:22:49.599 --> 00:22:53.460
inbox clean. It's not something that you're going
00:22:53.460 --> 00:22:57.440
to be every hour receiving an update. It's every
00:22:57.440 --> 00:23:01.279
two hours. Yesterday we got, every time there
00:23:01.279 --> 00:23:03.579
is a construction project, we got another email.
00:23:03.960 --> 00:23:06.539
Yeah, and that's fine. It's good to know what's
00:23:06.539 --> 00:23:10.549
going on. this one, you know, a project or a
00:23:10.549 --> 00:23:13.789
construction site. So then you can properly plan.
00:23:14.029 --> 00:23:18.029
The point is the government newsletter for our
00:23:18.029 --> 00:23:22.089
province is a great tool to keep yourself educated,
00:23:22.430 --> 00:23:26.589
informed, and up to date. And I think it's a
00:23:26.589 --> 00:23:29.829
great, a great thing. So I'm sure wherever you're
00:23:29.829 --> 00:23:33.349
listening to us from, look up your government,
00:23:33.569 --> 00:23:37.569
your province, your city's location. And you
00:23:37.569 --> 00:23:41.009
might be able to discover they have a newsletter
00:23:41.009 --> 00:23:43.609
as well to keep you informed and up to date.
00:23:43.690 --> 00:23:46.589
As well as a Facebook group or multiple Facebook
00:23:46.589 --> 00:23:49.970
groups. I looked at them here locally and there
00:23:49.970 --> 00:23:53.589
must have been dozens of Facebook groups pertaining
00:23:53.589 --> 00:23:57.349
to the province and the other cities that I follow.
00:23:57.710 --> 00:23:59.970
They're basically the same thing. And some of
00:23:59.970 --> 00:24:02.670
those Facebooks may cater to people that go for
00:24:02.670 --> 00:24:06.849
walks. crafts or hiking trails or bicycling or
00:24:06.849 --> 00:24:08.650
what's happening in the city. So there's all
00:24:08.650 --> 00:24:10.809
kinds of interesting stuff that you can subscribe
00:24:10.809 --> 00:24:14.150
to or look at if you want to be more in tuned
00:24:14.150 --> 00:24:17.710
or involved in the community. Yeah, the world
00:24:17.710 --> 00:24:21.670
has changed compared to, you know, 10, 15 years
00:24:21.670 --> 00:24:24.769
ago, even. You can be as part of a community
00:24:24.769 --> 00:24:28.869
as you want, or you can be as isolated as you
00:24:28.869 --> 00:24:32.589
choose. Like my father. My father thinks that
00:24:32.589 --> 00:24:35.390
his desktop computer is basically a heating source
00:24:35.390 --> 00:24:38.789
for a bedroom. Yeah, our parents are very different.
00:24:38.849 --> 00:24:43.410
My mother is very dialed in and she definitely,
00:24:43.589 --> 00:24:47.369
she's on all the social media platforms and does
00:24:47.369 --> 00:24:52.069
all her fun posts. And yeah, it's available.
00:24:52.450 --> 00:24:56.150
Keep yourself informed and educated. Since about
00:24:56.150 --> 00:24:59.049
2006, and we've talked about this briefly in
00:24:59.049 --> 00:25:01.150
the past, sometimes on a survey you'll see a
00:25:01.150 --> 00:25:04.369
buffer. Essentially what this buffer is, is it
00:25:04.369 --> 00:25:07.069
pertains to waterfront properties. It was developed
00:25:07.069 --> 00:25:09.450
so people could buy waterfront properties and
00:25:09.450 --> 00:25:12.009
not fear that 20, 30 years down the road their
00:25:12.009 --> 00:25:14.470
waterfront property is now an underwater property,
00:25:14.609 --> 00:25:16.569
which is the case with some of the properties
00:25:16.569 --> 00:25:19.269
that were subdivided back in the 60s, 70s, and
00:25:19.269 --> 00:25:24.130
80s here. So the buffer is 60 feet. times the
00:25:24.130 --> 00:25:27.390
yearly rate of erosion times two, if I'm remembering
00:25:27.390 --> 00:25:30.609
that formula correctly, keeping in mind that
00:25:30.609 --> 00:25:33.410
sometimes, in most cases, that buffer zone cannot
00:25:33.410 --> 00:25:36.250
be built on. However, it may be able to be used
00:25:36.250 --> 00:25:38.130
by everybody in that community, although they
00:25:38.130 --> 00:25:41.230
probably won't, and it's usually owned by the
00:25:41.230 --> 00:25:45.569
property developer and or the HOA at some point
00:25:45.569 --> 00:25:48.750
if it's conveyed to The HOA are created at some
00:25:48.750 --> 00:25:50.869
point. May it be when the subdivisions created
00:25:50.869 --> 00:25:52.990
are down the road once all the lots are sold
00:25:52.990 --> 00:25:55.910
or most of them are sold. So I would refer to
00:25:55.910 --> 00:25:58.890
this as
waterfront buffered access. I've done
00:25:58.890 --> 00:26:01.369
extensive research on this. Patty has said in
00:26:01.369 --> 00:26:04.029
the past it's not waterfront. We'll agree with
00:26:04.029 --> 00:26:07.349
waterfront buffered access. I'm good with that
00:26:07.349 --> 00:26:09.569
wording. So you will take your previous wording
00:26:09.569 --> 00:26:12.430
back? Knowing full well that this could be used
00:26:12.430 --> 00:26:16.049
against you in the future? I do like waterfront
00:26:16.049 --> 00:26:19.069
buffered access. That's what Claude came up with.
00:26:19.150 --> 00:26:23.349
Yes, and that is a perfect way. So checking the
00:26:23.349 --> 00:26:26.230
box waterfront, but making sure that you have
00:26:26.230 --> 00:26:29.710
the disclosure in stating that it is waterfront
00:26:29.710 --> 00:26:32.329
buffered access. And what can you do to make
00:26:32.329 --> 00:26:34.369
sure that no one walks across that property?
00:26:34.450 --> 00:26:38.619
It puts a children's... playground in front of
00:26:38.619 --> 00:26:41.059
your house, you can ask for an exclusive easement.
00:26:41.059 --> 00:26:43.279
Again, I'm not a lawyer, but I have had lawyers
00:26:43.279 --> 00:26:46.319
do this before. It's almost never done because
00:26:46.319 --> 00:26:48.640
no one knows about it, but just ask for an exclusive
00:26:48.640 --> 00:26:51.960
easement from the developer. And you may end
00:26:51.960 --> 00:26:53.859
up lucking out and getting it. The other thing
00:26:53.859 --> 00:26:56.660
is, if you have a dog, you can just use it as
00:26:56.660 --> 00:26:59.220
the dog's toilet and no one's going to walk across
00:26:59.220 --> 00:27:01.839
there because they're... It's a landmine. Reminds
00:27:01.839 --> 00:27:03.500
me of some of the properties we've had listed
00:27:03.500 --> 00:27:05.720
in the past, which surprisingly didn't sell.
00:27:05.819 --> 00:27:07.680
And of course, it had nothing to do with the
00:27:07.680 --> 00:27:10.119
entire front and back yard being used as a...
00:27:10.319 --> 00:27:15.619
Giant toilet. A giant toilet. I'm going to let
00:27:15.619 --> 00:27:18.119
you cover this next. Dishonest things that sellers
00:27:18.119 --> 00:27:21.559
do to sell their home and or building lot. And
00:27:21.559 --> 00:27:24.460
this is just a very small sample, but some of
00:27:24.460 --> 00:27:27.329
the things we've seen recently. Yes. If you're
00:27:27.329 --> 00:27:30.009
listening to us from another area and you are
00:27:30.009 --> 00:27:33.890
in real estate and you have additional items
00:27:33.890 --> 00:27:37.690
or maybe some things that we come across here
00:27:37.690 --> 00:27:39.990
on the island are not done where you are, but
00:27:39.990 --> 00:27:42.670
you may have different items that it would be
00:27:42.670 --> 00:27:45.769
interesting to hear from you. So some of the
00:27:45.769 --> 00:27:49.130
dishonest things that sellers do to try to sell
00:27:49.130 --> 00:27:51.799
their property. or make it look more desirable
00:27:51.799 --> 00:27:55.099
and to justify the overpriced amount they are
00:27:55.099 --> 00:27:58.160
offering it on the market at, is they will move
00:27:58.160 --> 00:28:02.240
survey markers. If they realize, well, the people
00:28:02.240 --> 00:28:06.400
next door aren't here, they're from Quebec or,
00:28:06.460 --> 00:28:09.380
you know, they're from Guatemala. Yeah, sure.
00:28:09.839 --> 00:28:13.420
They're not going to know the difference. Yes,
00:28:13.480 --> 00:28:17.000
if you're from Ontario, I know because that's
00:28:17.000 --> 00:28:21.640
where I'm from originally. This just seems so
00:28:21.640 --> 00:28:25.180
wrong to do, but I know it has been done. The
00:28:25.180 --> 00:28:28.519
good thing is this isn't a common thing here.
00:28:28.680 --> 00:28:31.259
If I may interject for just a moment, it's very
00:28:31.259 --> 00:28:33.940
common in certain parts of the island, and it
00:28:33.940 --> 00:28:37.279
was done back in sort of the 70s and 80s. And
00:28:37.279 --> 00:28:39.119
if you deal with an experienced agent that knows
00:28:39.119 --> 00:28:41.160
this, they can tell you that this subdivision
00:28:41.160 --> 00:28:43.900
here, chances are they've moved those markers.
00:28:44.259 --> 00:28:47.160
Yeah, that's... Again, I just think it's wrong.
00:28:47.240 --> 00:28:50.700
But moving survey markers is one item. So if
00:28:50.700 --> 00:28:53.480
it's important to you or if your property is
00:28:53.480 --> 00:28:57.359
in a questionable setting and things don't reconcile
00:28:57.359 --> 00:28:59.940
and you're looking at the ortho map, which seems
00:28:59.940 --> 00:29:02.799
to be completely off and not in alignment, you
00:29:02.799 --> 00:29:05.680
might want to include in your agreement of purchase
00:29:05.680 --> 00:29:07.759
and sale, this isn't a pre -written clause on
00:29:07.759 --> 00:29:10.539
our contracts, that you would like to have a
00:29:10.539 --> 00:29:14.309
survey done. Further to that, is it's probably
00:29:14.309 --> 00:29:16.950
not going to be at the seller's expense. They
00:29:16.950 --> 00:29:19.369
are going to either delete that clause and say
00:29:19.369 --> 00:29:23.529
no. So you might want to financially plan on
00:29:23.529 --> 00:29:27.089
you getting a survey completed. Or a plot plan.
00:29:27.309 --> 00:29:30.630
Or a plot plan. Just make sure you keep in mind
00:29:30.630 --> 00:29:34.029
your timeline for closing as well as the amount
00:29:34.029 --> 00:29:36.029
of time. And so this could be something while
00:29:36.029 --> 00:29:38.509
you're looking at properties, you might preemptively
00:29:38.509 --> 00:29:42.089
want to set up a relationship if this is deemed
00:29:42.089 --> 00:29:45.339
important. to you with the surveyor so you know
00:29:45.339 --> 00:29:48.599
what your timelines look like. Cover with vinyl
00:29:48.599 --> 00:29:53.180
siding. So there are a lot of older homes on
00:29:53.180 -->
00:29:56.319
the island, and the best way to make it look
00:29:56.319 --> 00:29:59.799
pretty is like putting lipstick on a pig. They
00:29:59.799 --> 00:30:02.279
will cover it up. You may have asbestos siding
00:30:02.279 --> 00:30:06.500
underneath it. You may have old wood shingles
00:30:06.500 --> 00:30:09.900
or wood siding that has got some holes in it.
00:30:10.140 --> 00:30:13.200
And it's amazing at what that vinyl can end up
00:30:13.200 --> 00:30:16.660
masking and covering up. Cover foundation inside
00:30:16.660 --> 00:30:20.279
and out with paint or even with spray foam. It
00:30:20.279 --> 00:30:22.539
is something then you don't see that the wall
00:30:22.539 --> 00:30:27.099
is necessarily bowing out or you don't see how
00:30:27.099 --> 00:30:29.880
the outside of the house. It looks great, but
00:30:29.880 --> 00:30:32.299
there's been so many patchworks and patch jobs
00:30:32.299 --> 00:30:36.299
done. Or they put even a wood skirting, which
00:30:36.299 --> 00:30:39.009
seems kind of odd to me. but just to mask and
00:30:39.009 --> 00:30:42.150
hide all of that. Pile boxes against basement
00:30:42.150 --> 00:30:45.890
walls. There are two reasons this is not a good
00:30:45.890 --> 00:30:50.309
idea. First reason is you are not disclosing
00:30:50.309 --> 00:30:54.109
perhaps a defect of your home because buyers
00:30:54.109 --> 00:30:57.589
are not able to start moving things around. Even
00:30:57.589 --> 00:31:00.670
home inspectors will not get into, they can't
00:31:00.670 --> 00:31:03.650
remove walls, they can't be moving boxes. They
00:31:03.650 --> 00:31:06.910
only do a visual inspection. So don't assume
00:31:06.910 --> 00:31:08.890
if you get a home inspection and there's a wall
00:31:08.890 --> 00:31:11.769
covered with boxes, you're going to have to ask
00:31:11.769 --> 00:31:14.029
and again, put it in your contract agreement
00:31:14.029 --> 00:31:18.349
that the sellers to move the boxes or whatever
00:31:18.349 --> 00:31:23.710
this item is that might be obscuring a full inspection
00:31:23.710 --> 00:31:26.910
of those areas. But the other reason it's not
00:31:26.910 --> 00:31:30.369
good is it can create mold because there's no
00:31:30.369 --> 00:31:34.480
air circulation. We have our humidity here on
00:31:34.480 --> 00:31:38.099
PEI. As I know, other areas across Canada definitely
00:31:38.099 --> 00:31:42.599
have some humid climates. Now, since there's
00:31:42.599 --> 00:31:45.980
no airflow, you're going to end up getting a
00:31:45.980 --> 00:31:48.680
bit of mold buildup in behind these areas. So
00:31:48.680 --> 00:31:52.700
keep your walls clear and free of items. Rolls
00:31:52.700 --> 00:31:57.200
of hay on lots. So I don't understand the rolls
00:31:57.200 --> 00:32:00.599
of hay on lot. I saw the building lot that...
00:32:01.039 --> 00:32:05.380
They actually placed a whole pile of rolls of
00:32:05.380 --> 00:32:08.740
hay and they're over top of the property lines
00:32:08.740 --> 00:32:10.839
and the survey markers. And we were just supposed
00:32:10.839 --> 00:32:14.640
to assume that these survey markers existed.
00:32:14.660 --> 00:32:18.220
So I actually had them take the rolls of hay
00:32:18.220 --> 00:32:21.220
and put them somewhere else. You really do. The
00:32:21.220 --> 00:32:23.640
longer you're in this business, you really do
00:32:23.640 --> 00:32:27.049
experience and encounter the most odd. Well,
00:32:27.190 --> 00:32:30.789
the boxes, that came from another story where
00:32:30.789 --> 00:32:34.930
the agent was actually sued, and he was representing
00:32:34.930 --> 00:32:37.529
some cousin -uncle brother, of course, because
00:32:37.529 --> 00:32:40.990
it's PEI, and he was representing a family member
00:32:40.990 --> 00:32:43.349
on the listing side, so there was an inherent
00:32:43.349 --> 00:32:46.450
conflict of interest here, big time, representing
00:32:46.450 --> 00:32:49.609
two family members, plus the purchaser, plus
00:32:49.609 --> 00:32:52.309
the seller, and he instructed the family member,
00:32:52.410 --> 00:32:54.589
just take all your boxes, because she was moving
00:32:54.589 --> 00:32:57.339
out of the house. pile them against the wall.
00:32:57.500 --> 00:32:59.900
So they make the offer on the house. They figure
00:32:59.900 --> 00:33:02.200
they can trust their cousin -uncle -brother agent.
00:33:02.440 --> 00:33:05.519
Big mistake. And that's probably a reason why
00:33:05.519 --> 00:33:07.519
you don't want to use a cousin -uncle -brother.
00:33:07.799 --> 00:33:11.259
And they went to close on this property. All
00:33:11.259 --> 00:33:14.339
the boxes had been removed, only to show you
00:33:14.339 --> 00:33:16.960
that the foundation was crumbling, the water
00:33:16.960 --> 00:33:19.140
was flowing in through the wall to create a little
00:33:19.140 --> 00:33:22.299
miniature Niagara Falls. And it turned into a
00:33:22.299 --> 00:33:25.500
lawsuit. And the person selling the house, which
00:33:25.500 --> 00:33:28.500
was quite elderly, well, they dragged her old
00:33:28.500 --> 00:33:31.779
ass into court because she was the one that misrepresented
00:33:31.779 --> 00:33:36.019
the property. That's a very sad situation. Commission
00:33:36.019 --> 00:33:38.599
breath. Sad for all. Like, sad for the elderly
00:33:38.599 --> 00:33:43.460
lady who just assumed or trusted whoever their
00:33:43.460 --> 00:33:47.200
real estate family member was. Or aunt, sister,
00:33:47.480 --> 00:33:52.779
daughter. And sad for the buyer. because their
00:33:52.779 --> 00:33:57.660
agent should have put into their contract to
00:33:57.660 --> 00:34:00.680
protect them that they needed to have access
00:34:00.680 --> 00:34:04.279
to all areas. Obviously, you're not requesting
00:34:04.279 --> 00:34:07.319
to take down drywall. We can't. The home inspector
00:34:07.319 --> 00:34:10.500
wouldn't do it. And most sellers, although I
00:34:10.500 --> 00:34:13.400
have had one seller, we
requested that it was
00:34:13.400 --> 00:34:16.920
just poorly done. We asked for the deconstruction
00:34:16.920 --> 00:34:18.980
of the downstairs, which I was surprised, but
00:34:18.980 --> 00:34:21.239
it did get done. And the foundation covering.
00:34:21.860 --> 00:34:24.800
I have seen this numerous times in old houses
00:34:24.800 --> 00:34:27.840
where the foundation is crumbling. So what they'll
00:34:27.840 --> 00:34:30.159
do is they'll put plywood around it, sometimes
00:34:30.159 --> 00:34:32.579
pressure treated, sometimes they'll paint it.
00:34:32.599 --> 00:34:35.460
It looks pretty for a few months until the wood
00:34:35.460 --> 00:34:38.960
either rots or the paint falls off. They're not
00:34:38.960 --> 00:34:41.460
doing this for beautification. They're doing
00:34:41.460 --> 00:34:43.860
it to misrepresent the property. And the fact
00:34:43.860 --> 00:34:46.059
is they probably don't have a plywood fetish.
00:34:49.719 --> 00:34:52.960
Old or non -valid documents. Just because they
00:34:52.960 --> 00:34:55.320
give you a survey doesn't mean it's valid if
00:34:55.320 --> 00:34:59.699
it's from 1971. Plot plan, same thing. PERC tests
00:34:59.699 --> 00:35:02.079
may or may not be valid, especially if it's an
00:35:02.079 --> 00:35:05.480
old PERC test. Standards may have changed. Regulations
00:35:05.480 --> 00:35:08.900
may have changed. So that 1991 PERC test that
00:35:08.900 --> 00:35:11.079
showed it as Category 1, which is wonderful,
00:35:11.280 --> 00:35:20.179
could be a Category 2 or 3 today. where we are
00:35:20.179 --> 00:35:24.639
right now. So our request to include a survey,
00:35:24.760 --> 00:35:28.539
a plot plan... Valid. The word valid on the...
00:35:28.539 --> 00:35:31.380
But then define valid. Valid is the opposite
00:35:31.380 --> 00:35:35.699
of invalid. But you're assuming here is a survey,
00:35:35.739 --> 00:35:40.530
and as a listener, I would be getting really
00:35:40.530 --> 00:35:42.329
frustrated going, now how do I know it's invalid?
00:35:42.369 --> 00:35:45.579
When was the survey created? Six months ago or
00:35:45.579 --> 00:35:49.039
60 years ago? Surveys then you're saying are
00:35:49.039 --> 00:35:52.699
timestamped. So is there a new survey? But then
00:35:52.699 --> 00:35:55.539
sometimes that's not necessary to have a new
00:35:55.539 --> 00:35:59.340
survey completed or a new plot plan. No buildings
00:35:59.340 --> 00:36:01.820
have shifted or moved. Everything is in this
00:36:01.820 --> 00:36:05.480
current. I know my property, I have a plot plan
00:36:05.480 --> 00:36:10.070
now that was 25 years old. And I haven't changed
00:36:10.070 --> 00:36:12.010
anything. So you don't need to get the survey
00:36:12.010 --> 00:36:14.250
or the plot plan redone. All you need to do is
00:36:14.250 --> 00:36:16.329
recertify the pin positions, which is going to
00:36:16.329 --> 00:36:20.230
cost you 90 % less of a new plot plan. Yeah,
00:36:20.230 --> 00:36:25.570
so all I'm saying is be mindful of, again, you're
00:36:25.570 --> 00:36:29.409
reconciling. If you're concerned with boundaries
00:36:29.409 --> 00:36:33.550
and that... refer back to the Schedule A typically
00:36:33.550 --> 00:36:36.690
on the deed, reconcile it. You can bring out
00:36:36.690 --> 00:36:39.130
a little roller measuring thing, device if you
00:36:39.130 --> 00:36:42.369
want, for expediency because sometimes it can
00:36:42.369 --> 00:36:45.269
take a month. They're booked up surveyors just
00:36:45.269 --> 00:36:48.110
to walk out there and start putting their name
00:36:48.110 --> 00:36:51.590
down to confirm. It's a whole process to get
00:36:51.590 --> 00:36:57.050
a property resurveyed. So you can attempt, it's
00:36:57.050 --> 00:37:00.349
not going to be guaranteed, but I would say there
00:37:00.349 --> 00:37:02.829
are so many properties on the island that we
00:37:02.829 --> 00:37:06.329
don't have access to a survey, whether it's from
00:37:06.329 --> 00:37:09.750
the 70s. I consider that golden information or
00:37:09.750 --> 00:37:13.550
a great place to start. Bro, I guess that's it
00:37:13.550 --> 00:37:18.719
for this feisty session. On to the next topic.
00:37:18.940 --> 00:37:21.260
There's no next topic. We're closing her down.
00:37:21.760 --> 00:37:25.159
Got things to do. It's Thanksgiving Day. Sounds
00:37:25.159 --> 00:37:29.289
good. I was just enjoying. Our conversations,
00:37:29.550 --> 00:37:33.219
but... Okay, we'll do another subject then. In
00:37:33.219 --> 00:37:35.340
fact, you wrote this offer and did a really bad
00:37:35.340 --> 00:37:37.820
job of it, so I thought I'd bring this up. You
00:37:37.820 --> 00:37:40.579
wrote an offer that basically said the lot owner
00:37:40.579 --> 00:37:43.880
is to clear the lot. Because the purchaser is
00:37:43.880 --> 00:37:46.530
going to build a house there. There's no time
00:37:46.530 --> 00:37:49.030
limitations. You didn't define what clear meant.
00:37:49.889 --> 00:37:53.050
How it was done. And the understanding was because
00:37:53.050 --> 00:37:55.829
the purchaser had a bunch of back -channel conversations
00:37:55.829 --> 00:37:58.250
with the builder that the clearing would actually
00:37:58.250 --> 00:38:01.190
take place around her house, and she didn't want
00:38:01.190 --> 00:38:05.510
all the trees cleared. So this happens a lot
00:38:05.510 --> 00:38:07.710
where people will say we want the lot cleared,
00:38:07.829 --> 00:38:10.489
but they're not specific on dates, who's to do
00:38:10.489 --> 00:38:13.789
it, what cleared means, is it to go around septic
00:38:13.789 --> 00:38:16.590
systems, wells, all that sort of stuff. So the
00:38:16.590 --> 00:38:19.789
bottom line here is what? Be specific in your...
00:38:20.429 --> 00:38:24.289
in your clauses. All I'm going to say on that
00:38:24.289 --> 00:38:31.829
topic is the importance of clarity and making
00:38:31.829 --> 00:38:36.679
sure if you're writing a clause, you have to
00:38:36.679 --> 00:38:40.659
read it from the buyer's perspective, from your
00:38:40.659 --> 00:38:44.360
perspective, from the seller's perspective, from
00:38:44.360 --> 00:38:48.719
the seller's lawyer's perspective. For whatever
00:38:48.719 --> 00:38:51.880
reason, whatever this clause is that you wrote
00:38:51.880 --> 00:38:57.869
doesn't end up, if it's not clear enough that
00:38:57.869 --> 00:39:00.650
someone can debate it, then it's not a well -written
00:39:00.650 --> 00:39:04.250
clause is all I would say with regards to that.
00:39:04.329 --> 00:39:08.550
And the one thing that I notice most clauses
00:39:08.550 --> 00:39:13.849
miss is what happens if it's not fulfilled. Don't
00:39:13.849 --> 00:39:16.989
leave that blank and just assume that the lawyers
00:39:16.989 --> 00:39:18.969
are going to come in with their broom and dustpan
00:39:18.969 --> 00:39:22.030
and fix it and everything's going to all just
00:39:22.030 --> 00:39:26.110
work its magic and work itself out. Make sure
00:39:26.110 --> 00:39:28.489
that you have the five components to a really
00:39:28.489 --> 00:39:31.550
well -written clause and that you are helping
00:39:31.550 --> 00:39:35.570
the seller's lawyer or the buyer's lawyer. If
00:39:35.570 --> 00:39:39.570
this isn't fulfilled, what are the consequences?
00:39:39.849 --> 00:39:42.480
What is going to be done? Okay, so let's take
00:39:42.480 --> 00:39:46.559
a hypothetical here. Let's say that the purchaser
00:39:46.559 --> 00:39:49.760
closes on a house, and a condition of that purchase
00:39:49.760 --> 00:39:52.739
and sale is they replace the electrical panel
00:39:52.739 --> 00:39:55.480
with a 200 -amp service rather than 100 -amp
00:39:55.480 --> 00:39:59.900
service within 90 days, and it's not done. What
00:39:59.900 --> 00:40:03.639
do you put in your contract? Within 90 days after
00:40:03.639 --> 00:40:06.340
closing? Yep. I wouldn't close on the property.
00:40:06.639 --> 00:40:08.519
Well, let's assume you did. You've already closed
00:40:08.519 --> 00:40:10.719
on it. Okay, well, then there's a holdback. There
00:40:10.719 --> 00:40:13.480
should be a holdback to cover the costs of the
00:40:13.480 --> 00:40:15.800
work and then some just in case they run into
00:40:15.800 --> 00:40:18.460
issues. That's a very smart way to do it, or
00:40:18.460 --> 00:40:21.019
at the very least, when you're offering to do
00:40:21.019 --> 00:40:25.000
something after the closing, have a value put
00:40:25.000 --> 00:40:27.639
on that paragraph as well. But the holdback's
00:40:27.639 --> 00:40:29.239
probably the best way to go because you already
00:40:29.239 --> 00:40:31.920
have the money. Trying to go after two or three
00:40:31.920 --> 00:40:35.159
or $5 ,000 will cost you 10 times that court.
00:40:35.400 --> 00:40:38.980
So it's better to retain it. So that was a very
00:40:38.980 --> 00:40:41.619
good answer. Thanks again for listening to another
00:40:41.619 --> 00:40:44.980
episode of the Michael and Patty Show, otherwise
00:40:44.980 --> 00:40:48.679
known as MAPS, PEI's podcast that helps guide
00:40:48.679 --> 00:40:50.639
and navigate you through the buying and selling
00:40:50.639 --> 00:40:52.980
and a little bit of Prince Edward Island. We
00:40:52.980 --> 00:40:55.199
appreciate each and every one of you. And if
00:40:55.199 --> 00:40:57.539
you're looking for an extension of this podcast,
00:40:58.099 --> 00:41:00.519
We do have Moving to Prince Edward Island, spelled
00:41:00.519 --> 00:41:03.099
completely out from the Michael and Patty podcast,
00:41:03.460 --> 00:41:06.760
which has a summary of every single episode that
00:41:06.760 --> 00:41:09.460
we have ever created. And I believe we're at
00:41:09.460 --> 00:41:14.039
episode 157 today. So you'll be able to pick
00:41:14.039 --> 00:41:17.579
which one has the most relevant content based
00:41:17.579 --> 00:41:20.800
on your current situation, as well as there's
00:41:20.800 --> 00:41:23.800
a Toolbox Tuesday, which is a whole toolbox filled
00:41:23.800 --> 00:41:26.340
with items on everything that you need to know
00:41:26.340 --> 00:41:30.630
from hurricane preparation, winter tire choices,
00:41:31.030 --> 00:41:34.250
getting the kids ready for back to school, moving
00:41:34.250 --> 00:41:37.929
with pets. So much information. I wish that was
00:41:37.929 --> 00:41:41.750
available when I moved across Canada because
00:41:41.750 --> 00:41:45.250
I would have been all over that particular post
00:41:45.250 --> 00:41:50.409
that weekly Toolbox Tuesday. Again, happy Thanksgiving.
00:41:50.510 --> 00:41:52.710
And if you're in the States, your Thanksgiving
00:41:52.710 --> 00:41:56.199
is probably going to be... happening when this
00:41:56.199 --> 00:41:59.480
episode is released? Probably before, because
00:41:59.480 --> 00:42:03.320
I think we're ahead about three weeks. So I guess
00:42:03.320 --> 00:42:05.460
that's it, unless you'd like to cover four other
00:42:05.460 --> 00:42:08.340
painful topics? No, I think we're good. Have
00:42:08.340 --> 00:42:09.139
a great day, everyone.