Ottawa Resale Housing Update

Members of the Ottawa Real Estate Board (OREB) sold 1116 homes through MLS® in September, compared with 1084 in September 2006, an increase of 3.0%. There were 1312 sales in August 2007.

"The big story in September was single family homes, whose sales increased by four per cent over last year at this time," says OREB's president. "Meanwhile, condo sales held steady right where they were last year. But condos are still a hot commodity -- those sold in September spent an average of just 31 days on the market."

The average price of homes sold in September in Ottawa was $272,500, an increase of 6.4% over September 2006. A total of 12,024 properties sold on MLS® in the first nine months of 2007, compared with 11,209 during the same period in 2006, an increase of 7.3%.

Source: OREB

Fall Home Maintenance Checklist

Fall is already in the air, which means that another chilly winter can't be too far behind. So before the cold weather arrives and you snuggle up indoors again, here's your annual checklist of things to do to get your home ready for the change of season.

Inside the House

• Check smoke detectors: Take time to check the operation of detectors and to change the batteries. If you have an older house with a limited number of smoke detectors, you really need to install some additional ones. Battery-powered smoke detectors are inexpensive and very easy to install, so make sure there is one centrally located on each level of the home (an Ottawa Bylaw requirement) and near all bedrooms.
• Install a carbon monoxide detector: A fire is not the only danger you can face inside your home. As houses get closed up for winter, the chances of carbon monoxide poisoning from malfunctioning gas appliances increases substantially. If you have a furnace, fireplace, water heater or other appliance that is fueled by propane or natural gas, now is the ideal time to install a carbon monoxide detector. They're available inexpensively from many home centres and retailers of heating system supplies, they're an easy do-it-yourself installation, and they can truly be a lifesaver.
• Clean furnace ducts: A surprising amount of dirt can accumulate inside your home's furnace ducts, which can decrease your furnace's efficiency and add unnecessary dust to the indoor air. Now is the time to have a professional duct cleaning service come out and take care of this for you.
• Change your furnace filters: Now is also the time to change your furnace filter and you might consider spending a few extra dollars and install one with a higher efficiency rating then the standard inexpensive filters have. While you're changing the filter, consult the owner's manual for the furnace to see if any annual fix-ups of belts, pulleys and other components are necessary – follow all of the manufacturer safety instructions for shutting the power and fuel to the furnace before servicing.
• Clean and inspect the fireplace: Last winter your fireplace built up a layer of soot and creosote. Before you light the first log, clean the fireplace chimney or wood stove flue using brushes approved for the size and type of flue you have, or consider hiring a chimney sweep to take care of this task. Clean out the firebox, making sure you place the ashes in a fireproof container with a tight lid for proper disposal. If you have an airtight wood stove or fireplace insert, check the door-seal gasket, and clean the glass.

Outside the House

• Check weather-stripping: When you have gaps around doors, windows or other areas that penetrate the exterior of your home, you waste expensive heated air from inside as well as allow annoying drafts to keep you from feeling comfortable. Fall is the time to check the weather-stripping around doors and windows, and replace any that are worn. Everything you need can be found at home centers and retailers who specialize in doors and windows. Now is also a good time to close up a few more air leaks by checking the condition of caulking around exterior door and window frames and other penetrations.
• Check and clean gutters: Time to break out the ladder and clean your gutters of leaf and pine needle debris and check that the opening between the gutter and the downspout is unobstructed. Check the entire system for loose joints or other structural problems, and use a gutter sealant to seal any connections where leaks may be occurring. You can also consider the services of a professional gutter company.
• Adjust exterior grade: Take a long look at the grade around your home. Make sure that everything slopes away from your foundation for good drainage and to avoid costly problems with ground water.
• Drain sprinkler systems: Now is the time to be thinking about having your sprinkler and irrigation systems blown out. You can rent a compressor and do this yourself or contact a landscape or irrigation system installer. Shut off outdoor faucets and install freeze-proof faucet covers as needed.

Source: Acker Home Inspection / Inman News.

Title Insurance Offers More Than Just Fraud Protection

When it comes to the single largest investment most of us will make - buying a home - consumers want to make sure they've protected that investment to the best of their abilities.

When it comes to protecting that investment, one option to consider is title insurance - a cost-effective protection that shields home buyers from many of the major risks that can affect the ownership and/or future marketability of title to a property. Like all insurance policies, title insurance is a contract of insurance that comes with terms and conditions. To get the most value out of the title insurance policy, it's important that home buyers understand how title insurance works, and what risks title insurance does and does not cover.

Why even consider title insurance? Because the unexpected can and does happen. The most typical situation in which home buyers call on their title insurance policies involves unpaid utility or realty tax bills from the previous owner. The second most frequent category of claims relates to building code issues. For example, a couple buys a house planning to add a new wing to their home. When the building inspector arrives for an on-site inspection, he discovers that an earlier renovation was not done to code, and the whole home needs to be rewired. If the owners have a title insurance policy in place, the insurer could compensate the home owners for the costs of bringing the electrical work up to code.

Title insurance also protects home owners if the house is not located on the property accurately and encroaches onto neighbouring land, or if a pool has been built that is actually on a neighbour's property. A title insurer could resolve this problem by buying the piece of land that the house (or pool) actually sits on from the neighbour, and taking care of all the related legal work.

Condominium owners have also found title insurance protection useful. Take the example of a newly built condominium unit purchase. The buyer of a particular unit is shocked to find out that the unit purchased is a different unit from the one that he or she was expecting to buy. Unfortunately, the unit actually acquired is worth less because it does not have a "lakefront" view. In this instance, if the title insurance policy covers legal services, the buyer would be compensated for the difference in value between the unit he took possession of, and the unit he thought he had bought.

Title insurance can also benefit buyers in other ways: It can eliminate the need for an up-to-date survey while protecting against any title-related issues that would have been identified by that survey.

Source: TitlePLUS

Fraud Protection

For many buyers, the fraud coverage provided by title insurance is particularly reassuring. Title insurance can protect home owners if they are the victim of fraud, and may also pay the costs involved in defending their ownership in the property and restoring their title to the home.

Bear in mind that, in general, if the problem is not a "legal problem", it is likely not covered. Title insurance provides protection against title-related problems; it is not home warranty insurance, and will not protect home buyers if the fridge breaks down or the furnace gets old. As with any insurance purchase, the home buyer should consult the policy for full details of the actual terms and conditions and seek advice from a real estate lawyer. When purchasing a home, a real estate lawyer can help the buyer sort out the various protections offered by different title insurance companies in order to get an idea of which risks are covered and which are excluded.

Source: TitlePLUS