New study shows majority of Canadians aren't aware of changes that will
affect real estate transactions
TORONTO, April 25 /CNW/ - Although most Canadians (97 per cent) who have
bought or sold a home are aware of the Multiple Listing Service (MLS),
only one-in-ten (11 per cent) understand how recent changes to the MLS
will affect when they buy or sell a home privately, according to a new
poll commissioned by the TitlePLUS program.
MLS provides Canadians with access to listings for thousands of homes
from coast-to-coast which, until recently, was only available with the
full suite of services traditionally provided by a real estate agent.
Recent changes allow people who are selling their homes privately to
use a real estate agent only to get their property listed on the MLS
system, while they handle all other details of the transactions
The TitlePLUS poll showed that while three quarters (72 per cent) of
Canadians were not aware of the changes made to the MLS, almost half
(45 per cent) of Canadians say they would now consider using a real
estate lawyer and selling privately rather than using a real estate
"What these findings show us is that there is an appetite among
Canadians to conduct the sale of their home privately," says Ray
Leclair, vice-president, TitlePLUS. "But buyers and sellers alike need
to recognize the limitations of going it completely alone because of
the intricacies of the often perceived common transaction. Consulting
with a real estate lawyer early on in the process can ensure that
consumers' interests are protected and that they are armed with the
most up-to-date information available."
Overall, Canadians recognize the value of advice and the importance of
using a real estate lawyer with seven-in-10 Canadians seeing value in
working with a lawyer. The lawyer's role will now become even more
critical in consumer protection as Canadians consider going it alone
when buying or selling.
Take for example the agreement of purchase and sale. Consumers who
choose to go it alone privately need to ensure this document is drafted
to protect their interests and reflects their views of what was agreed
to between the buyer and seller - i.e., was that antique hutch included
in the sale price or not? Lawyers can prepare or vet this agreement to
protect their clients - either the buyer or seller -- and offer
objective, expert advice and identify potential issues early in the
process that may need to be addressed to prevent the sale of the home
from falling through. Consulting a lawyer upfront also helps the
parties understand the legal implications of the transaction and the
role of the various players.
About LawPRO and TitlePLUS title Insurance
TitlePLUS title insurance is provided by Lawyers' Professional Indemnity
Company (LawPRO), an insurance company that is licensed to provide
professional liability insurance and title insurance in most
jurisdictions across Canada.
TitlePLUS title insurance is the only all-Canadian title insurance
product on the market today. It protects home buyers and mortgage
lenders under the same policy (and for the same premium) from
title-related and other problems that could affect ownership or the
marketability of the property, and covers the legal services provided
by the lawyer closing the purchase.
For further information:
For more information, or to schedule an interview with Leclair, please contact:
Lisa Mills or Jessica Davidson