City offered church for $1.00

For those of you who don't know yet,
we finally settled on Monday June 16th,
2008. The closing date is in 60 days.
I counted on my calendar that the
60th day is on August 14, 2008.
Though, I'll have to get confirmation
on the date. My understanding is that
about a week before closing I'll be required
to sign an agreement with the actual date
included (an amendment). So everything
looks hunky dory for now. And you thought
miracles don't happen.

The following day, June 17th, I was perusing
the Windsor Star, and I came across the
article, "Bank building's days numbered."
Guess what? The London diocese offered to
sell Our Lady of the Rosary church to the
city for $1.00. I was stunned. The city
would get the building not quite free, but
just about free. $1.00!!

Apparently the church requires about 2 million
in repairs. I suppose really when you look at
it, the city actually will be buying the
church for $1.00 plus about an additional
2 million when you factor in the repairs.
Our Lady of the Rosary church is a beautiful
building and I think it will be money well spent.

Although I'm not Catholic, I always felt that
with the church as my next door neighbour God
was looking out for me. And so far He has.



"Bank building days numbered"
http://www.canada.com/windsorstar/news/
story.html?id=5053ad69-d6cd-4214-a940
-4be2e80ae132&p=

It's Settled!

We have an agreement, finally.

I've done my part

At the lawyer's office yesterday
I signed the agreement (less clause
11, Right to Occupy) given to me
by the agent. So I've done my
part.

Residential Tenancies Act, 2006, Ontario

I have an appointment with the lawyer
tomorrow to sign the Agreement
of Purchase and Sale (Offer),
provided by EWCP's Buckingham agent.
The Offer has not been signed
by the Buyer but indicates the
Buyer's Offer is irrevocable by
June 16th, 2008.
So when's an offer from the Buyer
not an offer? When the offer is not
signed by the Buyer.
The agreement provides a clause
giving me, the Seller, the right
to occupy the property rent free
for a period of 90 days. I would
be responsible for maintaining the
property, utilities and insurance.

Insurance is the problem. Initially
the clause required that I maintain
Tenant Insurance policy for the
property. I contacted the agent
and he said I could replace the word
'property' with the word 'content'.
That lead me to take issue with
a landlord dictating to a prospective
tenant that they have to take out
tenant insurance. Why would that be
the landlord's business. The agent told
me that removing the bit on the insurance
could be a deal breaker.

Well guess what? I'm removing the
part of clause 11, that requires
Tenant Insurance. The offer hasn't
been signed by the Buyer anyway.
Can't break a deal when there isn't
one to begin with or an offer for
that matter.

So why remove it? Because
under the Residential Tenancies
Act, I would not be consider a tenant
because clause 11, "Right to Occupy,
indicates that I can occupy the
property rent free. To be consider
a tenant under the RTA, you have to
pay rent.

This leads to the next
issue, Tenant Insurance. Do you
think that an insurance company
would pay out a claim on a tenant
insurance policy, if it discovered
that I was not a tenant as per the law.
Well, I'll give you the answer the
insurance company gave me. "No."

Check out the the definition of "tenant"
under the heading, Interpretation, s. 2.1 of
the Residential Tenancies Act,2006.

http://www.e-laws.gov.on.ca/html/statutes/
english/elaws_statutes_06r17_e.htm#BK3

Also check out Buyer's Offer (wink, wink)

http://picasaweb.google.com/scwmark/EastWindsor
CogenerationPropertiesInc
AgreementOfPurchaseAndSaleJune052008


Edit in

On further thought, I'm simply
just going to cross out clause 11
of Schedule 'A'. I'd have no
protection. The closing date
will have to change from 30 days
to maybe 60 days or longer.

Clean Slate

The agent contacted me. That should
be a good sign, right? Well, I don't
know. I'd like to get this settled
so that we can move on. But I don't
want to end up homeless and with no
money because the objective hasn't
change, just the route.

The agent said something that bothered
me. He told me that I would be paying
off my mortgage myself. Now it seems to
me that if we are going to try to reach
an agreement, we should at least try
to start with a clean slate. And
a clean slate would be that I trust
others will do their jobs. So
I'm not paying off my mortgage myself.
That's for the lawyers to deal with.

Last week I was at St. Clair College
and I picked up a real estate book from
the college book store titled, Advanced
Residential Real Estate Transactions,
Second Edition, by Mark W. Walma, MA, LLB.
Funny thing about that was I didn't go
to the book store with the idea of
buying a book on real estate. I was
just browsing and came across the book.

On the same day I bought the
book, which was last Wednesday, I came
home to find a message on my answering
machine from the agent, who I hadn't
heard from in some time. I returned
his call the following day. Anyways,
I picked up the book to learn a little
about the process. So hopefully it will
be of some help.

Same ole same ole or a change in the wind?

I met with EWCP's Buckingham agent today.
He called last week and we agreed to meet
today to determine if an agreement can be
reached. I think an agreement can be reached.
But the bigger issue for me is trust. Can
I trust the other side?

City Community Improvement Plan

From the moment I read section 4(d)
of the agreement (Agreement of Purchase
and Sale), I wonder about the clause.
Schedule 'A', Section 4(d) refers to
my Property being included in the City's,
City of Windsor Community Improvement Plan.
I wonder if the agreements of the previous
homeowners of 2929 and 2939 Riverside Drive
East also included the same clause. The
appraisal indicates my property is in good
condition. I know that the 'improvement' can't
be referring to an improvement in the quality of
the building. So this improvement plan must be
referring to an improvement in the quality of
something else. I wonder what that might be?




http://picasaweb.google.com/scwmark/
EastWindsorCogenerationPropertiesAug2007OfferCounterOffe