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c28 economist suntribune january 20 1988 standard offer is unveiled by linda collins the toronto home builders associa- ion unveiled its new standard offer of urchase and sale at a press conference in downtown toronto recently a move 1987 thba president robert hume de scribes as a breakthrough in the new home industry thompson s 67th wm saley of fine furniture now in full swing featuring gibbard legacy dining room bedroom and occasional tables in solid cherry or soup mahogany substantial savings now on thomp sons entire stock of fine quality brand name furniture manufactured by gb- bard andrew malcolm roxton simmons barrymore kaufman cooper sebastian nadeau and many other top canadian companies 50 room settings featuring wall units bedroom suites dining room suites sofas chairs sofa beds and occasional tables special savings on lamps by stiffel westwood singer and engel as well as pictures and giftware hi lus nutoeuvow ipmrxsm vv wsksoumamoka 727428 toronto direct 6404151 mt albert 4733500 fafdu v ssrea 114 main street west stouffvtlle ontario loh 1lo serving our community since 1956 winter wonderland 10 acres of total privacy 3 min from the 404 exit on vandorf sideroad warden ave 3 bdrm century farm house fp in livingroom main floor fam rm original pine floors throughout separate bachelor apt for income 2 artesian ponds huge old barn a good investment at 429000 for apt call norma urquhart 64041 51 or 294- 5277 occupancy date feb 588 sought after location less than 2 yrs new 1 450 sq ft 3 bdrm with ensuite in mastei and walkin closet fl to ceiling fp sopar ating the living dining rm bright cheer ful home with soft grey carpeting through out cozy kitchen and family room combo basement insulated and just waiting fo the rec rm reduced to 199900 for appt call norma urquhart 6404151 or 294 5277 the revamped document which en compasses the best of the now more than 250 similar offers of purchase now in use in the toronto market says hume will likely hit the marketplace this spring and the thba is hoping its existence will dramatically improve re lations between buildres and new home buyers the standardized offer which hume will be pushing to make a condition of thba membership has been a person al crusade of his for more than a year we kept hearing from buyers who just didnt understand what they had signed he says and turned to thba for arbitration there are a number of problem areas in existing offers of purchase he says which found buyers vendors and lawyers wading through fine print clearly says hume some builders forms simply go too far for the first time an offer of purchse spells out consumers rights by way of the new home warranty addendum which is incorporated into the body of the text the addendum became mandatory in the new home industry this spring its addition in the new standard offer of purchase and sale makes ita standard contractual agreement says lawyer stephen risk who helped spearhead the project and the addendum is specially screened into the document so that it cannot be altered or portions of it de leted the new offer also sports larger type face and language that is less legal jar gon and more in terms easily under stood by the consumer it also educates consumers to the hidden costs involved in buying a new home such as taxes payable upon clos ing supplementary realty tax assess ments the ramifications of increased mortgage rates and of any tax accounts maintained by mortgages these are not payments to the buil der says hume but they can affect a buyers cash flow at the time of closing and in an attempt to solve the prob lem of delayed closings which have pla gued the new home industry as of late the offer contains a provision for the maximum amount of time a builder can one only treed building lot 640 line priced to sell at 5900000 call earl elson or alan elson at 6401200 invest nowi i 2 commercial buildings stounville good return uxbridge near downtown core for more information on these properties call karen croft or royden croft at 640- 1200 or res 6403337 2 acre estate lot 41900000 gorgeous 3 bedroom brick bungalow with trees in the private backyard gourmet oak kitchen lumadome lighting jennair counter top stove on huge island walk out to cedar deck for convenient barbe cuing sunken living room with brick fire place skylights cathedral ceiling large dining room for entertaining attached oversized double garage and circular drive for further information call royden or karen croft at 6401200 bus or 640- 3337 res delay closing builders can now extend closing up to 120 days after the initial closing date but only if it has been agreed upon in writing by both parties if a builder requires even more time to complete closing the buyer has the option to terminate the agreement with in 10 days of the 120day extended clos ing date if both parties agree the closing date can be extended for a further 120 days but can be terminated at the end of that time unless otherwise agreed by the builder and home buyer the agreement contains a number of other provisions designed to protect the new home buyer including changes to the document must be made on the face of the document with changes being clearly identified if builders wish to add other provisions these must be added as schedules municipal subdivisions agreements are highlighted in bold print on the document and buyers are instructed to find at the local municipal office plans which may affect the land sur rounding their property alterations or substitutions to the property which would reduce the value of the home or substantially al ter it cannot be done without the buyers consent builders must advise the buyer if the builder cannot provide a selection such as a specific fixture or color choice if as a result in delays of closing a buyers mortgage is no longer avail able a period of time is granted for the purchaser to obtain alternative financing builders agree to abide by the ontario building code and to perform all work in a workmanlike manner builders are also liable for construction liens if a municipality witholds an accupan- cy certificate or if there are defaults under subdivision or development agreements the buyer is not obligated to close builders must now provide a survey to buyers if a house is damaged before closing there is no cost to the purchaser if re pairs can be made within 120 days if damage is extensive and cannot be re paired within 120 days the agreement is terminated the good will of those we serve is the foundation of our success you wont do better 2 1 bedroom country bungalow located near estate subdivision in stouffville ideal family home especially with the finished rec room and 13 acre of private garden call today to see with sandra johnston 6401200 island lakes estates 40900000 great view from any window 3 bedroom brick bungalow separate dining room and sunken living room with cathedral ceiling and 2 sided fireplace to family room french door walkouts from family room and master bedroom large greenhouse kitchen with light oak cupboards 4 baths security system central vac 2 acre lot and much much more call royden or karen croft 6401200 bus or 6403337 res stouffville northwest corner hwy 48 47 6401200 mt albert 4731100 markhamunionville 3882 hwy 7 east just east of warden unionville 4741212 privately owned real estate company