 |
 |
|
 |
 |
 |
 |
 |
|
|
|
One of the clearest advantages of working with Christian Vermast, Paul Maranger and Fran Bennett as your personal realtors is that they are able to sift through
the maze of information on your behalf, in order to save you time.
|
|
 |
|
|
 |
|
|
- • use their mortgage financing background to help you determine
your price range and how much you can afford. Part of this is assisting you in getting
a "pre-approved mortgage" from the bank (see below - "Choosing a Mortgage Lender")
- • help you identify your "wish" list and "must have" list
in terms of features you are looking for in a home
- • inform you of current market conditions and trends as you
search for your new home
- • prepare the offer to purchase, with you, and ensure that
you are completely comfortable with the process
- • assist you with details involved in closing the sale
- • recommend the names of lenders, lawyers, home inspectors,
and other professionals should you require references for outside professional services
Buying your home doesn't need to be stressful! Contact Christian Vermast, Paul Maranger and Fran Bennett to help you find the perfect home.
|
|
 |
|
|
|
|
|
Making an offer conditional upon a home inspection is highly recommended. You are
not required to have a home inspection should you choose not to.
The cost of the home inspection is born by you, the Purchaser. It is money well
spent and is an integral part of making an informed decision.
Home inspectors are independent third parties who represent you and prepare a thorough
report of the mechanics of a home (including roof, electrical system, heating /
cooling system, plumbing, foundation, insulation where visible, etc.). They will
point out all visible defects on the property as at the date of inspection. It is
not a guarantee or warranty, but rather a thorough "inspection" and analysis of
the integrity of the home, drawing your attention to defects that may exist. All
homes require ongoing maintenance and care. No home is perfect and the inspector
will find items that need attention and prioritize them for you.
|
|
|
|
Christian, Paul and Fran can provide you a list of certified home inspectors for you to
choose one. Based on experience of other clients, those inspectors referred are
generally short listed because they are known to be competent, knowledgeable, thorough,
and communicate well. You may also know your own home inspector whom you choose
to conduct the inspection.
Based on the results of the inspection, you decide whether or not you are satisfied
with the report. Should you be satisfied, you need to communicate to the seller
that you wish to remove this condition from the offer. Everything in real estate
must be communicated in writing. Christian, Paul and Fran will prepare a "Waiver" document
on your behalf for you to sign. The "Waiver" is normally signed directly after the
inspection. A Waiver document in effect "waives" that condition out of the offer.
You may still have other conditions in the offer as well after the home inspection
is completed.
More information regarding:
Professional Home Inspection
Common Problems Found by Home Inspectors
|
|
 |
|
|
|
|
|
It cannot be overemphasized - it is so important to arrange for a "pre-approved
mortgage" prior to commencing your housing search. This serves two purposes:
- 1. you know how much you can afford
- 2. it avoids delays in finalizing your financing when you find the right house to
buy
The best place to start is with your own bank or financial institution. There are
other options available to you:
- 1. Bank, trust company, financial institution - you arrange a meeting with
those lenders individually. If you have a trusted relationship with your own financial
advisor, then you should see them first.
Some institutions have "Mortgage Specialists" who are mobile mortgage sales people
and will arrange a convenient time and place to meet you. They tend to work 7 days
a week and take day or evening appointments to suit your time schedule. There is
usually no additional cost to you.
- 2. Mortgage brokers - like insurance brokers, mortgage brokers shop the market
and arrange the most favourable rate and terms for you. Like Mortgage Specialists,
there is usually no application fee or set up cost for this service.
Mortgage brokers also have contacts with private lenders should you require additional
assistance or have had financial problems in the past. They can be quite skilled
in putting together a mortgage financing package for you. There is a set up / application
fee to arrange for private financing or for unusual financing circumstances.
|
|
|
|
- 3. Assuming an existing mortgage - some Purchasers prefer to assume an existing
mortgage on the property. This is only done when the rate of interest is lower than
that which they can obtain out in the market or when the terms are more favourable
than they can obtain out in the market. In a low interest rate environment, existing
mortgages are very rarely assumed.
Most financial institutions must approve you before they will allow the mortgage
to be assumed.
After you have been pre-approved for a mortgage, you can confidently look for houses
within your price range. At the point when you have found the home that fits your
requirements that you wish to buy, the following is a list of other steps you need
to take:
- 1. Advise your lender that you have purchased a home (usually conditional
upon mortgage financing). Provide them with a copy of your offer to purchase. can
provide them with a copy of the listing from the MLS system if they require it.
Tell your lender how many days you have to arrange mortgage financing (7 - 14 days
is quite standard) based on the financing condition in your offer.
- 2. Ask your lender if there is any other information you may need to get
to them. When you were pre-approved, you would have provided the bulk of the information
at that time.
- 3. Provide your lender with the name of your lawyer.
- 4. When everything has been approved, you will receive written confirmation
of the approval. Written confirmation will take the form of an "approval certificate",
"terms letter", or "approval letter" (three names that mean the same thing!). A
copy of this can be faxed to Paul Maranger and Christian Vermast's office.
- 5. Christian, Paul and Fran's office will prepare a "Waiver" form for your signature
to "waive" your condition on financing. Everything in real estate must be in writing;
the Waiver form is the means to communicate to the Vendor that you have satisfied
yourself as to obtaining financing on the property. The Waiver is then immediately
delivered by Christian, Paul and Fran to the Vendor.
- 6. Christian, Paul and Fran are there for you on an ongoing basis to answer any
of your questions on the process and given his bank manager background, can competently
answer questions on mortgage financing.
Online Link for current Selected Mortgage Rates:
CANNEX Financial Exchanges Ltd.
|
|
 |
|
|
|
|
|
There is no cost to you, as a purchaser, to use the services of Paul Maranger and
Christian Vermast. You should be aware of some of the costs you will encounter when
buying a home:
- • Home inspection fee - the cost varies from $275
- $400 and up depending on the complexity of the inspection, the size of the home.
- • Mortgage appraisal fee - the cost of an appraisal
ranges from about $150 - $250 and up for larger homes.
As previously mentioned, some mortgage brokers charge an application fee.
- • High ratio mortgage application fee - this is payable
if you have less than 25% downpayment and the cost is around $165.
- • Land surveyors fee or title insurance fee - the
cost varies and Christian, Paul and Fran and your lawyer can advise you on the differences.
Sometimes, the seller of a home will have an existing survey that he/she can pass
along to you at no additional charger. Often, this will meet the requirements of
your mortgage lending institution and solicitor, if there are no significant additions
or improvements to the property since the time that the survey was completed.
- • Land transfer tax - this is a tax payable by all
home purchasers in the province of Ontario. Christian, Paul and Fran will assist you in
calculating the amount of the land transfer tax. This tax varies according to the
purchase price of the property.
- • GST - this is applicable on new construction. You
do not have to pay GST on the price of a "used" residential home. In basic terms,
a "used" residential home is one that has been owner occupied in the past. There
are other considerations regarding GST and Christian, Paul and Fran can consult you on
these aspects.
GST is also applicable on all services (legal, appraisal, etc.) related to the real
estate transaction.
- • Legal fees - the cost in having a lawyer close the
transaction is made up of various components: his/her legal fee + GST + disbursements
+ the law society levy. It is best to consult your lawyer directly on the breakdown
of these costs.
- • Other costs - "adjustments" - an adjustment occurs
when a seller has prepaid something, like property taxes or utilities. There are
other adjustments which Christian, Paul and Fran, your lawyer and your mortgage lender
will advise you on.
- • Property taxes, maintenance costs, and utility bills
- they begin on the day you take possession of your new home. Christian, Paul and Fran
can give you "rules of thumb" or help you in budgeting for these expenses.
- • Moving costs - renting a truck or hiring a professional
mover - the more of the move that you can do yourself, the less costly. Don't forget
to save a bit of money to order food in for your first evening. The last thing you
want to do after moving all day is prepare a meal!
- • Household insurance - contact your insurance agent
or insurance broker for quotes on fire/theft/liability insurance. Your insurance
professional will review all of your insurance options with you.
|
|
|
|
