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RVH | TEAM Paliwal

Month: November 2017

Canada Real Estate Terminology

Here is a list of some of Canada’s Real Estate Terminology

  • Amortization: Paying off a debt, such as a mortgage, by installment. The conventional amortization period for a mortgage is anywhere between 15 and 25 years. The shorter the amortization period, the less interest you have to pay.
  • Appraisal: An estimate of a property’s value.
  • Asking (or list) price: The price placed on the property for sale by the seller.
  • Blended payments: Payments consisting of principal and interest components, paid during the amortization period of a mortgage.
  • Broker: A person licensed by the provincial or territorial government to trade in real estate. Real estate Brokers may form companies or offices which appoint sales representatives to provide services to the seller or buyer, or they may provide the same services themselves. In parts of Canada, Brokers are referred to as agents.
  • Buyer’s Agent (also known as “Buyer’s Broker” or “Purchaser’s Agent”): A person or firm representing the buyer. A Buyer’s Agent’s primary allegiance is to the buyer. The buyer is the Buyer Agent’s client.
  • Buyer Brokerage Agreement: A written agreement between the buyer and the buyer’s agent, outlining the agency relationship between the two parties and the manner in which the buyer’s agent will be compensated. In some provinces, a buyer agency relationship evolves automatically, without a written agreement.
  • Client: The person being represented by an agent. The agent owes the client the duties of utmost care, integrity, confidentiality and loyalty.
  • Closing: The day the legal title to the property changes hands.
  • CMHC: Canada Mortgage and Housing Corporation. A Crown corporation providing information services and mortgage loan insurance.
  • Commission: An amount agreed to by the seller and the real estate Broker/agent and stated in the listing agreement. It is payable to the Broker/agent on closing and shared, if applicable, among those salespeople involved in the sale.
  • Customer: A person who receives valuable information and assistance from a real estate Broker or salesperson, but is not represented by that individual.
  • Debt-Service Ratio: The measurement of debt payments to gross household income which may include, in addition to the main wage earner’s salary, salaries of other wage earners, commissions, bonuses, overtime, etc.
  • Dual Agent: A real estate Broker or salesperson who acts as agent for both the seller and the buyer in the same transaction. Both buyer and seller are the agent’s clients.
  • Equity:The difference between the value of the property and the amount owing (if any) on the mortgage.
  • Financial Institutions: Banks, credit unions, insurance or trust companies.
  • GE Capital Mortgage Insurance Company: GE Capital Mortgage Insurance Company is the only private sector source of mortgage insurance to lenders in Canada.
  • Gross Debt Service: The amount of money needed to pay principal, interest, taxes and sometimes, energy costs. If the dwelling unit is a condominium, all or a portion of common fees are included, depending on what expenses are covered.
  • Gross Debt Service Ratio: Gross debt service divided by household income. A rule of thumb is that GDS should not exceed 30%. It is also referred to as PIT (Principal, Interest and Taxes) over income. Sometimes energy costs are added to the formula, producing PITE, which moves the rule of thumb GDS to 32%.
  • Listing Agreement: The legal agreement between the listing Broker and the seller, setting out the services to be rendered, describing the property for sale and stating the terms of payment. A commission is generally payable to the Broker upon closing.
  • MLS®, Multiple Listing Service®: These are trademarks owned by The Canadian Real Estate Association. They are used in conjunction with a real estate database service, operated by local real estate boards, under which properties may be listed, purchased or sold. An MLS® listing means REALTORS® have agreed to work together for the marketing of a listing.
  • Mortgage: A contract providing security for the repayment of a loan, registered against the property, with stated rights and remedies in the event of default. Lenders consider both the property (security) and the financial worth of the borrower (covenant) in deciding on a mortgage loan.
  • Mortgage Broker: A person or company having contacts with financial institutions or individuals wishing to invest in mortgages. The mortgagor pays the Broker a fee for arranging the mortgage. Appraisal and legal services may or may not be included in the fee.
  • Mortgage Insurer: In Canada, high-ratio mortgages (those representing greater than 75% of the property value) must be insured against default by either CMHC or private insurers. The borrower must arrange and pay for the insurance, which protects the lender against default.
  • Mortgagee: The person or financial institution lending the money, secured by a mortgage.
  • Mortgagor: The property owner borrowing the money, secured by a mortgage.
  • Offer of Purchase and Sale: The document through which the prospective buyer sets out the price and conditions under which he or she will buy the property.
  • Real Estate Board: A non-profit organization representing local real estate Brokers/agents, salespeople, which provides services to its members and maintains and operates a MLS® system in the community.
  • REALTOR® : Trademark identifying real estate professionals in Canada who are members of The Canadian Real Estate Association, and as such, subscribe to a high standard of professional service and to a strict Code of Ethics.
  • Term: The actual life of a mortgage contract– from six months to ten years — at the end of which the mortgage becomes due and payable unless the lender renews the mortgage for another term (See Amortization).
  • Seller’s Agent: The Seller’s Agent represents the seller — either as a Listing Agent under the listing agreement with the seller or by cooperating as a Sub-Agent, typically through the MLS® system. In dealing with prospective buyers — customers– the Seller’s Agent can provide a variety of information and services to assist the buyer in his/her decision-making. The Seller’s Agent does not represent the buyer.
  • Variable-rate Mortgage: A mortgage in which payments are fixed, but the interest rate moves in response to trends. If interest rates go up, a larger portion of your payment goes to the interest; if rates go down, more goes to cover the principal.

Questions?  Mississauga Remax Real Estate  – Gyanesh  will be happy to answer them. Contact Gyanesh Now.

What is my Home Worth ? Free

How Could a Home Valuation Report Help Me?

We do a professional but FREE Home evaluation for your residential Detached, Semi detached, Town Home or condominium apartment in Brampton and Mississauga. Our Home evaluation process is based upon the sale of comparable houses in your area in last 4 to 6 months and present listings. In most cases we may need to inspect or visit your house condition before preparing and submitting you a Home Evaluation report.

Our FREE Home evaluation may be useful to determine a Reasonable Listing Price for Your Home in Oakville, Mississauga, Milton and Brampton Area.

It helps home sellers in Oakville, Mississauga, Milton and Brampton area with their listing price and home buyers with their offers. Helps home owners peel region track the amount of equity they have in their most important asset. Real estate investors make informed, timely decisions on numerous real estate properties within seconds. Helps anyone looking for more information on any residential property in Canada; find what they are looking for without the help of an agent.

Information is power in the real estate market, start making more informed decisions right now.

The EQUITY in your HOME is like any other Investment – it needs to be monitored. Homeowners should have their EQUITY evaluated once a year. Now might be the perfect time…

And it is FREE, WITH NO OBLIGATION! Just fill out the form below.

Fill out as many fields as possible for a more concise evaluation.

We ONLY collect personal information necessary to effectively market and to sell the property of sellers, to locate, assess and qualify properties for buyers, and to otherwise provide professional services to clients and customers. Also, we do not sell, trade, transfer, rent or exchange your personal information with anyone. We appreciate the trust you are placing in us.

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Canada Mortgage Calculator

Mortgage Calculator

Mortgage calculator easy-to-use  will help you estimate the maximum you can afford. The tool will calculate the maximum house price you can afford, the maximum mortgage amount you can borrow, and your monthly mortgage payments.

How Much Can You Afford?

The shortest answer to that question is: it depends on a number of factors. The most important are your gross household income, your down payment and the mortgage interest rate. Lenders will also consider your assets and liabilities. Your own lifestyle and debt comfort zone also come into play.

  • Use the Calculator to estimate the maximum mortgage you can afford

This calculation is based on two simple rules that lenders use to determine how much of a mortgage you can afford.

The first rule is that your monthly housing costs should not exceed 32% of your gross monthly household income. Housing costs include monthly mortgage payments, taxes and heating expenses. If applicable, this sum should also include half of monthly condominium fees.Secondly, your entire monthly debt load should not be any more than 40% of your gross monthly income. This includes housing costs, and other debts such as car payments, personal loans, and credit card payments.

Also check Canada Renovation Loans

Calculating Payments – Using TD Canada mortgage calculator.

Use this calculator to learn how you can save thousands of dollars in interest costs over your repayment period.
http://www.tdcanadatrust.com/mortgages/afford.html

For Sale by Owner, or use a REALTOR®?

Go it alone, or use a REALTOR®?

What you need to know about buying or selling your home with a realtor.

The fact is most people who try to sell their own home end up using a REALTOR® in the end anyway. Before anybody decides to fly solo through this complex, time consuming and financially perilous process, they should consider these questions.

Will you really “save” the realtor commission?

When buyers see a home for sale ‘by the owner’, they see a bargain. They imagine the REALTORS® fee going into their pocket, not yours.

Are you familiar with real estate law?

Complicated and ever changing, real estate law governs nearly every phase of selling your home. One miss-step and an entire deal can fall through, or worse, a lawsuit can come your way.

How many potential buyers will you reach?

Selling a home takes more than just hanging a “For Sale” sign. How will you promote your home? Will you write your own ads? How will you use the Internet, knowing that you’ll have no access to www.mls.ca or the Multiple Listing Service®?

Do you have the time?

Promoting a home is a full time job, and you may already have one. Will you be able to take calls at any time? How about screening the callers to figure out if they’re qualified to buy your home? Not everybody who calls is even suitable to walk through your home, but how do you tell?

Do you know the market well enough to get the most for your home?

Lacking years of experience, the average do it- yourselfer is merely guessing at their listing price. Often they set the price too low and miss out on thousands of dollars, or they price their home too high and drive away willing buyers.

What about your selling skills?

If the personalities of prospective buyers rub you the wrong way, can you still deal with them effectively? What about your own defensiveness when you hear negative comments about your home? Best to keep it at arms length through a REALTOR®.

Do you have the negotiation skills to keep a deal on track?

When an offer comes in, emotions can run high with so much money on the line. This is why direct seller-to-buyer deals often end in disaster.

REALTORS® keep it professional and are indispensable when it comes to bargaining with buyers.

G O   I T   A L O N E,   O R    U S E   AN   R E A LT O R ®?

Licensed Realtor Agent Gyanesh Paliwal of  Remax is here to help , To sell your home in Mississauga Brampton for  best Value – Top Dollars.

Why buy New Condo/s from Team Paliwal?

Why should I buy a Pre-Construction New home, Condo through ReMax REALTOR Gyanesh & Anshu of Team PALIWAL?

There are many good reasons for you to  Buy a Pre-Construction New Home With Team Paliwal Instead of Directly From  New Condo Developers/ builder in Toronto: ReMax Team Gyanesh-Anshu does not have a vested interest in any specific development. We compare the newest New Condo Developers and advise our clients on which ones have the most potential.

While new home, condo unit prices are almost never negotiable,  we as a team of licenced real estate agents can advise and may be able to help our clients negotiate a better deal on:

  • Upgrades
  • Deposit schedules
  • Mortgage application and financing
  • Capping/minimizing closing costs
  • Negotiating /dropping the assignment fee!

Most successful projects are usually sold out before they reach the general public

we are able to bring in our clients at the very initial stages of most of the projects. We get advance notification & special privileges due to the track record and established history of our agents of selling large volumes of units.

Our clients

Get advise on which units are the best units to purchase, based on their investment profile.
What our clients purchases depends on their investment goals:

  • Live and enjoy the unit
  • Buy to rent (long term investment)
  • Buy and flip (short term investment)
  • Tax sheltering (foreign investments, RRSP and more)

Being  experienced Real Estate Agents we  will show our clients which units to avoid. We  are usually privy to future development information and have floor plans, know what the views will look like and what exposure the units will have.

ReMax Agents Gyanesh & Anshu team is  trained in identifying price appreciation and income generation activities

We can further assist our clients in managing their properties through our Property Management Division, allowing them to enjoy their investment, while we work hard on maintaining and appreciating their investment.

When a client visits a new condo project, the on-site sales staff works for the developers only, not for the client!
On the other hand, we will only work for the CLIENT that is YOU  And all this costs the client is Nothing!

Check what the clients are saying about REALTOR® Gyanesh & Anshu Paliwal Team

Gyanesh and Anshu Paliwal
Sales Representatives 

Your REALTOR® Commitment

You’re trusting a REALTOR®

With your most valuable possession, your home.  Real Value Home Real Estate Agent Gyanesh Paliwal take this responsibility very seriously. Here’s what we promise you. Your Real Estate Agent Gyanesh Paliwal has done his Masters in Commerce and has done his Diploma in Business Administration. He is Fluent in English, Hindi & Urdu and Understands Punjabi.

He is a :

  • Graduate of Ontario Real Estate Association
  • Member, Toronto Real Estate Board
  • Member, Mississauga Real Estate Board
  • Member, Canadian Real Estate Association
  • Graduate Re/Max Super Succeed Program

Gyanesh works in Greater Toronto Area, Mississauga & Brampton.

Your REALTOR® is highly trained

REALTOR® training is so rigorous that a large portion of candidates fail the pre-registration Courses. Those who do pass must master a long, diverse list of subjects ranging from housing construction to family law.

Your REALTOR® is continuously trained

Gyanesh keep pace with the times. Gyanesh take continuing education courses to make sure his knowledge on subjects like legal issues and technology are up to date.

Your REALTOR® does everything by the book

Gyanesh is a licensed REALTOR® and is registered under provincial laws that govern exactly how real estate can and cannot be traded. These regulations are your legal guarantee of professional behavior.

Your REALTOR® is an ethical businessperson

Gyanesh adhere to the extensive Code of Ethics of the Canadian Real Estate Association (CREA). Several provinces have additional Codes of Ethics governing REALTOR® behaviour. Your interests must always be put first.

Your dealings with a REALTOR® are insured

For your peace of mind, provincial regulators sponsor consumer protection programs that may require, for instance, that REALTORS® maintain Errors and Omissions Insurance. Often deposits consumers make in real estate transactions are also insured under these programs.

Opportunity for recourse

Should you have concerns about the professional behavior of a REALTOR®, provincial regulators and your local real estate board or association take these matters very seriously and work quickly to resolve any issues with your most valuable possession.

Your REALTOR® will grant you access to our exclusive Multiple Listing Service®

The MLS® is the single most powerful tool for buying and selling a home. Your REALTOR® will give you access to exclusive features of the MLS® system that the public is not privy to.

Canada Renovation Loan Grants

The renovation loan grant offers financial assistance to low-income households who own and occupy substandard housing to enable them to repair their dwellings to a minimum level of health and safety. It is called the Residential Rehabilitation Assistance Program (RRAP).

Who is eligible?

Homeowners may apply for renovation loan grants if, the value of their house is below a specified figure; and their household income is at or below established ceilings (limits) based on household size and area.

Properties must be lacking basic facilities or require major repair in one or more of five categories: structural; electrical; plumbing; heating; fire safety. Assistance may also be available to alleviate overcrowding. Other criteria may be applicable. Consult CMHC Canada Mortgage Housing Corporations.

Ask your Area CMHC Consultant what assistance is available for your situation?

The maximum renovation loan grants are available vary according to the three geographic zones. Additional assistance may be available in areas defined as remote. Maximum Total Loan Maximum Forgiveness

Zone 1:

Southern areas of Canada
Maximum Loan amount $18,000
Maximum Loan Forgiveness $12,000

Zone 2:

Northern areas of Canada $21,000
Maximum Loan Forgiveness $14,000

Zone 3:

Far northern areas, Northwest Territories, Yukon, Labrador and northern Quebec
Maximum Loan Amount $27,000
Maximum Loan Forgiveness $18,000

IMPORTANT:

Work carried out before the loan is approved in writing is not eligible for funding under this program.
Other CMHC programs are available to assist eligible Canadians with repairs to substandard housing, housing modifications and adaptions for persons with disabilities and seniors.

In some areas of Canada, the Government of Canada, and the provincial or territorial government provide funding for these or similar programs jointly. In these areas, the provincial or territorial housing agency may be responsible for delivery of the programs. Program variations may also exist in these areas.

Toronto Buyer Representation Agreement – Form

Buyer Representation Agreement for Mississauga, Brampton, Greater Toronto Area Home Buyers

Thinking of buying a home or property in Brampton, Mississauga, Toronto area in Ontario, Canada ?

New or Resale…You need a Buyer’s Representative. A Real Estate Agent to represent you.

You as a Buyer should be aware of your options so that you are better able to protect your position in a Real Estate deal/transaction. The role of a Real Estate Agent has been undergoing tremendous change over the past several years. Prior to 1995, all Real Estate Agents worked for the Seller in a Real Estate transaction. A buyer can now choose to retain representation with a Licensed Real Estate Agent and receive the same legal relationship that Sellers have received for nearly 100 years. Buyers may sign an agreement with the Real Estate Agent known as“Buyer Representation Agreement”. This is basically an Authority for Purchase or Lease.

A buyer who understands their options will typically want to select their Real Estate representative EARLY in the transaction in order to avoid potential conflicts of interest should they be making many calls to various Realtors (typically listing sales representatives representing the Seller) or if shopping New Home sites (representatives are not necessarily licensed Real Estate Agents – thereby having no accountability to the Buyer through RECO* or REBBA**).

The careful selection of a committed Real Estate Agent to represent your interests in the acquisition of property may play a vital role in buying right property at right price. A skilled Buyers sales representative will add tremendous value to the buyer during Home, Property search, drafting of the contract, during negotiations, and overseeing the contract to completion.

Buying your dream home is an important decision. You must spend some time to find a smart and committed Real Estate Agent in Mississauga, Brampton, Toronto area to help make it all happen?

As a home / property buyer in Ontario, Canada we may explain you your rights.

While buying a home, anything you say while un-represented could be used against you during negotiations;

You have the legal right to be REPRESENTED.

If you choose NOT to be represented; Then all Realtors will work on behalf of the Seller during negotiations.

What is a “Buyer Representation Agreement”

Guaranteeing You the Very Best in Real Estate Service

When it comes to just about every kind of contract, signing on the dotted line makes us all a little bit nervous.
When selling a home, most people are aware they sign a Listing Agreement with a REALTOR®. There is, however, an agreement that REALTORS® are now asking their home-buying clients to sign. It’s an agreement that works in favour of buyers, guaranteeing the very best in real estate service.

The Real Estate Council of Ontario (RECO), a public agency formed to protect consumers and regulate the industry, introduced guiding principles mandating that REALTORS® ask their clients to sign a Written Representation Agreement at the earliest possible time.

When choosing representation, homebuyers have the option to sign either a Buyer Representation Agreement or a Buyer Customer Service Agreement.

The Buyer Representation Agreement signifies that for a designated period of time, the buyer has engaged a specific REALTOR® firm to work exclusively on his or her behalf at finding a property. The agreement confirms the REALTOR®’s commitment to make his or her best efforts for the buyer.

By comparision, signing the Buyer Customer Service Agreement the buyer acknowledges the Broker has provided him/her with written information explaining agency relationships including Seller Representation, Sub-Agency, Buyer Representation, Multiple Representation and Customer Service.

The term REALTOR® in Canada is designated to those who have chosen to belong to local, provincial and national real estate associations, agreeing to adhere to a strict code of professional standards that ensures the highest levels of service and integrity. In Toronto, local REALTORS® belong to the Toronto Real Estate Board, Canada’s largest real estate board, serving more than 24,000 Members.

Make the Right Move. Consult Gyanesh, REALTOR® of Toronto Real Estate Board.

To find out more, please feel free to contact me, or book a complimentary private consultation to discuss your Real Estate Goals.

My services are guaranteed to ensure your complete satisfaction!


RECO*      – Stands for Real Estate Council of Ontario.
REBBA**  – Stands for Real Estate Business Brokerage Act.

The Toronto Multiple Listing Service and your REALTOR

Multiple Listing Service

Be sure that one of the most important financial decisions of your life is the right one: choose  Toronto Real Estate Board REALTOR® – Gyanesh Paliwal of Remax to guide you through the process of buying or selling your home. Gyanesh Paliwal is a licensed professional who  abides by a strict code of ethics and meets continuing education requirements to maintain his  status. Only REALTORS® like Gyanesh have access to the Multiple Listing Service (MLS).

State-of-the-Art Database

Multiple Listing Service (MLS) is a state-of-the-art database of property information that is designed to match people with the properties that fit their exact requirements. The MLS system is one way Gyanesh Paliwal  provide his clients with insight into market  trends and current market values of similar properties.

Gyanesh may also advise you about current Government Programs that benefit consumers, and use his  experience to offer valuable information about the character and amenities of specific neighbourhoods. Unlike, when dealing with the purchase or sale of your home, you need the best advice possible. Get it from Remax Real Estate Agent – Gyanesh who will commit in writing to represent your interests.  Use Toronto Real Estate Board REALTOR® Gyanesh and have the confidence that a professional is on your side.

Members of Canada’s Real Estate Boards

The Multiple Listing Service MLS is a co-operative system used by REALTOR Members of Canada’s real estate boards. It is different than the consumer website www.mls.ca, which offers a brief description of most properties listed on MLS systems. The Toronto Real Estate Board’s Multiple Listing Service provides an ongoing inventory of available properties and other related information. With training, experience and access to this database, Gyanesh can provide invaluable assistance in buying or selling your next home.

For sellers, Gyanesh can use the MLS system to determine a fair listing price by performing a comparative market analysis. This analysis focuses on the geographical location of your property and describes it as accurately as possible. The database can then be searched to reveal comparable sold, active and expired properties, retrieving information such as sold price, list price and average time on the market to help determine a range of fair listing prices. A REALTOR can match your very specific needs to all properties listed.

Profile Outlining

Gyanesh can create a profile outlining your desired price range, location and specific details like the number of bathrooms, bedrooms and fireplaces. For buyers who are geographically focused, your REALTOR Gyanesh can even search all active listings on a particular street and retrieve all relevant information including property description, a photograph, and assessed value. The system updates nightly, listing all potential properties that meet your particular needs and automatically emailing them to you. In addition, helping you to determine an offer, your REALTOR can also search specific properties’ historical data such as previous selling prices.

As well, the MLS allows Gyanesh to monitor monthly sold statistics to ensure property prices reflect current market conditions. Whether you are a buyer or a seller, the MLS system supports your REALTOR in helping you make informed decisions that lead to successful transactions.

Make the right move.
Consult Gyanesh Paliwal a Toronto Real Estate Board REALTOR.
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