Real Value Home

Year: 2017

November 9, 2017 akanksha No Comments More Info

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.
November 9, 2017 akanksha No Comments More Info

Do I need to sign a Buyer Representation Agreement to buy a home in ON, Canada ?

For home buyers in Toronto, Mississauga, Oakville & Brampton area

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 home Buyer in Ontario,Canada 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 in canada 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

Most Buyers 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

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 said while un-represented could be used against the buyer 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” <- Click on this link to check actual document of Buyer Representation Agreement With explanation notes in simple English.

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 Buyer Representation Agreement.

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. The Buyer Representation 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.Local REALTORS® belong to the Toronto Real Estate Board, Canada’s largest real estate board, serving more than 55,000 Members.

Make the Right Move. Consult a Toronto Real Estate Board REALTOR®.

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

Please click here to submit a simple form as your first step to find your Dream home or to upgrade or Down size your home in Toronto, Mississauga, Brampton, Oakville, Burlington area.

Click here to check Reviews, Testimonials and what Home Buyers & Sellers say about Mississauga Oakville REMAX Agents TEAM Paliwal.

November 9, 2017 akanksha No Comments More Info

How to Procure Home Mortgage On Most Suitable Rates &Terms ?

Helpful Tips

Getting a mortgage in Toronto, Mississauga, and Brampton area may not be a stressful and sometimes frustrating process. The focus is to make the entire mortgage process go as smoothly as possible. It is very important that you are prepared before you go for the meeting with your loan or mortgage officer. We have developed 7 stages that you can use to procure your home mortgage.

Here are a few helpful tips to successfully acquire a mortgage in Ontario Canada. It is not only the loan/mortgage amount you need, it also the terms and conditions of the whole mortgage package you have to understand and negotiate in your best interest and in financial terms.

1. Look at your finances as a whole.
If you don’t have a grip on what’s coming in and what’s going out (and where, and why), you may be in for a rough time when you apply for a home loan.

2. Make sure to check your credit record » http://www.equifax.ca/
Everyone’s heard the horror stories: Your best friend, your sister, neighbor, goes to buy a home only to discover the worst… that the credit report contains negative or inaccurate credit information. Instead of having a clean record, he or she has an $80,000 outstanding bill, that is not their own. The loan officer looks at the outstanding bill and gives you a choice: Clean up the credit problem or no loan. Some choice. And you’ve probably heard how difficult it is going to be to get your credit history cleaned up. Maybe so, but it’s important to try nonetheless. Here’s what to do: First, order a credit report on yourself. You can contact Equifax By phone: (1 800 465-7166), or online at: http://www.equifax.ca/

For a small amount, Equifax will send you your credit report. This is the same information lenders will receive. By getting a copy of your credit report before you apply for a loan, you’ll get a first look at any problems or discrepancies that have sprung up.

Let’s look back for a moment and talk about credit bureaus. We live In today’s high-tech  computerized world where big brother is always watching, credit bureaus generally have exchange agreements with companies who provide credit, like credit cards (Visa, MasterCard, American Express, and others) and department or retail stores as well as banks, credit unions, and savings and loans.

On a daily, weekly, monthly, or semiannual basis, these companies electronically send all their information to the credit bureau, which stores it in a mammoth database and updates the records of each person on file. When you go to any department store and sign up for its credit card, it calls the credit bureau (to do a credit check) to be sure you have enough funds to pay your bills. Banks do it the same way. When you go to apply for a home mortgage, the lender wants to know how many debts are outstanding, and what your track record is in paying them.

Credit bureaus provide that information. They can even tell if you’ve been paying your taxes or if you have court judgments against you.
So let’s say you’ve ordered your credit report and it turns up an erroneous bill that does not make sense. You realize that this isn’t your bill. What do you do? You could go to the credit bureau, but since they didn’t originate the information (remember, all the information is sent to the credit bureau from the companies giving credit), they probably won’t be able to help you.

Instead, go to the source of the problem—the company or credit originator that claims you owe them money. Ask them to pull up the payment record and try to work out whose bill it actually is. (Or if it turns out to be yours, pay it.) There should be some identification other than name that can easily solve the problem, like a Social Insurance Number, the male/female check box, age, race, etc.

Once you prove that the bill is not yours, the credit originator should correct its computers. Of course, it may take some time for that correction to work its way through the company’s computers all the way through to the credit bureau. If you’ve started the process before you’ve found a home, you shouldn’t have too much trouble. On the other hand, if you’ve gone to a lender because you’ve found the house of your dreams and then discover your credit is in jeopardy, you may want to get a letter from the credit originator that explains there has been a mistake and it has been corrected. You want to get your name cleared up as quickly as possible.

3. Gather The Information You Need Ahead of Time.
It’s a great idea to gather information ahead of time and organize it so that it’s easily accessible for you to review and have corrected. Now, you’ll also need complete copies of your past two or three tax returns plus a current pay stub, or a current profit and loss if you’re self-employed, you’ll be able to have that information on hand when you sit down with your lender.

4. Know The Current Lending Guidelines.
Get a current copy of the lending guidelines. If you are applying for a high ratio Mortgage, the federal Canada Mortgage and Housing Corp. (CMHC) must insure these loans. The protection is for the lender, not for you. Home Mortgage insurance is expensive: it can range up to 2.5 per cent of the value of the loan. You have to insure the entire loan, not just the amount that is above 75 per cent of the purchase price. That means the insurance premium for a $140,000 home mortgage would be $3,500. Most lenders will let you roll the insurance premium into your home mortgage. If you do, though, you’ll end up paying a good deal of interest on the insurance fee as well.

One advantage to this type of financing is that CMHC-insured mortgages become open after three years. All that’s required to pay off your home mortgage at that point is to pay a penalty of three months’ interest. (An open home mortgage means you can pay it off or refinance at current rates at any point.)

5. CMHC’s  0 or 5 Per Cent Down Program
If you are a first-time buyer, you can put as little as 0 or 5 per cent down with an insured home mortgage — provided you earn enough income to qualify. The amount of money you can borrow under this plan depends on where the house is located. Contact CMHC for more information about your specific situation and location.

These loans must be insured, and while you can choose any term you wish, your income must be able to meet the payments required under a three-year term.

6. Conventional Mortgage:
Conventional mortgages require a down payment of 20 per cent of the home’s appraised value. If you’re looking at a house with a price tag of $200,000, that means you need to come up with $50,000 of your own money. But if you don’t have that much saved, you may still be able to purchase that property. Although it may seem that the lender’s primary job is disqualifying home mortgage applicants, the reverse is true: The lender wants to qualify as many applicants as possible (lenders make their money by approving loans) but are restricted by the rules and regulations of a larger, more powerful body. If you understand up front what your lender is going through, it may help smooth the process.

7. Qualify your lender.
Just as you shop for a real estate broker and a new home, it’s very important to shop for a lender, your Realtor© can help you by making recommendations. Always ask for at least 2-3 different Mortgage Lenders. And not all lenders are created equal. Loan products, services, style, and personal attention vary greatly. Look for a lender that is best qualified to meet your needs. Look for someone exceptionally well trained and thoroughly knowledgeable in the mortgage type you want to use. Look for someone who is seasoned in the business and can guide you through with a practiced hand.

For example, if you’re self-employed, and you’ve only been self-employed for a year, you may find it more difficult, even though you may have paid every bill on time in your life. The reason for that is that lenders need to see that you’ve been self-employed, maintaining an income for at least two years, and have the tax returns to prove it. At this point, your choices would be to wait until you’ve been self-employed for two years, or go with a sub-par loan (also known as a B or C loan in the lending industry).

November 9, 2017 akanksha Comments Off on How much is my Property Worth? FREE Home evaluation in Oakville, Mississauga, Milton, Brampton & GTA More Info

How much is my Property Worth? FREE Home evaluation in Oakville, Mississauga, Milton, Brampton & GTA

How Could a Free Home Evaluation 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 area of Ontario, Canada. 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. Helps 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. We do not sell, trade, transfer, rent or exchange your personal information with anyone. We appreciate the trust you are placing in us.

Mount Hope in Hamilton, ON | Prices, Plans, Availability | RVH
November 7, 2017 akanksha No Comments More Info

Buy your Dream Home in Oakville, Mississauga, Milton, Brampton & GTA

Finding your Dream Home in Mississauga, Oakville, Brampton & Toronto area …

“We are here to help you to find your Dream Home in Mississauga, Oakville, Burlington, Brampton & Toronto Area”. Gyanesh & Anshu Paliwal — Your ReMax Real Estate Agent From Mississauga-Oakville area.

Real Estate Market in Mississauga, Oakville, Burlington, Brampton and Toronto is full of Semi Detached, Town Homes, Condominiums, Bungalows home inventory. First time home buyers in Canada may not be aware of many technical issues related with the Canadian houses construction, Mortgage financing matters and what is really good and right for them. So especially for the first time home buyers and if you are upgrading that is moving to a bigger and better home, it is of immense importance to select not only a Real Estate Agent BUT a TEAM who may understand their needs from buyer’s perspective. For Gyanesh & Anshu Paliwal of TEAM Paliwal at Remax Realty Specialists Inc., Mississauga their Clients always comes first.

The T.E.A.M Paliwal – “Together Everyone Achieves More”

Click here to check Reviews, Testimonials and what Home Buyers & Sellers say about Mississauga Oakville REMAX Agents TEAM Paliwal.

It seems that the right time has come to “Find Your Dream Home”, and TEAM Paliwal of Remax Realty Specialists Inc, Mississauga is here to help you with their undivided personal attention. As you would like to have new listings of homes/houses for sale emailed to you AS SOON AS They come into the market, Please fill out the form below, so that you may be placed on the “Top Priority” list…

There is No Obligation … new listings will be sent to you on day to day basis and you might find . YOUR DREAM HOME!

At some point in time and after an initial meeting or just before we start to show you houses physically we will explain in detail and will ask you to sign Buyer Representation Agreement. The Real Estate Council of Ontario (RECO), a public agency formed to protect consumers and regulate the Real Estate industry in Canada, introduced guiding principles mandating that REALTORS® ask their clients to sign a Written Representation Agreement at the earliest possible time. It’s an agreement that works in favour of buyers, guaranteeing the very best in real estate service.

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.

We do not sell, trade, transfer, rent or exchange your personal information with anyone. Read our Privacy Policy.. We appreciate the trust you are placing in us.

November 7, 2017 akanksha Comments Off on The 10 Steps To Selling Your Home Tips & Advice

The 10 Steps To Selling Your Home

STEP – 1 » DECIDE WHEN TO SELL YOUR HOME

Decide When Selling Your Home is Ideal.

In real estate, timing is not everything but it does influence your home’s selling price. Let’s see if we can make timing work for you.

Status report. Is it a buyer’s or a seller’s market?

When there are lots of people looking for homes but not many for sale, this is called a ‘seller’s market’, because the seller has something everybody wants. When there are more homes for sale and not many people buying them, this is called a “buyer’s market” because buyers have more power of choice. A REALTOR® is the best person to consult about this.

How quickly do you need to sell your home?

In a seller’s market, top price and a fast sale can go hand-in-hand. In a buyer’s market, more sellers are competing for your potential buyer. If you have to sell right now, you may wish to lower your asking price a bit to speed up the sale. REALTORS® are masters at figuring the price-to-listing ratio and know how to attract offers without going unnecessarily low.

Seasonality. Do home sales get frostbite?

It’s true. Winter sales tend to be slower, and Spring sales are more brisk. Regardless, there are always people looking to buy, and seasonality is only one of many factors to consider.

If you’re also buying a home

In this case, you don’t really have to worry about playing the market. If you sell your existing home for a ‘low’ price, you’re probably also buying at a low price. If you are upgrading to a larger home, this actually works to your advantage. Imagine when your bigger home is on the upswing. If you’re downsizing from a bigger home to a smaller home or a condo, you need to pay a bit more attention to the market.

Buy first or sell first? The eternal question

Many people are able to time their sale and purchase so they happen on the same “closing date.” Buyers can make their offer “conditional’ on the sale of their existing home, to make sure they’re not left paying for the upkeep of two homes. When selling, you can try to extend the “closing period” to give yourself more time to find your next home. REALTORS® are very skilled at this sort of negotiation, and can make your transitional life a lot easier.

If you find your new dream home before you’ve even started to sell your old one

Talk to your existing mortgage lender. You may be able to arrange “Bridge Financing.” This is when your lender (the bank) is confident your existing home will sell quickly, and they agree to lend you the down payment for your new dream home.

STEP – 2 » SELECT A RIGHT REAL ESTATE AGENT

Find an Ontario Licensed Real Estate Agent Who is Right For You

There are many reasons why a Ontario Licenced  REALTOR® is essential when selling your home but which REALTOR® is best for you?

Your REALTOR® who helped you buy your current house may or may not be a good start

Sticking with a REALTOR® may or may not make sense . You may like to stick to your old Realtor Only if  they did a good job helping you buy your home.  In case you were not happy with your Real Estate Agent – you may like to find a new one who is more committed and trustworthy to do a better job.

Think locally

Jot down the names and numbers of REALTOR® on the “For Sale” signs in your neighbourhood. Maybe
your local friends or nearby family have a REALTOR® to recommend. You can also visit one of your local real estate offices; it’s guaranteed they’ll know your area.

Interviewing candidates

Don’t be afraid to ask questions, or screen a few REALTOR® before deciding. Make sure you feel comfortable with them and that they show a genuine interest in helping you. For a list of questions you can ask view the page “10 Questions to Ask when Hiring a REALTOR®”

Should you choose the REALTOR® who suggests the highest asking price for your home?

Ask what method they used to assess your home’s market value. How was your home compared to other homes in your neighbourhood that have been sold recently? Step Four will give you a better understanding of listing price and how it affects the sale of your home.

What you need to know about buying or selling your home in Mississauga, Brampton and Greater Toronto Area ?

STEP – 3 » SIGN A LISTING AGREEMENT

The “Listing Agreement” authorizes your REALTOR® and their brokerage to market and sell your home. This agreement serves three purposes.

  • It defines your relationship. Every detail of your work together, including the limits of your REALTOR’S® authority will be clearly defined.
  • It provides detailed information about the home. This information can then be placed on the Multiple Listing Service, to help potential buyers find you.
  • It forms the basis for drafting offers on your home. Any formal offer on your home starts with the Listing Agreement.

Highlights of the Listing Agreement Authority

This describes the legal relationship between you and the real estate brokerage, and it sets a time limit for the REALTOR® to sell your home.

Exclusive or Multiple Listing Service®?

“Exclusive Listing” means that only your brokerage can find a buyer for your home. REALTORS® generally recommend a “Multiple Listing”, which allows them to put your home on the Multiple Listing Service®. It’s a popular real estate marketing system paid for and operated by REALTORS®, so it can be used to spread the word to other REALTORS® to help find you a buyer. A “Multiple Listing” gives your home maximum exposure and your commission stays the same. It really is the better way to sell.

Price

The real key to attracting buyers. You have the final say over this magic number, but your REALTOR® will have very useful advice. You can learn more about choosing the right asking price in Step 7.

Real estate commission

This is usually a percentage of the final sale price, and you only pay once your REALTOR® has found you an acceptable offer. This commission or percentage is negotiable, and is agreed upon between you and the individual brokerage.

A physical description of your property

Your REALTOR® will itemize the lot size, the age of your home and the style of construction. They’ll list the style, number and size of the rooms. They will also be sure to include any outstanding selling features of your home such as “backs onto ravine” or “fabulous kitchen renovation.”

Legal information

such as the lot number, land surveys and the zoning code will be included.

Financial information

like the minimum deposit you require with any offers. If you have a mortgage that can be assumed (taken over by a buyer) that information should be listed because it could make your home more desirable, especially if you’re locked into a lower interest rate than what is presently available.

Completion date

This lets everybody know how long you need to move out, once your home is sold. The standard time is 60 or 90 days, but if you can be flexible be sure to make note.

How the home will be shown?

Normally your REALTOR® will arrange appointments. Any specific instructions, such as “make sure the cat stays in” can also be noted.

What exactly is included in the price?

Chattels and Fixtures.  Chattels are moveable items like washers and dryers, microwaves and window blinds. Chattels are not automatically included in the sale, but sellers will often include them to sweeten the deal. Any chattels you wish to include should be clearly noted.
Fixtures are permanent improvements to a property like central air conditioning, installed lighting and wall-to-wall carpeting. Fixtures are assumed to be included in the sale of the home unless you note otherwise. Maybe the dining room chandelier is family heirloom and you wish to take it with you. The line between chattel and fixture can get blurry, so leave nothing to chance!
Go over every item with your REALTOR® and make sure it’s accounted for in the Listing Agreement.

The importance of a Seller Property Information Statement

Many real estate boards now request a Seller Property Information Statement. This can list any recent renovations or improvements, but more importantly, it lists all the known major defects and faults with the home, hidden or not.

Be honest about imperfections

Maybe the basement leaks during the spring thaw, maybe the kitchen sink backs up when both showers are running. It is best to come clean and report it. If you don’t, and a significant fault is discovered before the sale, it can cast a shadow of doubt over the rest of the home. If the fault is discovered after the sale, and it can be proven that you knew about the problem, you may be sued for the cost of the repairs.

Honesty is always the best policy

A major defect does not mean your home will not sell. List the defect and state how your home’s price has been lowered accordingly. This can actually be attractive to some buyers, especially if they have experience with the required repairs!

STEP 4 » DETERMINE YOUR HOME’S ASKING PRICE

Lots of people out there want to buy your home. The right asking price will attract buyers’ attention, and pay you a maximum return.

You don’t want to set your price too low or too high

  • Setting too low a price means you could miss out on thousands of dollars that some buyer would have happily paid.
  • Setting too high a price can scare away willing buyers and leave your home on the market for too long. When you lower the price, people may assume you are under pressure to sell, and lower their offers even further.
  • Your goal is fair market value.
    “Market Value” is a term that simply means the maximum amount of money that interested buyers are willing to pay for your property. Remember, buyers comparison shop, especially for something as expensive as a home.
  • REALTORS® know the general factors affecting your market.
    Maybe larger families are moving into your neighbourhood. This trend will make homes with three or more bedrooms and large yards more appealing than two bedroom bungalows. Perhaps a large employer is opening a plant nearby, which will increase demand for housing in general. How are interest rates affecting people’s willingness to take out big mortgages? Do people feel confident about their financial futures? Your REALTOR® knows the answer to these questions and, more importantly, how they affect the price of your home.
  • REALTORS® then calculate your home’s value within your market.
    After accounting for general market influences, your REALTOR® will get very specific about your home, and perform what is called a “Comparative Market Analysis” (CMA). Using the extensive background information available only to REALTORS® through the MLS listing service, they will compare your home to a collection of similar homes that have recently been sold in your area. No two homes are the same, but REALTORS® are very good at adjusting their calculations according to the differences. Your REALTOR’S®suggested asking price is thoroughly researched, and designed to maximize attention and profit for your home. You can feel confident trusting their opinion.
  • Yes, first impressions matter.
    It’s nearly impossible to replace the initial flurry of interest and activity a new listing will generate. REALTORS® in your area will want to see your home right away and tell their buyers all about it. Be sure you’re priced and poised to capitalize on this first wave of excitement.

STEP 5 » ADD A LAWYER TO YOUR TEAM

Similar to when you bought your home, it’s essential to have a lawyer handle all the various legal documents that change hands.

You’ve probably already worked with a real estate lawyer

The most logical candidate is the lawyer you hired when you bought your home. They’re already familiar with the property and may have even prepared the purchase documents. If you were satisfied with their work and fees, look no further.

Other ways to find a lawyer

Ask the people you trust like friends, family or business associates if they know a lawyer with substantial real estate experience. REALTORS® can give you the names of several lawyers, but can’t legally recommend a single one. Before you agree to a lawyer, make sure they’re experienced in real estate, ask how they structure their fees, and get an estimate of the other legal costs you can expect.

How your lawyer will help with the sale

Your lawyer will review important documents that require your signature. The most critical of these is the “offer” submitted by the buyer. You want to know exactly what you are agreeing to before you sign any offer. You will be legally committed to anything you sign, so it’s essential to make sure you’re protected.

Real Value Home – Team is ready to recommend you a most appropriate Lawyer to take care of your Real Estate Transaction in Brampton, Mississauga and Toronto area.

STEP 6 » PREPARE YOUR HOME FOR SALE

Break out the mop and the paintbrush. It’s time to give your home a mini-makeover. Here are all the little things you can do to attract the big offers.

Time to see your home through a buyer’s eyes

Over the years, you’ve grown quite comfortable with your home’s little imperfections; the hole in the screen door, the chipped paint on the baseboards, the mess in the basement. Grab a clipboard, print out a copy of our “Home Prep-arations Checklist” and take a tour of your home.

Get rid of the clutter

Your house will feel a lot bigger and more inviting when you get rid of all the non-essential stuff lying around your house. Clear out those closets, remove bulky, unused furniture and rearrange the remaining pieces to make the best use of space. Fight your inner-pack rat at every turn. If you haven’t used something in the past year, toss it, donate it to charity or sell it in a yard sale.

Clean everything

Cleaning is the single most cost effective way to make your home more attractive to buyers. Floors, windows, walls, doors, baseboards… everything! Give extra care and attention to the two most important rooms in a buyer’s mind: bathrooms and kitchens. Once it’s clean, keep it clean! You never know what day your ideal buyer will visit.

Repair as much as you can, within reason.

During your “home tour” identify anything that’s broken, half-finished or simply doesn’t work. Fix all the little things like leaky faucets, doors that squeak or that don’t close properly and small cracks in the ceiling.

Some repairs are absolutely vital, like a leaky roof or basement. Nothing kills a sale faster than signs of water damage. If there’s an unsafe electrical problem you must fix this too, for the good of the sale and the buyer’s safety (not to mention your own).

Depersonalize your home

Remember, you want buyers to walk through your house and feel like it’s their home, not yours! People just don’t have good visual imagination. They won’t see past your cluttered wall of family portraits, your collection of curling trophies or your ‘eccentric’ home decor. These things are guaranteed to prevent buyers from emotionally placing themselves in your home. Remove everything that’s too much about you, and ask your REALTOR® for help deciding.

Never underestimate the power of paint

Strong colours on the walls or wild wallpaper make it hard for buyers to imagine their furniture in your house. Consider repainting your home in bright, neutral colours that will enhance a room’s size and look more inviting. Next to cleaning your home, paint is the most cost-effective way to increase your home’s appeal, and attract offers.

Add some beautifying touches

Replacing tattered old curtains with some fresh draperies may make a world of difference. Mirrors on the wall will help rooms feel far bigger. A few new houseplants will add undeniable appeal. Pay special attention to the outside of your home. Trim the trees, weed the garden and consider planting a few new flowers. Your home needs to make a great first impression with some serious “curb appeal.” You don’t need to spend a fortune to make a big difference.

Weighing the cost of improvements vs. the potential return

Don’t get so carried away with prepping your home that you forget why you’re doing this, to get more money! You need to consider two things before making any improvements.

Will this make my home more desirable to buyers?

Will this increase the value of my home more than it costs me to do it?

Painting, minor repairs and modest landscaping work are prime examples of improvements that really pay. There are many home improvement shows that focus on people improving their homes for sale. Watch them and learn. Your REALTOR® is also an expert when it comes to prepping homes.

Your hidden problems

As discussed in Step 3, you must disclose any major problems that won’t be obvious to potential buyers.A basement that floods every spring, a shower thatbacks up when someone flushes the toilet, unsafe wiring… let your REALTOR® know everything anddiscuss your options. Denying problems now will lead to a much bigger problem later, often in the form of a lawsuit. People love honesty and many buyers are happy to fix a problem if your home’s price is adjusted fairly.

Don’t forget our Home Preparation Checklist, and good luck!

Prepare your home for sale.

STEP 7 » LET YOUR REAL ESTATE AGENT MARKET YOUR HOME

You’ve spruced up your home and it’s never looked so good. It’s time for your REALTOR® to do their thing.

Your REALTORS® marketing tools. The “For Sale” Sign.

Despite all our leaps in technology, the “For Sale” sign continues to be an extremely effective way to advertise. Anybody responding to your sign is a good lead, because they have seen the home with their own eyes and are interested enough to phone in. If somebody is bold enough to knock on your door and ask for a “quick peak”, politely tell them that all visits are being handled by your REALTOR®.

Traditional media

Your REALTOR® may choose any or all of the following: classified ads in the newspaper (often with a photo), ads in REALTOR®magazines, real estate listings on cable television and good old fashioned mail. Neighbourhood mailers are still incredibly effective.

  • MLS® and the power of the Internet. Your REALTOR® will place your home on the Multiple Listing Service®, ensuring maximum exposure to all REALTORS®. Most MLS® listings are also advertised on www.mls.ca, Canada’s most popular Internet research tool for residential real estate, and a big reason why over 85% of Canadians who search for a home start on the Internet.
  • REALTORS® really know how to network.Your REALTOR® is part of an extensive community of REALTORS® who collectively represent hundreds of eager buyers. REALTORS® will call their friends, who call their friends, who call their friends. The power of word-of-mouth will really be working for you.

ULTIMATELY, YOUR HOME ITSELF BECOMES A SELLING TOOL

Start with an open house for REALTORS®

Most REALTORS® like to see a home with their own eyes before they show it to their buyers. A REALTOR® Open House is the most efficient way to attract all these REALTORS®, and if your home is perfect for one of their buyers, you can be sure they’ll rush right out and tell them! Your REALTOR® will organize everything and get the buzz started.

Next, an “Open House” for everybody

Many buyers want to get a feel for your neighbourhood before they start working with a REALTOR®. That’s why Open Houses to the public are so important. They usually last a few hours on a Saturday or Sunday, and there are a few simple but important rules to follow.

Make sure your home looks it’s finest

Your best buyer may just walk in off the street! Use our “Home Preparations Checklist” to make sure you’re ready.

  • Lock away valuables.Most people are decent, courteous and honest, but it’s wise to stash valuables like jewellery, cameras and other small valuables. As added security, your REALTOR® will request a name and phone number from every visitor.
  • Attend to any hazards.
    Is there an electrical cord somebody could trip on? Is there a chair that will collapse if somebody actually sits in it? Fix it, or lose it.
  • Avoid cooking foods with strong aroma.
    Almost nobody’s dream home smells like smoked herring!
  • The best way you can help.
    Don’t be there. You want people to feel relaxed, and allow themselves to daydream that your home is their home. This just isn’t possible with you there. Go see a movie, or if you have pets take them on a field trip.

REALTORS® will want to show your home to individual buyers.

Remember your REALTOR® Open House? All those REALTORS® have called around and found buyers looking for a home just like yours. Naturally, these buyers want to see your place firsthand before making an offer. Welcome to the appointment-only phase of showing your home. Your REALTOR® will act as a go-between and will give you as much notice for these visits as possible. Keep your home in top shape and be somewhere else during these visits.

A “lock box” makes it easier to show your home

A “lock box” is a small, sturdy metal box that’s affixed to your front doorknob. It’s a mini safe with a key to your house inside. REALTORS® are given a combination to the lock box, so they can show your home to interested buyers.
Be patient with visits. Hopefully they will lead to a great offer, soon!

Let your REALTOR® Market Your Home

STEP 8 » PREPARE YOUR FINANCES

Before the offers start rolling in, you should prepare for the massive amounts of money that will pass through your hands.

A lot of the money will probably be going to your mortgage

If you own your home free-and-clear, congratulations! For the rest of us, there are a lot of mortgage considerations.

Many people use the proceeds from the sale of their home to “discharge” or pay off their mortgage. If you have what is known as an “open” mortgage, you can pay it all off without any penalties. If you have a “closed” mortgage, be prepared to pay a few month’s payments in penalties.

If you’re buying a new home, is your mortgage “portable” ?

Many mortgages are “portable” meaning that you can take your mortgage money with you and buy a new home, without penalty. This can be a real bonus if the interest rate on your mortgage is lower than existing rates! If your new home is more expensive, and requires more mortgage, you’ll have to borrow the extra money at the new, higher rate.

Maybe the buyer is “assuming” your mortgage.

Your mortgage may have a feature that allows the new buyer to take over your mortgage. If the interest rate is lower than existing rates, this can be a very enticing selling feature for your home.

Become a mortgage lender yourself?

If your buyer is having trouble arranging all the money to buy your property, you may consider lending directly to them. This is called a “Vendor Take Back” mortgage, and it’s often used by sellers to help move a property in a slower market. This is an incredibly complicated financial dealing, and you must talk with your REALTOR® and lawyer before choosing this route.

If you find your new dream home before you’ve even started to sell your old one

Talk to your existing mortgage lender. You may be able to arrange “Bridge Financing.” This is when your lender (the bank) is confident your existing home will sell quickly, and they agree to lend you the down payment for your new dream home.

THE TAX IMPLICATIONS OF SELLING YOUR HOME

Capital gains tax.

If the home was your primary residence, you will not have to pay taxes on any capital gain (the increase in the value of your home). If you had tenants living in part of your home, such as the basement, you will pay capital gains tax on a portion of your profits. You may also owe capital gains tax if you’re selling a vacation property. Talk with an accountant to find out what you’ll have to pay.

GST for professional services.

Your lawyer and REALTOR® are providing services, and services are subject to GST.

STEP 9 » RECEIVE AN OFFER

All of your hard work has paid off, but you won’t know exactly how much it’s paid off until you see the offer. This is an exciting, often emotional time, so be prepared.

  • Your REALTOR® will walk you through the process.
  • You’ll see every offer. It’s required that your REALTOR® show you every offer that’s submitted. They’ll call for an appointment, usually at your home, to discuss the offer.
  • The buyer’s REALTOR® will probably be there too.
    They are there to represent the buyer’s best interests in the negotiation. The buyer will not be there, so you can review and respond to their offer without any awkward pressure.
  • Your eyes will be immediately drawn to the price!
    Here’s where emotions can really kick in. This isn’t a poker game, but remain calm. Listen to the REALTORS® before making any judgments.
  • You’ll probably ask the buyer’s REALTOR® to leave the room.
    Now you and your REALTOR® are alone to discuss the merits of the offer. Maybe it’s time for a high-five, or maybe it’s time to plan your counter offer. You may also wish some private time to discuss things with your spouse.

THREE OPTIONS WHEN RESPONDING TO AN OFFER

  • You can accept the offer.
    You got the price you were hoping for, maybe even more! The closing date looks good and there are no fussy conditions. Sold!
  • You can reject the offer.
    This offer isn’t even close.
  • You can “sign back” or “counter” the offer.
    This offer is close, but something’s not quite right. Now the delicate art of negotiation begins, by “signing back.”
  • Reasons Why You May Want to “Sign Back” or “Counter.”
  • You want more money.
    This is by far the most common reason people “sign back.” Everybody wants to get the most for their home, and as the saying goes “if you don’t ask, you don’t get.” Go for it, but don’t get too greedy and insult someone who has made a fair offer.
  • You want to change the closing date.
    Maybe your buyer has already sold their previous home and has no place to live. They want to move in soon; sooner than you’d like. Maybe you haven’t even started looking for a new home! In the same way that you can “sign back” a higher dollar amount, you can also “sign back” a compromise closing date. Perhaps the buyer is willing to offer more money to compensate you for the inconvenience of living in a motel for a few weeks. Welcome to the world of negotiation and compromise.

There may be some undesirable conditions on the offer

Conditions are points of contention that must be fulfilled in order for the sale to go through. Here are some common conditions that buyers place on their offers

  • Buyer to obtain financing. If the buyer doesn’t have a mortgage lined up, they will often put in this condition. The sale will only go through if the buyer can get the mortgage they want. For some sellers, this is too big an “if”, but the buyer’s REALTOR® will be candid about their odds of approval.
  • Approval to assume mortgage. You have a great mortgage rate on the property and the buyer only wants your home if they can also take over your easy payments. Will this potential buyer qualify?
  • Sale of purchaser’s home. The buyer hasn’t sold their existing home yet and they want to be protected from the expense of owning two properties. Maybe their house will sell in a flash. Maybe it won’t sell at all. Maybe you don’t  want the sale of your home riding on so many maybes. Time to consult your REALTOR® about the other home and its odds of selling your home soon.
  • Property Inspection. [Link to Step 10 of Buying] This condition is becoming standard practice. Hopefully, you have followed the suggestion of your REALTOR® and disclosed every detail of your home’s faults, so there won’t be any surprises. Refusing a home inspection before sale is highly suspicious to a buyer, and may spoil the deal.

The Art of Counter-Offers and Negotiation

A successful negotiation is one that leaves both you and the buyer feeling satisfied with the outcome. This is a highly emotional time, so be sure to regularly “check your head”, and ask yourself “How important is this particular detail to me? Am I willing to jeopardize a sale over this?” Remember once you “sign back” an offer, you are releasing the buyer from their offer and they are free to walk away. Thankfully, your REALTOR® is an expert and seasoned negotiator, and will help you every step of the way.

Happy negotiating, and best of luck!

STEP 10 » CLOSE THE DEAL

Your negotiations were successful and you have a legally binding agreement. Not quite yet. It’s time for the vital final steps known as “closing.”

  • Your REALTOR® and lawyer will do most of the work
    Thank goodness. Closing a deal involves many, many complicated and time-consuming legal maneuvers. That’s why you’ve hired pros.
  • YOUR CLOSING CHECKLIST
    You still have plenty to do yourself, and here’s a comprehensive list.
  • Contact your lawyer and notify them that an Agreement has been signed. Make sure they’re ready to close the transaction.
  • Immediately begin satisfying any conditions of the agreement that require action on your part. They have definitive dates for completion and failure to do so can result in a lot of hassles, or even spoil the whole deal.
  • Notify your lawyer and lending institution if the buyer is assuming your mortgage.
  • Contact the utilities, telephone and cable companies about transfer or removal of service. Note: Your lawyer will often handle the transfer of utilities.
  • Call your insurance agent and arrange cancellation or transfer of your homeowner’s insurance. If you are selling your home and it will be vacant for more than 2 or 3 days, make sure your insurance company is notified.
  • Contact a moving company to arrange your move on or prior to closing date.
  • Send out your change of address notices and advise the post office. Notify the Ministry of Transportation about your new address for driver’s license and registration.

Notify your REALTOR® immediately if anything changes about your property or your situation.

CONTACT YOUR LAWYER

  • If you plan to “discharge” or pay off your mortgage with proceeds of the sale, your lawyer will obtain a statement from your lender showing your outstanding balance on the mortgage, and any penalties you’ll have to pay to discharge the mortgage.
  • On closing day, your lawyer will receive and distribute the proceeds from the sale, pay off your mortgage and other costs, and give you a cheque for the net proceeds.

Congratulations!

We hope these ten steps helped make it easier. You’ve probably already used the proceeds from your sale to purchase your next property. A very wise move indeed, because as you know, home ownership is one of the best long-term investments you’ll ever make.

September 11, 2017 akanksha Comments Off on Why selling or buying a house privately or as ‘For Sale By Owner’ is a bad idea News

Why selling or buying a house privately or as ‘For Sale By Owner’ is a bad idea

From The Toronto Sun of Friday, November 16, 2012 on Page No. 42

Not all of you might like real estate agents. It’s easy for professions to get tarred with a wide brush of false perceptions. So you might buy directly from other Canadians or Sale as private as For Sale By Owner (FSBO). Don’t, there are plenty of websites and guides for FSBOs for sale by owner serving Toronto, Mississauga, Oakville Market. Certainly, they can give you an indication of what’s on the market and property values in particular areas. That’s information you can use. But the knowledge to properly pull off a deal, as a seller or buyer, is not the “one-click purchase” of the online world.

Real estate agents — the good ones, and the right one—are professionals and experts in the property world for that essential skill of using information to form knowledge to enable transactions.

For Sale By Owner: Consider these five factors

1. Real estate? Real experts.

Most people would struggle to write a proper, legally binding contract—there’s no shame in that. There’s also no shame in failing to consider every aspect and potential pitfall in buying and selling property. That’s what real estate agents are for. FSBOs are not real estate experts, and their lack of experience can be frustrating and costly. When you use the right real estate agent, they will know everything about the local market and neighbourhood. If you put their years of knowledge and experience to work, it will save you time and money.

2. Negotiating skills.

As I’ve said before, knowledge is power, especially in real estate negotiations. It isn’t just having numbers at your fingertips, but understanding them. When buyers and sellers meet, they talk too much, I find. The longer you talk, the more information you’ll have, but at some point you can have too much information, and not enough knowledge of how to get a good deal. Again, this is where a real estate agent can ensure a knowledge base that cuts through the information clutter.

3. Pricing.

FSBO properties are notoriously overpriced. Sellers are emotionally attached to their home, and thus tend to place a higher-than-market- value tag on the property. It’s understandable that they’re fond of their home, but that doesn’t help you as a buyer looking for the best deal. You might think you’re saving money by going direct to the seller. Some website will have you believe a deal is to be had because no one is paying the real estate agent commission. But this could not be further from the truth. FSBOs almost always over value their homes and this trend could actually cost you more.

4. Safety.

As a FSBO or private real estate investor, you meet with every potential buyer personally. You invite buyers — strangers — into your home without pre-qualifying them at all. This can be dangerous and in my opinion, is not worth the even small risk. Using a real estate agent places a firm buffer between you and unscrupulous buyers. Isn’t the safety of you and your family worth this caution?

5. Paperwork.

Buying and selling property doesn’t involve any less paperwork simply because you’re doing it yourself. If only anything did. The fact is, most real estate files are inches thick, filled with documents and contracts relating to the sale of the property. FSBOs are generally not familiar with the required Purchase & Sale contracts, and most never take the time to explain the contracts to potential buyers.

One mistake or omission could land you in court or cost you thousands of dollars

Suddenly, your attempt to “simplify” the process by buying or selling direct, gets a whole deal more complicated. Are there FSBO deals that work? Sure. As with anything in this world, some problems arise even with the most experienced real estate experts at your side, and conversely, complex FSBO deals can work smoothly against the odds. But my advice remains  firmly on the side of avoiding FSBOs.

There is simply too much risk, personally and financially, to try for a deal in a process most people would struggle to understand. Is your dislike for real estate agents really so strong that you would put your money in jeopardy to avoid them? We’re really not that bad, and the best of us out there will make you forget you ever considered an For Sale By Owner.

T.S. Eliot wrote: “Where is the wisdom we have lost in knowledge?
Where is the knowledge we have lost in information?”
When it comes to property, there’s plenty of information out there. But it takes knowledge to do the deals properly— efficiently and effectively. And if you choose real estate agents over being a private real FSBOs, you’ll be demonstrating that you have the wisdom needed for the property game.

September 11, 2017 akanksha No Comments News

7 Reasons to buy an Investment property in Great Toronto area now

If talk about a housing correction or slowdown in Greater Toronto area Real Estate are keeping you out of the investment property game in Toronto, Canada here are seven top reasons to overcome those fears. As real estate veterans points out , your time to buy an income-producing property may be now.

1. Mortage Rates

Canadian bond yields continue to sit at historic lows, as a result it is not uncommon to secure multi-unit residential financing with interest rates as low as 3 – 4%. While Canada has enjoyed a prolonged period of historically low rates, the window of opportunity is finite as interest rates have no where to go but up. (Window of opportunity – up to 18 months)

2. Investment Property Vacancy Rates

CMHC has reported that vacancy rates have been trending downward across most major urban centres across Canada with rates sitting as low as 1 to 2% in many areas. In addition, recent changes to mortgage rules in Canada have made it more difficult to qualify and thus will force many to become renters instead of buyers, thus putting even more downward pressure on vacancy rates in the coming months.                                           (Window of opportunity – up to 36 months and beyond)

3. The Spread

This is the difference between your mortgage rate and your cap rate and determines the strength of your cash flow. Even with the market cap compression taking place in the larger urban centers like Toronto and Vancouver, smaller urban centers still offer healthy cap rates in the 7-8% range (you need to do your research or have a great JV partner). Thus, with mortgage rates as low as 3-4% you can achieve a very healthy spread of 3-4%. (Window of opportunity – up to 18 months)

4. Home Equity

With the Canadian real estate market on fire, home owners have enjoyed a significant increase of the equity in their homes. Equity can be unlocked through a mortgage re-finance or HELOC (Homeowner’s Equity Line of Credit) which can be used to purchase an income property. The added bonus is that the interest costs of the re-finance or HELOC can be written off on your taxes. (Window of Opportunity – up to 18 months)

5. CMHC Insurance

Placing CMHC insurance on a multi-unit property reduces the mortgage rate by between 1/2% to 1% over the life of the mortgage and represents significant savings. CMHC is approaching its $600 billion government-imposed limit on issuing mortgage default insurance. While the government may raise the limit, this is just another reason to buy now and take advantage of CMHC mortgage insurance while it is readily available. (Window of opportunity – up to 36 and beyond)

6. Time

In real estate investing, time is your best friend as it facilitates appreciation, mortgage pay down and cash flow. The longer you own an investment property, the greater the ROI. (Window of Opportunity – becomes smaller the longer you wait)

7. Alternatives

With interest rates at historic lows, bank accounts, savings bonds and any other interest bearing investment vehicle offer little return on your capital. The stock market has shown incredible volatility with negligible returns over the past decade and shows little signs of improving any time soon. REITs offer a respectable return on your investment, but investing directly into the asset itself (income property) offers an even greater return on your investment.

— Compiled by Gyanesh Paliwal of TEAM Paliwal at Toronto, ON Canada on November 1st, 2012

September 11, 2017 akanksha No Comments News

7 questions to ask when deck building in your backyard

Deck Building In Your Backyard

Now that summer has finally arrived, many home owners may think about deck building in a backyard by themselves. Be careful; if it is not done correctly, you may run into problems later when you try and sell your home. Here are 7 things to remember:

1. Deck Building: Do you need a building permit?

Every City has its own rules, but typically, if your deck is higher than 2 feet above the ground and is larger than 108 square feet, you will need a building permit before starting your deck building. In some cities, if the deck is attached to your home, then you always need a building permit before you build. In my opinion, by getting a proper permit in advance, it is easier to answer any questions about your deck when you sell your home later. This is because the City will do a proper inspection when your deck is completed to make sure that everything was built correctly.

2. What material should I use when I build a deck?

David Power, President of www.thedeckbuilders.com in Toronto, tells me that while the foundation of most decks is usually pressure treated wood, the veneer and railings are usually cedar. David warns that if you decide to stain your cedar deck, you should pre-stain all six sides of the wood before you install it. In addition, make sure that there is at least a one-quarter inch gap between each piece of wood.

3. Will it matter how large I build a deck or whether it is close to the boundary line?

The answer is yes. As explained to me by Toronto planner Michael Goldberg of www.goldberggroup.ca, the square footage area of a deck may count when determining whether your home complies with the zoning by-laws regarding how close any structure can be to the lot lines and how much square feet is permitted to be built inside your entire lot. For example, if the deck is at least 48 inches off the ground or the foundation is extended for construction of the deck, then it will count towards how many total square feet you can build on your land. In addition, if the deck is built too close to the lot line, it could also violate the local zooming by-laws. If you make a mistake, you could be forced to remove all or part of your deck.

4. Should you do it yourself or use an expert?

In my opinion, you should always use an expert. If the deck is not properly secured to your home, it could lead to water in the basement later. In addition, improper design and construction could lead to the deck rotting out and collapsing under the weight of people on it. If it happens, you will be liable for any injuries caused to guests who may be injured while visiting your home. Experts will make sure that your deck has the proper footings in place for the foundation so that it meets all building code requirements and that it is properly secured to your home to prevent problems later.

5. Is deck design important before you start?

It is very important. Figure out in advance where your barbecue is going to go, and any furniture you may want to include. If you are going to install a hot tub as part of your deck, make sure you leave enough space for this as well. Some owners prefer the hot tub close to their home so they can use it in the winter. Others prefer it in another area of the yard, so that they can have more room to entertain on the deck.

6. Will I need guard rails?

If the deck is higher than 24 inches off the ground, you will likely need a guard rail that is at least 36 inches high. Once the deck is higher than 6 feet off the ground, it will require a 42 inch high guard rail. In all cases, the openings in the guard rails cannot be larger than 4 inches so that no one falls through.

7. Should a deck be inspected as part of any home inspection when buying a resale home?

The answer is yes. After finishing your deck building, professional home inspectors should be able to tell you whether the deck is deficient in any way and whether it may have to be replaced as a result of poor workmanship.

When you are looking for a deck contractor, get references and look at examples of the work they have done elsewhere. Properly constructed decks should last for at least 20 years.

Credit for this article goes to Toronto Real Estate Lawyer : Mark Weisleder, http://www.markweisleder.com

real estate deposits
September 11, 2017 akanksha No Comments News

6 Things to know about real estate deposits

Here are some common questions I receive about real estate deposits

1. When must real estate deposits be paid under the standard Ontario real estate contract?

In Ontario, the standard real estate contract gives the buyer two choices; you can pay the deposit immediately when you present your offer to the seller, or you can agree to pay it within twenty four hours after the seller accepts it. Most buyers prefer the second option. If you are in a bidding war, you will be encouraged to come up with the deposit immediately, to show additional good faith to the seller.

2. Can the buyer just cancel the deal by refusing to pay the deposit after the deal is accepted?

The answer is no. Once the deal is accepted, you can’t change your mind. If you do, the seller can sell the property again and if they obtain less money than you were going to pay them, the seller can sue you for the difference, plus legal fees.

3. What happens if the deposit is paid late?

If you are late with the deposit, the seller has the right to cancel the deal. This is because all time limits matter in real estate contract sand if you are late, even by a few minutes, the seller can try and cancel. I have seen this happen many times, especially when the seller knows that there is another buyer out there who will pay more money. If you need more time to come up with your deposit, say so in your offer.

4. How much should a buyer pay as a deposit so the seller will feel secure that the deal will close?

This is a tough question, and will largely depend on where your home is located. In the City of Toronto, deposits are now usually up to 5 per cent of the sale price. In Brampton, it is closer to 2 per cent. In some areas of Ontario, deposits can be as little as a few hundred dollars.

5. Why can’t the deposit be paid to the seller instead of the seller’s agent?

If the seller goes bankrupt or disappears with the deposit, the buyer is not protected. When the deposit is held by the real estate brokerage, it is in trust and is also protected by insurance so even if the brokerage goes bankrupt, the buyer can get their money back.

6. If the buyer is not satisfied with their home inspection, how can a seller refuse to release the deposit back to the buyer?

This happens more than you think. Real estate deposits cannot be released unless both the buyer and seller agree. If a seller believes that the buyer did not act in good faith in trying to satisfy their condition, whether it is a home inspection, financing or a condominium status certificate review, they can refuse to release the deposit. This means it stays in the broker’s trust account until a judge decides who gets it, which can take years. As a precaution, buyers should consider making two deposits in their offer, a small one of say one per cent when the offer is accepted, and a second larger deposit once the condition is satisfied.

Be serious and understand the rules about deposits before you sign any real estate contract. It is expensive to change your mind later.

— Credits for this article go to MARK WEISLEDER Real Estate Lawyer, Author, Speaker

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