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By: Jayson Schwarz LLM In this article I thought I would start by answering a question posed by one of our readers. The question relates to the issue of mortgages and how long a “capped” rate remains in place. Let me begin by explaining about “capped “ rates. As a new home purchaser it is…
By: Jayson Schwarz LLM I cannot believe how certain builders (“Vendors”) are trying to take advantage of new homebuyers on the issue of mortgages. There is an attempt to squeeze extra money from innocent purchasers through certain clauses inserted into the Agreement of Purchase and Sale (the “Offer”), that follow the first clause illustrated and…
By Jayson Schwarz LLM Today we are going to address a small but incredibly important part of the process of buying that new home, the “Pre Closing or Pre Delivery Inspection” (“PDI”). As most of you know included in the adjustments on the purchase of a new home or condo (but not a conversion) is…
By: Jayson Schwarz LLM This may be my shortest article yet. This is my version of the answers to a lot of questions on HOW TO . . . The Process of Purchase Find a Unit you love at a price you can handle. Make an offer after negotiating as hard as you can and…
By: Jayson Schwarz LLM When you finally make that offer, on paper, for that beautiful new condominium, the sales agent will hand you either a book, often bound, or a pile of different documents and will then tell you that have ten (10) days, to finalise your decision to go through with the sale. There…
By: Jayson Schwarz As the Purchaser of a brand new home pre-construction you have the opportunity in most cases to choose the elevation, the lot and the various specifications and finishes You expect that what you have chosen will be what you will receive on closing. Now imagine that your new home has just been…
By: Jayson Schwarz LLM As a first time homebuyer hiring a lawyer for your real estate deal is probably the first time most of you will have had contact with a lawyer. Lawyers are professionals but like doctors they come in all shapes, sizes and specialties. Find a lawyer that understands and practices real estate…
By: Jayson Schwarz LLM I like to think not. I have many people worried and asking whether the Builder is going to take advantage of them; whether their home will be delivered on time, whether the quality will be as promised; whether the sales agent is truthful or whether they will be deceived later; what…
By: Jayson Schwarz LLM Whether you are a young couple or individual purchasing your new home for the very first time, a resale buyer moving in the market or an empty nester purchasing a retirement condominium, the very action of this significant investment in real estate represents a major life change. At this time it…
By: Jayson Schwarz LLM At the closing of a residential real estate transaction there are usually three groups who get paid: the vendor/builder, various governments, and the lawyer. Each group involves the payment of fairly specific items and the builder and lawyer will collect from you for the government remittance. Generally speaking your lawyer collects…
By: Jayson Schwarz LLM Lawyers have a tendency to forget that people do not know what to expect as they move closer to their closing so I hope this helps. All the delays are over and your builder has sent a letter to your lawyer and/or yourself that closing of your new house will occur…
By: Jayson Schwarz LLM Substitutions Many of your protections relating to substitutions of materials only apply if you abide by the terms of your Agreement of Purchase and Sale. In other words, when you have to pick colours, samples, materials, etc. DO IT ON TIME!!!!! If you do and a significant change is made Tarion…
By: Jayson Schwarz LLM I hope the information and checklist provided hereafter will help you when you review your Agreement of Purchase and Sale and provide some general information. I hope it will assist in your negotiations with the on-site sales agents or builders. It is not intended to be comprehensive and you should always…
One of the most important documents signed is the Agreement of Purchase and Sale or Offer. When you make the offer, there are certain things you need to look at. Here is a list of some of them: Dimensions: The Offer lists frontage and depth: walk the boundaries, see where they are, get a survey…
The Mortgage Broker Today’s article is a little different. I had a chance to discuss mortgage brokers and their role in the system with my good friend Tom Gasparec of the Mortgage Centre who explained his role in the home purchase process. Who is and why use a mortgage broker? Just as an insurance broker…
You and Your Real Estate Agent By: Jayson Schwarz LLM In today’s marketplace realtors are an often valuable and important part of the process. Today we will explore the mysteries surrounding them. How do you pick a realtor? Let’s see . . . Uncle Bob’s cousin’s sister’s aunt’s brother-in-law Bill, says that Sadie is a…
Finding your House and Lawyer In today’s article I will continue the process of providing some of the basic knowledge that you will need in order to go forward to put in an offer to purchase your home. Last week we discussed the kinds of homes. 1. The first thing to do is figure out…
Common Forms of Ownership Buying a home is the most important financial commitment most of us will make in our lives. Today’s column will deal with the first step to be taken before making an offer to buy a home. Ok, where do I start? The first thing to decide is what kind of real…
What is Land Transfer Tax and when is it paid? Whenever you purchase Land in the Province of Ontario, you have to pay a tax referred to as Land Transfer Tax. Land Transfer Tax is payable on every resale home purchase and can be thousands of dollars. To find out how much check with your…
When you are ready to sign a New Home or a New Condominium Agreement of Purchase and Sale or Offer, here are a sampling of items to look out for: Hydro and water installation and subdivision charges – get written maximums put in; Development charges and levies – get deleted or written maximums; The vendors…