Оглавление
Geraldine Santiago. Complete Home Buyer's Guide For Canada
COMPLETE HOME-BUYER’S GUIDE FOR CANADIANS
Foreword
What are Canadian home buyers paying for their homes?
1. Getting Financing
What Is a Mortgage?
What are the types of mortgage loans? Conventional mortgage loan
High-ratio mortgage loan
Insured mortgage
Vendor take-back (VTB) mortgage
Assumable mortgage
Condominium mortgage
Blanket mortgage
Open mortgage
Closed mortgage
Portable mortgage
Amortization Period
Term
A Pre-Approved Mortgage and Its Advantages
What documents do I need to provide to a lender?
Understanding Where You Stand with the Lender. Criteria for the self-employed or those earning commissions
Changing jobs
History of bankruptcy
Credit report
Acquiring a co-signer or guarantor
Minimum age to purchase a home
Calculating affordable mortgage payments
Correlation between interest rates and borrowing capacity
Lenders might not look at your income and other financial obligations
Where Do I Get a Mortgage?
The Difference between a Bank’s Mortgage Specialist and an Independent Mortgage Broker
Letter of commitment
Down Payment. How much of a down payment do I need to buy a home?
Can I use the money in my RRSP to make a down payment?
Can I take out a loan to cover the down payment?
Purchasing property with only a small down payment
What Do I Need to Know about the Housing Market?
2. Searching for a Home
What Types of Housing Structures Are Available?
Factors to Consider When Looking for a New Home?
Community
Neighbourhood
Transportation
Dwelling
Schools
New Home Warranties
Resale homes and new home warranties
Pros and Cons of Resale or Older Homes
The Difference between Freehold and Leasehold Interests in Land
Co-ownership
What Is the Best Time of Year to Buy a Home?
How long does it take to find a house?
Real Estate Agents
Responsibilities of the realtor
What is my relationship with a real estate agent?
One agent acts for the buyer and another agent acts for the seller
Both agents act for the seller
One agent acts in transaction
The exclusive buyer’s agent contract
What time-saving technological services are available from a realtor?
Can I “switch” real estate agents?
Homes for Sale by Owner
Landlord and Tenants. Purchasing a home with a tenant in an unauthorized accommodation
Your landlord offered to sell you the property you are renting
Choosing Your Team of Professionals
Do realtors provide referrals to other professionals?
A Realtor’s Commission and Allowable Bonuses. Who pays the realtor’s commission?
What do realtors do to earn their commission?
Are realtors allowed to receive bonuses or other gifts from financial institutions?
Where Do I Start Looking for Properties?
What is a hot sheet?
Pricing the Property. What is a fair price when I’m placing an offer?
Pricing properties per square foot
How sellers price their homes
What to Look for When Viewing Properties
Seller’s motivation
Prior offers
Property condition
Moving dates
Restrictions
Health, safety, and environmental concerns
Zoning
Land title search
City assessment
Fixtures and chattels
Area
Documentation to Review before Purchasing a Condominium
Protecting Your Legal Interests
3. Making an Offer
What Should the Offer to Purchase Include?
After the Offer Has Been Presented, What Are the Seller’s Options?
Competing or Multiple Offers
What Is an “All Cash Offer”?
What Happens When Identical Offers Are Made?
What Is a Back-Up Offer?
Can I Place Offers on Two Different Properties?
Contract. Can I back out of a signed contract at any time?
In what circumstance should I not go ahead with the contract?
What do I do once the contract has been signed by both parties?
Checklist 1 — The Contract
4. Removing Subjects
Subject Clauses
Why do I include subject clauses in the contract?
The most common subject clauses
Removing Subjects. What does it mean to remove subjects?
How long do I have to remove subjects?
Building Inspection. What should a building inspection include?
Condominium unit inspection
What areas of a condominium may need repair?
Single-detached home inspection
What should I look for when purchasing a single-detached home? When looking at a single-detached home, consider these factors:
What if I don’t want to have a building inspection done?
Can I get a relative to inspect the building?
Building inspection for a remodelled property
Cost of building inspection
Can the realtor pay for the property building inspection?
Building inspection failure
Protect Yourself from a “Leaky Condo”
What is a special assessment?
Buying a Former “Grow House”
Oil Tanks Can Cause a Potential Problem
How can I know whether a home’s underground oil tank is leaking?
Provincial standards for oil tanks
Alberta
British Columbia
Ontario
Prince Edward Island
Saskatchewan
Items to Watch out for in a Land Title Search
Removal of All Subjects before the Subject Removal Date
The Deposit. Can I make the down payment in two equal payments at different dates?
What if the deposit cheque is an NSF?
Where does my deposit go?
Checklist 2 — Subject Removal
5. Closing and Completion Date
What Happens at Completion?
Lawyers or Notaries Public at the Closing Stage. The role of the lawyer or notary public
Choosing a lawyer or notary public
The difference between a lawyer and a notary public
Adjustment Date
Additional Costs You May Incur on Closing
Property transfer tax or land transfer tax
Transaction levy
Property taxes
Utilities
Maintenance fees
Condominium surcharges
Forms
Confirmation
Appraisal fee
Survey certificate
Mortgage application fee
Mortgage default insurance
Fire and liability insurance
New home fees
Legal fees
Title insurance
Interest adjustment
Are any of these fees negotiable?
Tax Exemptions and Financial Grants Available to Home Buyers
GST on new housing rebates
Home Owner Grant
Tax deferral
Home ownership assistance programs
Mobile Home Ownership Program
Mobile Home Upgrade Program
What Is the Possession Date, and When Does It Occur?
The Previous Tenants or Owners Left the Property in a Mess
What If There Is a Flood in the Apartment or the Appliances Do Not Work on Possession Date?
Summary
Checklist 3 — Service Arrangements
Appendix 1 — Resource List for Home Buyers
Canada Mortgage and Housing Corporation (CMHC)
New Home Warranty Programs
Canadian Association of Home and Property Inspectors
Canadian Real Estate Association (CREA)
Provincial Ministries or Departments of Housing
Appendix 2 — Resource List for Oil Tank Safety
Appendix 3 — Real Estate Associations and Boards
Glossary
Acknowledgements
About the Author
Notice to Readers
Self-Counsel Press thanks you for purchasing this ebook
Contents
