Tuesday, April 28, 2009

Elegant Homes in Lorne Park and Churchill Meadows, Call Betty at 416 427 1875, Mississuga Real Estate

Interesting article in the Toronto Star this past weekend!! It was written by Bob Aaron. Bob is a Toronto real estate lawyer and board member of the Tarion Warranty Corporation.


There were certain points that I have spoken about in previous blogs, and also have on my web site. So, feel free to get the free information.


The article talks about buying a condo from a builder and the problems that buyers can encounter. Remember, this can also happen when buying freehold homes from the builder. Bob states: " I had the opportunity to review a condo builder purchase agreement with clients. They had been told in the sales office what they thought was the total purchase price and asked me to see if there were any surprises in the 39-page offer."


"The salesperson had failed to mention that the price on the front page was not the final one and that there were a great many extras not included in that figure."


Here are some items that the builder forgot to mention and that now they were responsible to pay at closing in addition to the purchase price:


  • - The unit's proportionate share of the cost of installation of gas, hydro, sewers and water service and meters, to an unlimited amount

  • - Any new taxes imposed on the unit by any level of government after the agreement was signed (think HST) -- also an unlimited amount

  • - The Tarion warranty enrolment fee of $502.

  • - An unlimited levy against the unit for parks or other municipal charges.

  • - Provincial sales tax on the appliances included with the unit.

  • - An extra $300 for the paperwork to hold the purchasers' deposit in trust.

  • - $150 to discharge the builder's construction financing and give clear title after closing.

  • - The builder's $52.50 transaction levy payable to the Law Society.

  • - $150 to subsidize the builder's legal fees.

  • - Interest on the balance of the purchase price from the day of final closing to the next banking day.

  • - The amount of any increase in municipal, education or transit development charges imposed between October 10 2008 and closing.

  • - An unlimited contribution to the builder's proportionate share of all costs associated with a development agreement entered into with the city.

As you can see, the cost of these extras could easily exceed $10,000 to $20,000. And, "since they are classified as extras or "adjustments," they are typically not eligible for mortgage financing. Not one of them was mentioned in the sales office."


"To make the purchasers' cash flow worse on closing, the offer requires that the buyers prepay to the builder estimated property taxes for the year of closing and the year after - another $4,000 - $5,000 for taxes that won't even be assessed for at least another year."


In that 30 pages, Bob points out to more disclosure materials:

- A requirement for all the condo owners to jointly buy from the builder a $185,000 guest suite and a $215,000 superintendent's unit. The unit owners have to pay this money over 11 years with interest at 4% over the 10-year Canada Bond rate. The extra cost for this would total about $555, plus interest for 11 years. This charge is not mentioned in the purchase agreement.


The buyers were advised by Bob to go back to the builder and amend the agreement to cap the extra charges. Some builder will and some won't.


Extra charges always occur, and I don't think that any buyer has a problem with that. The problem is that there is a lack of disclosure of the charges in the sales office. This is typical in many builder sales offices. This is why I recommend taking the purchase agreement to your lawyer to review it before you sign anything with the builder.


This may scare you out of buying from a builder. Remember, there are very reputable builders out there and they will tell you everything. It's the ones that may forgo disclosure to ensure a sale. There are also many ways that a real estate agent can help. We know what questions to ask.


What a great article. I was very pleased when I saw this because I have talked about the hidden costs. You may question why a lawyer is even necessary in a real estate deal. Well, a real estate lawyer will find all the hidden points that could be missed and point them out to the buyer. They are available to answer questions that require legal interpretations. They are the experts.

Contact Betty Bartusevicius at 905.828.3434 or directly at 416.427.1875.

Re/Max Realty Specialists Inc., Brokerage

Contact me by email: http://www.bettybart.com/AgentProfile/contactme.cfm

Need a quick home evaluation?

Are you an Owner? If you own in the Mississauga, Oakville or Burlington Communities, and you would like to sell your residence, click here and get a free value analysis.

Are you a Buyer and are interested in purchasing a home in the 905 area code? Contact Betty Bartusevicius to receive For Sale/Sold data of neighbourhoods, to make an informed decision and do some comparison shopping.

If you know of friends, family, or colleagues who are thinking of making a real estate move, feel free to pass along my contact information. Know that their real estate needs will be well attended to with kindness and professionalism. Your referrals will be greatly appreciated

Monday, April 20, 2009

Elegant Homes in Lorne Park and Churchill Meadows, Call Betty at 416 427 1875, Fine Homes in 905, Market Watch

The hottest topic for everyone these days is the market. Although the forecast for 2009 promises more of the same, most markets are expected to weather the storm, says RE/MAX.

Housing market performance will clearly be contingent on economic performance at a local, provincial, and national level in 2009. Issues affecting the overall economy are impacting housing markets across the country and the situation is not expected to be remedied until consumer confidence is restored. With inventory levels remaining stable, pent-up demand kicking into gear, and low interest rates stimulating home-buying activity, we are seeing a bounce back in various areas surrounding the GTA.

While the economy will dictate real estate performance this year, it’s important to remember that demand still exists in the marketplace. In the midst of stock market turmoil, sold signs continue to appear on lawns across the country. With affordable lending rates and increased selection, first-time and move-up buyers with good credit may choose to play their investment strategy safe and purchase a home. The comfort of a tangible investment like real estate goes a long way in tough times.

Are you an Owner? If you own property in the Mississauga, Oakville, or Burlington Communities, and you would like to sell your residence, contact Betty Bartusevicius at 905 828 3434 or directly at 416 427 1875 and get a free market analysis.

Are you a Buyer and are interested in purchasing a home in the 905 area code? Contact Betty to receive FOR SALE/SOLD data of neighbourhoods to enable you to make an informed decision and do some comparable shopping.

If you know of friends, family, or colleagues who are thinking about making a real estate move, feel free to pass along my contact information. Know that their real estate needs will be well attended to with kindness and professionalism. Your referrals will be greatly appreciated.

Contact Betty Bartusevicius at 905 828 3434 or directly at 416 427 1875
Re/Max Realty Specialists Inc., Brokerage

Contact me by email; http://www.bettybart.com/AgentProfile/contactme.cfm

I can help you save time and money by shopping smarter;
http://www.bettybart.com/createnewclientuserid/whyregister.cfm

There is no time like the present to begin your investigations into a property purchase or sale that will lead to sound decision making.

Experience is not expensive; it is Priceless.

Thursday, April 9, 2009

Elegant Homes in Lorne Park and Churchill Meadows, Call Betty B at 416 427 1875, Fine Homes in 905, Mississauga Real Estate


Here are some spring tune ups for your yard. If you are thinking of selling, these hints will get you ahead of your competition in creating the best curb appeal.

Survey Your Yard
Make note of tree limbs that should be removed. The ones that need the attention are those that overhang structures. Hire a specialist to maintain large trees. Rake mulch from the beds planted with bulbs before foliage appears, and refresh the mulch in other planting areas after soil warms. Check fences, steps, and pathways for disrepair caused by freezing and thawing.

Clean Tools and Order Plants
Tune up tools so everthing is ready when things start growing. Make note of what is missing, and order tools for the new growing season. Choose new plants for the garden so that you are ready for your spring planting.

Get Ready To Mow
Get your mower and leaf blower (if you have one) serviced. If you are able to do it yourself safely and properly, sharpen the mower blades yourself. Refill the mower with oil, install fresh spark plugs, and lubricate moving parts if necessary. Clear the lawn of winter debris and look for areas that need reseeding before you mow the lawn for the first time for the season.

Prune Trees and Shrubs
Remove dead and damaged branches from trees and shrubs after these plants resume spring growth. Thin and trim summer-blooming shrubs after they flower.

Prepare Beds
Clear the planting areas as soon as the soil can be worked. Remove sod, weeds, and debris. Spread your compost or manure over the soil and then cultivate it into the soil.

Fertilize
Apply balanced fertilizer around trees and shrubs when new growth appears.

Start a Compost Pile
Start a compost pile or start a compost bin if you haven't done so in previous years. This has to be turned regularly. This will be ready next spring.

Contact Betty Bartusevicius at 905 828 3434 or directly at 416 427 1875
Re/Max Realty pecialists Inc., Brokerage

Contact me by email; http://www.bettybart.com/AgentProfile/contactme.cfm

Would you like a private conversation regarding curb appeal?

Experience is not expensive; it is Priceless.

I am in this business for the long term. Being a full-time agent, I am committed to providing you with excellent service and I continue to share my real estate knowledge and thoughts with you. I want to be known as your "Real Estate Advisor". Whether you want some reliable information about the Real Estate Market, or if you are just curious about how your home might stack up against neighbourhood listings, remember, I'm just a call away.

Are you a Buyer and are interested in purchasing a home in the 905 area code? Contact Betty to receive FOR SALE/SOLD data of neighbourhoods to enable you to make an informed decision and do some comparable shopping.

If you know of friends, family, or colleagues who are thinking about making a real estate move, feel free to pass along my contact information. Know that their real estate needs will be well attended to with kindness and professionalism. Your referrals will be greatly appreciated.

Wednesday, April 1, 2009

Call Betty at 416 427 1875, Elegant Homes in Lorne Park and Churchill Meadows, Fine Homes in 905, RBC

Are You Ready To Make Your Move?

Tired of Renting? Ready to Own? Read this article. It was presented to me by Lindsay Doke, Mortgage Specialist of the Royal Bank of Canada.

This is a sound article because with low interest rates and availability of homes in various price ranges throughout the '905' area code, you should start to consider the purchase of your first home or to upgrade to that next level of home.

If you are renting, you may dream about owning a home of your own - decorate as you like, enjoy great neighbourhoods, entertain family and friends -- but you may be uncertain whether you're ready, especially if you haven't started saving.

Fortunately, with today's low mortgage rates and more flexible down payment requirements, your first home may already be within your reach.

There is a sound financial reason to buy now: your home may be the the single biggest investment you will ever make, one that could pay off significantly in the long run.

Consider this: over the past 10 years, there has been a 65% increase in the value of the average Canadian home. To put that into dollars and cents, the average home in Canada would have cost $150,720 in 1985. Today, that same house would be valued at $248,176 -- a big increase in value over this period of time. And of course, the earlier you can redirect the money you pay in rent towards paying down a mortgage, the faster you will start building equity in your home.

Does the increase in value shown above represent a good investment? The answer is "YES". Typically, housing is a stable investment, offering good rates of return. Unlike the stock market, your home typically offers you a dependable rate of return. And of course, a place to live.

This housing market differs from the 1980's in the sense that, buyers went into panic buying and there was an over-supply of homes causing a swing in house prices. Now, we have been living in a period of low inflation and low interest rates, both of which help to maintain a strong, but steady, market for homes without wild swings in prices.

There's a tax advantage to purchasing a home. When you sell your principal residence for more than you paid for it, the increase in value (Capital Gains) is yours tax-free.

At the end of the day, one of the biggest considerations isn't the market, mortgage rates or investment value, but rather your desire to enjoy the comfort and privacy of owning your own home. The best time to stop renting and start owning is when you are ready.

Contact Betty Bartusevicius at 905 828 3434 or directly at 416 427 1875
Re/Max Realty Specialists Inc., Brokerage

Contact me by email: http://www.bettybart.com/AgentProfile/contactme.cfm

I am in this business for the long term. Being a full-time agent, I am committed to providing you with excellent service and I continue to share my real estate knowledge and thoughts with you. I want to be known as your Real Estate Advisor. Whether you want some reliable information about the Real Estate Market, or if you are just curious about how your home might stack up against the neighbourhood listings, remember, I'm just a call away.

Are you an Owner? If you own property in the Mississauga/Oakville/Burlington Communities, and you would like to sell your residence, contact Betty at 905 828 3434 or directly at 416 427 1875 and get a free market evaluation of your existing house.

Are you a Buyer and are interested in purchasing a home in the 905 area code? Contact Betty to receive FOR SALE/SOLD data of neighbourhoods to enable you to make an informed decision and do some comparable shopping.

If you know of friends, family, or colleagues who are thinking about making a real estate move, feel free to pass along my contact information. Know that their real estate needs will be well attended to with kindness and professionalism. Your referrals will be greatly appreciated.