BUYING A HOME. A valuable information guide to help you through the home buying process.

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1 BUYING A HOME A valuable information guide to help you through the home buying process. We have also included an overview of our services and handy resource list for your convenience in planning your move. Please enjoy, with my compliments. My team gives you the advantage My action plan for your home purchase A look at closing costs Mortgage types and terminology Home inspections How to choose a lawyer Title insurance Moving checklist Moving resource list

2 MY ADVANTAGE I am part of the largest real estate organization in the world, with the most recognized name in real estate, which provides me with instant access to worldwide resources. I have in depth knowledge of the local market place of Burlington, Oakville, Misssissauga, Milton, Georgetown and West Toronto I regularly attend company and industry conferences and seminars to keep myself informed and on the leading edge of my business. My action plan spells out clearly and precisely the services I will perform to ensure that your real estate transaction is handled in a thorough and professional manner. I offer one stop shopping for all of your real estate needs. My listing and selling services include complimentary information packages with valuable tips and insights on buying and selling a home. I offer AIR MILES travel miles and CENTURY 21 Connections My team and I are available to provide you with service 24 hours a day, 7 days a week. Service is my number one priority and I guarantee it in writing!

3 BUYER ACTION PLAN Explain the role of a Realtor and provide you with a written disclosure of the nature of agency relationships. Review and complete the CENTURY 21 Home Purchase Checklist to determine what type of property and features you re looking for. Review and complete the CENTURY 21 Home Buyer Qualification Worksheet to help you determine what you can afford to pay for a home. Explain and review the total cost involved in buying a home. Review and explain closing costs. Review and explain mortgage options. Recommend to you that you make an application to a mortgage lender and get pre approved. Review and complete an OREA Buyer Agency Agreement. Provide you with a Written Service Guarantee. Research properties in your price range that meet your qualifications. Show you qualified properties and ask for your feedback. Discuss market value and review potential purchases with you. Discuss with you the terms and conditions of an offer. Help you obtain and review sub search on property, ownership rights, survey, easements, liens, tax assessment, zoning for current and future use, building by laws, sub division covenants, official plan or development plans, outstanding taxes, and any factors affecting the purchase. For condos, obtain and review a copy of the Condominium by laws, budget, reserve fund study, special assessments, status certificate, etc. Review Seller Property Information Statement. Complete paperwork requiring vacant possession from tenants, if required. Explain offer process to you and review paperwork involved. Review and complete Agreement of Purchase and Sale with you. Present and negotiate offer on your behalf. Review and complete the CENTURY 21 AIR MILES Contract. Provide you with copies of all signed contracts & agreements. Forward paperwork to your mortgage lender for approval. Confirm with you and property inspection and/or appraisal scheduled, as required. Attend home inspection with you. Prepare and/or present waivers, as required. Process paperwork for brokers, lawyers and lenders. Send you a CENTURY 21 Buyer Service Survey Follow up to ensure a smooth closing.

4 BUYER CLOSING COSTS Here is a detailed summary of the possible closing costs that you are likely to incur when closing your Real Estate transaction. This summary is only an estimate, which has been designed to assist you in budgeting for your closing. (Not all of the disbursements may be applicable for your purchase). LEGAL FEES: Purchase of a House $ Purchase of a House w/mortgage Sale of a Home Mortgage (Refinancing) DISBURSEMENTS: Approximately $400.00, but may fluctuate depending on the property. LAND TRANSFER TAX: a) Under $250, % of purchase price minus $ b) Over $250, % of purchase price minus $1, c) Over $400, % of purchase price minus $3, ADJUSTMENTS: You should also budget for adjustments to the Seller such as prepaid property taxes, heating oil, etc. The lender funding your mortgage may require a tax hold back at closing. For further information about tax holdbacks, talk to your lender. It s recommended that you select and meet with your lawyer for a consultation. At this meeting, make sure to go over how a typical transaction proceeds and determine what your legal costs will be.

5 NEW HOME COSTS When you purchase a new home it is likely there will be many more adjustments and closing costs. While the resale agreement of purchase and sale was created by lawyers to be fair to both parties most builder agreements favour only the builder. When you buy a resale house it is advisable to take the agreement to your lawyer prior to signing. When you buy a new house you must bring the agreement to your lawyer prior to signing. Here are some of the normal closing costs however with builder has different terms and each agreement must be reviewed. New Home Warranty Builders of new homes in Ontario are obliged to enroll the subject property under the New Home Warranty Program. The enrolment fee is absorbed by the purchaser under the terms of the Agreement of Purchase and Sale. Water Hookup the Agreement usually provides that the purchaser pays the cost of water and hydro hook up which averages $ Driveway paving some subdivision agreements require the builder to pave the driveway. This cost is passed on to the purchaser by way of a holdback which is held until the builder provides proof he has paved the driveway. Approximate cost $ Tree Planting all subdivisions require the builder to provide a tree in front of the house and some builders pass this cost on to the purchaser. Approximate cost $ Subdivision Costs subdivision agreements require the builders to deposit $ to $1, per lot to ensure all lot grading will be completed to the satisfaction of the town. Recently some builders have been passing on this charge to the purchasers. The money is refundable when the subdivision passes final inspection. If you buy in the beginning of a subdivision you could wait 2 years for your money to be returned. GST new homes are subject to GST. Most builders pick up the amount of GST, but check your agreement. Lot Levies the Province has given municipalities the right to collect additional lot levies to build schools and hospitals. These levies could amount to $3, to $10, per lot. Presently local municipalities have not passed the necessary bylaws so they are not collecting the levies. Some builder agreements stipulate that the purchaser is responsible for any lot levies that arise between the offer date and closing.

6 Additional Features you would pay for in a new home: Ceramics in kitchen and hall foyer Central air conditioning $ 5, Finished Basement (modest) $ 5, $ 2, Ceiling Fans, $ 1, upgraded lights Central vacuum $ Landscaping and deck $ 6,000 + Fenced yard $ 2,000 + Pool and deck $ 20,000 + Draperies, rods, $ 2,000 + Built in dishwasher $ blinds Wood floors (if chosen) $ 6,000 + All costs are approximate and subject to change.

7 MORTGAGES Conventional Mortgage: in which the purchaser can borrow up to 80% of the purchase price or value of the property, whichever is less. Insured or High Ratio in which the purchaser can borrow up to 95% of the purchase price or value of the property, whichever is less. Costs: For a conventional loan, a property appraisal fee depending on the type and size of the home. For a high ratio loan, the CMHC carries out it own assessment of risk, which may or may not include a property appraisal. A lender cannot provide first mortgage financing in excess of 75% of the purchase price unless the mortgage is insured. This premium can be added to your total mortgage loan or can be paid in a lump sum at the time of purchase. Pre Qualification: means having your mortgage lender calculate the payment that will be required for a specific mortgage amount under their underwriting guidelines to ensure you can meet the payments comfortably. Pre Approval: requires you to complete a mortgage application. Your credit rating will be checked, a specific amount of mortgage funds will be pre booked for your and a specific interest rate will be guaranteed for a defined period. A pre approved mortgage provides you with a position of greater strength in negotiating an offer to purchase. Open Mortgage: lets you pay off as much of the principal as you want at any time without penalty. Closed Mortgage: locks you into a specific payment schedule with a penalty applied if you wish to repay the loan in full before the end of the term. A closed mortgage usually offers a lower interest rate for the same term. Fixed/Variable Rate Mortgage: allows you to budget precisely for whatever terms you select, while a variable rate allows you to speculate during a fluctuating market, hoping for a lower average rate. Term: This is the length of time the interest rate on your mortgage is fixed. At the end of the term, the outstanding mortgage can either be paid in full or renewed for another term at the prevailing rate.

8 MORTGAGES Amortization Period: the time it takes you to pay off the total mortgage it can range from one to twenty five years. The longer the amortization period, the more interest you end up paying. Pre payment Privileges: these vary with the financial institution. Pre payments are deducted from the principal owing and can substantially reduce the amortization period and the total interest paid. Accelerated Payments: allow you to make more frequent payments per year instead of 12 monthly payments. This results in a huge interest saving and lets you pay off your mortgage sooner. Portability: new home. allows you to take your interest rate with you to help finance your Assumable Mortgage: allows a qualified purchaser to assume your mortgage. This may help make your home more marketable, particularly if your mortgage has a low interest rate.

9 YOUR HOME WISH LIST MIGHT INCLUDE: Type Ownership Style Garage Square Footage Age Bedrooms Bathrooms Outside Features Inside Features Detached Semi Multi unit Freehold Condominium Co operative Bungalow 1½ storey 2 storey Single Triple Under 1,000 1,000 1,500 1,500 2,000 New 1 5 years 6 10 years One Two Three Four or more One Two Three or more Deck / patio Fence Pool Main floor Family room Main floor Den Fireplace Townhouse Apartment Split level Other Double 2,000 2,500 2,500 3,000 3, years Older Heritage Ravine Waterfront Treed lot Central Air Eat in kitchen In law suite En suite bathroom

10 Deciding to sell your home is a big decision. CONSIDERING SELLING? Whether the move is voluntary or imposed upon you by circumstances beyond your control, selling a home can be a stressful time. There are a lot of factors to consider such as: When are you going to put your home on the market? When do you need to be moved into your next home? Where are you moving to? How much money are you likely to get for your home? How much will your next home cost? What moving expenses will you incur? Before you get started, try and get a really clear idea of your plans. Once the process of selling your home starts there will be a lot of decisions to be made. Try to think through the whole process carefully and decide on your priorities before you get caught up in listing agreements, offers and deadlines. The more you know exactly what kind of outcome you want, the better prepared you will be to get through the stressful selling period. You will also have a much clearer idea of the kind of realtor you want to hire to get the job done and the level of services that you are going to need from the real estate brokerage. 1. What is it that made you decide to start thinking about selling your home? 2. Where would you like to move to? 3. When would you like to be in your new home? 4. How long have you lived in your present home? 5. What improvements have you made to your present home? 6. If there was one thing that you could change with your present home, what would it be? 7. What was your original purchase price?

11 8. What is the balance on your present mortgage? 9. How much do you need to net out of the sale? 10.What is most important to you Price? Timing? Convenience? 11.What would it do to your plans if you did not sell? 12.What major concerns do you have in making a move?

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