Page 1

A Guide To Buying Your Home

Gord.Springle@gmail.com www.GordonSpringle.com

o: 416-698-2090

m: 647-998-0779

f: 416-900-0860


Some Questions to Answer

By answering these questions I can prepare, in advance, how to help you determine what is important to you. You can fax to 416-900-0860 or complete it online at http://gordspringle.topproducerwebsite.com/youre-the-buyer.asp Why are you buying a home? □

Job transfer

Reduce your commute to work

Personal relations i.e. marriage, partnership, separation, etc.

Currently renting

Home is too small

Home is too big

Be closer to family

Lifestyle change i.e. retirement, travel, pursue hobby, etc.

Upgrade neighbourhood

Closer to schools or better school district

Closer to recreational outdoor facilities

Closer to transit/highways

What about your Realtor is most important to you? □

Understanding what you really want

Agent’s knowledge of the current real estate market

Agent’s knowledge of the area, types of property, property values

Communication

Price Negotiation

Coordinating the process from Purchase until Closing

Gord.Springle@gmail.com www.GordonSpringle.com

o: 416-698-2090

m: 647-998-0779

f: 416-900-0860


Who is Working for You ... and Why

I’ve been a full-time licensed Realtor since 2004. As the foundation of my business, I have adopted a particular philosophy which is called “By Referral Only”: I strive to provide such impeccable service and expert counsel that my clients gladly recommend me to friends, colleagues, family and acquaintances. Building my business depends on giving you, my client, such excellent service that you will gladly refer me to anyone you know who is thinking of buying or selling real estate. Building your trust is a key element of that service. I will act only in your best interests. There have been times that I have talked some of my clients out of buying a specific property because it wasn’t in their best interest. To a few of my clients, I have recommended holding off selling until a later, more opportune time or after fixes and upgrades are made to their property. Why? To get them the most money in the shortest time on the market. Instead of going for the quick sale, I will counsel you in a way that serves you best. Prior to my career in real estate, I taught French for 10 years. Having taught over 10,000 classes has equipped me to serve you with an approach based on educating you about buying or selling your home. I’ve always found that the more my clients know about the process, the more comfortable and confident they are in making major decisions that will substantially affect their lives. While working as a teacher, I became involved in flipping houses. The experience of flipping really brings added value to you. For my buyers I have a keen eye for the market value of a home in its current condition, what it could be worth with renovations and their associated costs. This gives me the ability to give my seller clients a clear and accurate assessment of the market value of their home and the value that any improvements will add to the sale price of their home. As a Realtor, I have received numerous awards for various levels of sales achievement and currently rank in the top 20 agents out of the roughly 1,750 Keller Williams agents in Canada. I am continuously shaping my business to provide the best possible service to you on a daily basis and to ensure everyone is taken care of to the highest degree ~ to always exceed their expectations. With the assistance of my Client Care Administrator, you will never be left feeling like you’re on your own. I will be with you every step of the way and earn my place as your Personal Real Estate Consultant for Life.


Are you ready to buy a home

Knowledge and experience are the keys to successful real estate transactions. Doing your research to gather knowledge as well as working with an expert REALTOR®, whose expertise and experience can interpret and guide you through the information, is essential to your success in buying a home that’s right for you.

Planning is one of the keys to making the home buying process easier and more understandable. With research and planning, you'll be able to anticipate requests from lenders, lawyers and other professionals, and you’ll move more easily through the home buying process.

Do you know what you want in a home?

Whether or not you are a first-time home buyer, you need to ask yourself w hy you want to buy. What property features do you need and want?

When? What is your ideal Closing Date i.e. possession date? What is your purchasing time frame?

Whatever your answers, the more you know about the real estate marketplace, the more likely you are to effectively define and achieve your real estate goals.

Once you get an idea of what you want in a home, talk to me, your experienced, expert REALTOR® who knows the local markets, current market conditions and the many facets of the complex business of real estate. I will answer your questions, give you a realistic picture of the market, and help you clarify your real estate goals.

Do you have the finances to buy a home?

It is important to get prequalified for a mortgage before you begin your house hunting quest. This way, you will only view homes you can afford.

Financing is the difference between the purchase price and the down payment ~ your mortgage. There are a many different kinds of mortgages and different lenders, make sure you get the mortgage that best meets your needs and at the best price. You want an Mortgage SPECIALIST who only does mortgages, not a bank branch employee who opens accounts, sells, GIC’s, etc. The best mortgage broker I’ve worked with is Carol Cologna with Neighbourhood Lending Centre. Call her at 905-953-6902 to get sound advice. And tell her I sent you!

In addition to a down payment, you also need cash for closing costs (the final costs associated with completing the transaction), usually estimated at 2.5 -3.5% of your purchase price.

Gord.Springle@gmail.com www.GordonSpringle.com

o: 416-698-2090

m: 647-998-0779

f: 416-900-0860


Buyer Consultation Ultimate Scenario

Wishlist

Financial Counseling & Closing Costs

$$$$$$$$$$$ Budget

5% Deposit Liquid

Amortization? Fixed or Variable?

Downpayment

Pre-Approval

Buyer Representation Hiring your Real Estate Consultant

Signing the Contract

The Hunt! Clarity + Financing + Timing = Ready!

Visiting Properties

A Great Prospective Home! CMA = Current Market Valuation

5% Bank Draft Deposit ready with the Offer

The Offer Price

Closing Date

Conditions: Financing, Inspection, Condo Status Certificate

Deposit

Multiple Offer? Pre-Inspection or Condo Status

Bank Draft Deposit

Playing to Win without 'overpaying'

Sold Conditional Book Inspection

Get Mortgage Approval

Buyer Lawyer reviews Condo Status

Sign Notices Of Fulfillment

Sold Firm! Documents sent to Lawyer & Lender

Book Movers & Utilities

notify Bank of RRSP withdrawals

2 more Home Visits

Celebration Day! Bring Bank Draft to your lawyer for balance owing 2 days before Closing

Pick up keys late in the afternoon on Closing Day

WELCOME HOME!


An Outline of the Buying Process

1.

You make the initial call to let me know that you’ve made the big decision ~ you want to buy a home! Maybe tomorrow, maybe in 6-12 months or even a year, but now you’d like to know how best to proceed from here.

2.

The best next step for you is to book a Buyer Consultation with me as soon as possible. It takes about an hour and you’ll be able to ask all your questions and focus on what you need to do between now and yopur ‘start to look’ date. Topics such as debt consultation, down payment, tax savings programs, credit repair and a ‘Buyer To-Do List’ are just some of the things that we’ll talk about. You’ll want to consider what type of house or condo you would like, what neighborhood(s), how to assemble documents for mortgage pre-approval, how the entire home-buying process works, what a home inspector does, and more. Before our buyer consultation, you will email me the following forms, so that I can be prepared for our meeting:

a.

Ultimate Scenario online at http://gordspringle.com/ultimate-scenario.asp

b.

Home Features Wish List online at http://gordspringle.com/wish-list.asp

c.

Personal Financial Counseling form online at http://gordspringle.com/financial-counseling.asp

3.

If you’re completely comfortable with how I do business (on a ‘consulting’ rather than a ‘selling’ basis), you’ll sign the Buyer Representation Agreement (see page 14) to ‘hire’ me as your Buyer Agent representative, thereby authorizing me to represent your interests throughout the buying transaction and work hard to get you the lowest price. I’ll give you a signed, ‘no risk’, Easy Exit guarantee stating that if, for any reason, you aren’t satisfied with my service, you can cancel your Buyer Representation Agreement without question.

4.

Then, we work with your mortgage consultant to get your mortgage pre-approval. This means that you assemble the documentation needed by the lender to be able to give you a mortgage for the lowest rate and best terms possible.

5.

Based on your Wish List, I start you on the Insider HomeWatch Program whereby I send you all the MLS listings (including property addresses, lot size, room sizes, etc.) by email from the neighborhoods and price ranges of your choice. Both you and I will watch the Listings as they come in daily = your favourite hobby!

6.

Based on your home search criteria, I will set up appointments for you so we can go out to view several of the homes which match your criteria at a time that is convenient for you. At this point, you absolutely must have a 5% Deposit

readily available at anytime on short notice; you want to be able to move fast when you see a great place. 7.

Now let’s imagine you’ve found a great property. Don’t be surprised if w e find a great property the first or

second tim e out! (Because we’ve done all the groundwork, it actually won’t take long to find a great home. You’ve seen hundreds of Listings online, I know exactly what you’re looking for. Because I have expert market knowledge, I’m adept at matching your Wish List to actual properties out there. Some agents will chauffeur you, showing you just

about anything, hoping to find something, anything, that sticks! This is an exhausting and frustrating process and a waste of your valuable time.) I will do a CMA (Current Market Analysis = an ‘appraisal’) on this home to verify its actual market value. Based on this evaluation, I will ask the Listing Agent some important questions and establish a crucially

Gord.Springle@gmail.com www.GordonSpringle.com

o: 416-698-2090

m: 647-998-0779

f: 416-900-0860


An Outline of the Buying Process (cont'd)

important rapport with him or her. You and I will discuss together how much you should be paying for the home that you want to buy. I will now negotiate the offer on your behalf. Since I have expertise and experience in Real Estate, I know what to do if difficult or unusual situations come up at the offer presentation, such as multiple offers. 8.

I will draw up an Offer for you. The typical features of an Offer include:

The Offer price,

The Deposit amount (-roughly 5% of the Offer price in the form of a Bank Draft),

The Irrevocable period (-how long you’ll make the Offer good for); we want to make this as short as possible to negotiate the deal before any other Offers come in and bump yours,

Closing date,

And the terms, including any Conditions, such as Inspection, Status Certificate, and/or Financing. o

An additional Condition in the offer for a Condo unit is the Condition for your Lawyer to review the Status Certificate. The Status documents give you the Rules and Regulations of the Condo Corporation as well a Certificate that gives you a financial ‘snapshot’ of the building:

1)

whether there are any special assessments (-ex. The roof has unanticipated issues and each condo owner must pay an extra fee of $100/month for the next 12 months),

9.

2)

how much money is in the Reserve Fund to cover upcoming capital expenses to maintain the building,

3)

and what is the Current Budget.

Sellers will typically Counter your Offer with their own. This will go back and forth until there is an Agreement.

10. You want to have your Lawyer selected by this point. Your Lawyer will help you close the transaction by taking care of the transfer to you of the Title, paying the Land Transfer Taxes, and working with the seller’s lawyer to figure out how much you owe the Seller before Closing. You’re free to choose any Lawyer you would like. A great Lawyer whose services I highly recommend is Tannis Waugh, 416-533-2996 x28. In my opinion, having worked with over 100 lawyers, I have found her to be the best in terms of prompt service, patient explanation of the process, and a strong protection

of your rights and interests. 11. It’s not over yet. In many cases, I’ll arrange a home inspection, if it’s a house or townhouse, to confirm the physical state of the property. If you are satisfied with the inspection ( -and any other Conditions in the Offer), you sign a Fulfillment of Condition to remove these ‘conditions’ from your offer. NOW the transaction is firm and binding and you’ve bought a home! 12. It’s still not over! I will keep in touch with you between the time the offer becomes firm and binding and the time of closing when you actually get your keys provide lots of emotional support, and answer any questions you may have.

13. I hope to see lots more of you in the future and to become your Real Estate Consultant for Life!


Testimonials Remember: my business is built on your Referrals. Of course, you want to be sure I will give you great service and expert advice. For your peace of mind and so you know that you should trust me, here are some examples of what my clients say about me.

I would highly recommend your services to anyone! I want to thank you for helping me find a home that I really love! It was such a pleasure to work with you. I was so impressed that you listened so carefully and then were selective in showing me homes that you felt fit my needs. In addition, I realize that your job wasn’t easy. Even though I’m a financial advisor, being a first-time buyer was a scary experience. Your patience and expertise made the process more pleasant and less stressful than I ever expected it would be. Gordon, I would highly recommend your services to anyone. If for some reason I need to move again, you will be the first to know! Please feel free to use me as a reference at anytime. You are the definition of “referable”! ~ Connie

You gave me the knowledge and confidence to make my home purchase! Before I became a first time home buyer, I had a limited understanding of the process that would get me out of my rental apartment and into my first home. Gordon worked with me to establish what my needs were and how to achieve my goal of owning my own home. All the steps taken gave me the knowledge and confidence to make my first home purchase. Gordon, thank you for your work. I’m very happy and proud to have my own place. ~ Steve

You helped talk us out of buying a home we weren’t 100% sure we loved, and I’m glad you did. You provided us with a wealth of invaluable information on the housing market, and helped us narrow down and consolidate our individual wish lists. (Even when I thought there was no way that Will and I would ever agree on the features we were looking for!) On the first day we met, we saw a property that we were sure we loved – but I had doubts about the morning after. You did something I never thought a realtor would do – you helped talk us out of a home we weren’t 100% sure we loved, and I’m glad you did. ~ Porsha

Gord.Springle@gmail.com www.GordonSpringle.com

o: 416-698-2090

m: 647-998-0779

f: 416-900-0860


The Buyer Representation Agreement is required by law. It ensures that everyone is clear as to who is representing whose interests. On a practical level, it is the agreement that seals your commitment to me and my commitment to you. If you’re unsure about committing to me being your Agent, the Guarantee below should set your mind at ease.

Guarantee of Service

Issued To:

Occasionally, home buyers sign Buyer Representation Agreements with Realtors for a lengthy term and later regret their decision. Perhaps their Realtor is less than competent, or the buyer expected more service than he or she received. Signing a Buyer Representation Agreement with me takes away the risk and fear. I GUARANTEE that you can cancel your Buyer Representation Agreement at anytime if you are not satisfied with my service. No hassles, no conditions, it’s easy. This guarantee allows you to relax, knowing that you won’t be locked into a bad relationship with the wrong Realtor. You can enjoy the caliber of service that you’ll receive from a Realtor that is confident enough to make this offer, who works ‘By Referral Only’.

______________________________

________________________

Buyer

Date

______________________________

________________________

Buyer

Date

______________________________

________________________

Gordon Charles Springle

Date


Client Referral Rewards Programme

We rely heavily on referral business; every year between 65-75% of our business comes from past clients and referrals. In view of this, we have implemented a rewards program that we feel is very attractive for all our Clients. We will provide you with a $50 gift certificate of your choice for any referral that you provide. If we are able to close a deal with one of those referrals, you will be entitled to additional incentives as noted below. As everyone knows, when moving into a new home, you are always burdened with some incidental costs and this can really affect what is traditionally a tight time financially. When buying or selling your home with us, we allow for you to save up to $3,300 and this can be achieved by providing us with only 10 referral deals.

Here is how the payouts work:

1st Referral Deal:

$500

2nd Referral Deal:

$250

3rd Referral Deal:

$200

4th Referral Deal:

$200

5th Referral Deal:

$250

6th Referral Deal:

$500

7th Referral Deal:

$500

8th Referral Deal:

$200

9th Referral Deal:

$200

10th Referral Deal:

$500

The great thing about this programme is you can cash in on it for up to one full year after the closing date of the home you buy with us. Once again, referrals are part of our lifeline and we appreciate them very much. If you have any questions regarding the programme please do not hesitate to give us a call.

Gord.Springle@gmail.com www.GordonSpringle.com

o: 416-698-2090

m: 647-998-0779

f: 416-900-0860


Home Inspections

A home inspection is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. This is carried out by a home inspector, who has the training and certifications to carry out such inspections. Using home inspection software, a report is then issued on the spot. The home inspector states the condition of the home at the time of inspection but does not guarantee future condition, efficiency or life expectancy of systems or components. An inspector will check the roof, basement, heating system, water heater, air-conditioning system, structure, plumbing, electrical, and many other aspects of buildings, Your Inspector is looking for improper building practices, those items that require extensive repairs, items that are general maintenance issues, as well as some fire and safety issues. However, it should also be noted that a home inspection is not technically exhaustive and does not imply that every defect will be discovered. A general list of exclusions include but are not limited to: code or zoning violations, permit research, property measurements or surveys, boundaries, easements or right of way, conditions of title, proximity to environmental hazards, noise interference, soil or geological conditions, well water systems or water quality, underground sewer lines and/or waste disposal systems, buried piping, cisterns, underground water tanks and sprinkler systems to name a few. Home Inspections take approx 2-3 hours. With you, the Buyer, the Inspector carefully walks through the major systems of the house and explains the house and its systems to you. The report, which should be prepared onsite at no additional charge, will provide additional information as well as any deficiencies, health and safety issues, if any. S/he also go over the written report with you to make sure you fully understand what it means Additional Services can also be performed by a Home Inspector, one of which is the use of Thermal Imaging Technology. Moisture in building materials can destroy structural integrity and nurture mould. The first step in moisture problem remediation is to quickly and accurately locate and remove all sources of moisture. Thermal Imaging cameras instantly show you what's wet and what's dry. IR cameras can instantly find the ultimate source with little or no physical disassembly of the premises and minimal disturbance of inhabitants. Thermal Imaging infrared cameras are the inspection assets preferred by building experts for fast, reliable, accurate building diagnosis in the entire range of building problems, from post-catastrophe fire and flood investigations to chronic leaks and moisture problems. A great tool is the FLIR ThermaCAM infrared camera which is lightweight and rugged for use in the field. One last Note: A home cannot "fail" an inspection, as there is no score or passing grade given. A professional home inspection is an examination of the current condition of a house. It is not an appraisal. It is not a municipal inspection, which verifies local building code compliance. At the end of the day, you must consider the home inspection report and act based on your specific requirements.


How to Pay Off Your Mortgage Fast

The “Mortgage Terminator” is designed to help you pay off your mortgage principal entirely in 10 years or less. Best of all, you can do this without making any lump sum payments whatsoever. Most people don’t realize it but, over the lifetime of a mortgage, every homeowner is paying thousands of dollars of their money in interest. In fact, interest payments in just a five year term on a mortgage of $150,000 amount to over $59,600 while the principal was only reduced by approximately $11,000. If you kept a $150,000 mortgage for the full 25 years at the same 6.0% interest rate, you would have paid the bank back $301,000! The mortgage terminator program teaches you how to pay off your mortgage 15 years sooner than normal and save $70-80,000 or more in interest charges. The method is simple and easy; you can do it if you make it one of your goals.

Here’s how it works: 1.

First, sign up with your lender for accelerated biweekly payments.

2.

Almost every mortgage has a built-in agreement to allow you to

increase your payments. *** Be sure you are able to do this BEFORE you commit to a mortgage! 3.

Increase your monthly payments by 10% each year. Example: if

your payment is $1000 biweekly, increase your first year payments to $1100. Year 2, increase your payments to $1200. By the end of 10 years, you will have paid off your mortgage and saved a ton of money! 4.

If at any time you have trouble keeping up with payments, you can

always reduce your payments to as low as your original amount, in this case $1000 biweekly.

The major benefits of the Mortgage Terminator Program are: 1.

It reduces your total interest cost, saving you potentially tens (and even into the hundreds) of thousands of dollars.

2.

It builds equity in your home faster (vs. paying more of your payment money towards interest).

3.

You will become debt free sooner ~ because you’re paying off your mortgage so much more quickly.

4.

You have complete control over determining how many extra principal payments you wish to make, and when.

Gord.Springle@gmail.com www.GordonSpringle.com

o: 416-698-2090

m: 647-998-0779

f: 416-900-0860


Your Personal Budget

Gross Monthly Income - All Sources Gross Monthly Income Less Income Tax/Other Payroll Deductions Net Monthly Income Monthly Lifestyle Expenses/Payments Child Care Groceries Lunches/Eating Out Clothes/Personal/Laundry Life Insurance Public Transportation Car: Gas/Oil Car Insurance and Licence Car Loan/Lease Telephone Cable TV/Video Rental Entertainment/Movies/Sports/etc. Vacations Beer/Wine/Liquor/Cigarettes Newspapers/Magazines/Books Furnishings/Consumer Goods Savings (bank accounts, RRSP's) Charitable Donations Line of Credit Credit Cards Other Loans/Payments Total Monthly Lifestyle Expenses NET Left for Housing Costs (P.I.T.I.U.)*

$ $

Calculate the impact your monthly expenses will have on the maximum house price you should be considering.

$ Remember, it’s only human nature to downplay how much things cost – but resist the impulse.

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Be realistic.

Because if the final figure is underestimated, you could find yourself in a financial bind once the house payments start up.

Make sure you don’t leave yourself house poor. It’s important to structure your monthly expenses so that you can still afford to simple luxuries, like the occasional vacation.

$ $

* principal, interest, taxes, insurance, utilities.


RRSP Home Buyer's Plan

The Home Buyers’ Plan (HBP) is a program under which you can, generally, you as a first-time homebuyer can withdraw up to $25,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home. Withdrawals that meet all applicable HBP conditions do not have to be included in your income, and your RRSP issuer will not withhold tax on these amounts. However, before you can withdraw funds you must have entered into a written agreement to buy or build a qualifying home which you must occupy no later than one year after buying or building the home.

If you buy the qualifying home together with your spouse or other individuals, each of you can withdraw up to $25,000. You cannot withdraw an amount from your RRSP under the HBP if you or your spouse owned the home more than 30 days before the date of your withdrawal. Details

Up to $25,000 per person could be withdrawn tax-free from RRSPs to buy or build a principal residence. Couples — including common-law — will be able to withdraw up to $50,000.

You have to meet the first-time buyer’s condition. You are not considered a first-time home buyer if you or your spouse owned a home that you occupied as your principal place of residence in the past 5 years. To determine past 5 years, the 4 years preceding the year you make your withdrawal plus the period in the year you make your withdrawal ending 31 days before your withdrawal is the rule adopted.

Home buyers withdrawing funds do not have to pay income tax on the amount withdrawn, as long as the funds are repaid into an RRSP in the future.

The 15-year repayment period will begin in the second calendar year following the calendar year in which the withdrawal is made. In addition, a qualifying home must generally be acquired before October 1 of the calendar year following the year of withdrawal. For example, those making withdrawals under the plan in 2009 will have until October 1, 2010 to acquire a qualifying home and their first annual repayment will be due by the end of 2010 or the first two months of 2011.

A special rule denies a tax deduction for contributions to an RRSP that are withdrawn within 90 days of the RRSP deposit being made. Consequently, to get the normal tax break for a contribution and to use those funds under the plan, the money must be in your RRSP for at least 90 days before a withdrawal is made.

Gord.Springle@gmail.com www.GordonSpringle.com

o: 416-698-2090

m: 647-998-0779

f: 416-900-0860


How much does CMHC Mortgage Loan Insurance Cost?

The CMHC Mortgage Loan Insurance premium is calculated as a percentage of the loan and is based on the size of the down payment; the higher the percentage of the total house price/value that you borrow, the higher percentage you will pay in insurance premiums.

Mortgage insurance for 95% mortgages is available for first-time and repeat home buyers providing you have 5% as a down payment (in possession 15 days before making an offer to purchase).

The maximum amortization period is 30 years.

Borrowers are required to demonstrate, at the time of application, their ability to cover closing costs equal to at least 2% of the purchase price.

Buyers may consume up to 32% of their gross monthly household income for payments on loans for 95% of the lending value of the home where the 5% down payment comes from other sources will be 2.9% of the mortgage loan and can be added to the mortgage.

Premium on

Total Loan

Loan To Value

Standard Premium

Up to and Including 65%

.50%

Self Employed without 3rd Party Income Validation .80%

Up to and Including 75%

.65%

Up to and Including 80%

Premium on Increase to Loan Amount >> Standard Premium

>> For Portability and Refinance

.50%

Self Employed without 3rd Party Income Validation 1.50%

1.00%

2.25%

2.60%

1.00%

1.64%

2.75%

3.85%

Up to and Including 85%

1.75%

2.90%

3.50%

5.50%

Up to and Including 90%

2.00%

4.75%

4.25%

7.00%

Up to and Including 95%

2.75%

N/A

4.25%

*

90.01 to 95% NonTraditional Downpayment

2.90%

N/A

*

N/A


Land Transfer Taxes

First-time buyers of new and re-sale homes are eligible to receive rebates of the provincial and Toronto land transfer taxes (LTT). The maximum provincial LTT rebate is $2,000 (equivalent to that payable on a $227,500 property) and the maximum Toronto LTT rebate is $3,725 for (equivalent to that payable on a $400,000 property).

Provincial LTT is payable anywhere in Ontario and Toronto LTT rebates are in addition to any provincial LTT that the buyers qualifies for. Both are calculated as follows: (easy-to-use calculator at www.nohomebuyingtax.com)

• • • •

0.5% of amount of purchase price up to $55,000 plus 1% of amount of purchase price between $55,000 and $250,000 plus 1.5% of amount of purchase price between $250,000 & $400,000 plus 2% of amount of purchase price above $400,000

First-Time Buyer Eligibility To be eligible as a first-time buyer for the provincial LTT rebate and/or the Toronto LTT rebate, the purchaser: • • • •

Must be 18 years of age Must occupy the home as his/her principal residence no later than 9 months after the date of the conveyance or disposition Cannot have previously owned a home, or had any ownership interest in a home, anywhere in the world, at anytime If the purchaser has a spouse, the spouse cannot have owned a home, nor had any ownership interest in a home, anywhere in the world while he/she was the purchaser’s spouse. If this is the case, NO refund is available to either spouse. Note: If a purchaser’s spouse owned an interest in a home BEFORE becoming the purchaser’s spouse, but not while the purchaser’s spouse, the purchaser may be eligible for some rebate.

More information: Provincial LTT – Ontario Ministry of Finance Toronto LTT

1-800-263-7965

- City of Toronto 416-338-0338

Gord.Springle@gmail.com www.GordonSpringle.com

o: 416-698-2090

m: 647-998-0779

f: 416-900-0860


Fiduciary Duties

AGENCY is serious business. When you hire the Brokerage as your Agent, you are owed the following:

Obedience: An agent must obey your instructions, but only if the instructions are not illegal and are in accordance with the contract. An example would be a deal in which you are the seller. You have two offers to buy your property and they're almost identical in price and contingencies. You instruct your agent to accept the offer from Agent B without going back to both buyer agents for further offers because you "don't like Agent A". Though it seems a bit unfair to Agent A and their buyer, your Agent must obey your instruction.

Loyalty: Your agent you must be loyal and keep your best interests ahead of those of any other party, including him/herself. How much commission you might be made, particularly in competing offer situations, should not be a consideration and would be disloyal to you. Though confidentiality is discussed separately, it is also a component of the loyalty piece. Disclosing anything about you without your express consent would not be in keeping with this loyalty requirement.

Disclosure: An agent is required to disclose material facts to you. Material facts are those that, if known by the buyer or seller, might have caused them to change their purchase or sale actions. Beyond that, the fiduciary duty of disclosure would include just about any knowledge the agent had that might benefit you in the process. If you are the buyer, and your agent knew the seller was in a financially stressed situation, your agent would disclose that to help you in the negotiation.

Confidentiality: Your agent’s fiduciary duty of confidentiality means that your agent is not to disclose anything that they learn about you, your business, financial, or personal affairs, or motivations. This duty survives closing and lasts forever. Only a court instruction to disclose can relieve an agent of this duty.

Accounting: Accounting for all documents and funds in the transaction is a fiduciary duty. Accurate reporting of the whereabouts of all monies pertaining to the transaction and their ultimate disposition is a fiduciary responsibility.

Reasonable Care: This duty is one to be very careful of. The words "reasonable care" are only finally fully defined in many cases by a judge or jury when it's too late to change any actions. As a licensed real estate professional, your agent is expected to have a certain level of knowledge and be able to advise and guide you through the process without harm. Whether on the buyer or seller side, the agent is expected to advise on price, inspections, negotiations, repairs and many other facets of the transaction. If it's not something your agent is not expected to know, they are expected to advise you in how to get the information.

A Guide to Buying Your Home  

This Guide Book is designed with you in mind to help educate you on the process of buying real estate in Toronto. Whether you are a first ti...

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