YOUR SOURCE FOR REAL ESTATE INFORMATION Oakville • Milton • Campbellville • Acton • Rural • Halton
WHAT’S INSIDE: Pattern Play: PAGE 2
Applying for a Mortgage Loan, PAGE 5 11 Critical Home Inspection Traps, PAGE 7
Why a Condo’s Status Certificate Is Important When buying or selling a resale condominium, the most important document in the deal is the status certificate.
When buying or selling a resale condominium, the most important document in the deal is the status certificate. It answers such important questions as: • Do I own the parking or locker? • Are pets allowed? • What are the pool hours? • How much is in the reserve fund to look after future repairs? • Are there any special assessments because there isn’t enough money to pay for needed repairs? • Is anyone suing the condominium and is there enough insurance to pay for it? • Who is the property manager? Most deals are conditional on the buyer’s lawyer being satisfied after reviewing all of the condominium documents, including the status certificate. In my experience, there are no easy rules to provide guidance. A reserve fund might have over $1 million dollars in it, but the building could need over $2 million in repairs. Another building might only have $200,000 in the reserve fund, but could have completed all repairs that would be needed
If you are selling a unit and there is a low reserve fund, or potential for a special assessment to pay for needed repairs, either adjust the sale price to reflect this, or negotiate a holdback on closing for one to three years, so that if a special assessment is levied later, it would come out of the holdback amount. If it is not levied, then the holdback would go to the seller at the end of the holdback period. It is not mandatory for a board of directors to use a management company, but I am suspicious if there isn’t one. Board members aren’t generally qualified to make these types of decisions or handle large budgets. But be careful who you hire. The story of Channel Property Management and Manzoor Khan, the property manager who allegedly defrauded several condominium corporations out of millions of dollars is one cautionary tale; unit owners ended up having to fork out thousands of dollars in special assessments. In general, townhouse condominiums do not require as large a reserve fund as high-rise condominiums, because they will not have as many future repair requirements. The unit owners are responsible for everything inside their units. It is thus important for everyone buying a townhouse to also include a condition for a home inspection, to check everything inside the home before you commit to buying.
In some cases, the Canada Mortgage & Housing Corp. (CMHC) can decline to provide mortgage insurance for buyers if they’re not satisfied with a condo’s financials.
Sellers, find out what your status certificate will say before you put your unit up for sale. Buyers, ask what is in the status certificate because this will form the basis of your continued enjoyment of your home after closing.
In other cases, a board might have to borrow money for repairs if there isn’t enough money in a reserve fund. The money can be paid back over time through increases in maintenance fees.
Mark Weisleder is a lawyer, author and speaker to the real estate industry. You can contact Mark at email@example.com
Office: 905-875-4594 firstname.lastname@example.org • email@example.com facebook.com/Manchisiteam • www.manchisiteam.com Not intended to solicit persons or properties currently under contractual agreement.
About Domenic Manchisi Domenic Manchisi started his career in real estate in 1996. In addition to strengthening his experience, Domenic has dedicated himself to expand his skill set both personally and professionally which he has utilized to lead himself and his team to become the number one real estate team in Canada* and he was a top producer for RE/MAX in 2013**. Domenic’s dedication to expand his knowledge has led him to pursue the following designations and certificates: • Appraisal • Mortgage Financing • Property Law • Property Management
• Licensed Mortgage Agent • Brokers License • Real Estate Investment • IRES
Domenic has created a dominant presence as a real estate broker predominantly in the Halton Region. Domenic’s success is a result of his extensive experience in the real estate industry as well as the ability to understand the needs of his clients. His core understanding of the real estate industry has not only been recognized by clients but also by colleagues and industry leaders. Domenic has been invited as a guest speaker for Donald Trump’s Apprentice, Bill Rancic, has appeared with The Dragons Den Wealthy Barber, has participated in expert panels at the National Association of Realtors (NAR), has made the cover of several magazines and has won many awards across North America for the work he and his team have achieved. Domenic currently lives in Milton with his wife and business partner, Jody Manchisi, and their two children. *For Prudential Canada 2008-2011 ** Xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Stability • Experience • Relationships
Don’t Shy Away From Pattern Play
A mix of patterns in various shapes and sizes makes this living room come to life.
(NC) Spring is the perfect time to take decor risks, and playing with various patterns is a simple but effective way to inject a burst of stylish impact in the home. Sometimes though, mixing patterns can be more intimidating than inspiring, so Sharon Grech, the colour and design expert from Benjamin Moore, explains why we need not be afraid of the art of pattern play: Experiment with various types of patterns: “Done are the days of matching the pattern in the cushions to the rug,” says Grech. “Today’s modern look is all about mixing prints with accent pieces like drapes, cushions, throw pillows and art. Try combining a bold, geometric print with an organic, floral motif. These prints actually complement each other and add a lot more visual interest to the space.” Colour is the unifier: The trick to tying in all the design elements in a room is choosing a harmonious colour palette that unites the patterns together. For example, in the photographed room, the colour Ally’s Earring was used on the walls, which is accentuated in all of the patterned accessories. The ceiling was painted in a beautiful, soft blue called Breath of Fresh Air, and other values of blue were introduced in the soft furnishings. The eye is drawn to the commonalities, resulting in a pleasing overall aesthetic effect. Vary the scales: Patterns can range from a small, medium or large scale, and a balanced room will include a mix of them in various shapes and sizes. While a larger pattern can help tie the room decor together, smaller patterns will draw attention to a specific area of the room. Make sure they are distributed evenly throughout the space, as too many prints grouped closely together will weigh the room down. Add some texture: Aim for mixing three prints in a given space. If this proves to be a decor challenge, play around with mixing various textures instead. As shown in the photo, the subtle textures found in the fabrics, like the couch and rug, provide dimension, without actually acting as a pattern. The layered stone fireplace and gradation in the hardwood flooring complete the look. More information, including a how-to on mixing patterns, is available online at www.BenjaminMoore.ca | Source: www.newscanada.com
Domenic Jody Mickey Angela MANCHISI MANCHISI GALEKOVIC VICKERS
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23 Adastra Place, Brampton
Gorgeous 4 bedroom home. Dark hardwood flooring, coffered ceilings, decorative pillars. Gourmet kitchen with stainless steel appliances, breakfast area overlooking a large family room. Double-sided fireplace between family den. Family room is open to 2nd floor with large window, main floor den and laundry with garage access. Hardwood staircase with iron pickets, very spacious 2nd floor with large bedrooms all with bathroom access. Huge master bedroom with large walk-in closet and 5-piece ensuite, situated on a huge pie shaped lot. Parking for 4 cars, no sidewalk on a cul-de-sac.
3171 Napa Common, Oakville
End unit executive townhome. This home features 4 bedrooms 4 1/2 bathrooms, upgrade granite corner tops in kitchen and bathrooms, dark hardwood floors, fully finished basement, double garage, 9 foot ceilings on main floor, custom built kitchen with island, walkout balcony on second floor, close to Highway 407, schools, Bronte Go Station, shopping, QEW, to many upgrades to list.
2196 Grand Boulevard, Burlington
Welcome to Muskoka in the city. Exclusive cedar springs community! Spectacular cottage built in 2003 backing onto river with large deck outdoor shower, fire pit, hot tub, screened in sun deck, amazing tree house. One of a kind home shows +10. Open concept with centre stone fireplace, vaulted ceilings, pine plank floor, pine lounge groove, beautiful chefâ€™s kitchen. 2nd floor loft is great for kids or extra bedroom. The community has plenty to offer.
67 Mill Street, Acton
Just a stunning home! Large bungalow located in Old Milton, steps to downtown. Gorgeous finishes throughout. Hardwood floors, crown mouldings, beautiful family size kitchen with breakfast area, granite counters, stainless steel appliances and much more! Large separate dining room overlooking kitchen and living room. Living room offers wood burning fireplace. 3 Large bedrooms, lots of storage, fully finished basement with separate entrance, above grade windows, wet bar, 4th bedroom and a very large recreation room. Perfect for entertaining. Over sized double garage with workshop.
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68 Caranci Crescent, Brampton
Cozy detached 2 bedroom home in a great neighborhood. Family friendly offering a spacious main floor with eat-in kitchen and walk-out to fully fenced yard. Large master bedroom with double closets. Freshly painted throughout. Parking for two cars on driveway.
1045 Nadalin Heights, Milton
Beautiful, never lived in 2 bedroom, corner unit condo with south views. Large foyer entrance. Updated kitchen and baths. Hardwood floors. Spacious living room, very bright with walkout to balcony. Separate den area, in-suite laundry. Pet friendly building. Large master bedroom with double closets and 3-piece ensuite featuring large glass shower stall. Free maintenance fees for one year!
85 Bristol Road East, Unit 165, Mississauga
Great for first time buyer or older couple, looking to get away from maintenance. Top floor 2 bedroom unit with vaulted ceilings and crown molding. Updated laminate flooring throughout and updated carpet in bedrooms. This condo has 2 parking spots, 2 storage closets, a balcony with BBQ. Condo includes park area for kids to play and use of the in ground pool.
371 Bronte Road Unit 111, Oakville
Updated townhome in a sought after complex backing onto detached homes and across from the park. Large updated eat-in kitchen with dining area offers hardwood floors and without to yard. Large living room with bay window. Updated 4-piece bath in 2014. Large master bedroom with wall-to-wall closets. Steps to La Rosa Plaza. Condo corporation to update park in the summer of 2014.
OPEN HOUSES VISIT
FIND OUT WHAT YOUR HOME IS WORTH
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HOMES FOR SALE MILTON
BUNGALOWS/SPLIT LEVELS 12 Available Starting at $349,900 TWO STOREYS 120 Available Starting at $449,000 SEMI’S & TOWNS 91 Available Starting at $349,900 APARTMENTS 16 Available Starting at $269,900 CONDO TOWNS 13 Available Starting at $252,500
BUNGALOWS/SPLIT LEVELS 4 Available $324,900 TWO STOREYS 8 Available Starting at $249,000 SEMI’S & TOWNS 4 Available Starting at $264,900 APARTMENTS 0 Available CONDO TOWNS 1 Available Starting at $398,888
BUNGALOWS/SPLIT LEVELS 27 Available Starting at $334,900 TWO STOREYS 31 Available Starting at $439,900
BUNGALOWS/SPLIT LEVELS 6 Available Starting at $559,900 TWO STOREYS 17 Available Starting at $589,900
CALL US TODAY FOR ANY OF THESE HOMES
Applying for a Mortgage Loan Provided by Genworth Financial Canada
Does applying for a mortgage seem too complicated? Knowing how your application will be evaluated will better equip you to evaluate your financial strengths and weaknesses. Having all your documentation ready will make the approval process much quicker and easier. Lenders look at six key factors when evaluating an application – your identity, your income, debts, employment history, credit history, and the value of the property. Your Identity In order to protect against mortgage fraud, the lender or their lawyer will require picture identification to ensure you are the individual you represent yourself to be. In addition, you may be asked questions regarding your credit history to verify information on record at the credit bureaus. Your Income The lender will measure your income level against the amount of the mortgage payments, property taxes and condo feeds, to decide whether you can comfortably afford a home. Your lender will compare your current housing expenses to the expense you’ll have if you buy a home. The smaller the increase, the stronger your application looks. Usually a guideline of 30% of your pre-tax income is used to determine your maximum payment level. Your Debts The lender will look at your debts, including your anticipated house payment, as well as all loans, credit cards, child support and any other payments that you make each month. The ratio of the payments on these debts to your gross monthly income results in a total debt service ratio. The generally accepted total ‘debt service ratio’ for all housing and other obligations is 40% of your pre-tax income. Your Employment History Mortgage lenders are more likely to lend money readily to people who have a history of steady employment. You will need to provide a letter or pay stub from your employer and the lender may further verify your employment by contacting your
employer. If you’re self-employed or have been at your job less than two years, they may ask for other documentation, such as business financial statements or federal income tax returns. Your Credit History Good credit is very important in qualifying for a loan. A mortgage lender will look at your credit record to see how well you’ve paid your loans and other debts in the past. If you’ve never had a loan or a credit card, you can still demonstrate a good record by showing timely payment of utility bills and rent. It’s a smart idea to review your own credit report and score before applying for a loan. For a small fee, a credit bureau will provide an instantaneous, complete online credit report and credit score that details your current debts and payment history. They also detail what your score level means, how you compare to others, and provide tips to improve your score. You also may receive your credit report (without the credit score) by mail for free by contacting the credit bureau. The Property’s Value When purchasing a property, you should be comfortable the price you are paying is reasonable and will be acceptable to the lender. You can usually confirm the value is reasonable by obtaining an appraisal from an accredited appraisal professional or from the realtor who is representing you in the purchase. Some purchasers may also obtain a property inspection to confirm the property’s condition and identify any items that may require repairs. Lenders also tend to evaluate your application against the following guidelines: • A housing expense ratio no greater than 32% (the lower the ratio, the better) • A debt-to-income ratio for all debts no greater than 40% (the lower the ratio, the better) • The home buyer has steady income - ideally, the same job for two years or longer • The home buyer has good credit (bills have been paid on time) • The house is worth the price the buyer is paying
to get your home sold, call us now! Not intended to solicit persons or properties currently under contractual agreement.
Local INDUSTRY LEADERS
Right At Home
Your Choice Realty
Apex Realty Results
Sutton Group Burlington
Sutton Group Hamilton
Royal LePage Grimsby
Real Estate Association of Hamilton-Burlington
Royal LePage Hamilton
Mon-Fri: 8:00 am-6:00 pm Saturday: 8:00 am-3:00 pm
RE/MAX Garden City
555 Main Street East, Milton, ON
In 2013, RE/MAX Escarpment agents outsold the real estate board average by almost 4 transactions to 1, and our nearest competitor by more than 2 to 1! OUTSTANDING!
Royal LePage Burlington
A year of growth and success at RE/MAX Escarpment!
RE/MAX Escarpment Realty Inc.
Total transactions combined per agent (Listing & Selling)
Based on 2013 closed transactions. Source RAHB.
TESTIMONIAL OF THE WEEK Let me start by saying THANK YOU! It was very hard for me to come to the realization that a “good, honest real estate agent still existed”. With all your efforts, ideas and motivation from you and your team we were able to sell our home in 2 days!! For 99% of asking price….and that’s HUGE!! The day you entered our home I already had this good feeling about you, because you were confident and honest about the real price of our homes worth in the marketplace and it was because of your confidence and honesty that is sold quickly. We could not have dreamed of such a faster, smoother sale. Cynthia and I owe you for allowing us to make the next step in our lives real. In my books your number 1 and I will be for sure letting everyone I come in contact with and are interested in selling their home to know about you’re and your team. Thanking you again and we wish your team more success in the future.
Source: ©Web Sudoku 2014 - www.websudoku.com
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Franco and Cynthia
FIND OUT WHAT YOUR HOME IS WORTH ONLINE VISIT www.haltonhomeevaluation.com
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11 Critical Home Inspection Traps To Be Aware Of Before Listing Your Home For Sale
HALTON – According to industry experts, there are over 33 physical problems that will come under scrutiny during a home inspection when your home is for sale. A new report has been prepared which identifies the eleven most common of these problems, and what you should know about them before you list your home for sale. Whether you own an old home or a brand new one, there are a number of things that can fall short of requirements during a home inspection. If not identified and dealt with, any of these 11 items could cost you dearly in terms of repair. That’s why it’s critical that you read this report before you list your home. If you wait until the building inspector flags these issues for you, you will almost certainly experience costly delays in the close of your home sale or, worse, turn prospective buyers away altogether. In most cases, you can make a reasonable pre-inspection yourself if you know what you’re looking for, and knowing what you’re looking for can help you prevent little problems from growing into costly and unmanageable ones. To help home sellers deal with this issue before their homes are listed, a free report entitled “11 Things You Need to Know to Pass Your Home Inspection” has been compiled which explains the issues involved. To order your free copy of this report visit: www.haltonhomeinspectionpitfalls.com
• Flyers. Print flyers listing the location, time, dates, and some of the large-draw items you are selling. Use large print in bold letters, with as few words as possible when making your flyers. Never list a phone number. Post your flyers on bulletin boards in grocery stores, post offices, libraries, and Laundromats. If your garage sale starts on Saturday, post your flyers on Wednesday night or Thursday morning. • Signs. Use large neon-colored posters with bold lettering to list location, time, and dates. Post the signs on telephone poles in your neighborhood, with arrows indicating which way to turn to find your home. Place signs every half-mile or so. Make sure the lettering of your signs is at least three inches high and one-half inch thick so that passing cars can read the words. If your garage sale is on Saturday, post your signs Friday morning. • Online ads. You can place free online ads with Craigslist and Kijiji. Most community newspapers have an online version and allow free garage sale advertising. If your garage sale is on Saturday, post your online ads on Thursday.
So you’ve decided to clean out your basement, garage, and home of surplus stuff. Usually you donate your clothes and items, but this time you decide to make a little extra money and sell it. Early Saturday morning you arrange all of your priced items on tables in your driveway, plant a sign in the front yard advertising your garage sale, and wait for throngs of buyers. Disgruntled at days’ end because only a handful of people visit your sale. What went wrong? You didn’t advertise your garage sale. Any successful garage sale begins with sufficient advertising. The rule of thumb is, “You can never advertise a garage sale too much.” The good news is that there are myriad ways to advertise, and some are free. Use all sources to advertise your garage sale, and yours will be a huge success. Here are several ways to advertise your next garage sale:
• Print ads. Some newspaper print editions allow free ads for garage sales. Check with the newspaper regarding deadlines and days the ads will appear. If your community paper is delivered once a week, make sure you meet the deadline. • Yard advertising. Place large neon-colored signs in your yard the day of the garage sale. Affix balloons to your mailbox. Play upbeat music through loud speakers (if allowed). Have one of your older kids wear a sandwich billboard and walk up and down the street. Keep track of where you place flyers and signs and make sure that you remove them once your sale is finished. Always check with your homeowner’s association concerning rules for having a garage sale and placement of signs, and remove your ads from Craigslist and Kijiji when your sale is finished.
to get your home sold, call us now! Not intended to solicit persons or properties currently under contractual agreement.
TO GET YOUR HOME SOLD CALL
THE MANCHISI TEAM TODAY
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“Your Connection to a Better Mortgage”
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w w w. m a n c h i s i t e a m . c o m Not intended to solicit persons or properties currently under contractual agreement.
Published on Jun 19, 2014
The Real Estate Insider is a bi-weekly real estate publication that is produced and distributed by The Manchisi Team Remax Legacy Realty for...