Real Estate Buyer’s & Seller’s Guide
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Your REALTOR® Understanding Market Conditions Selecting Your Future Home... Accommodations... What Type Of House? What Size House Is Best For You? The Cost of Living... How Much Can You Afford Each Month? Land Transfer Tax The Down Payment The Home Buyer’s Plan HST Quick Guide Your Contract... Think Before You Sign Choosing The Right Mortgage For You Amortization Table Mortgage Documents Home Improvement Tips Closing The Sale Why Successful Agents Choose EXIT REALTY Sell Your Home The EXIT Way EXIT Realty Corp. International Charity Pledge Selling Your Home Choosing A Lawyer Cost On Closing What Is A Home Inspection? Four Reasons To Get Your Home Pre-Inspected Say Goodbye To Your Mortgage Faster! Insuring Your Biggest Investment Your Home Make Your Home More Energy Efficient Purchasing A Property With A Septic System Moving Day / Remember To Notify... Moving In... How Much Is It Going To Cost? Professional Services
® Your REALTOR Your REALTOR®
REALTORS® are governed by the legal concept of ® REALTORS are governed by the legal concept of “agency.” An agent is legally obligated to look after the “agency.” An agent is legally obligated to look after the best interests of the person he or she represents. The best theto person he or she represents. The agentinterests must be of loyal that person. agent must be loyal to that person. A real estate brokerage may be your agent – if you A realclearly estateestablished brokerage may be your agent – if with you have an agency relationship have clearly established an agency relationship ® that REALTOR with a representation agreement.with But ® that REALTOR with a representation agreement. But often, you may assume such an obligation exists when often, it doesyou not.may assume such an obligation exists when it does not. ® believe it is important that the people they REALTORS ® REALTORS believe itwhen is important that the peopleexists they work with understand an agency relationship work with understand when an agency relationship exists and when it does not – and understand what it means. and when it does not – and understand what it means.
Who's Working For You? Who's Working For understand You? It is important that you who the REALTOR® It is important that you understand who the REALTOR®
is working for. For example, both the seller and the buyer is working for. For bothmeans the seller and thehave buyer may have their ownexample, agent which they each a may have their own agent which means they each have a REALTOR® who is representing them. Or, some buyers ® REALTOR who isthe representing them. Or, some buyers choose to contact seller’s agent directly. Under this choose to contact the seller’s agent directly. Under this arrangement the REALTOR® is representing the seller, ® arrangement the REALTOR is representing theprovide seller, and must do what is best for the seller, but may and must do what is best for the seller, but may provide many valuable customer services to the buyer. many valuable customer services to the buyer. A REALTOR® working with a buyer may even be a ® A REALTORof working a buyer may even a “sub-agent” the seller.with Under sub-agency, bothbethe “sub-agent” of the seller. Under sub-agency, bothmust the listing brokerage and the co-operating brokerage listing brokerage and the co-operating brokerage must do what is best for the seller even though the sub-agent do what is best for the seller even though the sub-agent may provide many valuable customer services to the may provide many valuable customer services to and the Buyer. If the brokerage represents both the seller Buyer. If the represents both the seller and the buyer, thisbrokerage is dual representation. the buyer, this is dual representation.
Code Of Ethics Code Of Ethics ® REALTORS believe it is important that the people they
® REALTORS believe it their is important the people they work with understand agencythat relationship. That’s work with understand their agency relationship. That’s why requirements and obligations for representation and why requirements andincluded obligations representation and customer service are in afor Code of Ethics which customer service are included in a Code of Ethics which is administered by the Real Estate Council of Ontario. is administered by the Real Estate Council of Ontario. The Code requires REALTORS® to disclose in writing the ® The Code requires REALTORS to disclose writing the nature of the services they are providing, andinencourages nature of the®services are providing, and encourages REALTORS to obtainthey written acknowledgement of that ® REALTORS to obtain written acknowledgement of ®that disclosure. The Code also requires REALTORS to ® disclosure. The Code also requires REALTORS to submit written representation and customer service submit written representation and customer service agreements to buyers and sellers. agreements to buyers and sellers.
Understanding Market Conditions Understanding Market Conditions The real estate market is in constant flux, not only as a whole but in particular areas as well.
The real estate is in flux, only asestate a whole but in will particular areas as well. Knowing what ismarket going on in constant the overall andnot local real markets help you understand Knowing is goingcan on effect in the the overall and local real of estate will help understand how thesewhat conditions purchase or sale your markets home. When you you meet with your how these conditions can effect the purchase or sale of your home. When you meet with your sales representative, ask about the current state of the market. sales representative, ask about the current state of the market.
Buyer’s Market Buyer’s Market Characteristics: High inventory
of Characteristics: High compared inventory to of homes. Few buyers homes. Few buyers compared to availability. Homes usually stay on availability. HomesPrices usually on the market longer. arestay stable the market longer. Prices are stable or perhaps dropping. or perhaps dropping. Implications: Buyers spend more time Implications: more they time looking for aBuyers home,spend and when looking for a home, and when they negotiate, they usually have more negotiate, leverage. they usually have more leverage. 2 | Buyer’s & Seller’s Guide 2 | Buyer’s & Seller’s Guide
Seller’s Market Seller’s Market Characteristics: There
is a small
Characteristics: is abuyers. small inventory of homesThere with many
inventory of homes with many usually buyers. Homes sell quickly. Prices Homes sell quickly. Prices usually increase. increase. Implications: Prices may be higher or Implications: Prices Buying may be decisions higher or perhaps climbing. perhaps climbing. Buying decisions must be made quickly. Conditional must made quickly. Conditional offersbe may be rejected. offers may be rejected.
Balanced Market Balanced Market The number of homes on the market
The number of homes the market is roughly equal to the on demand. is roughly equal to the demand. Characteristics: Demand equals supply. Characteristics: Demand equals offers. supply. Sellers accept reasonable Sellers accept reasonable offers. Homes sell within a reasonable time Homes sell within a reasonable time period. Prices generally remain stable. period. Prices generally remain stable. Implications: There is less tension Implications: is less There tension among buyersThere and sellers. is among buyers and sellers. There is a reasonable number of homes to a reasonable number of homes to choose from. choose from.
Selecting Your Future Home... Accommodations... What Type Of House?
Today's housing market offers many types of accommodations and finding the one that best suits your needs can be a challenge. The names given to different housing types can vary from region to region, but listed here are the most common types available for a quick reference.
• Single family detached house: A freestanding dwelling of one or more storeys designed to accommodate one family.
• Semi-detached house: One of two single-family houses joined and separated by a common wall.
• Duplex: Two dwelling units, one above the other. The owner may choose to live in one unit and rent the other as a source of investment income.
• Row or town house: One of several single-family dwellings joined together by common walls.
What Size House Is Best For You?
Is life in your present home too close for comfort? Do you have to take a number every morning outside of your own bathroom? Would a family room or a playroom be useful, or could your kitchen be redesigned to be more efficient?
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Most homeowners can answer yes to at least one of these questions. It's all a matter of space and how it's used. It's also a matter you need to think about carefully when choosing your next home. For instance: How many rooms will you need for the house to be liveable? Is a single bathroom enough or would it be more convenient to have a second one? It's okay to have two small children in one room now, but how will it be in a few years? It's not just the space inside the home. You should also remember any special needs that you may have, such as a large yard, or if you plan on buying a truck or trailer, will zoning regulations in the area permit you to park it near your home?
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The Cost Of Living... How Much Can You Afford Each Month? Without question the most important consideration when thinking about making a change in where you live is considering how much it will cost and how much you can realistically afford. You can start by drawing up a budget specific to your needs and assets. No two families live the same way and no two people budget the same way either. Two families with identical incomes will not necessarily spend the same amount of money or choose the same accommodations. Priorities as well as individual needs differ and you need to examine how much more you would be willing and able to pay for something new. It's important that you are honest with yourself. If you want something more expensive, it may put a strain on your budget and you may have to change your lifestyle to accommodate the extra. An average family should not spend more than 25% to 30% of its gross income on housing.
Land Transfer Tax Land transfer tax is assessed on real property when a deed is registered transferring ownership of the property from one party to another. The tax uses a sliding scale of percentages based on property value.
Calculation Currently, the land transfer tax in Ontario is as follows: 0.5% on the first $55,000 1.0% on the portion between $55,000-$250,000 1.5% on balance over $250,000
Example: Land Transfer Tax Calculation A single-family home is purchased for $450,000. The following calculation applies: $0-$55,000 .005 x $55,000 = 275 $55,000 - $250,000 .01 x $195,000 = 1,950 $250,000 - $400,000 .015 x $150,000 = 2,250 $400,000 plus (.015+.005) x $50,000 = 1,000
Land Transfer Tax Payable - $5,475 4 | Buyer’s & Seller’s Guide
For a home that carries a mortgage, this figure should include payments of principal, interest and property taxes. For rental housing this figure should fully cover your rent. And there are other expenses such as water, heating, electricity and insurance costs. Utilities and insurance usually cost 5% to 10% of a gross income. The following form will help you to calculate the maximum amount you should be spending on accommodations each month. Once you have calculated how much you can afford to pay each month, you can start looking for the home that both suits your needs and that will also be affordable.
The Down Payment The down payment on a home is the amount of your own money that you put into the purchase of the home. This, together with the mortgage, equal the full purchase price. The minimum down payment in Canada is 5%, with the typical down payment ranging from 5%-20% of the home price. A bigger down payment means less interest paid, easier refinancing, lower mortgage insurance fees, and a bigger equity buffer if home prices slide. Mortgage default insurance, commonly referred to as CMHC insurance, is required on all mortgages with down payments of less than 20%, which are known as high ratio mortgages. Mortgage default insurance protects the lender in the case the borrower defaults on the mortgage. At a 20% down payment mortgage default insurance is no longer required and is referred to as a conventional mortgage. The amount you put down at the beginning of your mortgage shapes three important outputs over the life of the mortgage:
1. The home price you can afford. Because the minimum down payment is 5%, this benchmark is used to determine your maximum affordability. Ignoring your income and debt levels, your maximum mortgage would be [down payment $ / 5%]. For example, if you have saved $30,000 for your down payment, the maximum mortgage you could afford would be $30,000 / 5% = $600,000.
2. The size of your mortgage and monthly payment. A larger down payment reduces the size of your mortgage, and, therefore, the monthly payment and interest you will pay over the life of your mortgage.
3. The amount of CMHC insurance you pay. CMHC insurance is a function of the amount of your down payment. Your CMHC insurance premium, calculated as a percent of your mortgage amount, gets smaller as you increase your down payment.
with a Larger Down Payment
It’s to your advantage to put down as much money as you can because interest costs for a smaller mortgage are lower; adding up to significant savings over the long run. The table below shows how an average homeowner can save more than $25,000 in interest costs on a $100,000 home by making a down payment of 25% versus the minimum down payment of 5%, assuming a constant interest rate of 8% over a 25 year amortization period. No matter the size of your down payment, be sure to reserve some funds to cover your home inspection, closing costs, moving and other potential expenses.
Assume a $100,000 mortgage with an amortization period of 25 years and a constant interest rate of 8% . Down Payment % 5% 10% 25%
Down Payment Amount $5,000 $10,000 $25,000
Mortgage Principal $95,000 $90,000 $75,000
Total Interest Paid $122,512 $116,063 $96,717 Buyer’s & Seller’s Guide | 5
The Home Buyer’s Plan
The Home Buyers’ Plan (HBP) is a program established by the federal government that allows you and/or your spouse to make withdrawals of as much as $25,000.00 each from your RRSP’s to buy (or build) a first home. The withdrawn funds are not included as income for the year and are, therefore,
Who Is Eligible? • You must be a first-time home buyer • You must withdraw no more than $25,000.00 • You must have a written agreement to buy (or build) a home • You must occupy the home no later than one year after buying (or building) it • You must receive all withdrawals in the same year • You must be a resident of Canada
Quick Numbers • All withdrawals must be repaid within 15 years
• You must restart repayment in second year following the year in which you made your withdrawal • When repaying, make your contribution in the year the payment is due or in the first 60 days of the next year
not taxed as such. You are required, however, to replenish the funds withdrawn back into your RRSP over a period of time. If you have limited savings but eligible RRSP’s and are anxious to get into your first home, the HBP may be the solution you’ve been looking for.
Contact the Canada Revenue Agency for details:
HST Quick Guide When is HST payable?
• Purchase Of Newly Constructed Home. • On A Substantially Renovated Property. • Home Inspections/Surveys • Title Insurance • Home Renovations • Real Estate Commissions • Legal Fees
What is not subject to HST? • Used Residential Home • Residential Condo Maintenance Fees • CMHC Insurance Amount (although PST is applied at 8%) • Mortgage Broker Fees For additional information, you should contact your local Revenue Canada Tax Services Office and your accountant.
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Your Contract... Think Before You Sign
Building or buying a new home will probably be the largest financial commitment you will make. Think before you sign on the dotted line. Your family’s future depends on it. Your contract is a legal document designed to protect both parties involved, the buyer and the seller. Make sure you know exactly what getting a home involves, get it in writing and examine the contract carefully.
Exactness Counts Contracts received from most builders follow a standard form. It basically outlines the rights of both the seller and the buyer, the price you have agreed on and exactly what is included in the purchase. Spoken promises are not contracts. What may be said by a sales representative or builder is not legally binding. A contract is. If you have asked for a design modification or alteration make sure you get it in writing before building begins. If you have agreed on changes or additions make sure it is clearly stated and appears in your Agreement of Purchase and Sale. Examine all documents carefully. Typographical errors or handwritten additions become legal once the paper has been signed. So take the time to read all documents carefully and double check references and floor plans. Once you are satisfied with what appears in writing, have your lawyer examine it again before you sign.
Your Lawyer’s Role If you do not have a lawyer before you build or purchase a home, choose one who has experience in real estate.
The Law Society of Ontario can help you choose a lawyer, should you need assistance. Don’t assume that you can make the purchase without the help of a qualified lawyer. The cost of legal services is a small investment compared to the peace of mind you will have knowing that what you have purchased is what you want and that it is legally yours, and, if you are not satisfied that what you receive is what you agreed upon, you will have legal recourse. Your lawyer will make sure that all legal matters are correct and binding for your own protection.
Read! Then Buy. Read all documents and paperwork carefully. Read the preprinted standard clauses as well as any additions or changes. Know exactly what the builder is to supply and install and have it put in writing for your own protection. Make sure the purchase price is clearly stated and agreed upon. It should be spelled out clearly and concisely in the schedule you will find attached to your Agreement of Purchase and Sale. If you are buying your home from a model, make sure you are aware of exactly what features you will be getting. The model may have been decorated with special features and additions that do not come as features of the standard model. Put into writing exactly what you want in your home and exactly what is included in the purchase price. Then reread everything again and don’t sign until you and your lawyer are satisfied that what appears in print is what you will receive.
TIPS THAT’LL PERSUADE BUYERS TO BITE TheHOME-SHOWING ProPerTy resToraTion sPecialisTs
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Choosing The Right Mortgage For You Finding the right mortgage for you is one of the most important steps towards years of comfort, happiness and peace of mind in your home. There are many different types of mortgages offered by lenders in Canada. An “Open Mor tgage” allows the flexibility of prepayment. You can pay part or all of the balance owing without any type of interest penalty. A “Closed Mortgage” keeps payments unchanged for the duration of the loan period. It provides payment stability but penalizes a mortgagor who wishes to terminate the mortgage earlier. Each institution will have their own repayment options and policies. Most offer some type of extra pre-payment option that allows you to make extra principal payments to pay off your mortgage faster. A “Variable Rate Mortgage” changes based on the banks prime rate and therefore fluctuates with the market changes. It offers the advantage of lower rates if mortgage rates decline. On the other hand, it exposes the mortgagor to the risk that monthly payments will go up if mortgage rates rise.
A “Fixed Rate Mortgage” keeps the mortgage rate the same throughout the life of the mortgage even if rates rise. If rates go down, a fixed rate mortgage may prove to be more expensive than a variable rate one. The terms available range from six months to ten years. A “Conventional Mortgage” is a loan up to 80% of the appraised value or purchase price of the property, whichever is less. The remaining amount comes from the borrower’s own resources and is known as the Down Payment. Mortgages that exceed this limit by law must be insured against default, and are referred to as “High Ratio Mortgages”. A “High Ratio Mortgage” is used for loans that exceed conventional mortgage lending guidelines. These mortgages are granted under the National Housing Act (NHA) and must, by law, be insured against default through Canada Mortgage and Housing Corporation (CMHC) or Genworth Financial Canada (GENWORTH). The borrower will have to pay the insurance premium, which can range depending on the total mortgage amount. Typically, the insurance premium is added to
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Closing The Sale
BUYING A HOME?
Helpful Advice: the basic The closing is a timeGet of packing and knowledge organization. Be you you need home, sure do before not packbuying anythinga that you plus agree to sell! useful advice to guide you throughout the Unless you specifically mentioned certain fixtures, everything process. must Find remain. it all here. Home on the Internet: Visit You are listings responsible for handing over the home in REALTOR.ca to view the latest home the same condition it was at the time of closing. This listings whatever or deviceIf the applies to on everything that computer was in the agreement. home suffers a major disaster, you are responsible for you’re using. telling the buyer, at which point the buyer may walk Home listings app for your phone: Add our away from the deal or have the deposit returned. The buyer may choose to close and phone receive any insurance REALTOR.ca app to your to give you proceeds. In this unfortunate event, remember convenient access to all the latest home not to make any repairs until you find out what the buyer listings. wants to do.
Tips Home Improvement It simply makes sense to clean up both the interior and exterior of your home before listing it for sale. But that doesn’t mean you have to undertake major home renovation projects in order to sell your home. With a little effort you can increase the perceived value of your home by a great margin.
FindClosing a REALTOR®: Benefit from the both the The Once signing the agreement, expertise of aare professional can find seller and buyer under a legalwho obligation to close. perfect home. Find a reason, REALTOR® Ifyou youthe decided not to for whatever the buyer has the right to sue. in your area.
Here are some simple things to keep in mind that you can do to increase the perceived value of your home and make the perfect first impression.
If the buyer decides to walk away from the deal, you can claim the buyer’s deposit or sue for damages.
Keep lawn cut / Trim hedges and bushes / Weed & edge gardens Clear driveway & clean stains / Clean out garage / Touch up paint Power wash home exterior / Plant colourful flowers
SELLING YOUR HOME?
Helpful Advice: Get the basic knowledge you need before selling your home, plus useful advice to guide you throughout the process.
PROPERTY CARE Home listings on the Internet: Find out at
Lawn Care Snowplowing
what price3comparable houses in your area are listed. Visit REALTOR.ca to view the 3 listings on whatever computer latest home or device you’re using. Home listings app for your phone: Add our REALTOR.ca app to your phone to give you convenient access to all the latest home listings.
Find a REALTOR®: Benefit from the expertise of a professional with an intimate knowledge of your local housing market. Carm Foti Find a REALTOR® in your area. firstname.lastname@example.org 90 Avondale Road, Belleville, ON K8P 4G3 10 | Buyer’s & Seller’s Guide
Exterior of Home
At the Front Door Clean porch & foyer / Ensure doorbell works / Repair broken screens Fresh paint or varnish front door / Repair any damages to door or locks
Setting the Mood Make sure your home smells fresh & clean / Turn on lights Turn on air conditioner - heater / Open the drapes / Light the fireplace
Squeaky Clean Clean and freshen bathrooms / Clean fridge & stove Clean around heating vents / Clean washer & dryer Clean carpets, drapes & window blinds / Eliminate pet odours & stains
Max Open Spaces Clear halls and stairs of clutter / Clear kitchen counter and stove top Clear closets of unnecessary items / Remove empty boxes and storage Put away personal photos so buyers can envision the house as their own
Maintenance Repair leaking taps and toilets / Clean furnace and filters Tighten door knobs and latches / Repair cracked plaster Apply fresh coat of paint or touch up if necessary / Clean & repair windows Repair seals around tubs and basins / Replace defective light bulbs Oil squeaking doors / Repair squeaking floor boards
terior r sale. major home. eived
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AT EXIT REALTY MY CLIENTS ATKNOW EXIT REALTY MYMY CLIENTS THEY ARE TOP ATKNOW EXIT REALTY MYMY CLIENTS THEY ARE TOP PRIORITY! KNOW THEY ARE MY TOP PRIORITY! PRIORITY! email@example.com firstname.lastname@example.org AT EXIT REALTY MY CLIENTS Buyer’s & Seller’s Guide | 11 www.exitrealtygroup.ca email@example.com ATKNOW EXIT REALTY MY CLIENTS www.exitrealtygroup.ca THEY ARE TOP ATKNOW EXIT REALTY MYMY CLIENTS www.exitrealtygroup.ca THEY ARE MY TOP
PRIORITY! KNOW THEY ARE MY TOP PRIORITY! PRIORITY! firstname.lastname@example.org email@example.com www.exitrealtygroup.ca Buyer’s & Seller’s Guide | 11 firstname.lastname@example.org www.exitrealtygroup.ca
EXIT REALTY GROUP Brokerage, Independently Owned & Operated
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Making a lasting first iMpression.
sell the Whole house.
faded walls and worn woodwork won't sell your home. Don't toinDeCorate. a smallhesitate investment paint or wallpaper will. faded walls and worn woodwork won't sell your home. a small paint or wallpaper will. let theinvestment sun shineinin.
and they look even bigger when they’re clean, neat buyers big Closets. and well love organized. get rid of the pile of clothes, old and theyand look even bigger when they’re clean, neat cartons other clutter. and well organized. get rid of the pile of clothes, old cartons and other bathrooMs are clutter. big sellers.
Curb appeal is vital. Make sure your lawn is neatly Making lasting first iMpression. trimmed.arake up any refuse or leaves. sweep (or Curb appeal is vital. Make sure your lawn is neatly shovel) the walk. the front door should be clean and trimmed. rake updoorbell's any refuse leaves. fix sweep presentable. if the notorworking, it. (or shovel) the walk. the front door should be clean and presentable. if thetodoorbell's not working, fix it. Don't hesitate DeCorate.
open the drapes and curtains. Clean the windows. let sunlights. shinehome in. buyers are drawn to bright, turnthe on the open drapes and curtains. Clean the windows. cheerythe interiors. turn on the lights. home buyers are drawn to bright, cheerythe interiors. Call pluMber.
Dripping water suggests worn out plumbing. Clean Call pluMber. those the rust-stained sinks. and make sure the drains Dripping water are running free suggests and clear.worn out plumbing. Clean those rust-stained sinks. and make sure the drains are and Details. clear. therunning Devil'sfree in the
loose doorknobs. sticking drawers. Wobbling hinges. the in the stuckDevil's windows. theyDetails. can all cost you a sale. fix them, loose doorknobs. and they can makesticking one. drawers. Wobbling hinges. stuck windows. they can all cost you a sale. fix them, and theysells. can make one. safety keep stairways and corridors clean and free of clutter. safety Clutteredsells. areas are not only unattractive, they are keep stairways and corridors clean and free of clutter. dangerous as well. Cluttered areas are not only unattractive, they are dangerous as well. 12 | Buyer’s & Seller’s Guide 12 | Buyer’s & Seller’s Guide
let prospects see the big picture. Make sure your attic sell the Whole is presentable, yourhouse. garage is neat and your basement let prospects see the picture.space Makeasure your attic is organized. give yourbigstorage clean coat of is presentable, your garage is neat and your basement paint. is organized. give your storage space a clean coat of paint. buyers love big Closets.
Make bathrooms sparkle. Clean sinks and bowls. bathrooMs areneeded. big sellers. re-caulk where Make sure towels and area Make bathrooms sparkle. rugs are freshly washed. Clean sinks and bowls. re-caulk where needed. Make sure towels and area rugs Wakeare upfreshly your washed. beDrooMs.
remove excess furniture. use attractive and colourful Wake up your beDrooMs. bed linens and spreads. open the drapes and let the remove excess furniture. attractive and colourful light in. remember: this isuse where your buyers spend bed linens and spreads. open the drapes and let the one third of their lives. light in. remember: this is where your buyers spend one third of their lives.
In Two Locations Across The Quinte Area! In Two Locations Across The Quinte Area! In Two Locations Across The Quinte Area! In InTwo TwoQuinte Locations Locations Across Across The The Quinte Quinte Area! Area! QuinteMall MallOffice OfficeTower Tower TrentonOffice Office Trenton Quinte Mall Office Tower 100Bell Bell Boulevard, Suite 200 100 Boulevard, Suite 200 Quinte Quinte Mall MallOffice Office Tower Tower 100 Bell Boulevard, Suite 200 Belleville, K8P4Y7 4Y7 Belleville, ONON K8P 100 100Bell Bell Boulevard, Boulevard, Suite Suite 200 200 Belleville, ON K8P 4Y7 OFFICE:613-966-9400 613-966-9400 OFFICE: Belleville, Belleville, ON ONK8P K8P4Y7 4Y7 OFFICE: 613-966-9400 OFFICE: OFFICE:613-966-9400 613-966-9400
Trenton Office 309 Dundas StreetEast East 309 Dundas Street Trenton Trenton Office Office 309 Dundas Street East Trenton, K8V 1M1 Trenton, ONONK8V 1M1 309 309Dundas Dundas Street Street East East Trenton, ON K8V 1M1 OFFICE: 613-394-1800 OFFICE: Trenton, Trenton,613-394-1800 ON ONK8V K8V1M1 1M1 OFFICE: 613-394-1800 OFFICE: OFFICE:613-394-1800 613-394-1800
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leaveit ittotothe theprofessionals. professionals. leave leave it to the professionals. let your agent discuss selling price, terms, possession let your discuss selling price, terms, possession leave leave itagent itto tothe the professionals. professionals. let your agent discuss selling price, terms, possession
night,turn turnononallallyour yourlights lights- inside - insideand andout. out.Don’t Don’t night, home home buyers buyers love love the the light. light. byby day, day, letlet the the sun sun in.in. byby night, turn on alland your lights -lights. inside and out. Don’t forget the accent and picture forget the accent picture lights. night, night, turn turn onallallyour yourlights lights- inside -lights. insideand andout. out.Don’t Don’t forget theon accent and picture forget forget thethe accent accent and and picture picture lights. lights.
lavalamps lampsororanything anythingbesides besidesyour yourhouse. house.save saveforfor lava Don’t Don’t try try toto sell sell your prospect prospect oldold furniture, furniture, appliances, appliances, lava lamps oryour anything besides your house. save for after the sale. after the sale. lava lava lamps lamps or or anything anything besides besides your your house. house. save saveforfor after the sale. after after thethe sale. sale.
your home, send the kids the neighbours and take your home, send the kids toto the neighbours and take home home buyers buyers hate hate crowds. crowds. When When your your agent agent shows shows your home, send the kids to the neighbours and take a long walk. ayour long walk. your home, home, send send thethe kids kids toto thethe neighbours neighbours and and take take a long walk. a long a long walk. walk.
datesororother othersuch suchdetails. details.they’ve they’vebeen beencarefully carefully dates letlet your your agent agent discuss discuss selling selling price, price, terms, terms, possession possession dates or other such details. they’ve been carefully trained and will negotiate your behalf. trained will negotiate onon your behalf. dates datesorand orand other other suchdetails. details. they’ve been beencarefully carefully trained willsuch negotiate on they’ve your behalf. trained trained and and will will negotiate negotiate onon your your behalf. behalf.
television,stereo stereoororany anyother othernoise-producing noise-producing television, When When your your house house is is being being shown, shown, turn turn offoff thethe radio, radio, television, stereo or any other noise-producing source. it will make your agent’s job easier. source. it will make your agent’s job easier. television, television, stereo stereo or or any any other other noise-producing noise-producing source. it will make your agent’s job easier. source. source. it will it will make make your your agent’s agent’s jobjob easier. easier.
from other real estate offices. all you need make from other real estate offices. all you need toto dodo is is make your your agent agent can can schedule schedule allall showings showings -need including - including those those from other real estate offices. all you to do is make sure your home is ready show. sure your home is ready toto show. from from other other real real estate estate offices. offices. all all you you need need to to do do is is make make sure your home is ready to show. sure sure your your home home is is ready ready toto show. show. There’smore moretotoselling sellinga ahome homethan thanmeets meetsthetheeye. eye. There’s There’s more to selling a home than meets the eye. Youragent agentis iscarefully carefullytrained trainedtotohelp helpyou yousell sellyour your Your There’s There’s more more to to selling selling a a home home than than meets meets the the eye. eye. Your agent carefully trained toashelp you sell your homefor forasasis much andas asfast fastas possible. These home much and possible. These Your Your agent agent is is carefully carefully trained trained to to help help you you sell sell your your home for as much and astofast as you possible. These recommendations offered to assist you avoiding recommendations areare offered assist in in avoiding home home for for as as much much and and as as fast fast as as possible. possible. These These recommendations aresellers offered toencounter. assist you in avoiding the pitfalls many home sellers the pitfalls many home encounter. recommendations recommendations are are offered offered to to assist assist you you in in avoiding avoiding the pitfalls many home sellers encounter. thethe pitfalls pitfalls many many home home sellers sellers encounter. encounter.
silenCeisisgolDen. golDen. silenCe silenCe is golDen. When your house being shown, turn radio, When your house is is being shown, turn offoff thethe radio, silenCe silenCe is is golDen. golDen. When your house is being shown, turn off the radio, losethe thepet. pet. lose lose the pet. Make your petsdisappear disappearwhen whenyour yourhome homeis isbeing being Make your pets lose lose the the pet. pet. Make your pets disappear when your home is being
shown.your yourprospect prospectmay mayhave havedifferent differenttastes tastesin in shown. Make Make your your pets pets disappear disappear when when your your home homeistastes isbeing being shown. your prospect may have different in animals than you. animals than you. shown. shown. your your prospectmay mayhave havedifferent differenttastes tastesin in animals thanprospect you. animals animals than than you. you.
stayininthe thebaCkgrounD. baCkgrounD. stay stay in the baCkgrounD. Don’ttrytrytotoengage engage yourprospects prospectsin inconversation. conversation. Don’t your stay stay inin the the baCkgrounD. Don’t try tobaCkgrounD. engage ® ®your prospects in conversation.
shoWbybyappointMent appointMentonly. only. shoW shoW by appointMent only. your agent can schedule all showings - including those your agent can schedule allonly. showings - including those shoW shoW by by appointMent appointMent your agent can schedule allonly. showings - including those
- andletletyour your letyour yourrealtor realtor dodohishisororherherjobjob- and let Don’t Don’t trytrytorealtor toengage engageyour prospects prospects injob inconversation. conversation. ®your do his or her and let your let your buyers inspect without interruption. buyers inspect without interruption. ®® dodo his hisororherherjobjob- and - andletletyour your letbuyers letyour your realtor realtor inspect without interruption. buyers buyers inspect inspect without without interruption. interruption.
prepareD. bebeprepareD. be prepareD. you never know when your agent may need show you never know when your agent may need toto show bebe prepareD. youprepareD. never know when your agent may need to show
your home on a moment’s notice. so, make your beds your home onknow a moment’s notice. so, make your beds you you never never know when your your agent agent may may need need to to show show your home on awhen moment’s notice. so, make your beds and tidy up each morning, just in case. and tidy up each morning, just in case. your your home home on on a moment’s a moment’s notice. notice. so, so, make make your your beds beds and tidy up each morning, just in case. and and tidy tidy upup each each morning, morning, just just in in case. case.
EXITREALTY REALTYGROUP GROUP EXIT Brokerage, Independently Owned & Operated Brokerage, Independently Owned & Operated EXIT REALTY GROUP Brokerage, Independently Owned & Operated EXIT EXIT REALTY REALTY GROUP GROUP Brokerage, Brokerage, Independently Independently Owned Owned & Operated & Operated
apologiesneCessary. neCessary. nonoapologies no apologies neCessary. nobody’s perfect. there’snononeed needtotoapologize apologizeforfor nobody’s perfect. there’s nono apologies apologies neCessary. neCessary. nobody’s perfect. there’s no need to apologize for theappearance appearanceofofyour yourhouse. house.letletyour youragent agentfield field the nobody’s nobody’s perfect. perfect. there’s there’s nononeed need toyour toapologize apologize for for the appearance of your house. let agent field any negative comments. any negative comments. thethe appearance appearance ofofyour yourhouse. house.letletyour youragent agentfield field any negative comments. any any negative negative comments. comments.
Buyer’s Seller’s Guide | 13 Buyer’s && Seller’s Guide | 13 Buyer’s & Seller’s Guide | 13 Buyer’s Buyer’s && Seller’s Seller’s Guide Guide | 13 | 13
E X I T
X I T
R E A L T Y C O R P. I N T E R N A T I O N A L H A S P L E D G E D
R E A L T Y C O R P. I N T E R N A T I O N A H A S P L E D G E D
$5,5OO,OOO T O
C H A R I T Y
A portion of every transaction fee received by EXIT Realty Corp. International is applied to its charitable fund. Through the Spirit of EXIT Dollar-for-Dollar Matching Program, EXIT offices and members can raise money for local, approved, registered charities and apply to EXIT’s head office to have those funds matched from the company’s pledged pool of funds.
C H A R I T Y
To date, EXIT Realty Corp. International has pledged more than $5,500,000 to charity. We have sponsored 20 Habitat for Humanity home builds in Canada and the U.S., and participated in a community revitalization project and the Jimmy & Rosalynn Carter Work Project. In addition, we have pledged hundreds of thousands of dollars to benefit those hardest hit by Hurricane Irma and tropical storm, Harvey. Find out more Corp. at www.exitrealty.com/spirit. every transaction fee received by EXIT Realty International is applied to its charitable fund.
n of Throu EXIT Dollar-for-Dollar Matching Program, EXIT offices and members can raise money for local, approved, reg and apply to EXIT’s head office to have those funds matched from the company’s pledged pool of funds.
EXIT Realty Corp. International has pledged more than $5,500,000 to charity. We have 20 Hab Many of our members work tirelessly to raise funds for charity in sponsored their y home builds incommunities. Canada and the and participated in a community revitalization WeU.S., believe that by matching the funds they raise,project we and the Ji n Carter Work Project. In addition, we have pledged hundreds of thousands of dollars to benefit can have an even greater impact than ever before. The Spirit of EXIT those hardes e Irma and tropical storm, Harvey. Find out more at www.exitrealty.com/spirit. Dollar-for-Dollar Matching Program allows EXIT to touch more lives.” — Tami Bonnell, CEO, EXIT Realty Corp. International
Many of our members work tirelessly to raise funds for charity in their communities. We believe that by matching the funds they raise, we can have an even greater impact than ever before. The Spirit of EXIT Dollar-for-Dollar Matching Program allows EXIT to touch more lives.” — Tami Bonnell, CEO, EXIT Realty Corp. International
Selling SellingYour YourHome Home Your Your EXIT EXIT Sales Sales Representative Representative Will Will Work Work With With You! You!
There There are aare million a million different different reasons reasons why why people people sell their sell their homes, homes, but every but every sellerseller has one hasthing one thing in common: in common: the desire the desire to to get as getmuch as much money money as possible as possible fromfrom theirtheir existing existing residence residence as quickly as quickly and and as hassle-free as hassle-free as possible. as possible. (If your (If your home home is is youryour principal principal residence, residence, you won’t you won’t havehave to pay to capital pay capital gainsgains can choose not to not gotothrough go through with with the offer. the offer. This,This, however, however, is is tax on taxany on profits any profits fromfrom the sale. the sale. If, onIf,the onother the other hand,hand, it is an it is ancan choose a difficult a difficult condition condition for many for many vendors vendors to agree to agree upon upon and you and you investment investment property, property, prepare prepare for the fortax!) the tax!) may may find that find that you have you have to forgo to forgo youryour priceprice negotiating negotiating power. power. Before Before you you beginbegin the selling the selling process, process, reallyreally evaluate evaluate why why Purchasing a home a home before before you sell you could sell could be abe risky a risky strategy strategy you’re you’re moving. moving. Do you Dohave you have too few toorooms, few rooms, or too ormany? too many? Has HasPurchasing if you’re counting counting on the on proceeds the proceeds fromfrom the sale. the sale. If you’ve If you’ve youryour job moved job moved to another to another city and city you’re and you’re relocating? relocating? Are the Are theif you’re found a purchaser a purchaser before before you’ve you’ve found found youryour next next home, home, use use neighbours neighbours driving driving you away? you away? Or are Oryou are simply you simply looking looking for forfound “purchase “purchase a new a new home” home” as a as condition a condition when when you sign you sign back back a change? a change? A complete A complete analysis analysis of your of your current current position position will will the agreement. the agreement. Again, Again, it willit only will only be for beafor fixed a fixed time.time. EvenEven set aset good a good foundation foundation for your for your next next home home hunt.hunt. if you if have you have not found not found the ideal the ideal next next house house by the by time the time the the BuyBuy or Sell or Sell First? First? deal deal closes, closes, you may you may still wish still wish to proceed to proceed with with the offer. the offer. As As That’s That’s tricky. tricky. AfterAfter all, ifall, youiffind you afind purchaser a purchaser for your for your existing existing a buyer a buyer with with a “sold a “sold house” house” you will you be willinbe a better in a better position position home, home, before before you’ve you’ve found found a new a new one,one, you may you may find yourself find yourself to negotiate to negotiate price. price. livingliving out of out a suitcase of a suitcase if convenient if convenient closing closing dates dates cannot cannot be be Make Your Your House House More More Sellable Sellable negotiated. negotiated. On the Onother the other hand,hand, if youif find you your find your dream dream home homeMake While While we all we believe all believe that that our our home home is our is our castle, castle, our our before before you’ve you’ve unloaded unloaded youryour old one, old one, you may you may be faced be faced with with personal personal tastes tastes may may not appeal not appeal to everyone. to everyone. Your Your EXIT EXIT carrying carrying two mortgages two mortgages for afor time. a time. salessales representative representative will will workwork withwith you you to give to give you you an an So how So how do you domanage? you manage? Easy.Easy. Do your Do your homework homework and have and have a a impartial impartial analysis analysis of your of your home, home, how how it relates it relates to other to other goodgood idea idea about about the neighbourhood the neighbourhood and type and type of home of home you’re you’re “competing” “competing” homes homes on the onmarket the market and how and how youryour homehome reflects reflects looking looking for. Do for.an Dohonest an honest evaluation evaluation of your of your family’s family’s needs needs current current design design and style and style trends. trends. YourYour salessales representative representative will will and and budget. budget. Speak Speak to your to your EXITEXIT salessales representative representative and and also also taketake a good a good look look at the at general the general condition condition and and upkeep upkeep startstart youryour new new home home search search as soon as soon as your as your existing existing home home of your of your dwelling. dwelling. hits the hitsmarket. the market. Overall, Overall, youryour EXITEXIT salessales representative representative will work will work with with you you If you’ve If you’ve found found a home, a home, before before you’ve you’ve sold sold youryour existing existing one,one, to position to position youryour home home on the on market the market so that so that youryour salessales use “sale use “sale of your of your existing existing home” home” as a as condition a condition on your on your offer.offer. experience experience will take will take placeplace as expeditiously as expeditiously as possible as possible . . If youIf don’t you don’t sell your sell your home home within within a fixed a fixed period period of time, of time, you you
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Buyer’s Buyer’s & Seller’s & Seller’s Guide Guide | 15 | 15
Choosing A Lawyer As with every other aspect of your home purchase, you will require the services of a professional to handle the legal aspects of your purchase and mortgage financing. The lawyer will act on behalf of both you and your mortgage lender to “close” the real estate and mortgage transactions. Look for an experienced solicitor who practices primarily in the real estate field, as he or she will be knowledgeable about title, boundary definition, planning by-laws and subdivision regulation. Such a lawyer can spot issues and protect your interests, including anything that is important to you which you may wish to remain private and confidential and which
need not be shared with the other parties to the real estate transaction. The lawyer will search the title, order the survey and tax information, look for liens, advise you on any restrictions which would affect your enjoyment of the property and generally oversee most aspects of your purchase, including advising you of what further investigations ought to be made by other professionals before you close the transaction. Most such lawyers live and work in the community and are aware of the local business situation and can be of great help, offering much saved aggravation and expense when you are moving into a community.
Real Estate | Family Law | Civil Litigation | Estates | Wills | Notaries
KARINDA DOCKRILL • PETER J. ROBERTSON • MATTHEW WARD LAUREN HAWN • LAURA HOHENSEE • CORY DEYARMOND 4 Dundas Street West, Napanee
191 North Front Street, Belleville
257 Dundas Street East, Trenton
16 | Buyer’s & Seller’s Guide
Home Inspection: Recommended before finalizing
Cost On On Closing Closing Cost No one wants surprises on closing so it is advisable to No one wants surprises on closing so it is advisable to be educated and budget ahead for closing. At closing, be educated and budget ahead for closing. At closing, the buyer will have to pay theClosing seller the basic purchase Cost On the buyer will have to pay the seller the basic purchase
price on surprises top of that other costs No one- but wants on there closingare somany it is advisable to price - but on top of that there are many other costs incurred in a real AlthoughAtdiscussed be educated and estate budgettransaction. ahead for closing. closing, incurred in a real estate transaction. Although discussed in greater detail elsewhere in this guide, here purchase is a quick the buyer will have to pay the seller the basic in greater detail elsewhere in this guide, here is a quick overview of expenses you should budget for: price - but on top of that there are many other costs overview of expenses you should budget for: incurred in a real estate Adjustments: If you transaction. are buying aAlthough home indiscussed February, Adjustments: If you are buying a home in is February, in greater detail elsewhere in this guide, here a quick and the seller has paid their property taxes until June, and the seller has paid their property taxes until June, overview of expenses you should budget for: they will want reimbursement for that time. Your lawyer they will want reimbursement for that time. Your lawyer will calculate this amount exactly. If you’re buying a Adjustments: If you are buying a home in February, will calculate this amount exactly. If you’re buying a property with has an oil tank, theproperty seller is taxes to have filled the and the seller paid their until June, property with an oil tank, the seller is to have filled the tank before closing, you will be billed for this amount. they will want reimbursement for that time. Your lawyer tank before closing, you will be billed for this amount. These are thethis most common adjustments will calculate amount exactly. If you’repayable buying on a These are the most common adjustments payable on closing. with an oil tank, the seller is to have filled the property closing. tank before will be billed this will amount. CMHC andclosing, other you mortgage fees:for These often CMHC and other mortgage fees: These will often These are the most common adjustments payable on be included in the amount you borrow. Your mortgage be included in the amount you borrow. Your mortgage closing. broker or bank representative will advise you of this. broker or bank representative will advise you of this. CMHC and other mortgage fees: often Commission: Although rare, there areThese some will scenarios Commission: Although rare, there are some scenarios be included in the amount you borrow. for Yourreal mortgage where the buyer will be responsible estate where or thebank buyer will be responsible foryou real estate broker representative will advise this. commissions. We will advise you before writingofan offer commissions. We will advise you before writing an offer if this will be an issue. Commission: Although rare, there are some scenarios if this will be an issue. where the buyer willwhen be responsible real estate Deposit: Payable an offer isfor accepted and Deposit: Payable when an offer is accepted and commissions. We will advise you before writing an offer credited towards your purchase price on closing day. your purchase price on closing day. ifcredited this willtowards be an issue. Down Payment: A minimum 5% is required. Down Payment: minimum 5% is is required. Deposit: PayableAwhen an offer accepted and Home Inspection: Recommended before finalizing credited towards your purchase price on closing day. Home Inspection: Recommended before finalizing offer to purchase because it may reveal areas where offer toPayment: purchase because it may reveal areas where Down minimum 5% is required. repairs are required.AThe inspection may range between repairs are required. The inspection may range between $300-$500 depending Recommended on the inspector before and thefinalizing property. Home Inspection: $400-$600 $300-$500 depending on the inspector and the property. offer to purchase because it may on reveal areasyou where Moving Costs: This will depend whether rent Moving Costs: This will depend on whether you rent repairs are required. The inspection may range between $300-$500 depending on the inspector and the property.
seller t the co but as for an additio Testing
offer to purchase because it may reveal areas where repairs required. Thethe inspection may range between a truckare or hire movers, time of year you are moving a truck or hire movers,onthe time of year you are moving $300-$500 depending the inspector and the property. and also how much stuff you have! and also how much stuff you have! Moving Costs: Tax: This will whether you rent Land Transfer Thisdepend amounton varies depending on Transfer Tax: This amount varies depending on aLand truck or hire movers, the time of year you are the purchase price. If you are a first time homemoving buyer, the purchase price. stuff If you arehave! a first time home buyer, and how much you also can receive a rebateyou of up to $4000 of this tax. you can receive a rebate of up to $4000 of this tax. Land Tax: Thislawyers amounthave varies depending on LegalTransfer Fees: Real estate many hard costs Legal Fees: Real estate lawyers have many hard costs Real Estate Law • Trusts & the purchase price. aIfpurchase. you are a This first includes time home buyer, when they process searching when they process a purchase. This includes searching and No Powers of you receive a rebate of up to $4000 of Attorney, this title,can transferring theWills, deed, title insurance andtax. more. title, transferring the deed, title insurance and more. Corporate - Commer The lawyer’s fee varies from firm to firm. Legal fees Legal Fees: Real estate lawyers have many hard costs The lawyer’s fee varies from firm to firm. Personal Legal fees Injury L vary widely, and the total costThis depends on the extent when they process a purchase. includes searching 32 Pellissier Street Boxdepends 1057 vary widely, and theSouth, total cost on the extent of services provided. You will also be responsible for title, transferring the deed, title insurance and more. Ontario ofCampbellford, services provided. You will also be responsible for B (any costs related to handling your file, disbursements The lawyer’s fee varies from firm to firm. Legal fees (any costs related to handling your file, disbursements & Solic K0Las 1L0 such longand distance callscost anddepends travel). on Barrister vary widely, the total the extent such as long distance calls and travel). of services provided. You will also be of responsible Property/Fire Insurance: Proof insurancefor is Property/Fire Insurance: Proof of insurance is (any costs related to handling yourcover file, disbursements required by your closing date and it must at least required by your closing date and it must . at least cover such as long distance calls and replacement value of home andtravel) contents. replacement value of home and contents. Property/Fire Insurance: is Status Certificate: If you’re Proof buyingofa insurance condo, you’ll Status Certificate: If you’re buying a condo, you’ll required by your closing date and it must atoutlining least cover need $100-$125 for a status certificate the need $100-$125 for a status certificate outlining the replacement value of home and contents. rules of the condo and its financial standing. rules of the condo and its financial standing. Status If you’re condo, you’ll Tarion: Certificate: If you’re buying a newbuying home, athe cost of the Tarion: If you’refor buying a new home, the cost of the the $100-$200 need $100-$125 a status certificate outlining Tarion warranty is paid by the buyer and usually $600 Tarionofwarranty is paid by financial the buyer and usually $600 rules the condo and its $800, depending on the sale price standing. of the home. $800, depending on the sale price of the home. Tarion: If you’re buying a new home, cost of thea Water/Septic/Fireplace: If you’rethe purchasing Water/Septic/Fireplace: If you’re purchasing aTarion warranty paidseptic by the system, buyer and $600 property with aiswell, or usually fireplace, you property with a well, septic system, or fireplace, you $800, depending the sale price the home. may need to payon a professional tooftake a look before may need to pay a professional to take a look before you waive your conditions. In If most cases, we ask the Water/Septic/Fireplace: you’re purchasing a you waive your conditions. In most cases, we ask the seller to pay the septic system and ensuring property withfora pumping well, septic system, or fireplace, you seller to pay for pumping the septic system and ensuring the code of any fireplaces orawood may needcompliance to pay a professional to take look stoves, before the code compliance of any fireplaces or wood stoves, but as the your buyerconditions. you shouldInplan on cases, paying we about you waive most ask$225 the as the buyer you should plan on paying aboutmore $225 -but $300 an hour-long test of the for antofor hour-long pumppump testseptic of the wellwell and more for seller pay for pumping the system andand ensuring for the an additional hour-long chemical pump test of the(Ministry well andofmore for for Health (Ministry of wood Healthstoves, Water additional chemical analysis the code compliance of anyanalysis fireplaces or (Ministry of Health Water additional chemical analysis Water is ayou free service). . plan on paying about $225 Testing is a free service) but as Testing the buyer should Testing is a free service). for an hour-long pump test of the well and more for additional chemical analysis (Ministry of Health Water Testing is a free service).
Paul M.G. Smith, Q.C. Profes
Paul M.G. M.G. Smith, Smith, Q.C. Q.C. Professional Professional Corporation Corporation Paul
Moving Costs: This will depend on whether you rent Real Estate Law • Trusts & Estates Law Real Estate Law • Trusts & Estates Law Wills, Powers of Attorney, and Notary Public Services Wills, Powers of Attorney, and Notary Public Services Corporate - Commercial Law Corporate - Commercial Law Injury & Law Real EstatePersonal Law • Trusts Estates Law Personal Injury Law 32 Pellissier Street South, Box 1057 E-Mail: email@example.com Wills,Box Powers Services 32 Pellissier Street South, 1057 of Attorney, and Notary Public E-Mail: firstname.lastname@example.org Campbellford, Ontario Phone: 705-653-1860 Byron Basiga, B.Sc.Law J.D. Corporate Commercial Campbellford, Ontario Phone: 705-653-1860 Byron Basiga, B.Sc. J.D. Barrister & Solicitor K0L 1L0 Fax: 705-653-4903 Personal Law BarristerInjury & Solicitor K0L 1L0 Fax: 705-653-4903
Paul M.G. Smith, Q.C. Professional Corporation
32 Pellissier Street South, Box 1057 Campbellford, Ontario K0L 1L0
E-Mail: email@example.com www.paulsmithqc.com Phone: 705-653-1860 Byron Basiga, B.Sc. J.D. www.paulsmithqc.com Barrister & Solicitor Fax: 705-653-4903
Buyer’s & Seller’s Guide | 17 & Seller’s Guide | 17 www.paulsmithqc.comBuyer’s
Askthe theright rightquestions. questions. Ask
WhatIs IsAAHome Home What Inspection? Inspection?
Buying a home is an emotional experience. The house Buying a home is an emotional experience. The house and the neighbourhood have to feel right. In the and the neighbourhood have to feel right. In the excitement, it’s easy to overlook major deficiencies in excitement, it’s easy to overlook major deficiencies in the home. A home inspector will inspect the structure the home. A home inspector will inspect the structure and the major systems of the house and give you a and the major systems of the house and give you a professional opinion of its condition. professional opinion of its condition.
WhyUse UseAARegistered RegisteredHome HomeInspector? Inspector? Why
Most people don’t have the experience to evaluate the Most people don’t have the experience to evaluate the structure and systems that make up a home. That’s structure and systems that make up a home. That’s why prospective buyers hire a professional home why prospective buyers hire a professional home inspector. Many people have knowledge about some inspector. Many people have knowledge about some house systems, but few have the broad knowledge, house systems, but few have the broad knowledge, experience and diagnostic skills of a professional home experience and diagnostic skills of a professional home inspector. Even if you are knowledgeable about all inspector. Even if you are knowledgeable about all aspects of houses, it is probably best to have someone aspects of houses, it is probably best to have someone else do the inspection for you. A professional home else do the inspection for you. A professional home inspector will not be emotionally attached to the home. inspector will not be emotionally attached to the home.
You will need to do some research to find a reliable, You will need to do some research to find a reliable, experienced and knowledgeable home inspector that experienced and knowledgeable home inspector that you feel comfortable with. Talk to friends or others you feel comfortable with. Talk to friends or others you know who have used a home inspector. Ask if you know who have used a home inspector. Ask if they were satisfied. Did the home inspector identify they were satisfied. Did the home inspector identify ® problems with the house? Sometimes your Realtor problems with the house? Sometimes your Realtor® can also recommend a list of home inspectors. can also recommend a list of home inspectors. Here are some question to ask a potential home Here are some question to ask a potential home inspector before you hire them: inspector before you hire them: • May I see a copy of the inspection report you use? • May I see a copy of the inspection report you use? • Do you have experience inspecting the type of home • Do you have experience inspecting the type of home that I’m considering? that I’m considering? • Do you have insurance? • Do you have insurance? • May I see accreditation that shows what kind of • May I see accreditation that shows what kind of training and experience you have? training and experience you have? • Can you provide references? • Can you provide references?
HomeInspection InspectionIncludes IncludesThe TheFollowing: Following: AAHome • Structure • Insulation • Plumbing System • Structure • Insulation • Plumbing System • Heating System • Air Conditioning or Heat Pump System • Heating System • Air Conditioning or Heat Pump System • Exterior • Interior • Electrical System • Exterior • Interior • Electrical System • Basements • Roofing, Flashings & Chimneys • Basements • Roofing, Flashings & Chimneys
WhatDoes DoesNot NotGet GetInspected? Inspected? What
• A home inspection is designed to give you the “big • A home inspection is designed to give you the “big picture” and help you make a buying decision. As a picture” and help you make a buying decision. As a result, the home inspector will not be looking at minor result, the home inspector will not be looking at minor details like torn wallpaper or scratches in floors. details like torn wallpaper or scratches in floors. • A standard home inspection generally does not • A standard home inspection generally does not include appliances. include appliances. • Low voltage systems such as telephone wiring, cable • Low voltage systems such as telephone wiring, cable television, alarm systems etc. are generally not television, alarm systems etc. are generally not inspected. inspected.
MacLellanWater WaterTechnology Technology MacLellan YOUR BEST PROTECTION IS A COMPLETE 388 Millhaven Road, Odessa
Ministry of Housing•Certified • Hydromies & Defect • Recognition Pumps Water Treatment Yield Training Testing H O M E
Pumps • Water Treatment • Yield Testing INSPECTION WaterSampling Sampling••Chemical ChemicalFree FreeWell WellCleaning Cleaning Water Karen Cofield NHI, RHI, NCH ׀Cell: 613-847-4753 ׀firstname.lastname@example.org www.mwater.ca 1-800-200-0865 613-386-0550 www.mwater.ca 1-800-200-0865 613-386-0550 Full Insured • Carson Dunlop Educated & Certified
18 | Buyer’s & Seller’s Guide 18 | Buyer’s & Seller’s Guide
NATIONAL HO M
388 Millhaven Road, Odessa
OR PECT CERTIF IC NS EI
COUNCIL ION AT
COFIELD HOME INSPECTION
Wood Energy Technical Training
Four Reasons To Get Your Home Pre-Inspected If you are putting your home on the market, lots of things can be against you: picky buyers, a lot of inventory, appraisals coming up short because of the excess of short sales and foreclosures in your market... you name it. It can be a rough time to be a seller. Good pricing is key, good targeted marketing is key, and of course, the condition of your property is paramount. One overlooked opportunity though, is the pre-inspection. Sellers are now being encouraged to get a pre-inspection done before the property goes on the market. A preinspection is just like the one buyers do after they put a home under contract, only it's done by the sellers, paid for by the sellers, and the sellers get the results of the inspection. Here are four reasons why it's a great idea for sellers to have a pre-inspection done up front:
Establish Trust: When buyers see that you have separated yourself from the competition and paid for something out-of-pocket, that goes a long way toward telling the buyers that you are serious. You are saying, "I recognize no property is perfect, but I am willing to pay for a third-party to give me an objective opinion of issues, pay to have them fixed, and show you the results of the report." For nervous buyers, that’s a huge potential roadblock lifted.
Eliminate Surprises: No one likes a blind-side; not buyers, sellers, lenders, or appraisers. Getting a preinspection eliminates the scary unknowns, especially for a property that may not be updated or show exceptionally well. Buyers are looking for reasons to
walk, and condition of a property is a huge reason many do. If buyers can see that the expensive stuff is taken care of, it makes replacing carpet and painting look like a breeze.
Helps You Prepare: Getting problems taken care of before you sell gets rid of one additional stressor. Finding a big problem that requires a contractor, or creates a huge hassle like having your water turned off, etc., is something that is best handled before your home goes on the market, not WHILE it is on the market. When you're selling a home, you have a lot of things to juggle... repairs, contractors and disruptions shouldn't be one of them. Helps control costs: A few buyers see the inspection process as a 'shake-down' to get additional money from sellers. The prices quoted by buyers for repairs discovered by the inspection process are often based on high and often inaccurate estimates. When you control the repairs up front, you have time to find the right person for the job by interviewing a few people and getting estimates, maybe even calling on friends or family with particular expertise. Any time you are in a hurry or under pressure, it's easy to substitute money for time. Give yourself time and you'll save money. Pre-inspections are not widespread, but they are an idea being embraced more widely as competition grows, prices drop and homes sit. Most inspectors will do a preinspection, and you may be able to negotiate a reduced rate if you're moving within the area and hire them to do the inspection on your new place.
Don Barrons Don Barrons Excavating & Logging
Excavating & Logging Excavating • excavating Septic SLandscaping yStemS • L•andScaping sSand & gravEL • Log LEngth FirEwood and & graveL • Log Length Firewood 170 Jones Road, RR#2, Marmora, ON K0K 2M0
Jones Road, RR#2, Marmora , ON K0K 2M0 Tel:170 613-472-3806 • Cell: 613-391-4237
Tel: 613-472-3806 • Cell: 613-391-4237
Fax: 613-472-3116 Buyer’s & Seller’s Guide | 19
WAYS YOU CAN Example: Assume a $100,000
mortgage with an amortization period of 25 years and an interest rate of 4% over a five-year term.
Say Goodbye To Your Mortgage Faster! Increase the frequency of your payment. If you’re paying your mortgage on a monthly basis, you can arrange to switch your payment to half of the monthly payment amount on a biweekly basis. As a result, you’ll actually make 26 payments a year. Most homeowners don’t miss the extra amount but always notice the savings.
Take advantage of increased payment options. Increase your payment on your mortgage. Most people are surprised by how easy it is to adjust their lifestyle to a slight increase in their mortgage payments.
Take advantage of lump-sum payments. In addition to increased payment options, most banks offer the opportunity to make lump-sum payments on a mortgage. An annual lump-sum payment of just 2% is all it takes for many homeowners to pay off their mortgage years ahead of schedule.
Take a shorter amortization. To shorten an amortization period from the industry standard 25 years to 10, 15 or 20 years instead. The result is slightly higher mortgage payments but significant interest savings over time.
NO. OF PAYMENTS PER YEAR
INTEREST FOR THE TERM
TERM ENDING PRINCIPAL BALANCE
AMORTIZATION REMAINING AFTER 5YRS
YEARS SAVED OVER LIFE OF MORTGAGE
16yrs 42 wks
16yrs 41 wks
20 | Buyer’s & Seller’s Guide
Insuring Your Biggest Investment -Your Home Make sure you purchase a policy that reflects the unique qualities of your home, its contents and the people who live there. Your home should be insured from the moment you take legal ownership - even if it is under construction. Your broker’s expertise is particularly useful at this stage when you really need to match policy features and needs. Here’s a primer to get you started:
Home Insurance Covers The Building, Its Contents And Liability. There are usually three parts to your homeowner’s policy:
1. Building insurance covers the main dwelling, garage and any out buildings.
2. Contents insurance covers the cost of replacing furniture, carpets and personal possessions. valuables such as art, jewels and furs may require additional coverage.
3. Liability policies insure against the costs incurred if, due to negligence, you are held responsible for an act causing injury or property damage to others.
Policies Range From Offering Comprehensive To “Bare-Bones” Coverage. You can save money by scaling down your policy, but be careful not to underinsure. Basically, there are two common types of protection:
1. Named perils coverage provides coverage for
There Are Three General Policy Categories From Which To Choose:
1. Basic/Normal Perils policies which is the most basic policy you can buy, providing “Named Perils” only for both your home / outbuildings and its contents.
2. Broad Form policies provide slightly broader protection, offering “All Risks” coverage on your home and outbuildings and “Named Perils” coverage on your contents.
3. Comprehensive policies provide the most thorough coverage available by offering “All Risks” coverage for your home / outbuildings and also your contents. Regardless of which policy you select, some coverages can be increased and certain items insured separately.
Take The Time To Understand What’s Covered And What Isn’t. Don’t assume that once you have a policy you are covered for everything. Ask your broker to explain the details.
Coverage for the important things in life. Find the insurance coverage, and investments you need, all in one place.
Chad Buell, CFP® CLU®
Certified Financial Planner/Agent/Owner
specific basic perils outlined in the policy. This coverage is usually less expensive, but places more risk of financial loss on you.
2. All Risks coverage provides you broader coverage for normal risks to which your home would be exposed, except those which are specifically excluded, such as flooding.
“Your home should be insured from the moment you take legal ownership - even if it is under construction.”
Chad Buell & Associates Inc. 96 College St. W., Belleville, ON K8P 2G5 PH: 613-966-5055 F: 613-962-9011 Claims: 1-877-682-5246 • E: email@example.com
Home Auto Life Investments Group Business Travel Farm Buyer’s & Seller’s Guide | 21
Make MakeYour YourHome Home More MoreEnergy EnergyEfficient Efficient
REPLACE REPLACE OLD OLD APPLIANCES APPLIANCES Older Olderappliances appliancesare areless lessenergy-efficient energy-efficientthan thannewer newer models. models. Energy Energy Star Star certified certified appliances appliances will will help help save save energy energyand andin inturn turnhelp helplower lowerelectricity electricitycosts. costs.When When Taking Taking steps steps toto make make your your home home more more energy energy efficient efficient it’sit’s time time toto replace replace your your kitchen kitchen appliances, appliances, the the washer, washer, helps helpsthe theenvironment environmentand andsaves savesyou youmoney. money.Some Some dryer, dryer,water waterheater, heater,ororfurnace, furnace,look lookforformodels modelsthat that energy-efficient energy-efficientchanges changesare areone-time one-timeinvestments, investments, are are labeled labeled asas “Energy “Energy Star Star Certified” Certified” toto ensure ensure you’re you’re others others are are things things you you can can dodo every every day! day! getting getting anan energy energy and and money-saving money-saving appliance. appliance. INSULATING INSULATING • A• Ahigh highefficiency efficiencyon-demand on-demandwater waterheater heateronly onlyfires fires Adding Adding new new oror additional additional insulation insulation toto certain certain areas areas like like when when you you call call forfor hot hot water. water. It heats It heats upup quickly quickly and and then then ceilings, ceilings,attic atticand andwalls wallsalong alongwith withusing usingcaulking caulkingoror quits quits burning burning fuel. fuel. weather weather stripping stripping toto make make sure sure doors doors and and windows windows are are • Get • Get low-flow low-flow fixtures fixtures and and appliances. appliances. Low-flow Low-flow toilets, toilets, properly properlysealed sealedwill willhelp helpprevent preventcold colddrafts draftsand andhelp help shower shower heads, heads, and and washing washing machines machines can can save save a lot a lot ofof keep keepwarm warmairairinside insideduring duringcold coldweather. weather.During Duringthe the water. water. summer, summer,these thesesame sameimprovements improvementswill willhelp helpkeep keepthe the • Using • Using low-flow low-flow fixtures fixtures (eg. (eg. shower shower heads) heads) combined combined cool cool airair inside inside your your home. home. with withthe theuse useofofa anew, new,energy-efficient energy-efficientwater waterheater heater UPDATE UPDATE YOUR YOUR WINDOWS WINDOWS can can help help toto further further decrease decrease the the energy energy usage usage in in your your Windows Windows are are a major a major source source ofof heat heat loss loss in in a home. a home. home. home. Replace Replace aluminum aluminum frames. frames. Aluminum Aluminum window window frames frames letlet FURNACE UPDATE/MAINTENANCE UPDATE/MAINTENANCE heat heattransfer transfervery veryeasily. easily.Vinyl Vinylframes framesare aremuch muchmore more FURNACE There There are are a number a number ofof things things you you can can dodo toto increase increase the the resistant resistant toto heat heat transfer. transfer. efficiency ofof your your furnace. furnace. Double Double oror triple-paned triple-paned argon argon gas-filled gas-filled windows windows are are great great efficiency •High-efficiency •High-efficiencyfurnace. furnace.A Ahigh highefficiency efficiencyfurnace furnace forfor keeping keeping the the heat heat in in and and the the cold cold out. out. burns burns less less gas, gas, burns burns hotter, hotter, and and produces produces less less carbon carbon HELPFUL HELPFUL RESOURCES RESOURCES emissions. emissions. www.nrcan.gc.ca/node/5009 www.nrcan.gc.ca/node/5009 •Change •Changeairairfilters. filters.Changing Changingout outdirty dirtyfurnace furnacefilters filters www.gogreentogether.ca www.gogreentogether.ca makes makes it easier it easier forfor airair toto circulate circulate and and thus thus makes makes your your www.greensaver.org/consumer/homeassistance www.greensaver.org/consumer/homeassistance furnace furnace work work less. less. www.nrcan.gc.ca/energy/products/energystar/12519 www.nrcan.gc.ca/energy/products/energystar/12519 •Seal •Seal ducts. ducts. Seal Seal your your furnace/AC furnace/AC duct duct work. work. Keeping Keeping airair in in the the ducts ducts until until it reaches it reaches itsits destination destination will will keep keep your your furnace furnace from from working working too too much. much. •Add •Add a programmable a programmable thermostat. thermostat. Another Another furnace furnace fix!fix! AA programmable programmable thermostat thermostat means means that that while while you’re you’re out, out, your your furnace furnace won’t won’t come come on.on. However, However, before before you you come come back back home home the the furnace furnace will will turn turn back back onon and and your your house house will will bebe warm. warm. •Close •Close the the vents vents in in rooms rooms you you use use less less frequently frequently in in your your home, home, like like guest guest bedrooms, bedrooms, soso you’re you’re only only heating heating oror cooling cooling rooms rooms that that are are occupied. occupied.
HEAT HEAT RECOVERY RECOVERY VENTILATORS VENTILATORS (HRV) (HRV) HRV HRVsystems systemsprovide providefresh freshand andimproved improvedindoor indoorairair quality quality and and climate climate control control toto your your home, home, while while also also saving saving energy energy byby reducing reducing heating heating and and cooling cooling requirements. requirements.
2222 | Buyer’s | Buyer’s && Seller’s Seller’s Guide Guide
Purchasing A Property With A Septic System Building Your Home With A Septic System If Standard Tile Field you have recently purchased your dream property and wish to build, meeting established neighbours is a good idea. However, don’t sweat the odd horror story. A local contractor, with years of area experience, will eventually save you money and heartache. Remember the pumper knows most everyone in the area and is an excellent source of information. The following are some useful tips to keep your Septic System working:
1. Pump out your septic tank regularly. Every three to five years is recommended by experts for a threebedroom house with a 1,000-gallon tank. Smaller tanks should be pumped more often than that. This helps eliminate solids build-up that can clog your leach field. 2. Reduce Water Use. Excess water strains a failing septic system and leads to puddling in the yard. Do not divert roof drains or basement sump pumps into septic systems. You want to drain as little water into them as possible. 3. Keep it Green. Avoid chemicals that are unfriendly to crucial septic tank bacteria. Many products are available which contain less harmful ingredients that are gentler on your system. Septic systems work best when bacteria life thrives so watch out when using potent chemicals. 4. Get Rid of Roots. Remove trees with roots capable of infiltrating into your leach bed or lateral lines. Tree
Distribution Box Tile Field
The tile field is the filter area where the wastewater is intended to receive its final polishing before re-entering the natural environment roots can shift internal piping and cause severe damage or breakage. Avoid planting anything on your drain field.
5. Don’t use your toilet as a garbage can! If you put lots of stuff down the toilet, you will need to have the tank pumped more often. 6. Grease and Fats. Keep kitchen grease out of your septic system. It is not broken down easily by your system and can clog your drain field. Discard of such material in trash receptacles or any other method allowed in your local area.
Eugene Craig’s Septic Service
new M ention This Ad installations To Get $10 Off! Residential - Commercial Waste - Liquid Industrial Waste - Catch Basin Cleaning pumping every
195 Craig Road, Belleville, ON check us out on facebook!
3 years 613-962-9334 Buyer’s & Seller’s Guide | 23
How to Improve Your Credit Credit scores play a big role in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:
Check for errors in your credit report. Thanks to an act of Congress, you can download one free credit report each year at annualcreditreport.com. If you find any errors, correct them immediately.
Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.
Don’t charge your credit cards to the max.
USE THE MOVING DAY CHECKLIST TO MAKE YOUR MOVE AS STRESS FREE AND EFFICIENT AS POSSIBLE. • • • • • • • • • • •
Pay down as much as you can every month.
Wait 12 months after credit difficulties to apply for a mortgage.
You’re penalized less severely for problems after a year.
Don’t order items for your new home on credit. Wait until after your home loan is approved to charge appliances and furniture, as that will add to Your donation supports our ongoing research, programs & services within the community. your debt. COMMUNITY DEVELOPMENT COUNCIL OF QUINTE
Don’t open new credit card accounts. the Community Development Council of Quinte (CDCQuinte) is
If you’re applying for a mortgage, having too much a non-profit, charitable organization. since 1989, we have been availablethe credit canandlower yourof score. promoting planning provision health and social services to ensure residents of the Quinte community are provided with the Shop for mortgage rates all at once. necessities of life and an opportunity to improve one’s quality of life.
Having too many credit applications can lower your Community score. However, multiple inquiries about your credit Good scoreGood from the sameGardens type of lender are counted as Food Box Baby Box one if submitted over a short period of time. Social Planning
Avoid finance companies. Good Community
Food Market Kitchens Even if you pay off their loan on time, the interest is the CDC is a registered charitable organization (Charity registration#104996182) high and it may be considered a sign of poor credit management.
W W W. C D C Q U I N T E . C O M 65 Station Street, Belleville, ON K8N 2S6
24 | Buyer’s & Seller’s Guide
Arrange for the transportation of your household goods. Notify everyone of the date of your move and your new address. Hire a moving company or rent a truck. Arrange for transport of items that require special attention. (pianos, pets, etc.) Do an inventory of your home. Dispose of things you no longer need. Donate to charity or have a yard sale. Dispose of hazardous materials. (paint, thinners, gasoline) Pack seldom used items as soon as possible. Have appliances cleaned and serviced before the move. Don’t forget to defrost the fridge and freezer. Decide where you want furnishings placed in your new home and label them accordingly. Hire a sitter for moving day. It’s going to be a hectic day. Plan on being present at the loading and unloading of your belongings. Keep a record of all moving expenses for income tax deductions (if applicable). Have your car serviced and keep emergency supplies in the trunk. Make a last check of the house - closets, basement, garage, yard - make sure nothing is left behind.
Remember To notify Bank Broker Cable/Satellite Canada Pension Credit Cards Daycare Service Dentist Doctor Driver’s License Employment Insurance Family Allowance Finance Companies Fuel/Propane Gas Health Plan Hydro Income Tax Insurance Company
Internet Provider Lawn/Garden Services Lawyer Library Mail Orders Magazines Newspapers Old Age Pension Pool Services Post Office Property Tax Reg. Schools Telephone Unions Vehicle Water Water Treatment
Don't forget to check it off!
Moving In... How Much Is It Going To Cost?
The following is a monthly budget plan that will help you calculate the cost of moving into a new home. PRESENT MONTHLY EXPENSES
Real Estate Buyer’s & Seller’s Guide
EXIT REALTY GROUP Brokerage, Independently Owned & Operated
COnCRETE PRODuCTS: A&B Precast Manufacturing Limited ..... 613-962-9111 ExCAvATInG & SEPTIC InSTALLATIOn: Don Barrons Excavating & Logging ....... 613-472-3806
FUTURE MONTHLY EXPENSES
InSuRAnCE: The Co-operators Incurance ..................... 613-966-5055
Property Taxes ............................... $ _______
Total Monthly Housing Expenses ... $ _______
LAWYERS: KDM Law ...................................... Belleville 613-966-7771 .......................................... Trenton 613-394-3315 ........................................Napanee 613-308-9500
Mortgage Payment ........................ $ _______
Outstanding debts ......................... $ _______ Food and clothing .......................... $ _______ Medical and dental expenses......... $ _______ Car payments and expenses.......... $ _______ Transportation................................ $ _______ Clothing ......................................... $ _______ Education ....................................... $ _______ Personal insurance......................... $ _______ Recreation and hobbies ................. $ _______ Utilities .......................................... $ _______ Insurance ....................................... $ _______ Repairs .......................................... $ _______ Maintenance .................................. $ _______ Miscellaneous ................................ $ _______
_______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
Total Monthly Expenses $ _______
Total Monthly Income $ _______
Savings $ _______
O’Flynn Weese LLP ....................................... 613-966-8036 Paul M.G. Smith, Q.C. Professional Corporation ............................................................ 705-653-1860 Sioui Mitts Law Barristers, Solicitors & Notaries .................. 613-965-6430 MORTGAGES: Hewbrook Incorporated Mortgages & Loans ................................... 613-392-3566 MOvInG SERvICES: Bay Of Quinte Movers ................................. 613-961-9298 FIRE & WATER RESTORATIOn: Winmar Property Restoration Specialists..................................................... 613-961-5183 PROPERTY MAInTEnAnCE: All Seasons Property Care ............................613-921-3918 SEPTIC SERvICES: Eugene Craig’s Septic Service .................. 613-962-9334 WATER TREATMEnT: MacLellan Water Technology ................... 613-386-0550
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The law firm of Sioui Mitts Law is proud of its history and tradition of The law firm of Sioui Mitts Law is proud of its history and tradition of providing superior service to the residents, businesses and community of the providing superior service to the residents, businesses and community of the City of Quinte West and surrounding area for more than 60 years. City of Quinte West and surrounding area for more than 60 years.
21 Quinte Street, PO Box 397, Trenton, ON K8V 5R6 21 Quinte Street, PO Box 397, Trenton, ON K8V 5R6 Ph: 613-965-6430 | 1-800-616-1294 | Fax: 613-965-6400 Ph: 613-965-6430 | 1-800-616-1294 | Fax: 613-965-6400 www.siouimittslaw.com www.siouimittslaw.com