Amen.KBear said:
And get a survey. And Title Insurance. And a dog, a really cute dog.
P.S. MM, I'm not wrong. I'm right in a creative way.
Advise Needed.....I'm buying a house finally
- Thread starter Geminixoxo
- Start date
And get a survey. And Title Insurance. And a dog, a really cute dog.
P.S. MM, I'm not wrong. I'm right in a creative way.
Thanks.DATYdude said:
Title insurance is generally used when there is a problem with the existing survey. The general public would not be involved in this stuff generally, and this is something that a purchaser would discuss with his solicitor and then make an informed decision on.
I do not doubt that the title insurance would kick in if there was fraud involved, all other avenues failed, and the insurer believed the homeowner. Also, have no doubt that the title insurance companies are pushing their product in this way. However, there is more to how properties are registered and the safeguards in place then the general public would be aware of. Therefore, I would simply suggest that someone talk to a solicitor when they are buying and ask if title insurance is required.
Most likelyfreakshow said:
The point was that people will be pulling him around in all directions, and that is not much fun for a home buyer. so he should learn not to ask too many people for general opinions. If you disagree with this lesson/advice, then we could debate it, however I know i'm right.
Should add that I was just having some fun, forgot the happy face.
Let the conflicting advice continue and teach him real good...after all, this board would not be much fun if we all agreed.
KBear said:Most likely
The point was that people will be pulling him around in all directions, and that is not much fun for a home buyer. so he should learn not to ask too many people for general opinions. If you disagree with this lesson/advice, then we could debate it, however I know i'm right.
Should add that I was just having some fun, forgot the happy face.
Let the conflicting advice continue and teach him real good...after all, this board would not be much fun if we all agreed.
No one is pulling no one anywhere............He asked for peoples advice and they gave it to him...........It is one's openion over another
I never disagreed with anyones advice ......I think all the advice everyone is great he should read it and then make his own judgment
KBear
You're a bit off when it comes to explaining the nuances of title insurance. The long and the short of it is title insurance is purchased in 95% of residential transactions in Ontario. Once fraud is proven (and it's not hard), the insurer takes over the claim. The homeowner does not have to pursue other avenues for compensation, and SHOULD NOT, because when an insured takes action instead of making a claim, coverage under the policy may automatically stop.
Anyway you were right about one thing:
"The general public would not be involved in this stuff generally, and this is something that a purchaser would discuss with his solicitor and then make an informed decision on."
- that's the best piece of advice you can give about this whole issue. (PS I'm a real estate lawyer!)
You're a bit off when it comes to explaining the nuances of title insurance. The long and the short of it is title insurance is purchased in 95% of residential transactions in Ontario. Once fraud is proven (and it's not hard), the insurer takes over the claim. The homeowner does not have to pursue other avenues for compensation, and SHOULD NOT, because when an insured takes action instead of making a claim, coverage under the policy may automatically stop.
Anyway you were right about one thing:
"The general public would not be involved in this stuff generally, and this is something that a purchaser would discuss with his solicitor and then make an informed decision on."
- that's the best piece of advice you can give about this whole issue. (PS I'm a real estate lawyer!)
Who would prove that fraud had been committed? Once it was clear fraud is involved, wouldn't the banks not remove the mortgage?DATYdude said:
What does the second part in bold mean?
Studying up on title insurance, and at the same time discovered why lawyers may be promoting it.
From the Law Society of Upper Canada
Title insurance helps lawyers and clients
Title insurance is gaining popularity in Canada. An article in the February 2001 issue of Canadian Lawyer illustrates how both lawyers and clients can benefit from title insurance.
Clients with title insurance protect themselves from a wide variety of title-related risks. Some of these include fraudulent mortgages, zoning problems, illegal encroachments, overlooked liens, and improperly recorded easements. Some title insurance companies even cover legal costs in excess of policy limits.
Still best to rely on the lawyer for advice on this stuff.
From the Law Society of Upper Canada
Title insurance helps lawyers and clients
Title insurance is gaining popularity in Canada. An article in the February 2001 issue of Canadian Lawyer illustrates how both lawyers and clients can benefit from title insurance.
Clients with title insurance protect themselves from a wide variety of title-related risks. Some of these include fraudulent mortgages, zoning problems, illegal encroachments, overlooked liens, and improperly recorded easements. Some title insurance companies even cover legal costs in excess of policy limits.
Still best to rely on the lawyer for advice on this stuff.
whop... well, i wish her the best of luck in finding a competentSheik said:kbear... gemini is a she not a he.
real estate lawyer
real estate agent
mortgage broker
home inspector
and also suggest they are not associated with each other.
and a beautiful home she will fall in love with and enjoy for years.
There are many competent people in all those fields, and if they are referrals, as long as they are good, who cares?
There are only 3 rules to buying real estate...
1.location
2.LOCATION
3.L O C A T I O N!
As far as everything else goes, find an agent you get along with and can work with...the rest will follow nicely, just keep your head, take notes, ask lots of questions and listen.
If you are buying from a builder, make sure your lawyer reviews the documents before you sign anything.
If a condominium corporation is involved, be sure you are very clear about you responsibilities both now(maintenance fees) and in the future(additional fees for major repairs).
Be sure you understand about the entire process of closing and registration(this rarely happens at the same time) and how it affects you.
Finally, if buying from a builder, consider hiring a Home Inspector to be there working on your behalf during the pre-delivery inspection. You may want to do that again at the 12 and 24 month inspection too.
A Home Inspection is also a must for re-sale properties, get 3 referrals from your Real Estate agent or call the Ontario Association of Home Inspectors for a list of qualified inspectors in the area.
Just let the professionals do their job and remember the three cardinal rules...
Location, location, location!
Happy hunting and good luck
There are only 3 rules to buying real estate...
1.location
2.LOCATION
3.L O C A T I O N!
As far as everything else goes, find an agent you get along with and can work with...the rest will follow nicely, just keep your head, take notes, ask lots of questions and listen.
If you are buying from a builder, make sure your lawyer reviews the documents before you sign anything.
If a condominium corporation is involved, be sure you are very clear about you responsibilities both now(maintenance fees) and in the future(additional fees for major repairs).
Be sure you understand about the entire process of closing and registration(this rarely happens at the same time) and how it affects you.
Finally, if buying from a builder, consider hiring a Home Inspector to be there working on your behalf during the pre-delivery inspection. You may want to do that again at the 12 and 24 month inspection too.
A Home Inspection is also a must for re-sale properties, get 3 referrals from your Real Estate agent or call the Ontario Association of Home Inspectors for a list of qualified inspectors in the area.
Just let the professionals do their job and remember the three cardinal rules...
Location, location, location!
Happy hunting and good luck
Strangely enough ...
I'm pretty sure that its W5 - I've been hearing ads this week
Talking about mortgage fraud. But I think it is related to identity theft. Its not clear. I guess we'll have to watch.
I'm pretty sure that its W5 - I've been hearing ads this week
Talking about mortgage fraud. But I think it is related to identity theft. Its not clear. I guess we'll have to watch.
Wow a ton of advice, how about some 1st time buyer experience...
1. Pre-approved mortgage is absolutely essential. It will dictate house you can afford and applicable areas of town. It is best to concentrate search in your preferred geographic area in your price range. Opinions vary on bank vs mortgage broker like terb opinions on gfe/pse.
2. How to find RE agent and lawyer. Many people will say from a recommendation. I disagree. Pick RE agent yourself with no connection to you, friends, colleagues. If he/she's a dud it's no complication to fire their lazy ass and find a better one. Don't sign any exclusive thingy with RE agent, some will try and pressure you to do so.
3. Spend 24/7 on treb (that's right, tReb): I found my house on treb before agent had listing.
4. Make list of your must have's as small and realistic as possible. You will see gawdawful dumps: other people's decor - whew, terrible. Look past it.
5. Follow experienced advice of RE agent on the offer, amount, timing, conditions and followup. When RE agent smells money, all of a sudden they are very good at their job.
6. Home inspection: peace of mind for you dropping $300,000 but truly a scam. All home inspectors will tell you the same thing: electrical, water, furnace, roof, etc, "appear serviceable". They won't pass comment on likely repairs or costs. On the rare occasion something is grossly disastrous they will identify it, but otherwise, everything appears serviceable. You'll see, useless information a month or two after buying.
7. I always wondered about the money trail...You take sellers accepted co-signed offer to your bank for actual mortgage preparation. You don't see the money, it goes from bank to lawyer in trust on closing day. You will pay a token downpayment immediately to sellers RE agent or lawyer, remainder of your downpayment via cheque on closing day to your lawyer in trust.
8. People will say have $xxxx for closing costs (taxes, transfers, lawyer, inspector, utility bill pro-rata, cleaning, moving, etc.). Double or triple it. After all my cash was delivered to people I don't know, shook lawyers' hand, he said and one more thing: it was my first TO property tax bill due that Monday. Again, with the closing costs, X2 or X3, you'll need it. If not, have a party, invite me!
9. Sometime after you get the keys, you'll say "holy shit, what have I done..." Errr, ummm, at this point some females cry. Seen it. About one year later, sitting on the patio drinking daquiri or a mint julep, you'll say "all is good".
10. If you are in the <$300,000 area, as I was, many houses in this range are good buys but will require ALOT of $$$ maintenance, immediately and frequently thereafter. Either do it yourself (fun, timeconsuming) or get real chummy with a good contractor.
Need more advice, I'm full of it!
1. Pre-approved mortgage is absolutely essential. It will dictate house you can afford and applicable areas of town. It is best to concentrate search in your preferred geographic area in your price range. Opinions vary on bank vs mortgage broker like terb opinions on gfe/pse.
2. How to find RE agent and lawyer. Many people will say from a recommendation. I disagree. Pick RE agent yourself with no connection to you, friends, colleagues. If he/she's a dud it's no complication to fire their lazy ass and find a better one. Don't sign any exclusive thingy with RE agent, some will try and pressure you to do so.
3. Spend 24/7 on treb (that's right, tReb): I found my house on treb before agent had listing.
4. Make list of your must have's as small and realistic as possible. You will see gawdawful dumps: other people's decor - whew, terrible. Look past it.
5. Follow experienced advice of RE agent on the offer, amount, timing, conditions and followup. When RE agent smells money, all of a sudden they are very good at their job.
6. Home inspection: peace of mind for you dropping $300,000 but truly a scam. All home inspectors will tell you the same thing: electrical, water, furnace, roof, etc, "appear serviceable". They won't pass comment on likely repairs or costs. On the rare occasion something is grossly disastrous they will identify it, but otherwise, everything appears serviceable. You'll see, useless information a month or two after buying.
7. I always wondered about the money trail...You take sellers accepted co-signed offer to your bank for actual mortgage preparation. You don't see the money, it goes from bank to lawyer in trust on closing day. You will pay a token downpayment immediately to sellers RE agent or lawyer, remainder of your downpayment via cheque on closing day to your lawyer in trust.
8. People will say have $xxxx for closing costs (taxes, transfers, lawyer, inspector, utility bill pro-rata, cleaning, moving, etc.). Double or triple it. After all my cash was delivered to people I don't know, shook lawyers' hand, he said and one more thing: it was my first TO property tax bill due that Monday. Again, with the closing costs, X2 or X3, you'll need it. If not, have a party, invite me!
9. Sometime after you get the keys, you'll say "holy shit, what have I done..." Errr, ummm, at this point some females cry. Seen it. About one year later, sitting on the patio drinking daquiri or a mint julep, you'll say "all is good".
10. If you are in the <$300,000 area, as I was, many houses in this range are good buys but will require ALOT of $$$ maintenance, immediately and frequently thereafter. Either do it yourself (fun, timeconsuming) or get real chummy with a good contractor.
Need more advice, I'm full of it!
I've been on mls.ca (multi listing sales) ......those homes are the ones that are harder to sell for one reason or another...I've heard that the best bet is to go to an agent and get an exclusive listing sale.KBear said:
So I now know that my first step should be
1. getting preapproved
2. I think my closing costs will be about 1-1.5% cost of the house (lawyer and inspector)
3. location I know will be in the Bolton and north Brampton area (less property taxes)
but first and foremost I should get preapproved and thats what I will do...you guys have been GREAT...THANK YOU
1. getting preapproved
2. I think my closing costs will be about 1-1.5% cost of the house (lawyer and inspector)
3. location I know will be in the Bolton and north Brampton area (less property taxes)
but first and foremost I should get preapproved and thats what I will do...you guys have been GREAT...THANK YOU
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There is a good point, there is no real reason to sign a purchaser agency agreement until it is time to do the offer, and then the term of the agreement should only be for a couple of weeks. If you go to meet an agent for the first time and they are pressuring you to sign, walk. Although, if you do find a good agent who you are comfortable with it would not hurt to sign the agreement in advance with a longer term, maybe a month or two, as it will make the agent feel more comfortable that they are going to be paid for their efforts.antaeus said:
Normally the purchaser does not pay commission, but know that on the agency agreement there is a space where the commission is written in, likely 2.5%, maybe 3% in Bolton. If you buy through someone else during the term of this agreement you can/will be billed for that commission by the agent who you signed this agreement with, and they will collect on it. You can sign the understanding agency pamphlet at any time.
For the GTA/Brampton, www.mls.ca pulls its data from the TREB and is quite up to date, (within days). That idea about exclusive listing and only hard to sell homes on mls.ca is really odd/BS. If an agent/advisor told you this, find another agent/advisor. Bolton area, or country homes could be a different story, especially if it is serviced by a different real estate board, dont know. That said, mls.ca is really just a starting point, if the agent is thorough then he will find all the appropriate properties for you. If you do find something you like on mls then you would also point it out to him.
If you are buying a house, it is good to get a home inspector to check things out. You will do the offer conditional on a home inspection, and have likely a week to do this. The home inspection is as much a way for you to learn about the different parts of the home and how to maintain them, as it is an official inspection.
Yes, getting pre approved is the first step.
