----------------------------------------------------------------- D’Arcy Harris – Weekly Real Estate Update September 13, 2005 ----------------------------------------------------------------- So this week I’ve put together something for all you first time homebuyers out there who are wondering what exactly you’re going to have to spend to buy that first place. Closing costs tend to sneak up on people, and so it’s always nice to get a heads up. Of course, each transaction is different, and everyone charges different amounts, but I’m sure you’ll get the idea.
Next week, I should have an article from one of Vancouver’s finest home inspectors. I don’t know what it’s about, but it will be good, so stay tuned.
Enjoy!
D'Arcy Harris Real Estate Broker Sutton Group - Westcoast Realty Tel: (604) 484 6236 Fax: (604) 488 0885 darcy@darcyharris.com
P.S. Wondering what your home is worth? Probably more than you think! Find out with an Over the Phone Market Evaluation, sign up here: http://www.vancouverrealestateinfo.ca/redir.asp?page=homeeval.asp&t=list
----------------------------------------------------------------- Insider Secret Revealed ----------------------------------------------------------------- Would you like to have access to all the new listings that match your home buying criteria, including area, price range and style of home, emailed to you directly? Tired of leafing through hundreds of listings to find what you’re looking for? This is a free service and will allow you to view only the homes that you're interested in seeing. Become a VIP Buyer and beat other buyers to all the hot new listings in Vancouver. How does it work? Visit: http://www.vancouverrealestateinfo.ca/redir.asp?page=vip_buyer.asp&t=list
----------------------------------------------------------------- Weekly Real Estate Listings ----------------------------------------------------------------- These are all the current listing out right now; in fact, some of them are so new they’re not even posted on Realtylink or MLS.ca. Want to get them before they’re even in the newsletter? Sign up for the VIP Buyers Program. (http://www.vancouverrealestateinfo.ca/redir.asp?page=vip_buyer.asp&t=list)
If they don’t load, hit refresh. If you’re using FireFox, the above links won’t work; but I’m working on it!
Vancouver Lofts:
http://mlslink.mlxchange.com/EmailView.asp?r=774586045&s=BRC&t=BRC
Investment and Revenue Properties:
Vancouver House Foreclosures:
http://mlslink.mlxchange.com/EmailView.asp?r=439850301&s=BRC&t=BRC
If you see any listings that interest you, simply email the MLS number and the time that you’re available to view it and I’ll set up a private tour just for you. Of course there will be no obligation!
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CLOSING COSTS
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One of the main concerns most people have is not knowing what it’s going to cost them to buy their first home. Here is a brief look at some of the major ones:
Home Inspection - Prepared by a qualified inspector to assess the property for defects and poor maintenance.
Appraisal - Prepared by an appraiser chosen by the lender, by CMHC or GE if the mortgage is insured.
Legal Fee/Disbursements - Your lawyer, solicitor or notary will quote his or her approximate fee for closing the purchase of your home, registering the mortgage(s) and miscellaneous disbursements, which could include registration fees, courier costs, telephone and photocopying, etc. Make sure to always ask for a detailed estimate.
CMHC, GE - If CMHC or GE insures your mortgage, the insurance premium will usually be added to the mortgage or you can choose to pay it separately. In Ontario and Quebec, the premium is subject to PST, which must be paid on closing.
Prepaid Expenses - If the Vendor has prepaid any expenses such as utilities, water and sewage taxes, heating oil or taxes, they must be reimbursed and this will be reflected in the Statement of Adjustments.
Property Tax Holdback - If the lender is collecting and paying property taxes on your behalf, you may be required to pay the lender an amount to ensure sufficient funds are available to pay the next instalment of property taxes.
Other Fees - Occasionally a lender or the broker will charge a fee for providing a mortgage. If so, these costs must be disclosed to you at the time of application. In British Columbia, your broker will provide you and your solicitor with a copy of the Disclosure Statement.
There may also be some minor fees associated with your bank, you’ll have to check with them. If you use a Mortgage Broker, there aren’t any, the lenders pay them, not you! Call Reed from CBM Mortgages at 1-866-369-3532 or check out www.realestatefinancing.ca for more information about using a Mortgage Broker.
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From the News
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HARDWOOD, LAMINATE & ENGINEERED FLOORING AUCTION
http://www.ableauctions.ca/09102005vanhard.html
10th of September @ 10:00 AM
1055 Vernon Dr. in Vancouver
----------------------------------------------------------------- Contact Info ----------------------------------------------------------------- I supply this information to you free of charge and without obligation with the hope that when you do decide to buy or sell your home, you’ll call me to help make it a reality.
If I do all this for free, imagine what I do when we’re working together!
I invite you to forward this newsletter on to friends and family.
If you are receiving this newsletter from someone else and would like to sign up to receive it directly, please click here: http://www.vancouverrealestateinfo.ca/redir.asp?page=silver_customform.asp&t=list
Comments and suggestions are always welcome, thanks for reading!
D'Arcy R. Harris
Real Estate Broker
Sutton Group - Westcoast Realty
----------------------------------------------------------------- Quick Over-the-Net Home Evaluation: http://www.vancouverrealestateinfo.ca/redir.asp?page=homeeval.asp&t=list
Become a VIP Buyer and Beat Other Buyers to all the New Listings: http://www.vancouverrealestateinfo.ca/redir.asp?page=vip_buyer.asp&t=list
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