Tuesday, September 27, 2011

Buy with ZERO Down is alive and Well

With Marcy Berg Mortgages4Women.ca A mortgage Broker in Toronto, Can People Still get a Nothing Down Mortgage in Toronto?

Yes David, They Can! A no money down mortgage now, is actually a five percent down mortgage. What the lenders will do they will calculate your mortgage based on a five percent down payment and at the end of the day will give you five percent of the total mortgage back as a cash back at the time of closing.

So I actually need to come to the table with some money to do this...

Yes! You will need a little bit of money to cover the short fall, and your closing costs, and of course you will need to consider your deposits when making the offer on your purchase.

Is a variable or fixed rate option available to me?

No, No. Its Not. You have to take a five year closed or a seven year closed mortgage.
And there is a little bit of a catch there, that if you do leave the mortgage before the end of that term you will have to pay back a portion of that mortgage that the lender gave you at closing.

Marcy Berg is a mortgage broker in Toronto and available at Mortgages 4 Women Dot CA.

If you are interested in this ZERO down Payment program for your Toronto or Mississauga home purchase give me a call now at 647 218 2414

Monday, September 26, 2011

20 Million Stolen from Condo Owners

Well "they" took the money and they ran. They are gone. In the papers they call it an alleged Misappropriation. Its a theft. A well planned and choreographed theft with many players. It needed multiple players to turn a blind eye or an ignorant eye to the theft. Who would you like to blame? Here's the background.

The total misappropriation may top $20 million. Several buildings have filed civil suits against Channel and Khan, who is thought to have fled the country. Police are investigating.

Some condo corporations allege Khan forged signatures and created fake meeting minutes to register a bylaw that allowed him to obtain loans without the board’s knowledge. The money was funnelled into a separate bank account.

Residents in some buildings across Greater Toronto are now on the hook for these outstanding loans, while others are talking with insurance companies and lenders to figure out who must foot the bill.

Whether condo owners will be left to cover the costs depends on the details, said real estate lawyer Ray Mikkola of law firm Pallet Valo.

“Where the management agreements specifically authorized the manager to bind the corporation, and if the board could have detected the fraud but recklessly or negligently failed to do so, or if the corporation benefitted from some of the money. . . the corporation may be in trouble,” Mikkola said.

The condominium owners were [allegedly] defrauded. BUT:


Does the law firm that represented and permitted the placement of mortgages on the title of these individual buildings have liability and culpability in the indebtedness of their clients? They met with somebody, they prepared, investigated and crafted minute books; recorded the history of condo meetings, reviewed notes and minutes of Board Meetings to verify that indeed their client was entitled and enabled to borrow funds and in debt the condo corporation. The law firm acting for the lender had an obligation and gave an opinion that the mortgage registration was valid, Title was good and they had valid executed documents. Why do I say their clients? Their CLIENT is the individual condominium corporation.

The Loan committee, OFFICER, Manager of whatever Financial Institution [BANK] should be responsible [remember proportional liability?] for their lack of due diligence to investigate the legitimate need and authority of a single individual to produce a packaged loan application. I would like to see that performance review.

When you purchased your condominium unit, you also purchased Title Insurance. Title Insurance has some provisions for title fraud. I cannot obtain a definitive answer other than the questions I have asked are being taken under advisement.

Your Home Insurance Policy may participate in a claim for theft against something of value in your condominium. Both independent Brokers I inquired with believe there could be merit in a claim.

The Condominium Status Certificate that you relied on at closing was false and misleading as to the correct financial picture of the building. Will you sue your lawyer who gave his/her blessing on your Condo Status Certificate? Now the Law Society Levy on each transaction is also included.

Would an additional layer of Government control have helped? What will you do now?

Tuesday, September 20, 2011

Taxes Not Yet Assessed

So here you are; You are Purchasing a Condo and it says Taxes Not Yet Assessed.

The Municipal Property Tax System (MPAC) provides you with an assessed value that is then used by the city where you reside to collect realty taxes on your unit. ( or your home ) Most of the time the MPAC assessment is based on key neighbourhood indicators; other properties like yours that have sold recently, or alternatively based on square footage of your home, square footage of your lot, recent improvements and water spigots. (Spigots are water outlets) Unless they have come out and specifically reappraised your property.

With new condos your value is not only the square footage of your particular unit but also the collective value and footprint of your entire condominium complex. When they sold you that unit (approximately 3 years ago) The taxes are not yet assessed because no one has purchased or closed on a unit. Once that starts happening, then there will be sold values to set as the property value standard.

If you are purchasing a unit, and you are paying cash or with a low mortgage, [less than 75% of the purchase price] the bank may not require you to remit a tax portion on account for the estimated property taxes on your suite. It could be a year or two after your move in date when the actual property tax assessment arrives. It could also be a few years before your condominium unit is registered and you will be paying the Phantom Mortgage until Registration unless you advised the builder you will pay at Interim Closing or Occupancy Date.

At that point in time you will have a bill which is an adjustment for taxes from the registration date of the condominium corporation. This tax bill needs to be dealt with in short order to avoid additional charges or penalties. Then your tax bill will be in 6 installment per year, 3 in the spring based on last years budget, and 3 in the fall based on teh new budget post April 1st 2012.

If you have a mortgage exceeding 75% - 80% of your purchase price typically you have been making pro-rata payments to your tax account based on the [proposed] expected realty taxes. This account would now be reconciled with the the tax bill as received by your mortgage company and you would see modest revisions to your payment amount based on the actual tax component.

As more of our population matures there will be a greater demand for single level living and condominium units will continue to grow in demand and price. Looking for a condo? Love to hear from you... Some great buildings have exceptional pricing.

Add your comments; Do you feel life is good for mature people in a condo? Is a new condo the way to go?

Wednesday, September 14, 2011

Marketing Secrets for Toronto Real Estate

Your Home Marketing Specialist - So why is it some homes sell instantly on the Toronto West Real Estate Market while others languish around and finally expire unsold. There are simple tools that not everyone is aware of to get houses sold. SO what are the best ways to attract buyers? You are.

You are the Home Marketing specialist that I need to engage to help me sell your home. I need you to answer some direct and important questions about your home... What made you buy this house? What was unique about this property from all those available to you when you purchased?

What about this house has improved your lifestyle? What are the individual business's and events that surround your community? How are you living in this house? What makes it work best for you? What have your guests said about your home when they visit? What can you do in this house that you cannot do elsewhere? Ultimately, even though houses are the same; What makes this house different?

By answering these questions with me, I will be able to prepare targeted specific marketing to individuals or families that is now where you were once before. This will be highly focused to attract the right family. They will be the most qualified buyers, highly motivated, willing to make the best offer because the house will be perfect for their needs. You know your home best and I am an Accredited Senior Agent and Marketing Specialist. Together we can sell your largest asset in a smooth and efficient fashion that will be the most profitable for you. David Pylyp call me at 647 218 2414 I answer my own phone.

Saturday, September 10, 2011

Keeping your eye on the detales

What ever one does should be done thoroughly


The idiom "the devil is in the details" derives from the earlier phrase, "God is in the detail;" expressing the idea that whatever one does should be done thoroughly; i.e. details are important.[1] This original idiom has been attributed to a number of different individuals, most notably to German-born architect Ludwig Mies van der Rohe (1886–1969) by The New York Times in Mies' 1969 obituary, however it is generally accepted to not have originated with him. The expression also appears to have been a favorite of German art historian Aby Warburg(1866–1929), though Warburg's biographer, E.M. Gombrich, is likewise uncertain if it originated with Warburg. An earlier form "Le bon Dieu est dans le détail" (the good God is in the detail) is generally attributed to Gustave Flaubert (1821–1880).[1] Bartlett's Familiar Quotations lists the saying's author as anonymous.[2]

What items will we cover?

o Representation
o About Me and My Company
o Seller Property Information Statement (SPIS)
o Listing Agreement
o Preparing your Home for Showings
o Instructions for Showings
o Purpose of an Agent's Open House
o Open Houses
o Direct Inquiry Procedures
o Lock Box
o Sign Installation
o Agreement of Purchase and Sale
o Closing Costs
o Waivers/Additional Forms
o Specific Items you needed to address regarding your situation

We need to have a clear plan of where you would like to be once you have sold, by paying attention to all of the details you can rest assured that nothing will be a surprise or overlooked. In most instances it has been decades since you bought or sold a house. When you are ready Give me a call at 647 218 2414

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