Experts Questions and Answers

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Oct 11
2011

Wowza, problem sloevd like it never happened.

posted by Lorrie to Peter Frueh  :  Views (3459)
I love problems that solve themselves without any input.. [ more ]
Aug 23
2011
What is Land Transfer Tax and how much will it be?
posted by Nicholas Draper to Joanne McPhail  :  Views (3128)
The land transfer tax you pay will depend upon the price of your home.   Here is a great link to do the calculation.  Just enter in the purchase price of your home and it will calculate your land transfer tax.  www.landtransfertaxcalculator.ca    [ more ]
Apr 27
2011

How much do you charge and what would the land transfer fees be on a $320,000 house. I have a client moving in July so I will refer but he wants to know the charge. Will be selling in Barrie and buying in Springwater. Thanks Judy

posted by Judy to Joanne McPhail  :  Views (5665)
Hi Judy:  Thanks for your questions and for thinking of me!  Land transfer tax would be $3275.00.  Our fee on a purchase with a mortgage is $900 plus HST and the usual disbursements.  We usually tell clients to budget about $1600 plus the land transfer tax on a straight... [ more ]
Apr 4
2011

I have been in this home and have noticed a huge crack in the top of the concrete verandah. And when you are looking from the kitchen to the front window, there is a noticeable sag in the ceramic floor in the dining room. Why is this occurring and what cost is it to repair? Are there other structural problems with this home? It's been on the market far too long. We are interested in this home, but highly suspect there will be many costly issues in regard to structure and water quality and quantity.

posted by to Peter Frueh  :  Views (4971)
Thank you for a most interesting question!  For this type of question, it is verty difficult to give an answer without first seeing the home. How old is it? Where is it located,(bottom of a hill), is there a basement,added. What do you mean by the 'top of the verandah'? The walking... [ more ]
Feb 14
2011

Is it possible to get a mortgage with $0 down? If so can it be a 30yr mortgage?

posted by to Cory Kline, AMP  :  Views (2104)
Yes, there are lenders that will give you the 5% down payment provided your credit is good and you can come up with the closing costs (i.e. legals and realtor).  My best rate today for the 'Free Down Payment" is 4.90%, which is outstanding most banks are offering... [ more ]
Jan 1
2011

I was just looking at a house listed with TLC and when I clicked through to the mortgage information it states that the home is available with 0% down. Does this mean it is a rent-to-own, or are there still some mortgages of 100%?

posted by to Cory Kline, AMP  :  Views (2227)
Thank you for your question.   It's not rent-to-own.  Many lenders will give you a 5% down payment provided the client has good credit, and can save up the closing costs i.e. legal and real estate costs etc.  Free down payment mortgages are based on a 5 year closed... [ more ]
Nov 24
2010

I have two questions... 1. Can I really buy a home with zero down? 2. My husband and I are coming up on 1 year into a 5 year proposal..how will this effect us in getting a mortgage? Please advise. Thank you!

posted by Katie Hicks to Cory Kline, AMP  :  Views (2306)
Hi Katie,  Thank you for your request. Yes, buying a home without having a down payment is possible.  Some banks will give you the 5% down payment, if your credit history over the last 6 years is good, and you can afford the payments, based on a posted mortgage rate. With regards to... [ more ]
Nov 22
2010

my husband has a mortgage now with royal bank ...and we think to do a blend mortgage...but we don't know if we can do the $0 down or that is an option only for first time buyers?...

posted by Adriana Stutt to Cory Kline, AMP  :  Views (2293)
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Oct 21
2010

I have already been preapproved for a high ratio 5 year mortgage but would like to investigage my options. What would your firm offer me. Mike

posted by Mike Jacobs to Cory Kline, AMP  :  Views (1891)
a [ more ]
Sep 17
2010
Can I really buy a home with $0 down?
posted by Nicola Bean to Cory Kline, AMP  :  Views (2174)
Hi Nicola, I have a few lenders that are willing to provide the down payment for home buyers OAC, provided you are willing to commit to keeping the mortgage with them for the first 5 years.  It's a great option compared to renting until you can save your down payment. -Cory [ more ]
Jul 1
2010

Can I ask a Realtor what the previous home sales were and the amounts they sold for, before I consider an offer?

posted by Valerie Martel to Joanne McPhail  :  Views (5069)
Hmmm...this is more of a question for a realtor than a lawyer I think...I am fairly sure they can access the last transaction so I believe they can tell you what the Vendors purchased the home for.  I am not sure if they can go back further than that.  If you really want to know, your... [ more ]
Jun 21
2010

what would be the separate schools (both elementary level & high school) for this property on 49 Ridgeway Ave ? thanks

posted by Janice to Joanne McPhail  :  Views (4890)
Sorry, I do not know the answer to this, however, I believe the school boards have a web site which allows you to do a search by address, to determine what school area you are in.  Try googling the Simcoe County Catholic School Board to find the site!  Good luck! [ more ]
Jun 8
2010
What is included in an Inspection?
posted by Mike petik to Peter Frueh  :  Views (4453)
Mike: A home inspection is a visual examination of the structure and function of the home and major appliances. The time taken depends on the size of the home. We encourage you to attend, and we show you any problems or issues and discuss maintenance items. If you have specific questions, you can... [ more ]
May 15
2010

Hi Joanne, Yes I am another McPhail :) Here's my question, hope you can help. I currently own 2 properties as joint title with my wife. (home and cottage) We are currently going through separation and will be listing both properties. We would like to avoid further loss from the capital gains hit on the cottage. If we changed the title to individual on each of the properties and documented that in the separation agreement, then when we sold the properties we would each be showing a principal residence. Could we then avoid the capital gain on the cottage ? Thank you Mark McPhail Barrie

posted by Mark McPhail to Joanne McPhail  :  Views (4904)
Hi Mark!  Unfortunately, I think this is more of a question for your accountant.  You will want to be very careful about doing anything until you have obtained tax advice, and also have a separation agreement, so that everyone is clear on tax and family law implications.  If... [ more ]
May 11
2010

Why is HST added to a condo status certificate when the Act says that the fee includes all applicable taxes?

posted by Merv Burgard to Joanne McPhail  :  Views (4946)
Actually, you are correct, in that Ont. Reg 48/01 does stipulate in section 18(2) that a status certificate cost shall not exceed $100.00, inclusive of all applicable taxes.  However, in my experience, most condo corps have been charging $100 plus GST.  With the advent of the HST, I can... [ more ]
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