Instant price estimates for property. Is it impossible or possible?

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cma, comparative market analysis, Instant price estimates for property. Is it impossible or possible?, Market Evaluation, property

Instant price estimates for property. Is it impossible or possible?

 There are some online appraisal websites where if you click on the tab and enter an address it will ask a few questions and give you a value estimate. You are required re-read the cautions about the service as it does have some limitations. That being said, I have played with the tool, and it is not too scary as thought but if it is accurate? !!!

Some REALTORS do over the phone evaluations. And they claim to be exactly and precisely right. Although I will do them in certain areas that I am highly familiar with I always recommend allowing a proper market evaluation as some things you may not mention to the REALTOR may alter the value either up or down, and ultimately not seeing the property does not allow us to give you the best Market Value Evaluation. If you would like an instant price estimate look in your mail for a local & Licensed REALTOR who advertises over the phone market evaluations and call them. I however caution you that you would do yourself far better service to contact a reputable Licensed REALTOR and invite them to your home. Good Luck and have a great day.

I’ve been in the business for a time and never do estimates from my desk or home office. Sorry, I’m not Magician and a house can be from zero to a hero, I mean unpredictable on unseen. In essence, I do not offer “no service kind of service”. There is none in the world who can guess what your house is like, how much you have spent in upgrades over the home ownership period in comparison to your neighbour who still has green shag carpets from 1969 and war torn hardwood from dog nails etc. When you pay nothing, you generally get nothing. I will not sign an estimate if I do not have all the facts considered and reviewed personally.

If you do want a quick and very rough estimate of the value of your home, I would look to your assessed value for property tax purposes, the report you get every year from MPAC report. It will likely give you an idea if your property is worth $300,000 or $3 million. But if you want more insight then call a reputable realtor for a proper comparative market analysis (CMA). This analysis CMA will give you a better idea what your property would actually sell for in the current market conditions.

Many factors come into play for CMA – what is the overall real estate market like, what is the market like for your specific property, what condition is your property in and how does your property compare to similar homes currently listed right now, so it is called comparables. For example, if your neighbor with a fairly similar property accepts a low ball offer because he already bought the new home and he is anxious to sell this old one that is unfortunately going to affect the market value of your property. Most importantly this estimate is likely to be a range rather than a single number, like the estimate of price could be “from $410k to $430k”. Some properties are difficult to put an accurate price on and the sales price obtained could be within a large range. Other properties are in an area with many similar properties that have sold recently and are a little easier to put a price on within a fairly tight range agreeable to seller.

I spend a considerable amount of time on each comparative market evaluation that I do and I think my clients would agree that I provide useful information that would be difficult to obtain automatically or instantly. I think in this situation the phrase “If it is worth doing, it is worth doing right” is so true. I always research properties on-line and off-line before I actually visit the property to do a market evaluation. It is getting easier to find information online but there really is no substitute for seeing a property, its setting and comparable properties in person.

Hopefully the ‘instant’ Market Evaluation that you seek will not be used to determine the price to list your home. You can probably get one or two evaluations at no expense to you anyway from your local real estate brokerages. It may not be instant, but it will be customized for your unique home and not just made up ones & instead of based on last year’s statistics for all homes in the city.

I am sure you will agree with the personal talk we had thru this article, if you like to have your property evaluated you can contact me directly on cell and arrange appointment or contact me online to set an appointment of your property.

Email: vg_remax(AT)yahoo.ca , Direct: 647.267.6338, web: www.vijaygandhi.com

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Experienced and Savvy Investors Buy in December to March Winter Months

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Investors Buy in December to March Winter Months

Experienced and Savvy Investors Buy in December to March Winter Months

Why do a Large Number of Experienced and Savvy Investors Buy in December to March Winter Months?

For a few personal reasons, some people have no time limit (expiration of apartment lease, etc.)and so they really wait until they find something they love to do before purchasing like marrying, which can come at any time, including the snowy winter months as well.

Also, if a property has not sold over the busier season (spring and summer), owners as well as realtors tend to drop the asking price a little to attract more investors to the property. So sometimes, you can get a better deal on a property in the winter months as opposed to the months where the most investors are searching the housing market. Investors think that there is a possibility of better deal to be had….but, many times it is not so….you need right investor agent who can navigate thru this surfing and searching.
There is one good reason is that there are fewer sales and fewer investors in these months so some investors see that as a great time to get a deal. Some houses do not show up in the realtor search as it is in the batches on system for group of years like under 5yrs, under 10 years & so on, so those comes up as soon as the new year starts, also the possible search criteria also changed altogether.

If a seller has placed a conditional offer on a new home and theirs is still not sold by the winter, you may also have an easier time negotiating as they have deadlines to sell their home, so the Investor have an opportunity.

Each selling and purchasing decision is based on a variety of different motives. It’s often case by case and so does just like credit ratings its all depends on individuals.

Don’t be fooled though, some of the statistics I have seen have shown that December is also a good time to sell, and recent years you can verify mls.ca stats, winter months are not bad producing months as well, Because fewer inventories on the market mean less competition, and if investor is in need and do not want to wait despite realtor try to wait for new match property comes up in market. Sometimes good houses do not sell because the competition is fierce and even though they may be priced and war of price so hot, to-gather competitively, they fail to sell because if excess inventory levels. Over major portion of the houses listed in GTA last year in December sold. This made it the number: one month to sell if you want to have an edge on the market inventory if you think and plan properly and willing to take risk with good experience agent and with lots of ice over the head.

Some of my clients save up and buy this time of year. Most investors do not want to be bothered over the Christmas season but investors know that offers at this time of year are scarce at best. This is the time of year when those of us agents that represent investor investors are the busiest. Feel free to contact me if you wish to explore the investor market, there are a lot of great deals out there right now that my clients are snapping up! Would you like to wait or go depends on your choice.

Another good reason is that in winter months only serious sellers remain in the market just like serious investors and price the property accordingly well to sell and ready to make a deal before spring market competition starts. Negotiations take place well when both parties are motivated. An experienced Realtor can get you a great deal in winter.

Always hire the proper agent: www.vijaygandhi.com and save you a lot…

Monthly Real Estate and Mortgage Stats Report

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Monthly Real Estate and Mortgage Stats Report

Bank of Canada Interest Rate

January 18, 2011	1.00 %
March 1, 2011	1.00 %
April 12, 2011	Next meeting date

Source: Bank of Canada

Bank Prime Lending Rate

January 19, 2011	3.00 %
March 2, 2011	3.00 %
April 13, 2011	Next meeting date

Source: Bank of Canada

Conventional Mortgage – 5 Year Rate*

February 9, 2011	5.44 %
February 23, 2011	5.44 %
March 28, 2011	5.34 %

Source: Bank of Canada
*Determinant for high ratio mortgage variable qualifying rate


US Federal Reserve Board Discount Rate

January 26, 2011	0.00 % – 0.25 %
March 15, 2011	0.00 % – 0.25 %
April 27, 2011	Next meeting date

Source: US Federal Reserve


Exchange Rate $CDN($US)

February 23, 2011	1.0115
March 16, 2011	1.0083
March 31, 2011	1.0314

Source: Bank of Canada


Government of Canada Bonds

Bond Type	February 23, 2011	March 16, 2011	March 30, 2011
1 year Treasury Bill	1.36 %	1.24 %	1.35 %
3 year Benchmark Bond Yield	2.15 %	1.87 %	2.13 %
5 year Benchmark Bond Yield	2.61 %	2.44 %	2.71 %
10 year Benchmark Bond Yield	3.32 %	3.13 %	3.29 %

Source: Bank of Canada


Total New Housing Starts (Seasonally adjusted and annualized)

Province	December 2010	December 2009	January 2011	January 2010	February 2011	February 2010
Newfoundland/Labrador	3,200	4,200	3,900	3,600	2,700	3,600
PEI	1,100	1,300	800	600	500	400
Nova Scotia	2,700	2,900	4,500	2,800	3,800	5,400
New Brunswick	3,100	3,600	3,500	5,200	1,800	2,400
Quebec	47,800	51,600	48,600	55,100	44,600	47,800
Ontario	46,400	56,300	51,500	55,500	65,800	70,100
Manitoba	6,500	3,400	3,900	5,100	4,700	4,900
Saskatchewan	7,500	4,500	6,200	6,400	8,800	4,600
Alberta	21,000	27,800	19,600	23,500	21,900	27,300
British Columbia	30,000	22,200	28,100	27,600	27,300	30,100
CANADA	169,300	177,800	170,600	185,400	181,900	196,600

Source: CMHC Housing Now – March 2011 and March 2010. This seasonally adjusted data goes through stages of revision at different times of the year.


Average MLS® Resale Price for Local Markets

City	February 2011	February 2010
Halifax	$ 261,638	$ 251,072
Saint John	$ 175,371	$ 168,735
Quebec	$ 244,326	$ 227,461
Montreal	$ 300,471	$ 287,151
Ottawa	$ 337,797	$ 318,894
Toronto	$ 454,470	$ 431,509
Hamilton/Burlington	$ 331,741	$ 314,656
Winnipeg	$ 228,180	$ 215,230
Saskatoon	$ 287,202	$ 291,054
Regina	$ 272,609	$ 263,753
Calgary	$ 400,879	$ 389,388
Edmonton	$ 311,674	$ 316,927
Vancouver	$ 791,604	$ 662,741
Victoria	$ 490,970	$ 481,246

Source: CREA

This blog communication is for public awareness and public responsibility, for client and customer benefit and best intrest in mind.

Vijay Gandhi is an Re/max Real Estate Sales Rep. &  independent mortgage planner- industry insider & CENTUM Agent. If you are purchasing, refinancing or renewing your mortgage, contact Vijay or apply for a Mortgage Check-up to obtain the best available rates and terms.

 

Have you considered a 50/50 Mortgage?

As always, if you have questions about the 50/50 mortgage product and whether it’s right for you, or other mortgage-related questions, I’m here to help!

Whether you are planning to buy-sell-lease-invest your first home or your investment, contact us today!We’d love to hear from you!
Please leave a detail message; I will get back to you soon as possible…

Thanks for visiting my web sites:

vijaygandhi.com , icxforsale.com & torontomortgagetrends.com

Mortgage Rates Are At Historical Lows. Easy OnLine Application. Apply And Get The Best Mortgage Rate!
*condition apply/sub. to availability

Vijay Gandhi,
Sales Representative- REALTOR^®
RE/MAX Dynasty Realty Inc. Brokerage*

Mortgage Agent – Lic.# M10001947
CENTUM Metrocap Mortgage Corp. Lic.#11074

C: 647-267-6338 (Direct-Leave message or text)
O: 416.335.4335 | 905.471.0002 (page me-Have me)
F: 905.471.7441
E-MAIL: vtgandhi@yahoo.com , vgandhi@remax.net
WEB:  www.vijaygandhi.com , www.icxforsale.com
BLOG: https://gtarealtyagent.wordpress.com/
“YOUR PERSONAL REAL ESTATE & MORTGAGE ADVISOR^® FOR LIFE”
Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!
The referral of your friends & family is the greatest compliment you can give me. Thank you for your trust.

Please, forward my name, phone number & e-mail address to your friends, relatives, clients…

Former Marijuana Grow Houses For Sale?

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Crime Stoppers, Marijuana Grow Houses

Former Marijuana Grow Houses For Sale?

When you go house hunting you should be looking for more than “For Sale” signs. Other signs you should be alert to be indications the house you are considering may have been a former grow op.

this info is especially for House hunters who do not include Real Estate Pro. In their initial search.
With so much at stake, take advantage of the experience and knowledge of a registered real estate broker or salesperson.

Brokers and salespersons are obligated to disclose any material fact about a property or its history they are aware of that could affect a person’s decision to buy. A broker or salesperson may also be able to provide you with a Seller Property Information Statement (SPIS) if one exists.

Grow ops can be hard to spot after an operation has been dismantled, particularly if the house’s grow-op history is several buyers in the past. Mould especially can be difficult to detect.

They may look like any other home on the surface, but grow ops undergo a number of renovations. Although they usually require extensive repair, former grow houses are just as likely to be given only cosmetic alterations to hide the real damage before being put up for sale.

You should give serious consideration to having a home inspected to reduce the possibility of buying a home that has been cosmetically renovated.

In some circumstances, you may also want to consider having a professional engineer check for possible structural damage.

 

In addition to working with a professional home inspector, you can also look for these “Top Ten” signs that a home may have been used as a grow op:

 

• Mould in corners where the walls and ceilings meet
• Unusual number of roof vents or signs of roof vents
• Fresh paint on window frames to cover damage caused by the high levels of      humidity
• Painted concrete floors in the basement with circular marks where pots once stood
• Evidence of tampering with the electric meter (damaged or broken seals) or the ground around it
• Unusual or modified wiring on the exterior of the house
• Brownish stains on the underside of beams or arches that bleed down a wall
• Concrete masonry patches, or alterations on the inside of the garage
• Patterns of screw holes on the walls
• Fire place alterations
• Denting on front doors (from police ramming the door)

 

If you suspect that a property is being used as a grow-op, you should contact your local police department or call Crime Stoppers.

Contact Information

Toronto Crime Stoppers
808 York Mills Road, P.O. Box 36002
Toronto, Ontario
M5B 1X8

416 222-TIPS (8477) or 1-800-222-TIPS(8477)

Text TOR and your message to CRIMES (274637)

Please note that the “top ten” signs listed above are only some of the signs that a property has been used as a grow op.
Source: http://www.reco.on.ca/publicdocs/Marijuana%20Grow%20Houses.pdf

The perils of buying a former grow-op

How to Spot a Marijuana Grow Operation

This publication contains general information only and should not be construed as legal or professional advice. For legal or professional advice specific to your real estate transaction or situation, you should seek the services of a competent professional.

 

This blog communication is for public awareness and public responsibility, for client and customer benefit and best intrest in mind.

Vijay Gandhi is an Re/max Real Estate Sales Rep. &  independent mortgage planner- industry insider & CENTUM Agent. If you are purchasing, refinancing or renewing your mortgage, contact Vijay or apply for a Mortgage Check-up to obtain the best available rates and terms.

 

Have you considered a 50/50 Mortgage?

As always, if you have questions about the 50/50 mortgage product and whether it’s right for you, or other mortgage-related questions, I’m here to help!

Whether you are planning to buy-sell-lease-invest your first home or your investment, contact us today!We’d love to hear from you!
Please leave a detail message; I will get back to you soon as possible…

Thanks for visiting my web sites:

vijaygandhi.com , icxforsale.com & torontomortgagetrends.com

Mortgage Rates Are At Historical Lows. Easy OnLine Application. Apply And Get The Best Mortgage Rate!
*condition apply/sub. to availability

Vijay Gandhi,
Sales Representative- REALTOR^®
RE/MAX Dynasty Realty Inc. Brokerage*

Mortgage Agent – Lic.# M10001947
CENTUM Metrocap Mortgage Corp. Lic.#11074

C: 647-267-6338 (Direct-Leave message or text)
O: 416.335.4335 | 905.471.0002 (page me-Have me)
F: 905.471.7441
E-MAIL: vtgandhi@yahoo.com , vgandhi@remax.net
WEB:  www.vijaygandhi.com , www.icxforsale.com
BLOG: https://gtarealtyagent.wordpress.com/
“YOUR PERSONAL REAL ESTATE & MORTGAGE ADVISOR^® FOR LIFE”
Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!
The referral of your friends & family is the greatest compliment you can give me. Thank you for your trust.

Please, forward my name, phone number & e-mail address to your friends, relatives, clients…

10 ways to Prepare Buying the Right house

Buying a house can be a daunting process, but a little planning can ensure that you avoid common mistakes.

The most common mistake home buyers make is that they buy with their heart instead of their head. This often means they pay more than they should or are disappointed when they uncover defects in the home or find out the neighborhood isn’t quite what they thought.

Here are 10 ways to prepare yourself.

1. Be prepared

The best way to avoid this is to be prepared when you buy a home. This means doing research and finding the right agent – should you choose to use one – and other professionals to protect your interests.

2. Why an agent is a good idea

Agents give you objective advice about what a home is worth. The agent will also have connections to lenders and home inspectors to ensure you get the best mortgage rate and that the home is properly inspected before you buy. They will also be able to explain the fine print of any agreement so you know what to expect on closing. Although it is not mandatory to use an agent to represent your interests, you will not have the benefit of the advice and experience of an objective third party before making probably the largest investment that will ever make.

3. How to find an agent

Start by asking family and friends. Look for signs in the area that interest you, especially “Sold” signs. This is a good indication that the agent has the area’s pulse and knows how to properly price a home. They will also likely be aware of any problems, such as sewage backups, termites or vandalism; things that may only be known by locals. Also check the website of agents you may interview. Do they offer tips and explain what services they provide? Do they offer information about the neighborhood including parks, religious institutions, demographics and schools?
www.vijaygandhi.com , www.condosupermarket.com , www.icxforsale.com

4. What to look for in an agent

When interviewing agents, ask for testimonials from satisfied clients. Look for words such as ‘careful’, ‘followed up’ and ‘protected my interests’. Best way realtor should be just like your guide to the investment plan.

5. Visit the neighborhood on foot

Take a walk through the neighborhood and talk to people. Drive by at 7:30 in the morning to see how many school buses are picking up children. You can also tell how long it may take you to commute to work during rush hour. By speaking to people, you can not only get a sense of the friendliness of the community, but also as to whether there are any surprises that no one is going to advertise, a local haunted house or former grow op, or the neighbor from hell.
and think : if you really like to live in this neighborhood? If yes or if no- why?

6. Go to City Hall

Visit your local building department and find out if any new developments are planned. New development may increase property values but also increase traffic. Check to see how many owners have applied for minor variances, to either build homes or additions that are larger than the by-law permits. This gives an indication of the future direction of this neighborhood.

7. How much can you afford

When it comes to mortgages, it is not enough to know in advance how much you can safely borrow based on your income. Buyers should also realize that the lender will do an appraisal and if the lender believes you paid more than the house is worth, they will not give you the full amount of the loan that you expect. So, be very careful about stretching yourself to the limit when you make an offer on any home. Or apply for pre approval and know your options at www.torontomortgagetrends.com

8. Title insurance is a must

Title insurance can be arranged through your lawyer. You will be protected against unpaid taxes or water bills by the seller, as well as problems that are not known at closing. This includes problems where part of the home or swimming pool is in fact on your neighbour’s property. However, it is a mistake to believe that title insurance will protect you against everything. For example, title insurance will not compensate you if you thought your lot was 50 feet and a later survey showed that it was only 48 feet.

9. Why a survey is important

A survey will reveal all boundary issues in advance, which will ensure that you do not have problems after closing, especially if you plan on making additions or other improvements.

10. Choose a home inspector carefully

The home inspection is a critical part of the process, so do your research. Make sure the company is registered before retaining them. The Ontario Association of Home Inspectors is a self-regulating body that defines qualifications for home inspectors, and grants the designation RHI, or Registered Home Inspector, to qualified practitioners in Ontario. Most inspection firms have a limitation of liability clause, which states that if they miss something that costs you money, they are not responsible. It is better for you if the company does not have this type of clause.

If you’re thinking of renting the basement as a separate apartment ask the inspector if it meets proper fire code standards and if not, an estimate of what it would cost to make it comply. The inspector should also be able to give you advice on what upgrades you’ll need to cut insurance costs. For example, knob and tube wiring or asbestos insulation could cause your insurance premium to double or more.

If you follow these simple steps and buy with your head instead of your heart, chances are you’ll get the house you want at a price you can afford.

Things you think add value to your home – but really don’t

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The Bottom Line

Things you think add value to your home – but really don’t

Every homeowner must pay for routine home maintenance, such as replacing worn-out plumbing components or staining the deck, but some choose to make improvements with the intention of increasing the home’s value.

Certain projects, such as adding a well thought-out family room – or other functional space – can be a wise investment, as they do add to the value of the home. Other projects, however, allow little opportunity to recover the costs when it’s time to sell.

Even though the current homeowner may greatly appreciate the improvement, a buyer could be unimpressed and unwilling to factor the upgrade into the purchase price. Homeowners, therefore, need to be careful with how they choose to spend their money if they are expecting the investment to pay off. Here are six things you think add value to your home, but really don’t.
Swimming Pools

Swimming pools are one of those things that may be nice to enjoy at your friend’s or neighbour’s house, but that can be a hassle to have at your own home. Many potential homebuyers view swimming pools as dangerous, expensive to maintain and a lawsuit waiting to happen.

Families with young children in particular may turn down an otherwise perfect house because of the pool (and the fear of a child going in the pool unsupervised). In fact, a would-be buyer’s offer may be contingent on the home seller dismantling an above-ground pool or filling in an in-ground pool.

An in-ground pool costs anywhere from $10,000 to more than $100,000, and additional yearly maintenance expenses need to be considered. That’s a significant amount of money that might never be recouped if and when the house is sold.

Overbuilding for the Neighbourhood

Homeowners may, in an attempt to increase the value of a home, make improvements to the property that unintentionally make the home fall outside of the norm for the neighbourhood. While a large, expensive remodel, such as adding a second story with two bedrooms and a full bath, might make the home more appealing, it will not add significantly to the resale value if the house is in the midst of a neighbourhood of small, one-storey homes.

In general, homebuyers do not want to pay $250,000 for a house that sits in a neighbourhood with an average sales price of $150,000; the house will seem overpriced even if it is more desirable than the surrounding properties. The buyer will instead look to spend the $250,000 in a $250,000 neighbourhood. The house might be beautiful, but any money spent on overbuilding might be difficult to recover unless the other homes in the neighborhood follow suit.

Extensive Landscaping

Homebuyers may appreciate well-maintained or mature landscaping, but don’t expect the home’s value to increase because of it. A beautiful yard may encourage potential buyers to take a closer look at the property, but will probably not add to the selling price. If a buyer is unable or unwilling to put in the effort to maintain a garden, it will quickly become an eyesore, or the new homeowner might need to pay a qualified gardener to take charge. Either way, many buyers view elaborate landscaping as a burden (even though it might be attractive) and, as a result, are not likely to consider it when placing value on the home.

_____________________________________________________________
You can find the Residential/Commercial/multiplexes/investment listings on webs sites as under
www.vijaygandhi.com
www.icxforsale.com

Learn more:
The next Bank of Canada interest rate meeting is October 19 ,2010.
____________________________________________________________

High-End Upgrades

Putting stainless steel appliances in your kitchen or imported tiles in your entryway may do little to increase the value of your home if the bathrooms are still vinyl-floored and the shag carpeting in the bedrooms is leftover from the ’60s. Upgrades should be consistent to maintain a similar style and quality throughout the home.

A home that has a beautifully remodeled and modern kitchen can be viewed as a work in project if the bathrooms remain functionally obsolete. The remodel, therefore, might not fetch as high a return as if the rest of the home were brought up to the same level. High-quality upgrades generally increase the value of high-end homes, but not necessarily mid-range houses where the upgrade may be inconsistent with the rest of the home.

In addition, specific high-end features such as media rooms with specialized audio, visual or gaming equipment may be appealing to a few prospective buyers, but many potential homebuyers would not consider paying more for the home simply because of this additional feature. Chances are that the room would be re-tasked to a more generic living space.

Wall-to-Wall Carpeting

While real estate listings may still boast “new carpeting throughout” as a selling point, potential homebuyers today may cringe at the idea of having wall-to-wall carpeting. Carpeting is expensive to purchase and install. In addition, there is growing concern over the healthfulness of carpeting due to the amount of chemicals used in its processing and the potential for allergens (a serious concern for families with children). Add to that the probability that the carpet style and colour that you thought was absolutely perfect might not be what someone else had in mind.

Because of these hurdles, wall-to-wall carpet is something on which it’s difficult to recoup the costs. Removing carpeting and restoring wood floors is usually a more profitable investment.

Invisible Improvements

Invisible improvements are those costly projects that you know make your house a better place to live in, but that nobody else would notice – or likely care about. A new plumbing system or HVAC unit (heating, venting and air conditioning) might be necessary, but don’t expect it to recover these costs when it comes time to sell.

Many homebuyers simply expect these systems to be in good working order and will not pay extra just because you recently installed a new heater. It may be better to think of these improvements in terms of regular maintenance, and not an investment in your home’s value.

The Bottom Line

It is difficult to imagine spending thousands of dollars on a home-improvement project that will not be reflected in the home’s value when it comes time to sell. There is no simple equation for determining which projects will garner the highest return, or the most bang for your buck.

Some of this depends on the local market and even the age and style of the house. Homeowners frequently must choose between an improvement that they would really love to have (the in-ground swimming pool) and one that would prove to be a better investment. A bit of research, or the advice of a qualified real estate professional, can help homeowners avoid costly projects that don’t really add value to a home

The info. Is intended as general information only and does not constitute legal advice. If you need legal advice, please speak to a lawyer.

If you have any questions/suggestion or require more information, please do not hesitate to contact me for buying or selling and also I will be happy to assist you negotiating your investment needs.

You can find the Residential/commercial/multiplexes/investment listings on webs sites as under

www.vijaygandhi.com , www.icxforsale.com

Vijay Gandhi,
Sales Representative- REALTOR^®,
RE/MAX Dynasty Realty Inc. Brokerage*
C: 647. 267. 6338 (Direct-Leave message or text)
P: 416.335.4335 | 905.471-0002 (page me-Have me)
F: 905.471.7441
E: vtgandhi@yahoo.com , vgandhi@remax.net
W:  www.vijaygandhi.com , www.gtarealtyagent.com , www.icxforsale.com

Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!

Real Estate Legal Terminology – Minor Variance

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Minor Variance

You have probably heard the real estate legal terminology “minor variance” from time to time. Once thing to know right away is that the term “minor” is not always taken literally. It refers to a request made of the local municipality to make a variance of a by-law that may be necessary to make a change or bring a present condition into being legal.

A simple example of this may be that a current legal bylaw requires that a home be situated 4 feet from a property line. Should the home be only 3 feet then it would require a “minor variance” of 1 foot, which for all intents and purposes would be granted since no one would require or expect the home or the lot line to be moved.

http://www.toronto.ca/planning/comm_adj.htm

The most significant thing in this case is the application fee, which is about $300 together with attendance at a regularly scheduled hearing. Where a “minor variance” would not be taken as literal terminology is in the case of a severance to create a lot that is say – 30 feet wide when the by-law requires 50 feet. In this case a 20-foot variance may seem “major” however if the lots in the surrounding area were 30 – 35 feet then the variance would likely be granted.

When buying a home that may require a variance it is best to obtain legal advice and your real estate agent may refer you also to professionals that deal with planning issues.

If you have any questions/suggestion or require more information, please do not hesitate to contact me and I will be happy to assist you.

Vijay Gandhi,
Sales Representative- REALTOR^®,
RE/MAX Dynasty Realty Inc. Brokerage*
C: 647. 267. 6338 (Direct-Leave message or text)
P: 416.335.4335 | 905.471-0002 (page me-Have me)
F: 905.471.7441
E: vtgandhi@yahoo.com , vgandhi@remax.net
W:  www.vijaygandhi.com , www.gtarealtyagent.com

Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!

First Time Home Buyer

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First Time Home Buyer

First Time Home Buyer

 visit me for more detail: http://www.vijaygandhi.com/BUYING/page_2228232.html

* Interest rates are really low. One of the best benefits of buying your first home now is that you can lock in for the life of your loan at one of the lowest interest rates in history. Over the lifespan of a loan you will save a lot of money not to mention a low monthly payment.

* Prices are affordable. Buyers who may not have been able to afford to enter our market can now afford a good reasonable home. Whether someone is considering a small home or a studio condo, the starting price is probably going to be affordable and in a range your salary can budget.

* Sellers are selling homes in a reasonable condition. During a home inspection there will always be repairs that are suggested on the home. In this market sellers are usually willing to repair reasonable requests. A buyer can expect that unless a home is sold “as is” it will probably be sold in a good shape.

* You don’t have to make your decision at 10pm on a Wednesday. In most cases you can take reasonable time to make an offer on a house. You won’t show up on the first day it was listed and find out there are already offers. It is possible to find multiple offers, but in most cases you don’t have to fend off competition every step of the way.

* You won’t get into a loan you can’t get out of. With today’s lending you can be sure the loan you are offered is one that is reasonable for your income and has payment terms that will keep you in your home as long as you want to be there.

* Sellers are open to giving a credit. It is common for first time home buyers to try and negotiate a credit from the sellers to pay for closing costs freeing up more of their savings for the down payment. In this market sellers are willing to pay this credit.

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The next scheduled date for announcing the overnight rate target is Oct.19.
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The info. Is intended as general information only and does not constitute legal advice. If you need legal advice, please speak to a lawyer.  

If you have any questions/suggestion or require more information, please do not hesitate to contact me for buying or selling and also I will be happy to assist you negotiating your investment needs.  

You can find the Residential/commercial/multiplexes/investment listings on webs sites as under www.vijaygandhi.com  www.icxforsale.com  

Vijay Gandhi,
Sales Representative- REALTOR^®,
RE/MAX Dynasty Realty Inc. Brokerage*
C: 647. 267. 6338 (Direct-Leave message or text)
P: 416.335.4335 | 905.471-0002 (page me-Have me)
F: 905.471.7441
E: vtgandhi@yahoo.com , vgandhi@remax.net
W:  www.vijaygandhi.com , www.gtarealtyagent.com , www.icxforsale.com   

Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!

What can you do to protect yourself from title fraud?

Tags

title fraud, title insurance

What can you do to protect yourself  from title fraud?  

It’s a tell-tale sign of title fraud if you suddenly stop receiving your tax bill, or utility bills. This might be the first sign to a homeowner that something is wrong. A lawyer, mortgage broker, or another person in the real estate industry, may be involved in the fraud, or may have unknowingly participated in the scheme. 

Properties which are targeted for title fraud are, typically, owned by a single person rather than a couple, are mortgage free, are situated in higher-value neighbourhoods, and may be rented out to tenants.

Title fraud is a kind of identity theft. A fraudster will forge a homeowner’s identity, providing forged financial information and personal identification to a lender or mortgage broker, and retain a lawyer to register a new mortgage on the property. Once the new mortgage is registered, the fraudster walks away with the mortgage proceeds and the unsuspecting homeowner is left with the mortgage debt to pay off.  

Restoring title to your property is no easy matter, and involves considerable legal fees and other costs. In the case of an improperly registered mortgage, the victim must prove that they were the victim of a fraud.  

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You can find the Residential/Commercial/multiplexes/investment listings on webs sites as under

 www.vijaygandhi.com
 www.icxforsale.com

Learn more:
The next Bank of Canada interest rate meeting is September 8 ,2010.
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Some of the contributing factors to title fraud include widespread competition in the mortgage industry, combined with pressure to close deals quickly.  Mortgage fraud is easier to perpetuate than in the past because of technological advances and the fact that, in some cases at least, neither brokers nor lawyers know their clients particularly well.

Because of the increase in claims related to fraud, title insurance companies have become more vigilant in flagging deals that appear suspect. If someone is putting on a new mortgage on a property and retaining all the cash from the mortgage advance, I would certainly wonder why they needed a mortgage in the first place.

What can you do to protect yourself? I don’t think title insurance is a panacea for title issues. However, it’s one of the few ways you can protect yourself from title fraud. Even if you own a property that was purchased before title insurance was available, you can buy an existing homeowner policy through a lawyer’s office which includes protection against fraud.

This blog is intended as general information only and does not constitute legal advice. If you need legal advice, please speak to a lawyer.

If you have any questions/suggestion or require more information, please do not hesitate to contact me for buying or selling and also I will be happy to assist you negotiating your investment needs.

You can find the Residential/commercial/multiplexes/investment listings on webs sites as under

www.vijaygandhi.com

www.icxforsale.com

Vijay Gandhi,
Sales Representative- REALTOR^®,
RE/MAX Dynasty Realty Inc. Brokerage*
C: 647. 267. 6338 (Direct-Leave message or text)
P: 416.335.4335 | 905.471-0002 (page me-Have me)
F: 905.471.7441
E: vtgandhi@yahoo.com , vgandhi@remax.net
W:  www.vijaygandhi.com , www.gtarealtyagent.com , www.icxforsale.com 

Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!

Do you have the right to use a mutual driveway?

Tags

mutual driveway, shared driveway

There was an article in the Toronto Star recently about a couple who purchased a home in Toronto. After closing, they objected to their neighbour continuing to use a driveway located on their property in order to access the garage at the back of the neighbour’s house.   

Many older properties in older neighbourhoods do not have parking at the front of the house, but in the rear. In this case, accessing the garage required driving down a driveway sandwiched between their house and the abutting owner’s house.

According to the new owner, there was no right of way registered on title relating to use of the driveway. On the other hand, the neighbour alleged that he has been using the driveway to get to his garage for 33 years. Who’s in the right?  

The new owner had a survey commissioned after closing which didn’t disclose any right of way. The survey did disclose that the driveway was located -mostly, although not entirely- on the new owner’s property.

__________________________________________________________________ 

You can find the Residential/Commercial/multiplexes/investment listings on webs sites as under

 www.vijaygandhi.com
 www.icxforsale.com

Learn more:
The next Bank of Canada interest rate meeting is September 8 ,2010.
____________________________________________________________

Generally, if someone has been using a right of way in an open, uninterrupted way for a long period of time, they may have acquired possessory rights to continue using it, depending upon the land titles system which is in place in that jurisdiction. Although it’s possible for someone to enjoy a right of way to use a driveway even if it’s not registered on title, this right can be hard to establish. 

If you’re going to go to the trouble of paying for a new survey, the time to get this done is before closing, not afterwards. Had the new owners done so, they would have known that the driveway was not, in fact, a mutual driveway at all.  From a practical point of view, if the property cannot accommodate parking anywhere else other than the rear yard, it’s not clear if the new owners could simply refuse to accommodate any kind of arrangement to allow access to the backyard. Having had the survey done ahead of time would have given the prospective owners an opportunity to determine if going ahead with the purchase, in light of the driveway issue, was worth it.

This blog is intended as general information only and does not constitute legal advice. If you need legal advice, please speak to a lawyer.

If you have any questions/suggestion or require more information, please do not hesitate to contact me for buying or selling and also I will be happy to assist you negotiating your investment needs.

You can find the Residential/commercial/multiplexes/investment listings on webs sites as under

www.vijaygandhi.com

www.icxforsale.com

Vijay Gandhi,
Sales Representative- REALTOR^®,
RE/MAX Dynasty Realty Inc. Brokerage*
C: 647. 267. 6338 (Direct-Leave message or text)
P: 416.335.4335 | 905.471-0002 (page me-Have me)
F: 905.471.7441
E: vtgandhi@yahoo.com , vgandhi@remax.net
W:  www.vijaygandhi.com , www.gtarealtyagent.com , www.icxforsale.com 

Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!