Attention Home Buyers, Learn How to Get Closing Cost Credits.
Closing Costs Credit
Are you a first time home buyer? Are you using 95% Financing or low down payment Financing, i.e. 5.0% or 10.0% down payment programs?
Do you need to preserve some of your savings and need options?
One way to do this is to get some or all of your closing costs covered as part of negotiating your purchase with closing cost credits. This is not automatic, it is not guaranteed to happen if you write your offer with another real estate agent.
Take advantage of our expertise in assisting home buyers navigate through the home buying process. Get into the right house for the right price.
Those enrolled in my FREE Home Buyer Program can get up to $2,500.00 in closing costs
GUARANTEED!
Enroll NOW! in my FREE Home Buyer Program and lock down your closing cost credit. In order to qualify for this program please fill out the form below. This information will not be shared with anyone. We will contact you for an initial no obligation free consultation.
Click Here
*some conditions apply
*requires purchase of resale property on the Toronto MLS system with 2.5% CB commission
*Minimum Purchase Price $500,000. CDN $
*Toronto GTA
*Offer Expires March 31st 2020
*Not intended to solicit Buyers under contract
At what point during your real estate purchase you should consult a lawyer to clearly understand what you are committing to?
The Lawyer handling your real estate purchase carries out the instructions that are agreed upon in the contract. The time to make changes and corrections is before the document is Firm and Binding.
Your contract should include a condition for Financing for a specific period of time, if you are obtaining Financing. It should also include a Clause for a Home inspection by a Qualified and Licensed Home Inspector. Additional Visits into the subject property for trades, people to quote for repairs, renovation and measurements require an additional clause. Be sure to include that the SELLERS will give permission for trades to take pictures and measurements. Visits are meant to show your family what you purchased or re-measure for draperies.
This is a good time to include the Home Owners Insurance Broker and a Search of the Insurance Claim history. Have there been any previous flood or fire damage claims? Does the house have old wiring or an oil tank? Call for details.
It's most important today, to make sure that all your closing costs are capped from the builder/ developer to be a specific amount should municipalities change their lot Levy's; while you are dealing with the Period of Rescission. (cooling off period)
Once an Offer to Finance has been received; Commitment Letter, it will often detail the LENDERS requirements. Review this carefully with your lawyer and Mortgage Broker that you can accommodate all the required terms.
The contract should clearly state IF there is additional HST applicable above the purchase price.
Title Insurance is often a mandatory request that is purchased at the time of closing.
You will also pay Land Transfer Tax on the amount of the Purchase Price.
Searches need to be conducted for any outstanding work orders from the City PLUS any judgements or liens against the property. (that the previous owners may have) The utilities and taxes need to be verified. You may be eligible for Tax Rebates as First Time Home Buyers. Land Transfer Tax calculator.
Your real estate lawyer works in your best interests to secure, probably the most expensive purchase families make. During the time you are at the lawyers office, give some thought to how you hold title (who's name the house be registered) whether it is Joint Tenancy or as Tenants in Common. This is the time to discuss survivorship, your will and testament.
You will receive a Statement of Adjustments (who pays for what) prior to closing, preparing you for the amount of funds to bring to the closing inclusive of fees, taxes and net of your deposit. You will need to bring Photo ID and a credit card for Identification.
Here at Stan Gelman QC wiselawyer.ca use trusted and knowledgeable real estate lawyers and Law clerks. For more information, or a detailed quote please contact me at 905.270.5110.
Stan Gelman QC
