Title Insurance Mysteries
So you want to buy a beautiful new home and you need to know it is free and clear of debts and issues. As a qualified prospective purchaser you will want to know with certainty that there are no title insurance mysteries. Whether you plan to purchase a condominium or a house, you will need to be sure there are no debts on the title to the desired property. Liens, certificates of pending litigation and judgments against a property can become a financial problem for the new owner.
To avoid becoming responsible for debts of the current or former owner you should conduct a full title search to be sure the property is free and clear of debts; current or pending. A Writ Search can be conducted on the name or reference number of the debt as registered with the municipality. A Province-wide search can also be completed on the owner – using their full name or company name. If the property is owned by a company then you may want to utilize the company name search. A property search can also be performed on the name, address or PIN # (Property Identification Number).
You should be sure that your title search is professionally completed and that the searcher of title is fully licensed and insured. When you choose to have a title searched is up to you. Perhaps you will want to know once you have a tour of a potential property for purchase, whether or not the title to the home is free and clear. You could also have a title searched conducted upon closing. This search may be the responsibility of your lawyer.
Teraview / Teranet Inc. offers a variety of options for title searches. For a listing list of registered conveyancers visit and review Ontario Association of Professional Searchers of Records.
[tc-logo-slider logo_cat=”Clients”]- Published in Real Estate Tools
Close Now Pay Later
Close now pay later. Why not close a home transaction today and pay later; up to six months later?”Legal fees, title insurance premiums, land transfer tax, applicable registration costs and program fees” can all be deferred for a small administration fee. Please review the Smart Close Program offered by RE/MAX Realty Brokerage’s for more details. According to a the LawPro website: “Real estate lawyers may now offer their clients access to deferred closing costs and extended home warranty programs, thus reflecting a movement towards one-stop shopping for the consumer.”
But what if the condominium corporation takes the same attitude? It could decide it will wait to make major improvements, such as; building a recreation centre or extra guest suites and defer these costs to one year or more after the building has been built. This could result in an unforeseen increase in maintenance fees that a new condominium owner will need to shepherd, in addition to undetermined property taxes for their suites. Depending on the local infrastructure and the size of a new condominium, property taxes will vary and not be immediately set or determined by the municipality. For more information on these and other must know details on buying a new condo, new home-buyers in Ontario should visit the Province of Ontario’s informative Consumer Protection Website for Newly-Built Condos.
According to a popular Real Property website YourMortgageOptions.ca: “You should budget for insurance on your new home. Insurance costs can include default mortgage insurance, homeowners insurance, mortgage life insurance and title insurance.” Money should be set aside for incidental expenses such as legal fees and disbursements, land transfer tax, mortgage insurance, title insurance, property tax and prepaid utility adjustments, property appraisal, home inspection, interest adjustments for mortgage payments.
To be sure that you will be able to complete your purchase with the least amount of surprises and be prepared for any issues that may arise you will need to rely on a team of professionals. Almost like a draft for a sports team, you will need to carefully evaluate the unique skills of Real Property experts, and select the most qualified specialists to ensure your deal closes with you as the winner!
Team of experts to assemble:
- Real Estate Agent
- Home-Stager
- Home Inspector
- Financial Planner (insurance options for mortgage, life insurance, investments, retirement plans)
- Mortgage Agent / Broker (financing matters for mortgage and pre-purchase loans, including closing costs)
- Title Searcher
- Lawyer
- Personal Assistant
- Renovation Specialist / Contractor
- Mover’s
- Furniture company
- Landscaping and snow removal company
- Published in Real Estate Tools
Agent Or Not?
Should you employ the services of Real Estate Agent or not to sell your home? Or should try to sell it yourself and save on the potential commission you would otherwise have to pay? To correctly decide on the best choice to sell your home quickly at the best price you need to consider the following factors:
- Total payable commission as a percentage of the sale you will need to pay
- Actual dollar amount of commission you will have to pay the agent & broker handling your sale
- Benefits of a marketing campaign managed by a qualified real property professional
- Amount you could save by listing and promoting your property yourself
- Time you will need to devote to advertising your property by yourself and time to show it
- Resources you have available relative to a trained agent who has office support staff
- Documentation to close the deal (Offer / Counter Offer / Agreement of Purchase and Sale)
- Do you have a website or access to an online resource where you can list your home?
Selling a home is a great amount of work and requires that you be accessible nearly 24 / 7. A prospective purchaser could contact you at anytime to submit an offer or to request a showing. Having the valuable experience of a real property agent could prove useful, especially because they do have office hours and they have many resources available; many of which a homeowner may not have access or use of regularly.
Even if you do choose to sell your home on your own you will still need to be sure to hire a competent lawyer to manage your side of the sales transaction. You will also want to seem professional and be able to provide a buyer with a detailed feature sheet that highlights the valuable components of your home and lists amenities and details of local utilities.
- You might even consider having your own business cards printed which will display a photo of the best room in your home or a view of it from outside in the best perspective; along with top saleable features and your contact information.
- You may want to consider having a separate e-mail address specifically for your home for sale.
- A distinct phone number (preferably a cell phone or internet phone line) would be a good choice, since you don’t want to be pestered all day and night by unqualified buyers. You can turn off this phone and turn it on when you want to be available. You can also set up voicemail with options for a vast amount of messages to be left.
- Published in Real Estate Tools