Down Payment Assistance for Renters

Are you currenlty renting, and do not have the downpayment to buy a new home?  The City of Windsor has received funds from the federal and provincial government to assist  people with their downpayment requirements.  Provided you qualify, this means you may not have to wait to save for that down payment. The program started on April 1, 2013 and their were 30-40 spots avaialble.  As of April 19,2013 there were only 25 spots remaining.  This is a great program, that people should try to take advantage of if your renting and thinking of buying.  Their are several criteria that need to met to qualify, but it doesnt hurt to read further and submit an application if you feel you qualify. Historically this program sells out quickly. Enclosed is a link to the Investment in Affordable Housing Info provided from the City of Windsor, whihc describes the program in more detail. http://donroutliffe.com/wp-content/uploads/2013/04/2013-Homeownership-Downpayment-Assistance-Program-Q-A.pdf  ...

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First-Time Home Buyers’ Tax Credit (HBTC)

  Source From Canada Revenue Agency http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html 1. What is the home buyers’ tax credit (HBTC)? For 2009 and subsequent years, the HBTC is a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009 (i.e., generally means that the closing is after this date). 2. How is the new HBTC calculated? The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit will be $750. 3. Am I eligible for the HBTC? You will qualify for the HBTC if: you or your spouse or common-law partner acquired a qualifying home; and you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years. If you are a person with a disability or are buying a house for a related person with a disability, you do not have to be a first-time home buyer. However, the home must be acquired to enable the person with the disability to live in a more accessible dwelling or in an environment better suited to the personal needs and care of that person. 4. What is a qualifying home? A qualifying home is a housing unit located in Canada acquired after January 27, 2009. This includes existing homes and those being constructed. Single-family homes, semi‑detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings all qualify. A share in a co‑operative housing corporation that entitles you to possess, and gives you an equity interest in, a housing unit located in Canada also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify. Also, you must intend to occupy the home or you must intend that the related person with a disability occupy the home as a principal place of residence no later than one year after it is acquired. 5. Who is considered a person with a disability for purposes of the HBTC? For the purposes of the HBTC, a person with a disability is an individual who is eligible to claim a disability amount for the year in which the home is acquired, or would be eligible to claim a disability amount, if we ignore that costs for attendant care or care in a nursing home were claimed for the Medical Expense Tax Credit. 6. If I buy a house, can my spouse or common-law partner claim the HBTC? Either one of you can claim the credit or you can share the credit....

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Mortgage Pre Approval

Mortgage Pre-Approval One of the first steps when buying a home is getting pre-qualified for a mortgage. It is important to understand how much of a mortgage you can afford before you begin searching for a home. I work with a selected group of mortgage professionals who are specially qualified to assist you in this area. If you would like to receive the latest rates, and meet with a mortgage professional, please contact me. The following links are also helpful, if you would like to make some quick calculations. House Hold Budget Calculator Mortgage Affordability Calculator Mortgage Payment Calculator CMHC Calculator Mortgage approval, has many factors, including but not limited to income and expenses, length of employment, and your credit rating. Do to the many factors which can effect a preapproval, the enclosed tools should be only used as a guide. Only a mortgage professional can give you an actual...

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Frequently Asked Seller Questions

Sellers Frequently Asked Questions: As a seller, you have to understand how the market works, or you risk selling for less than you might have. Here are important questions on the minds of many sellers. Feel free to Contact Us with any others. When’s a good time to sell my home? Should I buy first or sell first? What’s a CMA? What is a FSBO? Do I have to put a For Sale sign on my lawn? Is a public open house really necessary or effective? Can I restrict showings to meet my schedule? Is it safe to have a lockbox on my house during showings? If my house doesn’t sell within a specified time, can I take it off the market and put it back on later? Why is the period between listing and offers so short? If the buyer doesn’t have a certified cheque, should I still accept his offer? Should I consider offers on a certain date or look at them as they come in? Do you recommend staging my home before putting it on the market? Do I have to spend a lot of $ renovating or can I sell my home as-is? What is a pre-sale home inspection, and should I get one? If my home is for sale with you, how will I know how things are really going? Will agents showing my home treat my home with respect? Should I be present for showings to show prospective buyers all the special features of my home? If I price my home high, can’t we always work our way down from there? What is my home really worth? What are homes going for in my neighbourhoo What’s a CVA What is an SPIS?   When’s a good time to sell my home?Currently we’re in a sellers’ market, which means that the number of qualified buyers exceeds the available inventory of homes for sale…so now’s a great time to sell your home! There are many other factors such as seasonality, availability comparable homes for sale, new by-laws and even weather, that can come into play. We’ll evaluate the best time to sell your home and present you with all your options so you can make an informed decision on when to sell. Should I buy first or sell first?It isn’t necessary to have the proceeds of the sale of your home in hand to buy a new one – your mortgage broker can explain bridge financing and other options to you. In our experience, when your home sells, you will find the right one. And you’ll be one step ahead of the great majority of buyers out there. You will have been working with a...

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Frequently Asked Buyer Questions

Buyers Frequently Asked Questions: As a buyer, you have to make sure to know how the market works before you step in, or you risk missing out on the property of your dreams when you find it. Here are the core questions most buyers have. Feel free to send me one of your own. If I’m interested in a property, how can I determine if the list price is fair? How do I know what price to offer for a property? Do I need to have a home inspection done on every home I’m interested in? What happens to my deposit while I await closing? How do I go about finding open houses? Can I get a lockbox key from you and just visit a house myself? What is your referral policy? Should I buy first or sell first? Can you tell me more about bidding wars? Should I buy new or re-sale When should I make my offer conditional Do you know any mortgage brokers or financing specialists How long should a closing take – how soon before I can move in I saw a great house on MLS.ca but when I drove by, it was already sold If I just want to get in to see some houses, why do I need a Buyer Representative Is a Buyer Representative’s service free to me Do I need a real estate lawyer if the offer documents are pretty standard How much do I have to put down on a property when making an offer What are homes selling for on a certain street Offers are being accepted by fax on a property I’m interested in. What does that mean, and how does that affect my chances of getting my dream home What happens if I buy a house and the sellers don’t deliver on their promises Do I get a better deal if I buy a house being sold by the bank What’s a CVA? What is an SPIS? If I’m interested in a property, how can I determine if the list price is fair? I will look at the property’s sales history and comparable recent sales to help assess true market value. How do I know what price to offer for a property?Based on comparable recent sales and my extensive experience, as well as any other relevant factors such as competing offers, I will recommend an offer price that will protect your best interests and give you your best chance to get your dream property. Do I need to have a home inspection done on every home I’m interested in?In some cases, the sellers might already have commissioned a recent home inspection by a reputable home inspector to...

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Benefits of a Home Inpection

The Benefits of a Home Inspection   For Buyers:   If you’re serious about buying a home, a qualified home inspection is a small investment that offers major returns. The inspection determines the structural and mechanical soundness of the home, and identifies existing and potential problem areas. A standard report by a qualified home inspection company also lists practical suggestions and provides cost estimates for repairs. You will then have precise information about the condition of the home and full knowledge of any work that may be required. It’s a cost-effective way to buy peace-of-mind while undertaking one of life’s most important investment decisions.   Your Buckingham sales representative will be happy to provide you with a list of qualified inspectors.     For Sellers:   Preparing for Home Inspection   If you are selling your home, there is a very good chance you will receive a visit from a professional house inspector. It is wise to be prepared and fully understand what inspectors will be looking for. An ounce of prevention will help ensure your home inspection is a success.   You may wish to familiarize yourself, or have an advance inspection, to identify the condition of your home in the following areas:   1. Structural: Inspectors will be looking for structural damages caused by renovations, termites or dry rot, or signs of cracks from the settling of the foundation. The condition of support beams and joists will be inspected for integrity.   2. Electrical: Correct loose or incorrectly wired receptacles, switches or electrical box problems.   3. Water: Correct any water leaks, which can cause extensive damage over time. Check for basement and roof leaks, as well as areas where there are drain pipes, plumbing fixtures and appliances that use water. Ceilings and floors will show evidence of water damage, as will the underside of sinks.   4. Plumbing: An inspector will look to see if all plumbing fixtures are working, protected by grouting or caulking and free from cracks. Also ensure that drains are clog-free.   5. Heating and Cooling Systems: Your heating and cooling systems will be checked for working condition, up-to-date servicing and cleanliness.   6. Safety: Ensure all windows and doors lock securely and open easily. Remove any potential hazard such as loose railings or rotting...

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Land Transfer Tax Rebate

Land Transfer Tax Refund for First-time Homebuyers Land Transfer Tax applies to all transfers of land in Ontario. First-time homebuyers may be eligible for a refund of all or part of the tax. For transfers where: the agreement of purchase and sale was entered into after December 13, 2007, the refund applies to all homes, whether newly constructed or resale. the agreement of purchase and sale was entered into before December 14, 2007, the refund only applies on the purchase of a newly constructed home. Applications for a refund must be made within 18 months after the date of the transfer. How much is the LTT refund? The maximum amount of the refund is $2,000. If the refund is claimed at time of registration, it may offset the land transfer tax ordinarily payable. If not claimed at registration, the refund may be claimed directly from the Ministry of Finance. No interest is paid on this refund. Who qualifies? To claim a refund, you: must be at least 18 years of age; must occupy the home as your principal residence within 9 months of the date of transfer; and cannot have ever owned a home, or an interest in a home, anywhere in the world. In addition: your spouse cannot have owned a home, or an interest in a home, anywhere in the world while being your spouse; and in the case of a newly constructed home, where the agreement of purchase and sale was entered into before December 14, 2007, you must be entitled to a Tarion New Home Warranty. How do I apply? Qualifying taxpayers may claim an immediate refund at time of registration in one of two ways: If registering electronically, by completing the required statements under the “explanation” tab of the electronic affidavit. If registering on paper, by filing an Ontario Land Transfer Tax Refund Affidavit For First-time Purchasers of Eligible Homes at the Land Registry Office. Refunds claimed at the Ministry of Finance Where a qualifying taxpayer does not claim the refund at registration, the tax will be payable at the time of registration and a refund claim may be made directly to the Ministry of Finance. The following documentation must be submitted, in order for a refund claim to be processed by the Ministry of Finance: A properly completed form – Ontario Land Transfer Tax Refund Affidavit For First-Time Purchasers of Eligible Homes ; A copy of the registered conveyance (transfer/deed). If not registered electronically, this should be a photocopy of the Land Registry Office’s original which shows the tax paid; A copy of the docket summary will also be required if the conveyance was registered electronically; A copy of the agreement of purchase...

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