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Thread: Buying apartment need Advice

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    Smart Canuck freefreefree's Avatar
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    Hi,
    I am planning on buying a pre-sale (still being built) apartment. This will be my first home buying, and I have a lot of questions. Hope you can help me out here.

    1. Is there any websites where I can find a real estate lawyer? Or Notary public?
    2. Should I get a lawyer or notary public to sign my papers?
    3. Is concrete apartment really a lot better than wood frame? Or?
    4. Which bank has the best mortgage for first time home owners?
    5. Where can I find out if I can save on tax for buying my first home?
    6. What are the things I should watch out for as a first time home owner?
    7. Any additional tips and advice?
    This thread is currently associated with: N/A
    Last edited by freefreefree; Tue, Jun 4th, 2013 at 10:49 PM.
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    1. to find a lawyer, word of mouth is best. Ask your friends who helped them when they bought their house/condo. Failing that, ask a real estate agent or mortgage specialist. Above all, make sure they don't represent the seller you're buying from.

    2. Depending on what province you live in, for example, in Ontario, you have to get a lawyer (who specialises in real estate), but in Quebec, you can also use a notary.

    3. concrete or wood frame: don't know. I guess it depends on how high the building is to be.

    4. Which banks: get yourself a mortgage broker to negotiate the best rate for your mortgage. A mortgage broker doesn't cost you anything and they make banks compete for your business.

    5. Call the Canada Revenue Agency to see if the tax break they had last year is still available this year.

    6. Get yourself a book. If there are condo fees involved, find out what the level of their reserve funds are. Some condo fees are cheap, but when a major repair is up, the condo owners have to shell out the money, sometimes in the thousands right away. Also look what the condo association is looking after. Some places lump all the condo fees for townhouses into the same fund as the highrise down the street. In one instance I know, townhome owners had to fork over a few thousands to help pay for the replacement of an elevator in the high rise. Laws might have changed to prevent that, but I doubt it.

    7. Get a letter in writing about when the apartment will be ready and find out what you can do if the date is not respected. In some jurisdiction, builders can't start building until they have a % of all the units sold, which can delay the start and end of the project. You don't want to be stuck renting for two years only to find out you have to wait another year or two to move in. It happens a lot!
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    1. Agree with blueeyetea, WOM is the best way. Also, if you live in Ontario the Law Society of Upper Canada can help you find a real estate lawyer. Many other provinces have the same type of organization.
    2. Not necessarily. Although as a first time home buyer and if you're not familiar with real estate laws and agreements, I would suggest getting one to look it over at least.
    3. I think concrete would likely be best if it is a mid or high rise.
    4. Nothing to add that blueeyetea hasn't said.
    5. Also, many provinces have tax breaks (ie. land transfer tax) for first time home buyers. I know Ontario has that. Also, if you have been contributing to an RRSP and as a first time home buyer, you can use some of that (I believe it had to be contributed 90 days prior) toward your down payment and not have to repay for 2 years.
    6. If you have maintenance fees, as this is a pre/early construction I suggest you budget for an increase in fees. They often entice you by the low maintenance fees but within 2 or 3 years, the cost often rises significantly. The Canada Mortgage and Housing Corporation has a lot of information on their website: http://www.cmhc-schl.gc.ca/en/co/buho/.
    7. Make sure your building has adequate insurance. And even if your building has insurance you will be responsible for content insurance as well. Someone in my building didn't actually know that.
    Good luck!
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    if its still being built..the builder can help you out with pretty much all of the above..they usually have a mortgage lender onsite, can get you a reputable lawyer .......
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    Smart Canuck matrix82's Avatar
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    Wood Frame versus Concrete- I have lived in concrete structure, it is quieter but depending it depends on the thickness of the concrete. Also bass sounds will still travel and things like heavy footsteps, things dropped travel as well unless there has been additional soundproofing. It also depends on if it is concrete between floors but also between apartments. I lived in three different concrete structures, in two I heard almost every word the neighbor said, in one I never heard hardly anything.

    I currently live in a wooden soundproofed structure. That being said, I never hear the neighbours on either side of me. I do hear the neighbours above, footsteps, dropping items but little to no sound transfer otherwise from above. From below I have an extremely loud neighbour and hear a lot from them. I miss having concrete floors.

    Honestly it depends on your neighbour. If you are lucky and have quiet neighbours then the structure doesn't matter. I would want to find out what they are using in soundproofing technology. If you can, find out about other buildings that they have built, how do those people like living in the other buildings. I know around here there is one building company to avoid when it comes to their condo's, as they put little in place to block sound, just the bare minimum required by law.
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    Quote Originally Posted by lizamarie View Post
    if its still being built..the builder can help you out with pretty much all of the above..they usually have a mortgage lender onsite, can get you a reputable lawyer .......

    I have to disagree with this statement. I can usually do better then the Lender "on site" as can most brokers.
    You should go with a referral when it comes to legal representation NOT who builder or Lender recommends as they often get kick-backs.
    I whole-heartedly agree with Blue-eyed Tea about the reserve fund. Very important, regardless if the building is new or not.

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    mandolinatou
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    My advise is to go with a mortgage broker.

    Secondly even if you do not legally need an inspection on a new building: get one anyways and make sure they do a thorough job. My backdoor was installed inside out and upside down which was a real problem and we had to take the contractor to court. If we'd refused to sign the documents accepting the condo in this state this would have been better. How was I to expect a problem like that?

    Secondly look for problems when you move in..don't assume your contractor hired good people. The relationship with our contractor broke down pretty quickly because of the shotty work his subcontractors did. He may have lost money on the project...but then again we paid for a new building. They mostly subcontract the work several times and at a certain point and pay grade the people are completely incompetent. Our dishwasher hole does not fit a dishwasher...our front porch does not drain properly. Our window seals were not properly done.....etc....etc.

    Also when you move in change your locks immediately and get a deadbolt. Especially if there is any construction going on nearby. I found out the hard way that the construction industry is full of thieves and since they installed your door they know how to break in to it.

    You should put atleast 5,000 aside for things your bank or broker may throw at you when signing. We knew of most of the fees but there were about 1500 we did not anticipate. Do not use banque laurentienne they are awful. We figured that out too late.

    While I am complaining. I love my home and its better than what I could have rented at the same price. There were a lot of expected things. I wish I had known more than I did.

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    Canadian Genius redhdlois's Avatar
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    I purchased my condo prior to it being completed and I could kick myself (and my agent at the time) that I didn't know that I could have upgraded to get a soaker tub put in, as well as different countertops, etc. These days most of these things are standard, but I would recommend thinking about anything that you may want to upgrade and have it done during construction.
    Also, do a good inspection when you move in and note all deficiencies. You will have to sign off once the deficiencies are done, so make sure they are done right.

    I concur, a mortgage broker is the ONLY way to go. Just decide if you want a locked in or variable. I recommend a variable. My broker said over 80% of people break their locked in mortgages anyway. I panicked years ago when rates went up and locked in....big mistake....I ended up breaking it as it was cheaper (even with the penalty).

    I would recommend having a professional company manage the building vs self-managed. My building was self-managed and they really didn't have the expertise to be running a building and as a result I ran into some problems with them.

    Word of mouth for a notary or lawyer.....I have used a notary the past few transactions. Ask friends/co-workers, family for a recommendation....

    I lived in a three story wood frame. I lived on the second floor. Nothing irritated me more than inconsiderate neighbours thumping, crashing, slamming doors, etc. I would recommend a concrete building, however, they are generally more expensive too.
    Last edited by redhdlois; Sat, Jun 22nd, 2013 at 12:16 AM.
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    While buying a home, be careful about the hidden cost thatmay get shifted to your side. Real estate agents charge exorbitant hourly ratesand usually the seller should pay the commission. But at times, it may bepassed to you indirectly. And here comes the question whether you need the helpof a real estate litigation Toronto or not. Altogether the house buying is acomplex process. So if you don’t understand the contract easily, then you arein need of a professional to represent you. Either seek the help of aprofessional real estate agent or an attorney. While buying a house while Imoved on to Toronto, I hired GYC law for assistance.
    Last edited by Brandon Moore; Thu, Jun 27th, 2013 at 12:41 AM.

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    Quote Originally Posted by blueeyetea View Post
    1. to find a lawyer, word of mouth is best. Ask your friends who helped them when they bought their house/condo. Failing that, ask a real estate agent or mortgage specialist. Above all, make sure they don't represent the seller you're buying from.


    This..so much this..when we decided to buy in Qc without any friends or family to ease our passage..finding a good notiare who wasn't bound to our sellars was a life-saver..


    Short answer : no Long answer : NOOOOOOOOOOO!

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    Quote Originally Posted by Brandon Moore View Post
    While buying a home, be careful about the hidden cost thatmay get shifted to your side. Real estate agents charge exorbitant hourly ratesand usually the seller should pay the commission. But at times, it may bepassed to you indirectly.
    How? This is interesting. I've never heard of that. The price of the house is agreed in writing and all inclusive of fees the seller is responsible for. Any change in pricing afterwards opens the contract for further negotiation with the risk of being terminated.

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    tightwad and proud of it! brunt's Avatar
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    Quote Originally Posted by blueeyetea View Post
    How? This is interesting. I've never heard of that. The price of the house is agreed in writing and all inclusive of fees the seller is responsible for. Any change in pricing afterwards opens the contract for further negotiation with the risk of being terminated.
    I'm not the person to whom you directed your question, but in Ontario, one has to be wary of the Buyer Representation Form.

    This one piece of paper is probably the worst thing ever done for real estate buyers. It is a bad, bad, idea and can be used to ding the buyer for extra commission in case the selling broker is with a discount brokerage. Furthermore, if you are naive enough to sign an open ended Buyer Rep Agreement, and you even buy a house that is arguably similar to a house shown to you by the agent with whom you have the agreement, but the purchase did not get done with your agent, then you can be obligated to pay a commission to an agent that had nothing to do with your sale.

    If you decide to sign one of these horrific things, sign it only to make an offer, make it for the shortest period of time possible (60 days with a 30 day holdover), and in the description of the house, put the address of the house upon which you are offering and don't ever put a generic description there.

    If your agent balks with these demands, then I would seriously consider getting another agent.

    While most agents are honest, this agreement is really a bad deal for the buyer. I would not sign it as most agents present it.

    I'm not a lawyer, so take this advice for what it's worth.

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    Quote Originally Posted by redhdlois View Post
    I purchased my condo prior to it being completed and I could kick myself (and my agent at the time) that I didn't know that I could have upgraded to get a soaker tub put in, as well as different countertops, etc. These days most of these things are standard, but I would recommend thinking about anything that you may want to upgrade and have it done during construction.
    Also, do a good inspection when you move in and note all deficiencies. You will have to sign off once the deficiencies are done, so make sure they are done right.

    I concur, a mortgage broker is the ONLY way to go. Just decide if you want a locked in or variable. I recommend a variable. My broker said over 80% of people break their locked in mortgages anyway. I panicked years ago when rates went up and locked in....big mistake....I ended up breaking it as it was cheaper (even with the penalty).

    I would recommend having a professional company manage the building vs self-managed. My building was self-managed and they really didn't have the expertise to be running a building and as a result I ran into some problems with them.

    Word of mouth for a notary or lawyer.....I have used a notary the past few transactions. Ask friends/co-workers, family for a recommendation....

    I lived in a three story wood frame. I lived on the second floor. Nothing irritated me more than inconsiderate neighbours thumping, crashing, slamming doors, etc. I would recommend a concrete building, however, they are generally more expensive too.
    Excellent advice. .. . .especially about the inspection. (Ha! you thought I was going to say about the broker, didn't you?!! lol)
    Trust no one. . .as far as I'm concerned. It's a huge investment. Be double and triple sure. I especislly agree about changing the locks. Excellent reminder and a MUST. Thanks mandalinatou
    operabob likes this.

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    I think this information is useful to people who are connected with the real estate market like me.

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    Quote Originally Posted by lizamarie View Post
    if its still being built..the builder can help you out with pretty much all of the above..they usually have a mortgage lender onsite, can get you a reputable lawyer .......
    I would avoid the builder's references because their lawyer doesn't owe you anything. You need someone who has no interest in the project - a completely independent legal representative.

    I agree with Blueeye tea on the condo info - it is imperative that a serious contingency fund be there because of the larger costs.

    Ask them what will happen if they do not have the occupancy permits in place by the target date - will they offer discounts or incentives? Get the information in writing.

    Check out the history of the builder and developer!!!!!
    Story in Victoria a couple of years ago - the builder was pre-selling their units. By the time they were almost ready to build - the company went bankrupt. All the owners were sitting waiting to see if they could go after the company - but their money was tied up and the building was not going to be built for a LONG time - if ever.

    Check out the costs of closing - land transfer tax?

    Sometimes builders are not the most ethical when dealing with City requirements - check your City bylaws/occupancy etc and make sure the building is going to be conforming and what, if any, the City has a concern with.

    What type of access and parking does the building have? Is it going to be easy to get in and out of (eg - will you have to cross a 4 lane highway to turn right - without a light - how busy is the road?)

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