StephenMorrisRealtor
StephenMorrisRealtor

Market Tools

stephenmorrisrealtor-5.png

Vancouver Sales Pattern

 
stephenmorrisrealtor-6.png
 

 Seven Reasons to List With Stephen

 

1.  Stephen knows the real estate business. He knows the selling prices of comparable homes, and can advise you on how to enhance your home to make it more attractive to a prospective buyer.

2.  Stephen knows where to look for the right buyers. Through targeted advertising, he will qualify all prospective buyers, and through his colleagues, on the MLS, he will quickly generate and qualify many prospects.

3.  Stephen knows how to negotiate. As an experienced third party, familiar with all aspects of real estate, he is best qualified to negotiate a contract and act as mediator between seller and buyer.

4.  He knows how to expedite. His knowledge of finances enables him to speed up arrangements and to complete the transaction in the minimum amount of time.

5.  Stephen knows real estate law and practice. Protecting your interests throughout the transaction proceedings and avoiding any legal entanglements is part of his commitment and service to you.

6.  He works full time. When you employ Stephen, he will be on the job 24/7. His use of the MLS makes over 10,000 colleagues aware of your listing immediately, so it is working around the clock for you as well.

7.  Stephen guarantees his work. When your home is sold upon your terms and conditions, and when you have received your cheque for the proceeds from the sale, then and only then, he gets paid.

 
stephenmorrisrealtor-3.png
 

 Closing Costs

It is important to be informed about other costs besides your down payment when purchasing real estate. The items below describe what type of closing costs you should expect and will vary depending on the type of real estate you are purchasing.

Application Fee Banks and mortgage brokers may charge a fee for the application.

Life & Property Insurance is optional and ranges depending upon the age of the applicant and the size of the mortgage. Fire insurance is mandatory with the first loss payable to the lender. Cost varies.

A Survey Certificate is required for all high ratio purchases and some conventional mortgages on houses. Generally, if the vendor has an existing survey where the improvements have not changed, most lenders will allow the use of this certificate.

Building Inspection Fee Depending on what type of property you are purchasing, is optional and only arranged at the applicant's request, and is based on square footage.

Appraisal Fees usually apply to conventional mortgages and cost depends upon location and type of property. Cost varies.

Legal Fees Approximately $1,200-$1,500 is a standard lawyer fee excluding disbursements for a single detached or for strata. For more complex purchasers or leasehold properties, the fees may be as high as $2,500. Plus extra fees for law services, wills, equity agreements, etc.

 

Property Purchase Tax is 1% of the 1st $200,000 and 2% on the balance.

Costs to be Borne by the Seller
Lawyer or Notary Fees and Expenses:
• attending to the execution of documents
Costs of clearing title, including:
• discharge fees charged by encumbrance holders
• prepayment penalties
Real Estate Commission
Goods and Services Tax

Costs to be Borne by the Buyer

Lawyer or Notary Fees and Expenses:
   
• searching title
   
• investigating title
   
• drafting documents
   
• Land Title Registration fees

Survey Certificate (if required)

Costs of Mortgage, including:
• mortgage companies
Lawyer/Notary
• appraisal (if applicable)

Fire Insurance
Premium
 Sales Tax (if applicable)

Property Transfer Tax

Goods & Services Tax

 

Tax Tip

Few people bother to report the sale of their principal residence to the CRA since the profit is tax-free. Technically, you're supposed to file Form T2091 with your tax return. The Canada Revenue Agency normally overlooks failures to file, but does have the ability to deny the exemption. It's best to play it safe.

 
 

 Mortgage Calculator

 

Calculate payments, see amortization and compare loans
In just 4 simple steps, this free mortgage calculator will show you your monthly mortgage payment and produce a complete payment-by-payment mortgage amortization schedule.
You can also see the savings from prepaying your mortgage using 3 different methods!

 
 

Five Ways to Save

 

1

Shorten Your Amortization
You can save the most if you are on a shorter amortization from the beginning. If you started off with a 25 year amortization for the lowest possible payment and you feel your finances are secure, it is wise to consider shortening your amortization period. Your payments may increase, but the interest you save could be substantial.

2

Change Your Repayment Plan
The more frequently you make payments, the lower interest you will be paying. You can make payments on a weekly, bi-weekly, semi-monthly, or monthly basis. By combining this with a shorter amortization period, you will be on the fast track to paying off your mortgage sooner.

3

Pay Down Your Principal Faster
Make sure that you understand your prepayment options, as they can vary from lender to lender. Each time a prepayment is made, or each time you increase your monthly payment, the balance owing and the monthly cost of interest is reduced – therefore becoming mortgage-free sooner.

4

Negotiation The Interest Rate
It can only work to your advantage to ask if there is flexibility in the interest rate you will be charged. A difference of 1/4% to 1/2% can make a substantial difference in the interest savings you will make over the term of your mortgage.

5

The Best Mortgage Possible
Before you automatically renew your mortgage, make certain that you are being offered the best mortgage to suit your needs and lifestyle. It pays to take the time to shop around for the best rate possible.

 
 

 A Word About the MLS

 

The (MLS) Multiple Listing Service is a database established by cooperating real estate brokers to provide data about properties for sale. The MLS gives your property maximum exposure to all co-operating brokers through the use of:

• a special realtor's open to introducing the property to the area realtors

• entry in the MLS catalogue, with a comprehensive description and images that will help sell your project

• a promotional mailer to all realtors associated with similar projects to focus attention on your property, and to make other realtors aware of the units sold to date, as well as any other relevant information

 
 

 Checklists

 

SELLER’S CHECKLIST

In preparation for listing your home, you will need to gather the following: 

✓ A copy of your survey
✓ A copy of your front door key 
✓ Your most recent annual property tax assessment 
✓ The average cost of utilities (electricity, hydro, municipal water)
✓ The age of your home 
✓ Details of recent improvements or renovations 
✓ A list of items you would like to exclude from the sale
✓ Ask Stephen for his “List of 10 Best Features” of your home sheet  
✓ Pictures of seasonal features (i.e. gardens in bloom) 
✓ A list of any easements or right-of-ways 
✓ Receipts and warranties for recent home improvements 
✓ Other relevant information (any previous upgrades, copy of floor plans, builder plans and/or model name)

For condominium owners:

✓ Maintenance fees and a list of maintenance/fee inclusions 
✓ A list of by-laws and restrictions
✓ Parking stall, storage and bicycle locker numbers 
✓ Passkey (FOB) to the building 
✓ Status Certificate (if available) 

MOVING CHECKLIST

In preparation for moving, you will need to: 

✓ Transfer all accounts & credit cards and have your bank recommend an affiliate
✓ Notify (CRA) Canada Revenue Agency
✓ Wills must be re-written when moving inter-provincially  
✓ Have prescriptions refilled
✓ Have vehicles tuned up
✓Arrange moving company
✓ Leave keys and any necessary legal papers with your realtor
✓ Dispose of household chemicals properly (old paint, caustic cleaners, etc.). Take these to the local Toxic Waste Centre
✓ Transfer Memberships — Clubs, civic organizations, religious organizations
✓ Change of Address — Driver’s licence, MSP & health cards, post office, online accounts, subscriptions, family & friends
✓ Notify Insurance Companies — Health, life, auto, homeowners, check with your agent regarding coverage en route
✓ Utilities, Refunds & Final Bills — Hydro or municipal water, gas, cellular, telephone, cable, etc.
✓ Leased Equipment — alarm systems, water purifiers, etc.
✓ Obtain All Records — General practitioner, medical specialist, dentist, optometrist, school, birth, legal, etc.

 

Some Helpful Links