real estate insider vol 34 2015

The Real Estate Council of Ontario did a survey of first time buyers in Ontario and found that one of the top issues that buyers had was they wished they understood the real estate contract and the process involved in buying a home a lot better, before they bought their home. Here are 5 things to know so that you will not be surprised either before of after closing.

1. How much is the bank really lending me?When you go to your lender to arrange financing, many buyers wrongly assume that if you are borrowing $300,000, then that is the amount you will receive on closing. Not true. In many cases, the lender may deduct a mortgage processing fee, which can be approximately $250. If the lender is paying your property taxes, they may deduct an amount right off the top in order to create a tax account for you, sometimes up to an additional $1,000. If you closing is for example April 10th, 2015 and your first payment is June 1st, 2015, then the lender may deduct in advance interest from April 10th 2015 to May 1st 2015. Finally, if you are using CMHC or Genworth to obtain insurance for your mortgage, for example if you do not have 20% of the down payment, then not only will the premium be deducted on closing. Buyers often tell me that the PST charge was not explained to them by anyone. Ask your mortgage broker or lender in advance about all of these potential charges so you are prepared for what you will have to bring on closing.

2. What does “more or less” mean when they are discussing the frontage and depth of a property, or the square footage?

What this means is that if there is an error in the dimensions or square footage up to 5%, a buyer can typically not complain about it after closing. If the boundary lines matter to you, make the deal conditional on your receiving an up to date survey that demonstrates the actual boundary lines. If the square footage matters, arrange to hire a professional to measure it for you. Most offers contain a disclaimer that the seller does not warrant anything anyways so you need to protect yourself if this matters to you.

3. The seller told me the counter tops were made of granite but I found out later they weren’t; can I sue after closing?

The answer is usually no, since the fine print indicates that if it is not in the Agreement, it didn’t matter to the buyer or the seller. Therefore, if anything about the property does matter to you, whether it is any feature or item contained in a listing, be sure to include it in your agreement of purchase and sale as well.

4. I bought and sold my home on the same day. Even though I was packed up at 1pm, I could not get into my new home until 6pm, meaning that I had to pay the movers for an extra 5 hours. Can this be avoided?

This can be a real problem, especially at the end of the month. The safe way to avoid this is to close your purchase a few days earlier and obtain bridge financing so that you can move when it is convenient for you. The interest you will pay to do this is much less than what you will pay movers to wait around.

5. I don’t agree with the terms of the furnace rental contract. Can I just cancel it?

Unfortunately, the answer is usually no, unless you are prepared to pay a penalty. In the fine print, the buyer agrees to assume every rental contract that is disclosed. Before you sign, ask for the details of any rental contract in advance so that you are aware of what it will cost to either assume the contract and continue making the payments of the cost to cancel it after closing.

When you understand the fine print and the process before you sign and real estate agreement, you should not receive unwelcome surprises later.

Article written by: Mark Weisleder. Mark Weisleder is a Toronto real estate lawyer. Contact him at: [email protected]

WHAT’S INSIDE:Pan Am Games in Milton: PAGE 2

Oakville • Milton • Campbellville • Acton • Rural • HaltonPainting 101, PAGE 6 | Choosing an Agent, PAGE 7Downsizing with a Guiding Hand, PAGE 7Why Getting Pre-Approved is Necessary, PAGE 7

YOUR SOURCE FOR REAL ESTATE INFORMATION

Volume 34

Escarpment Manchisi Realty Ltd., BrokerageIndependently Owned & Operated

Not intended to solicit persons or properties currently under contractual agreement.

Office: [email protected] • [email protected]

www.facebook.com/Manchisiteamwww.manchisiteam.com

Sales Representative & Broker of Record

2014

2013

Things to Know About Disclosure and Disclaimer Clauses

Volume 34


Escarpment Manchisi Realty Ltd., BrokerageIndependently Owned & Operated www.manchisiteam.com

Domenic Manchisi started his career in real estate in 1996. In addition to strengthening his experience, Domenic has dedicated himself to expand his skill set both personally and professionally which he has utilized to lead himself and his team to become the number one real estate team in Canada* and he was a top producer for RE/MAX in 2013. Domenic’s dedication to expand his knowledge has led him to pursue the following designations and certificates:

• Appraisal• Mortgage Financing• Property Law• Property Management

• Licensed Mortgage Agent• Brokers License• Real Estate Investment• IRES

Domenic has created a dominant presence as a real estate broker predominantly in the Halton Region. Domenic’s success is a result of his extensive experience in the real estate industry as well as the ability to understand the needs of his clients. His core understanding of the real estate industry has not only been recognized by clients but also by colleagues and industry leaders. Domenic has been invited as a guest speaker for Donald Trump’s Apprentice, Bill Rancic, has appeared with The Dragons Den Wealthy Barber, has participated in expert panels at the National Association of Realtors (NAR), has made the cover of several magazines and has won many awards across North America for the work he and his team have achieved.

Domenic currently lives in Milton with his wife and business partner, Jody Manchisi, and their two children.

*For Prudential Canada 2008-2011

Stability • Experience • Relationships

About Domenic Manchisi

Member of theCross Canadian Referral Network

Did you make it out to see the Pan Am Torch Relays in Milton? In case you missed the festivities, there will be plenty more opportunities to support the athletes and cheer on Canada when the Pan Am Cycling Track competition and Road Cycling Individual Time Trials commence, right here in Milton on July 16!

The indoor track competition will take place at the new Cisco Milton Pan/Parapan Am Velodrome (Mattamy National Cycling Centre), the only facility of its kind in Canada and only one of two in North America to meet the stringent requirements set by the International Cycling Union (UCI).

Racing will take place on a 250 metre banked wooden oval track. There are several track cycling disciplines: team pursuit (two teams start at opposite ends of the track and race 16 laps), sprint (a series of three-lap events with individual and team riders racing head to head), Keirin (racers sprint after following a pace motorcycle to start) and omnium (a multiple-race event).

The Parapan Am Indoor Cycling competition will commence on August 10, with Gold Medal races taking place on August 11. For tickets, visit www.toronto2015.org/cycling-track.

Milton will also host a portion of the 2015 Pan Am Road Cycling competition on July 22. Known as the Individual Time Trail, this event features a 20-kilometre course running from Louis St. Laurent Boulevard to Bronte Street/First Line, then to Lower Base Line West and Fourth Line, and back to Louis St. Laurent Boulevard for the finish. The men’s course is 40 kilometers long (two laps), the women’s is 20 kilometers. Athletes will set out one at a time, 60 seconds apart. The rider with the fastest time over the course wins.

This is a free, non-ticketed event so spectators are encouraged to find a spot along the race route to cheer on the riders!

The Parapan Am Road Cycling Individual Time Trail will take place on August 16. For more information, visit:

www.toronto2015.org/cycling-road

DomenicMANCHISI

[email protected] of Record

[email protected] Representative

MickeyGALEKOVIC


AprilMURPHY


Pooja [email protected]

Broker

AnnaTACIAK


KatherineBRUTON


The Pan Am Games

Are Coming to Milton!

FEATURED HOMES


to get your home sold, call us now! Office: 905.875.4594Escarpment Manchisi Realty Ltd., BrokerageIndependently Owned & Operated

Watch us on YouTubeyoutube.com/manchisiteam

Like us on Facebookfacebook.com/Manchisiteam

Follow us on Twittertwitter.com/DomManchisi

FOR SA

LE

Gorgeous home located in a quiet village of Limehouse. Adjacent to the Bruce Trail. Situated on 1.39 Acres. This home is an Entertainers Dream! Pride of ownership. Main floor offers, living room, separate dinning room, and a family sized kitchen. Beautiful Crown moulding. Upper level offers 3 bedrooms, and a 5 piece bath. Finished lower level offers 2 recreational rooms a fireplace and a wet bar. Attic can be finished into a loft, electrical is finished and ceiling is framed for stairs. Located on a exquisite property with large deck, work shed and a small cabin with power. Beautifully landscaped property.

11309 22nd Side Road �� $839,600

FOR SA

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Very well maintained home close to Highway 403, Erin Mills Mall and all amenities. Spacious home. Large eat-in kitchen with stainless steel appliances, separate dining room, large living room with fireplace. Main floor family room. 3rd level laundry room. Good size bedrooms, master bed with 4 piece ensuite. Update main bath. Finished recreation room with lookout windows – very bright and 4th bedroom!

4213 Sunflower Drive �� $649,900

FOR SA

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Gorgeous custom built estate home located in a quiet cul-de-sac just outside Acton, very private 2 acre property, spacious home offers hardwood floors through out, large kitchen with built in appliances, breakfast area overlooking pool with walk out to deck, family room with double sided gas fire place, built in cabinets and sitting area with views of the pool. Main floor laundry with garage access, spacious bedrooms, master bedroom offers 6 piece ensuite with jacuzzi tub and separate shower. Over 150k in gorgeous landscaping.

5 Morgan Drive �� $1,124,900

Volume 34FO

R SALE

Beautiful large family home located just outside Milton and minutes to Highway 401. 5 bedrooms, 6 bathrooms, 2 kitchen, 2 recreation rooms and 2 separate entrances to lower level – terrific in-law potential or your growing family. Large foyer with marble floors, main floor family room, separate dining room, gorgeous family size kitchen with views of the yard and pool. Furnace, roof, windows, pool pump, pool vacuum, liner, pool heater all under 5 years!! Finished lower level can be 2 separate units! Huge master bedroom with 4 piece bath with soaker tub and separate shower.

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FIND OUT WHATYOUR HOME IS WORTH

ONLINE www.manchisiteamhomeevaluation.com

OPEN HOUSES VISIT

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Charming raised bungalow on beautiful lot, minutes to Tottenham. Park setting with lots of trees and open fields. Large open concept ling space. Vaulted ceilings on main floor, updated hardwood flooring, main floor freshly painted, formal dining room, eat-in updated kitchen with newer counters and tiled back splash. Stainless steel appliances, breakfast bar, overlooking dining/room/family room with fireplace and walk out to terrace. Renovated 2 piece ensuite in master. Renovated lower level recreation room with walk out to backyard. In-law setup with separate entrance to 1 bed apartment.

6929 Fourth Line �� $499,900

FOR SA

LE

Absolutely gorgeous one of a kind completely renovated unit! No expenses spared! Top of the line quality finishes throughout. Open concept kitchen and living room – a terrific space for entertaining! Engineered hardwood throughout! Modern kitchen with centre island, stainless steel appliances overlooks the unit. Large windows makes this unit very bright! Master bedroom with walk-in closet and 4 piece ensuite.

4235 Sherwoodtowne Boulevard �� $329,900

Volume 34FO

R SALE

Large family home – 5 level sidesplit with 4+1 bedrooms located on a desirable crescent in Timberlea backing onto trees! Main floor family room with gas fireplace and walkout to yard, eat-in kitchen overlooking family room offers quartz counters and stainless steel appliances. 4 great size bedrooms, finished lower levels with recreation room, 5th bedroom, games room and gym. Fully fenced yard with above ground pool, 4 car parking in driveway!

596 Moorelands Crescent ��$640,000

FOR SA

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Terrific 3 bedroom end unit town home backing onto park, located on a quiet street. Tastefully decorated with new laminated flooring in living/dining room combination. Updated main bath, open concept main floor with walkout to deck from kitchen. Upstairs has 3 bedrooms and updated 4 piece bathroom. Finished recreation room in basement with large laundry room with storage. Inside entry to garage is an added plus, plenty of visitor parking. Most windows replaced 2014!

39 Corey Circle �� $287,900



SOLD

Beautifully completely renovated 3 bedroom unit, good size kitchen with stainless steel appliances, corian counters and breakfast bar overlooks the living room. Separate dining room overlooks living room. Large living room with huge windows allowing lots of light into the unit with walkout to oversized balcony. Good size bedrooms, ensuite laundry, renovated bath. All ready for you to move in!

9 Four Winds Drive, Unit 709 �� $275,000

FOR SA

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Location, location!! Beautiful open concept condo near Square One shopping centre, walk to transit, library, theatre and restaurants. Open concept design with gorgeous kitchen overlooking the living room and dinning room. Walkout to balcony, master bedroom with large walk-in closet! Insuite laundry, 1 parking space and 1 locker. Building amenities include, 24 hour concierge, virtual golf, outdoor barbecue, games room, party room, indoor pool and sauna.

480 Living Arts Drive, Unit 514 �� $240,000

Volume 34FO

R SALE

Great family home with living and dining room combination, pot lights and bay window. Large eat-in kitchen, with walk-out to deck and fully fenced yard. Inside entry to the garage.

22 Woodside Court �� $394,900

SOLD

Beautiful detached home with double car garage! Great layout offering hardwood floors in living/dining room, 2nd floor great room with cathedral ceilings, gas fireplace and walkout to balcony. Large eat-in kitchen with walkout to 3 tier deck! Custom finished basement with large above grade windows and 2 piece bath. Large master bedroom with 4 piece ensuite and walk-in closet. Professionally landscaped, upgraded light fixtures, California shutters, main floor laundry/mud room with access to garage.

1012 McCuaig Drive ��

LEASE

D

LEASE

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Gorgeous unit in the heart of Mississauga. South west views from this modern corner unit. Very bright condo with large windows offering panoramic views of the city and lake. Excellent location to square one and Highway 403. Master bedroom offers a 4 piece ensuite and walk-in closet. Galley kitchen with stainless steel appliances.

Less than 5 years old 1 bedroom luxury suite in Tridel building “Ultima” with upgraded engineered hardwood floor. One exclusive parking spot underground access to subway. State of the art amenities including golf simulator, indoor pool, gym and exercise room. Walking distance to all shopping and transit. Amazing Value!

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4978 Yonge Street,Unit 811

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SUDOKU



To Whom It May Concern:

In light of buying my first home, I cannot help but think how

happy I am about it. All of it was made possible because of my

excellent real estate agent, Dominic Manchisi. I was thoroughly

impressed with his professionalism, as well as his optimistic

outlook on finding me a home that I, would be thrilled with.

The result was exactly that. The home I purchased was much

better than what I thought I would be able to find. Not only

did I get a nice home for myself, but I got an excellent price

for it, because of Dominic’s keen negotiating skills when it

came down to pricing.

Again, all I can say is that I am happy with what I have

because of Dominic Manchisi, and I could not recommend a

better agent than him. He will more than impress you as well

as make you enjoy the process more so than anyone else, that

I can assure.

Sincerely,

Trent Roberts

TESTIMONIAL OF THE WEEK

Volume 34

Painting 101: Should You Hire a Pro?Painting is one of those home improvement projects that always starts off fun, but quickly loses its appeal. Usually by the time I’ve chosen a colour, prepared the walls and finished priming, I’m ready to pass the roller to someone else.

If your budget allows and your painting project is extensive, consider hiring a professional. It may seem like the easy way out (ok, it is the easy way out) but sometimes hiring a pro is the best solution. They are fast, they are efficient, they know which products are best and they already have the proper tools. You are almost guaranteed a fantastic result!

Here are some tips to remember when hiring a professional painter:

It is always advisable to hire a painter who has been referred to you by someone who has used their services and was happy with the result. The next step is speaking with your painter to discuss your vision. This conversation can take place in person, over the phone or even through email – as long as you are both on the same page, you should avoid any disappointment. You can also use this opportunity to show your painter any visuals you may have.

Here are some other things to discuss during the consultation:• What type of paint do they use?• How many coats of paint are included in the quote?• How long will it take?

• Does this price include all prep work and clean up?• Does the price include trim or moldings?• The cost (have the agreed-upon fees in writing)• Ask to see some photos of their previous work and have them provide references

You may want to get several quotes to ensure you are getting a fair price. Once you have chosen a painter, make sure you understand everything in the contract to avoid any misunderstandings. The contract should outline the work to be done, the fees, the work schedule and the payment schedule. - Now sit back and relax while the hard part is done for you!

905-876-4788905-876-4788555 Main Street East, Milton, ON

Mon-Fri: 8:00 am-6:00 pmSaturday: 8:00 am-3:00 pm

www.jdtire.com



Why Getting Pre-Approved is a Necessary Step

Whether You Decide to Sell or Buy a Home on Your Own, or Hire a Real Estate Professional to handle it For You, There are Certain Key Factors That Can Literally Save or Cost You Thousands of Dollars.

HALTON - Not all real estate agents are the same. If you decide to seek the help of an agent when selling or buying your home, you need some good information before you make any moves.

Picking the right agent is one of those critical issues that can cost or save you thousands of dollars. In this FREE report, we give you the specific - questions you should be asking to ensure that you get the best representation for your needs.

Before you hire a real estate agent, call and get a copy of a FREE Report called “I0 Questions to Ask Before You Hire an Agent”.

To order your free copy of this report visit: www.halton10questions.com

Find out the questions the others would prefer you never ask.

Before you start searching online listings and viewing homes for sale, you’ll want to head to your bank to get pre-approved. This preliminary step in the house buying process will put you in a better buying position and may even save you some disappointment down the road.

At this point, you have saved your down payment and plan on moving in the next six months. The first reason that a pre-approval is an important step is that it helps you set realistic expectations for your search. It will determine what price range you can afford, making it easier to narrow down your choices. Your lender will examine your background information; things like income, down payment amount and credit rating. They will then inform you of the maximum amount they are willing to lend you to buy a home. It is important to remember that the amount they approve you for is usually going to be on the higher end of your comfort zone. Be sure that you fully understand your monthly expenses and what you are able to afford.

Getting pre-approved will also help things move along quicker and smoother during a negotiation. It will allow you to act fast when placing an offer on a home. By getting pre-approved you have started the application process for the mortgage. Your lender will provide you with a pre-approval letter, though it is important to remember that this is not a guarantee of financing. Most REALTORS® will still recommend

that you include a condition on financing in any offers you submit.

Some homes sell quickly, with multiple offers coming in within hours. Having your pre-approval in hand may put you at an advantage over others and the seller could even turn down an offer without one.

Be sure that you are qualifying for a pre-approval and not a pre-qualification. These two things are very different. With a pre-qualification, they will have a discussion about what you can afford, but they do not verify your financial information or do a credit application at that time.

Be sure to get pre-approved so that you’re one step closer to your dream home and the approval process should be painless.

How Choosing a Real Estate AgentCan Cost or Save You Thousands

Volume 34

No matter whether you’re an empty nester, a person looking to simplify your life, or someone who wants to help their aging parents move into a more functional space, downsizing can be a stressful experience. A little guidance goes a long way however. Designer Wendy Wilkinson of Oakville, Ontario specializes in helping people transition into smaller living spaces, so here are a few of her tips to make it easier:

Before you begin to pack: Take multiple pictures (from various angles) of every room in your house. Each photo will give you a record and act as a reference for what to get rid of and what to keep. Photos also provide good insurance information for any moving issues. Decide ahead of time which items have sentimental value and will be making the transition with you. At the same time, if there are adult children, have them reclaim their belongings before the move. If going through sentimental items, such as photographs, is overwhelming, hire a professional organizer to help.

Place different coloured sticky notes on furnishings labeling them with an action plan like ‘donate‘, ‘new home‘, or ‘sell’. Give yourself a few days to reconsider your decisions. Consult a designer to talk over what will work in your new space and what items should be kept to stage your home for sale. Wilkinson says that on one occasion she salvaged her client’s children’s furniture to create a play space that became a big selling feature.

Keep calm and carry on: Start de-cluttering in advance of your move, even if it is only one drawer or closet a day. Scale down by discarding what you don’t use or wear. If you are not sure about anything, just

drop it in a “decide later” box.

Give books to your local library sale and dispose of electronic equipment. Think green and donate still-useable items to places like the ReStores of home-building organization, Habitat for Humanity. ReStores accept a wide range of household products and provide a tax receipt for the value of your donation. You can find one in your community at www.habitat.ca/restore. Colour code rooms and corresponding boxes of the contents you’ll be keeping, then colour code the doom/ay in the new space for an easy transition.

Draw up a floor plan and measure furniture pieces such as tables and sofas. They are often too large to go into a new downsized home.

Looking to the Future: Homeowners need to consider their furniture from an ergonomic standpoint. Is it too low or too big? Can you get in and out of it easily? It might be time to donate old furniture and invest in updated pieces that work with your new space.

Consider moving to a home that is within walking distance of stores, local library, and other favourite places. Depending on your age, think about a home with Accessibility Design Standards. This ensures that your new place will meet any possible needs in the future, such as wider doorways and additions to the bathrooms.

Downsizing is Easier with a Guiding Hand



“Your Connection to a Better Mortgage”Not intended to solicit buyers or sellers currently under contract with brokerage.Lic. # 10505

Together we makeMORTGAGES EASY

CALL US FOR ALLYOUR MORTGAGE NEEDS

LET US DO THE SHOPPING FOR YOU!FREE service with no obligation, find out how we can help! Learn how you can use your existing equity as an investment!

THINKING OF CONSOLIDATING DEBT?WE DO FIRST AND SECOND

MORTGAGES, CONSOLIDATE DEBT, AND REFINANCING

CALLDomenic Manchisi | Mortgage Agent (Lic. # 10505)

FOR YOUR MORTGAGE APPROVAL

DomenicMANCHISI

[email protected] of Record


MickeyGALEKOVIC


AprilMURPHY


Pooja [email protected]

Broker

AnnaTACIAK


KatherineBRUTON


Volume 34

real estate insider vol 34 2015

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