Experts Questions and Answers

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Jun 15

When a buyer wants to extend the closing date to a later date what are the vendor's options if he declines? Is this a practical move? Les

posted by les spellman to Joanne McPhail  ::  Views (8963)
Hi there:  If a buyer cannot close on the closing date set out in the Agreement of Purchase and Sale, the seller can agree to extend that date, if he is so inclined.  Sometimes monetary inducements are given as a result of such a request by the Buyer, as pushing back a closing date can... [ more ]
May 18

Pheonenmal breakdown of the topic, you should write for me too!

posted by Beyonce to Joanne McPhail  ::  Views (6937)
Thanks! [ more ]
Oct 11

Wowza, problem sloevd like it never happened.

posted by Lorrie to Peter Frueh  ::  Views (9751)
I love problems that solve themselves without any input.. [ more ]
Aug 23

What is Land Transfer Tax and how much will it be?

posted by Nicholas Draper to Joanne McPhail  ::  Views (13235)
The land transfer tax you pay will depend upon the price of your home.   Here is a great link to do the calculation.  Just enter in the purchase price of your home and it will calculate your land transfer tax.    [ more ]
May 5

Hi Kevin, I am seeing the mortgage information for the property at 30 Greenfield stating that there is no money down required for an income of over $92k with a 30 yr term. How accurate is this? Thanks! Stephanie

posted by Stephanie to Kevin Harris  ::  Views (10319)
Hey Stephanie, This program is offered through several lenders and is available and can be used to purchase this property.The ratios needed to qualify work on the calculation of the carrying costs for this property based on the 92k/yr (income maybe combined) and is accurate to... [ more ]
Apr 27

How much do you charge and what would the land transfer fees be on a $320,000 house. I have a client moving in July so I will refer but he wants to know the charge. Will be selling in Barrie and buying in Springwater. Thanks Judy

posted by Judy to Joanne McPhail  ::  Views (14850)
Hi Judy:  Thanks for your questions and for thinking of me!  Land transfer tax would be $3275.00.  Our fee on a purchase with a mortgage is $900 plus HST and the usual disbursements.  We usually tell clients to budget about $1600 plus the land transfer tax on a straight... [ more ]
Mar 18

As a young professional I am looking to buy my first home. With a gross annual income of $69,000 and total monthly debt obligations of $1000, what size of a mortgage should I realistically be looking at? Thank you very much for your time.

posted by to Kevin Harris  ::  Views (9068)
Thank you for your question.... with the recent changes to the mortgage industry in relation to the limiting of the Amortization period to 30 years I ran my calculations based on that and at today's low rates. With an income of 69K and the 1000/mo obligation you are showing you should be... [ more ]
Jul 1

Can I ask a Realtor what the previous home sales were and the amounts they sold for, before I consider an offer?

posted by Valerie Martel to Joanne McPhail  ::  Views (11478)
Hmmm...this is more of a question for a realtor than a lawyer I think...I am fairly sure they can access the last transaction so I believe they can tell you what the Vendors purchased the home for.  I am not sure if they can go back further than that.  If you really want to know, your... [ more ]
Jun 21

what would be the separate schools (both elementary level & high school) for this property on 49 Ridgeway Ave ? thanks

posted by Janice to Joanne McPhail  ::  Views (11360)
Sorry, I do not know the answer to this, however, I believe the school boards have a web site which allows you to do a search by address, to determine what school area you are in.  Try googling the Simcoe County Catholic School Board to find the site!  Good luck! [ more ]
Jun 8

What is included in an Inspection?

posted by Mike petik to Peter Frueh  ::  Views (8233)
Mike: A home inspection is a visual examination of the structure and function of the home and major appliances. The time taken depends on the size of the home. We encourage you to attend, and we show you any problems or issues and discuss maintenance items. If you have specific questions, you can... [ more ]
May 11

Why is HST added to a condo status certificate when the Act says that the fee includes all applicable taxes?

posted by Merv Burgard to Joanne McPhail  ::  Views (11101)
Actually, you are correct, in that Ont. Reg 48/01 does stipulate in section 18(2) that a status certificate cost shall not exceed $100.00, inclusive of all applicable taxes.  However, in my experience, most condo corps have been charging $100 plus GST.  With the advent of the HST, I can... [ more ]
Mar 27

What are your legal fees and what is included in the fees when one is purchasing a first time home?

posted by Rachel Berry to Joanne McPhail  ::  Views (10755)
Thanks for asking!  Our fee for a purchase with one mortgage  is $900.00 plus GST.  Then there are "disbursements" on top of that - these are out-of-pocket expenses incurred by us in order to complete your purchase (like registration fees, title insurance fees,... [ more ]
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