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Episode 6 of First Time Home Buyers Guide - Disclosures

10-19-10
Mike Stewart Vancouver
Tips for First Time Home Buyers - Episode 6 - Discussion about Disclosures



Following up on Episode 5, you've found a property that fits your budget, and want to make an offer. Officially, your offer is called a "Contract of Purchase and Sale". When you initiate a "Contract of Purchase and Sale", you are telling the Seller that you are serious about buying the property.

WAIT!

But, before you have your Realtordraft such a document, everything must be disclosed in writing. This is done by reading, understanding and signing 3 very important forms from your Realtor:

The WWR or "Working with a Realtor": A home Buyer and their Realtor or Buyers Agent enter into whats called the Agency Agreement when they start to work together. This document lays out the obligations and duties the Realtor owes a Client and the Rights of the Client. The salient points of the Agency Relationship as laid out in the Working with a Realtor Brochure (the link to the left takes you to an example of the document and a video explanation) are as follows; 1) Undivided loyalty. The Brokerage must protect the principal’s negotiating position at all times, and disclose all known facts which may affect or influence the principal’s decision. 2) To obey all lawful instructions of the principal. 3) An obligation to keep the confidences of the principal. 4) To exercise reasonable care and skill in performing all assigned duties. 5) To account for all money and property placed in an Brokerage’s hands while acting for the principal.
* What It Means - The Realtor works for the Client (First Time Home Buyer) and only the Client, no matter who is paying the Realtor and has to tell the Client EVERYTHING! 2) The Client/Buyer is the BOSS! No ifs, ands, or buts! 3) The Buyers Real Estate Agent CANNOT talk about the clients affairs with ANYONE, unless given permission by the Client, 4) The Realtor has to do their job right or face serious consequences 5) Everything given to the Realtor is the Realtors personal responsibitiy ie deposit cheques, keys, anything.

The FINTRAC - Then Financial Transactions and Reports Analysis Centre of Canada gather, analyze, assess and disclose financial intelligence across Canada. It is a requirement of all Realtors in Canada to ascertain the identity of the their clients and submit it to FINTRAC (this link to the left takes you to an example of the document and a video explanation)
* What It Means - Big Brother/the Government of Canada wants to know if buyers of real estate in Canada are funding terrorism or laundering money and wants all of the personal information of these Buyers and will throw these Buyers and their Realtors in jail for not giving this personal information.

* Disclosure of Remuneration - Realtors have a duty to disclose to their Clients in writing how the Real Estate Agent is getting paid, by whom, and how much. All Buyers working with a Realtor must initial or sign a Disclosure of Remuneration.
* What it Means – For First Home Buyers, the Disclosure of Remuneration is very often when they come to understand how their Buyers Agent gets paid. This is how it works: The Seller offers to pay their Sellers Agent (Listing Agent) a commission to sell their property. The Sellers Agent then offers about half of this commission to Buyers Agents to bring their Buyers to bring accepted offers that Complete. The Buyers Agent has to get it in writing that the Buyer is aware of how much the buyers agent is getting paid and by whom. PLEASE NOTE – Buyers do not pay the Buyers Agent! For a more detailed explanation of check out my Disclosure of Remuneration Video.

Once all these documents are signed and filled out its time to prepare the offer or Contract of Purchase and Sale as covered in href-"http://www.mikestewart.ca/blog/2010/10/13/first-time-home-purchase-advice-vancouver-7-contract-of-purchase-and-sale-overview/">Episode 7 of the First Time Home Buyer Tips Vancouver: The Contract of Purchase and Sale Overview!
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September Real Estate Stats for Vancouver BC

10-06-10
Mike Stewart Vancouver

September 2010 Real Estate Board of Greater Vancouver (REBGV) Statistics Package

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Here is the full package of statistics showing whats happening in the Vancouver Real Estate Market from the REBGV for September 2010.

REBGV Statistics Package September 2010

Housing market factors indicate stability in recent months

August 2010 REBGV Stats Package Here!

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Selling Your Condo in Vancouver, B.C. - A Step by Step Guide

10-06-10
Mike Stewart Vancouver

How To Sell a Condo in Vancouver Episode 1: Mortgage Penalties?

By Mike Stewart, Vancouver Realtor

 
This is Episode 1 of How to Sell Your Vancouver Condo. This new video series will be your start to finish guide of how to sell your residential condo in Vancouver, B.C.  No question is too simple!  Contact me any time with your questions and/or comments. Click the previous link and scroll down to the comments sections.  All submissions are read and answered by me personally. 

What's the Status of Your Mortgage?  Will You Have to Pay a Mortgage Penalty?

If you are fotunate enough to have no mortgage on your condo, lucky you, skip to Episode 2!(Coming Soon)

Your mortgage is a contract that commits you to pay your lender a series of payments over a specified period of time. If you want out of your contract early, you'll have to pay a mortage penalty in order to compensate your lender. The amount of this compensation varies according to the terms of your contract.  

Talk to Your Mortgage Lender First!

Jessi Johnson of the Jessi Johnson Mortgage Team was kind enough to come meet with me to explain the two types of penalties when a mortgage is ended early. For a variable rate mortgage the penalty is generally 3 months interest, which in most cases is not that much because variable rate mortgage interest rates tend to be lower than fixed rate mortgages. It can get VERY EXPENSIVE when ending a fixed rate mortgage on your Vancouver condo, because they can be subject to an IRD or Interest Rate Differential.

What is an IRD?

Jessi Johnson defines the Interest Rate Differential or IRD as such on his site:

“An IRD amount is a compensation charge that may apply if you pay off your mortgage principal prior to the maturity date or pay the mortgage principal down beyond the prepayment privilege amount. The IRD amount is calculated on the amount being prepaid using an interest rate equal to the difference between your existing mortgage interest rate and the interest rate that we can now charge when re-lending the funds for the remaining term of the mortgage.”

Jessi also has a great Interest Rate Differential Calculator on his site that you can use to see how big a penalty you may need to pay if you want sell your condo in Vancouver.

When in Doubt, ASK YOUR LENDER!

If you’re not sure what your penalties are make sure to ask your mortgage lender and they should be able to tell you how much your penalty would be should you chose to end and pay out your mortgage early.

Is Your Condo a Revenue Property?  Talk to Your Accountant!

If you’re selling a revenue property, be sure to speak to your accountant. There may be tax implications when selling an investment property. I will cover selling investment properties in detail in an upcoming series of videos.

Be sure to check out Episode 2 of How To Sell Your Condo in Vancouver! (Coming Soon!)

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Selling Your Condo in Vancouver - A How To Series

10-01-10
Mike Stewart Vancouver
Introduction to Selling Your Vancouver Condo Click Here to View The Video Titled: How to Sell Your Vancouver Condominium: The Introduction with Mike Stewart Vancouver Realtor

Selling a Condo in Vancouver IS Different Than Selling a Condo in Other Places!
Vancouver is richly populated with a huge number of residential condos. This demographic makes marketing and selling residential condos in Vancouver unique from most other urban centres in BC. In this video, I introduce my new series about How to Sell a Condo in Vancouver. The series will detail everything from pre-listing preparations to listing with a realtor to marketing your listing and finally to finalizing the sale of your Vancouver Condo.

. I may be discussing a lot of terms and concepts that may not be familiar to people outside of the Vancouver Real Estate community. If you find that you do not understand any of these terms and concepts, please let me know because…
There is No Such Thing as a Stupid Question when Selling a Condo in Vancouver!
Yes! I cannot emphasize this more. If you don’t understand PLEASE CONTACT ME WITH ANY QUESTIONS you may have on the process of selling your condo in Vancouver. I can be reached at 604-763-3136 or email me by clicking
here.
I also strongly encourage comments below with any questions!
So, you’ve decided its time to sell your condo in Vancouver. What next? Check out Episode 1 of How to Sell Your Vancouver Condo:Mortgage Penalties?!"
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Concord Pacific Offers New Condos for Pre-Sale in Vancouver's South Main Area - Welcome to Uptown!

10-01-10
Mike Stewart Vancouver

Now on the Market: New Pre-Sale Residential Condos in Vancouver South Main at "Uptown" by Concord Pacific.

Click Here to View The Video Titled: Uptown by Concord Pacific, a New Vancouver Pre-Sale in Mount Pleasant by Mike Stewart Realtor

Uptown Vancouver by Concord Pacific Price List and Features By Mike Stewart Realtor
Introducing Uptown, a new Pre-Sale by Concord Pacific located in Vancouver BC’s South Main/Mount Pleasant area. Uptown is a soon to be completed residential condo tower located on Prince Edward Street at Kingsway and East 12th Avenue. This 10 story condo tower will offer views to the north of the North Shore Mountains and False Creek. Uptown will have 102 suites, 25 of which are going to be 1 bedrooms with some 2 bedrooms and a few larger townhouses.

Pricing
For details see the price list below for this new Vancouver Off-Plan Development. Concord Pacific mentioned that 65% of the suites for sale at Uptown Vancouver will be under $350,000, but this does not include parking or any upgrades.

Interior Finishings
Concord Pacific mentioned they will give the option on light or dark laminate floors, Stainless Steel Appliances as well as Quartz Stone Counter tops.

Maintenance Fees and Amenities
Concord Pacific anticipates maintenance fees for this pre-sale to be 27 cents/sf with a small gym and party room with kitchenette for amenities.

Financing Options
The developer of this pre-sale condo is working with the Bank of Montreal who is offering a 3.45% fixed rate mortgage with a 3 year term available from completion.

HST Helper Discount!
Concord Pacific is offering HST help for Buyers of Uptown. See details on page14 of the document that I have embedded below.

Deposits
Concord Pacific is requiring a deposits of 25% on this Pre-Sale for the general public and 20% for Uptown Club Members.

QUESTIONS? Please contact me with any questions you may have on Uptown in South Main!
All of these details are subject to change without notice.
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