About Halton District, ON

If you're buying a home for the very first time, the process may seem a little daunting. After all, buying a home is probably one of the biggest investments you'll ever make. It helps to have a REALTOR^® on your team -- someone who speaks the language of real estate very well.

A REALTOR^® has the experience and the knowledge to guide you through the process of buying your first home and can help take the mystery out of the many terms, phrases and clauses you will encounter.

The following glossary, an excerpt from the Ontario Real Estate Association's "How to Buy Your Home" book, provides definitions of some of the most common real estate terms you are likely to come across.

The book also fully explains the process of buying a home and is available free-of-charge by calling 1-800-563-HOME or talk to your local REALTOR^®.

Amortization: The number of years it takes to repay the entire amount of a mortgage.

Appraisal: An estimate of a property's market value, used by lenders in determining the amount of the mortgage.

Appreciation: The increase of a property's value over time.

Assessment: The value of a property set by the local municipality, for the purposes of calculating property tax.

Assumable Mortgage: A mortgage held on a property by the seller that can be taken over by the buyer, who then accepts responsibility for making the mortgage payments.

Blended Mortgage: A combination of two mortgages, one with a higher interest rate than the other, to create a new mortgage with an interest rate somewhere between the two original rates.

Blended Mortgage Payments: Equal or regular mortgage payments, consisting of both a principal and an interest component. With each successive payment, the amount applied to interest decreases and the amount applied to the principal increases, although the total payment doesn't change. (Exception - see variable rate mortgages.)

Bridge Financing: Money borrowed against a homeowner's equity in a property, usually for a short term, to help finance the purchase of another property or make improvements to a property being sold.

Buy-down: When the seller reduces the interest rate on a mortgage by paying the difference between the reduced rate and market rate directly to the lender or to the purchaser, in one lump sum or monthly instalments.

Closing: The real estate transaction's completion, when the parties involved agree that all legal and financial obligations have been met, and the deed to the property is transferred from the seller to the buyer.

Conventional Mortgage: A first mortgage issued for up to 75 per cent of the property's appraised value or purchase price, whichever is lower.

Counteroffer: One party's written response to the other party's offer during purchase negotiations between buyer and seller.

Debt Service Ratio: The percentage of a borrower's gross income that can be used for housing costs, including mortgage payment and taxes (and condominium fees, when applicable).

Deed: A legal document that conveys (transfers) ownership of a property to the buyer.

Easement: A legal right to use or cross (right-of-way) another person's land for limited purposes. A common example is a utility company's right to run wires or lay pipe across a property.

Encroachment: An intrusion onto an adjoining property -- such as a neighbor's fence, storage shed or overhanging roof line that partially (or even fully) intrudes onto your property.

Equity: The difference between the price for which a property can be sold and the mortgage(s) on the property. Equity is the owner's "stake" in a property.

Foreclosure: A legal process by which the lender takes possession and ownership of a property when the borrower defaults on the mortgage obligations.

High-Ratio Mortgage: A mortgage for more than 75 per cent of a property's appraised value or purchase price.

Land Transfer Tax: Payment to the provincial government for transferring property from the seller to the buyer.

Lien: Any legal claim against a property, filed to ensure payment of a debt.

Mortgagee: The lender.

Mortgage Insurance: Government-backed or private-backed insurance protecting the lender against the borrower's default on high-ratio (and other types) of mortgages.

Mortgagor: The borrower.

Multiple Listing Service (MLS): A system for relaying information to REALTORS^® about properties for sale.

Prepayment Privilege: A mortgage feature that allows the borrower to prepay a portion or all of the principal balance with or without penalty. This privilege is frequently restricted to specific amounts and times.

Principal: The mortgage amount initially borrowed, or the portion still owing on the mortgage. Interest is calculated on the principal amount.

Status Certificate: A written statement of a condominium unit's current financial and legal status.

Variable-Rate Mortgage: A mortgage for which payments are fixed, but whose interest rate changes in relationship to fluctuating market interest rates. If market rates go up, a larger portion of the payment goes to interest. If rates go down, a larger portion of the payment is applied to the principal.

Vendor-Take-Back Mortgage: When sellers use their equity in a property to provide some or all of the mortgage financing in order to sell the property.

Zoning Regulations: Strict guidelines set by municipal governments regulating how a property may or may not be used

article by OREA

First impressions count when selling your home - especially during an open house. Your REALTOR^® will help you prepare for your open house by suggesting many ways you can present your home in its best light and increase its saleability.

An open house is just one aspect of an effective marketing plan your REALTOR^® will develop to sell your home and one of the many services a REALTOR^® provides.

Tips and advice on how to get your house ready for sale are also part of a REALTORS^® expertise. He or she will advise you about things like de-cluttering and depersonalizing your home as well as minor improvements such as painting and rearranging furniture. Obviously you will want to ensure your home is squeaky clean for your open house, but there are also simple touches that can make your home even more appealing.

Fresh flowers are an easy way to give your home a cheery and well looked after feeling. Invest in enough flowers to place one large bouquet for impact either in the foyer or the living room and a few smaller ones throughout the house. The scent of fresh-brewed coffee, home-made bread or cookies, can also be very welcoming. See the list below for more open house preparation tips.

REALTOR^® open house
Your REALTOR^® may suggest you first hold an open house for REALTORS^®. Other REALTORS^® are already working with buyers who may be interested in your property and will inspect your home with their buyers in mind. An open house for REALTORS^® is also more convenient for you, eliminating many of the single inspections that would otherwise be necessary.

Your REALTOR^® will likely recommend you hold at least one or more open houses for the general public as well. This type of open house tends to attract many browsers. But if your home is clean, attractive, in good repair and well-priced, it may just turn a "browser" into a buyer. Also, many purchasers want to get the "feel" of several neighborhoods before they begin working with a REALTOR®. An open house will attract these buyers.

Chances are your open house for the public will be held on a Saturday or Sunday afternoon since that's when most people are likely to have free time for cruising around the neighborhoods they are interested in.

Although you may be curious, it's a good idea for you and your family to leave the home during an open house. Your presence could be distracting and potential buyers may rush their visit to avoid disturbing you. They may be hesitant to comment on your home while you are there, and generally feel more relaxed if the owner is not present.

Your REALTOR^® may also suggest you temporarily remove any dog, cat or other family pets from the property since their presence could also be distracting.

Here are some tips from the Ontario Real Estate Association and your local REALTOR^® for a successful open house:

• Remove or lock away valuables such as jewelry, cameras, compact discs, valuable coins and currency.
• Attend to any potential hazards - electrical wires crossing open areas, sharp table or counter top corners, slippery stairs and walkways, fragile items that can be easily damaged.
• In poor weather, provide a place for overshoes, boots, umbrellas and coats.
• Avoid cooking food with strong odors such as fish.
• A warm fire on a cold day can be a nice touch, but ask your REALTOR^® first since he or she will have to tend to the fire in your absence.

Spruce it up!
Often the smallest defect can be a turn-off to some potential buyers. Use this handy check list to assess what needs cleaning, mending or changing before the big day:

Floor coverings
(Includes carpeting, tile, linoleum, hardwood, etc.)

• Dirty or stained?
• Worn or damaged?
• Is there hardwood under carpeting that can be restored?

Walls, ceilings, baseboards

• Any fingerprints or stains?
• Any holes, nails, tape residue?
• Are they all neutral or complimentary colors?

Doors

• Do they squeak?
• Are the handles secure and work properly?
• Any stains or other damage?

Windows

• Are they clean and crack free?
• Do they open easily?
• Are the coverings clean and also easy to open?

Lighting

• Is there sufficient light?
• Any broken switches; exposed wiring?

Pet areas

• Are these clean, organized and odor free?

Kitchen and bathrooms

• Are countertops organized?
• Are all sinks and faucets working properly?

Other rooms

• Have all areas been thoroughly vacuumed and dusted?
• Has all clutter, including excess furniture, been collected and removed?
• Are books, toys, clothes all neatly stored?
• Do mirrors look clean?
• Are window coverings open?

Outside the home

• Are all exterior surfaces, including decks, pools, walkways and driveways clean, clear of clutter and in good condition?
• Do fence and other gates open easily?
• Are the lawns mowed, walkways clear of snow, leaves removed, trees pruned, gardens weeded, hedges trimmed?

Article by OREA

1 cup cinnamon
1 tbsp. ground cloves
1 tbsp. nutmeg
1 tbsp. allspice
1 tbsp ginger
3/4 c. applesauce

SMELLS SOOO NICE!

In medium bowl, combine cinnamon, cloves, allspice,
ginger & nutmeg. Add applesauce, stir to combine.
Work mixture with hands 2 to 3 minutes or until dough
is smooth and ingredients are thoroughly mixed.
Roll out dough to 1/4 inch thickness.
Cut dough with cookie cutters.
Using straw or pencil, make small hole in top of ornament.
Bake on an ungreased cookie sheet at 150 degrees for 1 hour
Remove from the cookie sheet and bake on the oven
racks for another hour and a half.

Use these ornaments to decorate gifts, hang on tree, etc.

or you can mix

one cup of applesauce and one cup cinnamon

any amount so long as it is equal parts

then back on cookie sheet for 1 hour at about 150 then air dry over night

It's an exciting time. Your offer has been accepted. You can't wait to move into your new home. But don't start celebrating yet. There is one final stage involved in purchasing a home -- closing the deal.

Closing is the point at which ownership and usually possession of the property is transferred from the seller to you. It takes place after the parties involved agree that all legal and financial obligations have been met. Your lawyer and your REALTOR^® will do much of the work, but here's a checklist that will show you what to expect as the process unfolds:

• Make sure a copy of the signed Agreement of Purchase and Sale is sent to your lawyer right away. Your REALTOR^® will usually do this for you. Your lawyer needs to see any conditions that exist, and the date you and the seller have agreed to close. The lawyer will ask you how you (and others involved in the purchase) want to be registered on the title to the property.
  
• Immediately begin satisfying any of the conditions of the agreement that require your action. These have definite dates attached to them and if you miss one you may have to arrange an extension or possibly risk losing the entire deal. As each condition is met, the REALTOR^® will fill out a waiver form for signatures. Note that most lawyers won't be doing many of the tasks they need to do for closing until the conditions are waived.
  
• Upon your direction and after the conditions have been met, your lawyer will begin searching title to the property. This is an exercise of going back through government records to ensure a clear title that is transferable. Electronic registration and title insurance have significantly changed the way titles on properties are transferred.
  
• If you decide to have the home inspected, your offer should contain a condition that the property passes inspection.
  
• If no current land survey exists on the property, arrange for one soon. Your lender may require it, and you'll want it for your own peace of mind, anyway.
  
• Contact your lending institution to begin the process of finalizing mortgage documents. Ask if your lawyer can draw up the documents; this will usually save money.
  
• Your lawyer will contact the seller's lawyer with any questions or issues regarding title and costs.
  
• Your lawyer will check with local utilities (hydro, gas, water) to ensure there are no outstanding claims and to get final meter readings on the day of closing. You should contact the utilities and telephone and cable companies well in advance to arrange for services in your name.
  
• Meanwhile, your lawyer is busy making sure that property taxes on your new home are up-to-date, local zoning and building restrictions have been met and there are no liens on personal property, such as appliances, to be sold with your house. You want your lawyer to make sure that what you've agreed to buy is what you'll get -- nothing more or less.
  
• Well before closing; contact your insurance agent to arrange homeowner's insurance coverage to become effective on the date of closing. Your agent can give you a "binder" letter, certifying coverage is in place. If you're moving from your current owned (rather than rented) home to another, your agent will handle the homeowner's insurance transfer for you.
  
• Your lawyer will review and verify the draft deed, statement of adjustments and other closing information provided by the seller's lawyer, and will deal with any problems as they arise.
  
• A day or two before closing, you'll meet with your lawyer to go over and sign the closing documents. Bring the certified cheque(s) to cover costs involved. Your lawyer will let you know the amounts in advance.

The big day arrives. You don't need to be present, usually. The lawyers for both parties exchange documents, keys and cheques and then register the deed and mortgage. Soon thereafter you'll be given the keys to your new home.

Now the celebration begins.

article from OREA

Dangers associated with a

marijuana grow house

• The marijuana that is produced is

shipped to the U.S. and returns as laundered

cash, guns, heroin and ecstacy.

• Alterations made to a grow house may

make the house uninhabitable for future

residents without major repairs.

• There is a risk of violence and residual

crime in neighbourhoods linked with

this illegal activity.

• Theft of electricity leads to higher utility

bills for ALL paying customers.

• Grow houses are 40 times more likely to

have fires than normal houses.

• Shock and electrocution hazards can be

created by illegal electrical bypasses

charging the ground.

• Emergency responders are exposed to

hazardous conditions.

• Grow houses may be 'booby-trapped' to

injure or kill trespassers and emergency

service workers.

• Health hazards associated with a marijuana

grow house are caused by mould,

mildew and chemicals that are used in

plant growth. These can result in respiratory

problems & allergies.

• High levels of humidity can cause wood

to eventually warp, including staircases,

floor finishes and roof joists.

• Tens of thousands of children may have

been in Ontario grow houses.

If you suspect a growhouse in

your area...

If you suspect there is a grow house operation in

your neighbourhood, it is important that you

contact local police or Crime Stoppers at:

1-800-222-TIPS (8477).