101 Streetsmart Condo Buying Tips for CanadiansInformative and comprehensive, this book is a must-have guide for people who are shopping for a condominium. Condominiums are fast becoming the purchase of choice for people who are looking for the amenities of an urban lifestyle, hands-off maintenance, and an entry into the real estate market for often less than the price of a detached single-family home. The appeal of a condominium lifestyle has resulted in incresed demand and consequently higher purchase prices. So it is crucial that prospective buyers understand what makes a condominium differnt from other types of real estate and what is involved when they decide to invest. In 101 Streetsmart Condo Buying Tips for Canadians, bestselling real estate author Douglas Gray offers condo shoppers everything they need to know to make their purchase a pleasant and profitableexperience. Realders will learn about matching the purchase to their needs and risk tolerance, financing strategies, negotiation tactics, and how to close the deal and pitfalls to avoid. In addition to the many streetsmart tips, the appendix includes a glossary of real estate terms, useful websites, and helpful checklists. 101 Streetsmart Condo Buying Tips for Canadians will appeal to condo purchasers who want reliable and objective information to help them make an informed, insightful, and confident decision when they buy. |
Contents
Introduction Table of Contents | |
Condo Course 101 | |
Understanding the Types of Condos in the Market | |
Advantages to Look for in a Condo Community Lifestyle | |
Disadvantages to Think About in a Condo Community Lifestyle | |
The Benefits of Buying a Condo as an Investment | |
A Crash Course in How a Condominium Is Run and Managedand what | |
The Fine Print of Presenting an Offer | |
Get Title Insurance | |
Typical Costs When Closing a Purchase | |
You Cant Hide from the Taxman | |
Income Tax and Your Personal Residence Tip 59 Capital Gains or Income on an Investment Property? | |
Income Tax and Investment Property | |
Can You Have a Rental Suite in Your Condo? | |
Operating a Home Business from Your Condo | |
Read the Act Tip 7 Know the Powers of the Council | |
Who Minds the Farm? | |
Can You Live with Your Obligations as a Condo Owner? | |
Know Your Rights Before You BuyYou Could be Surprised Tip 11 The McCoys vs the Hatfields | |
When in Dispute | |
The Cost of Membership Part 1 | |
The Cost of Membership Part 2 | |
Understand How Federal Government Policy Impacts Interest Rates | |
Why the Money Supply Affects Mortgage Rates | |
Know that Rates Vary Among Lenders | |
What Kind of Borrower Are You? Tip 19 Different Properties Mean Different Rates Tip 20 Know the Mortgage Hierarchy | |
How the Mortgage Term Is Connected to the Interest Rate | |
How to Determine the Maximum Mortgage You Can Afford | |
You Own the Property When the Mortgage Is Dead | |
Know the Fine Print Before You Sign | |
How a Preapproved Mortgage Can Help You Tip 26 Where to Find Conventional Financing | |
Alternate Sources of Financing | |
Understanding the Special Clauses in a Condominium Mortgage | |
Where to Begin Shopping for a Mortgage | |
Using a Mortgage Broker | |
The Key Factors to Consider When Selecting a Mortgage | |
What You Need to Know When Applying for a Mortgage | |
Understanding What the Lender Requires of | |
Beware the Many Costs of Obtaining a Mortgage | |
Mortgage Life Insurance Premiums vs Term Insurance | |
Using the Money in Your RRSP Tip 37 What Your Options Are If You Default on Your Mortgage | |
Options for the Lender on Default | |
Understanding Whats Behind Real Estate Cycles | |
Identifying the Three Types of Real Estate Markets | |
Identifying Factors that Affect Prices | |
Assemble Your Team How to Find the Right Realtor | |
Assemble Your Team How to Find the Right Accountant | |
Assemble Your Team How to Find the Right Home Inspector | |
Assemble Your Team How to Find the Right Insurance Broker | |
The Essential Factors of Buying a Condominium | |
Know the Real Reason Behind the Listing | |
Where to Look for Your Condo | |
Pros and Cons of Different Types of Condos | |
Know Your Warranty Coverage for a New Condo Tip 51 How Do You Know If the Price Is Fair? | |
Factors that Drive Your Buying Position | |
How to Prepare for Negotiation | |
What Are Typical Preparation Pitfalls to Avoid? | |
What Are Typical Due Diligence Pitfalls to Avoid? | |
What Are Typical Partnership Pitfalls to Avoid? | |
What Are Typical Financing Pitfalls to Avoid? | |
What Are Typical Legal Pitfalls to Avoid? | |
What Are Typical Investment Pitfalls to Avoid? | |
What Are Typical Tax Pitfalls to Avoid? | |
What Are Typical Selling Pitfalls to Avoid? | |
Know the Difference Between Freehold and Leasehold Interest in Land | |
Understand the Various Types of Joint Ownership | |
What You Need to Know About a Legal Contract | |
What to Look for in a Purchase and Sale Agreement | |
Ensure that Conditions of an Offer Are Clearly Stated | |
Conditions for the Benefit of the Purchaser | |
Conditions for the Benefit of the Vendor Tip 78 Know Your Legal Options to Get out of a Signed Contract | |
Understanding Project Documents | |
Understanding the Condominium Corporations Bylaws | |
Understanding the Condominium Corporations Rules and Regulations | |
Understanding the Disclosure Statement | |
Understanding the Condominium Corporations Financials | |
Understanding Property Management | |
Understanding the New Home Warranty Program Certificate | |
The Ins and Outs of Hiring a Lawyer | |
Understanding the Services the Purchasers Lawyer Provides | |
Understanding the Services the Vendors Lawyer Provides | |
Protecting Yourself with Home Insurance | |
How to Avoid Being Sued | |
Why You Need an UptoDate Will | |
Rely on a Lawyer to Prepare Your Will | |
The Importance of Estate Planning | |
The Best Time to Sell Tip 95 Hints on Preparing Your Condo for Sale | |
Know the Pitfalls of Sale by Owner | |
How to Find the Right Realtor | |
Getting the Best Price Tip 99 Know the Contents of a Listing Agreement and Avoid Problems Post Sale | |
How Much Commission to Pay a Realtor | |
Which Type of Listing Agreement Fits Your Needs? | |
Conclusion | |
APPENDIX Condo Purchase Expense Checklist | |
Helpful Websites | |
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Common terms and phrases
accountant agent amount appraisal assessment assets borrower British Columbia building buyer buying a condo bylaws Canada Canada Revenue Agency Canadian charges clauses CMHC common elements common expenses condominium corporation condominium council condominium development condominium unit consider contract costs deduct estoppel example factors fee simple foreclosure funds Genworth Financial Home Warranty Program income insurance company interest rate investment investor joint tenancy land legal fees lender maintenance fees management company monthly mortgage broker Multiple Listing Service needs negotiating normally obtain offer option ownership paid payments pitfalls to avoid potential premium principal residence problems professional project documents property taxes provinces purchase and sale purchase price purchaser’s realtor referred rent rental repair resale residential risk RRSP second mortgage selling specific statement tenancy-in-common tenants townhouse unit owners vendor warranty coverage