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Dianna Mandzuk

●Sales Representative

●Certified Luxury Home

Marketing Specialist

●Canadian Staging Professional

RE/Max Jazz Inc., Brokerage

Professional Offices located at

203 Bond St. E.,

Oshawa, Ontario. L1G 1B4

Direct: 905-433-2579

Office: 905-728-1600

email Dianna Mandzuk

REALTOR

In Ontario, a Realtor is a licensed real estate professional who is a member of a local real estate board as well as the Canadian Real Estate Association (CREA) and the Ontario Real Estate Association (OREA). This individual has successfully completed an intensive course of study and has skills, knowledge and experience that most buyers and sellers don’t have. He or she must adhere to provincial law and abide by a National Code of Ethics, ensuring you a high level of service, honesty and integrity. The Realtor you select should be someone that knows the neighbourhood you live in or want to live in and who can provide you with sound, effective advice. A Realtor also acts as a mediator during the real estate transaction and can advise you on when to bring in the other experts or professionals.

LENDER

Potential Buyers can save valuable time and energy when searching for a home by knowing what they can afford well in advance.

Generally, the rule of thumb when purchasing a home is to ensure that your monthly housing costs do not exceed 32% of your gross monthly income, but many factors come into effect when financing a home.

The most important considerations when buying a home are your gross household income, your credit rating, your down payment and the current mortgage interest rate. Although CMHC (Canada Mortgage and Housing Corporation) will insure mortgages with as little as 5% down. Most lending institutions finance up to 80% of the purchase price in a conventional mortgage.

After you have determined what you can afford, remember that your total monthly debt and monthly mortgage payment cannot exceed 40% of your gross monthly income. This includes mortgage payments, taxes, heating costs, car payments, personal loans, and credit card debts.

We, your real estate professionals, can walk you through the basics in terms of determining what you can afford at the onset. For total peace of mind, it is recommended that you contact your financial institution or a Mortgage Broker to get pre-approved, prior to looking for a home.

You may choose to work with a Mortgage Broker as they can shop around for the best mortgage that suits your personal requirements. Here are the names of a few Mortgage Brokers you could call:

Upper Canada Funding Inc.,

Barb Lewis (905) 571-2880

Royal Bank of Canada

Marlene Jobb (905) 571-2168

Senior Account Manager Cell (905) 432-4310

Mortgage Intelligence

Elfie Hayes (866) 452-1101

TD Canada Trust

Donna Henderson (905) 426-4410

Manager, Residential Mortgages Pager (866) 767-5446

LAWYER

Whether you are buying or selling, a Lawyer will represent your interests. It’s a good idea to have one on standby from the start. Let your Realtor know the name of the Lawyer representing you so documents can be sent to the Lawyer’s attention. When an agreement is reached, your Lawyer will ensure you receive valid title to the property and that it is clear of any registered claims. He or she will compensate the Seller for money already paid on services and other matters related to the property.

Here are the names of a few Lawyers you could contact to inquire about their fees:

David Thomas Oshawa (905) 576-5666

Jim Aitchison Oshawa (905) 433-1174

Diane England Oshawa (905) 721-1277

Irwin Hamilton Bowmanville (905) 623-7744

Mark Seetner Whitby (905) 430-6699

Mark Woitzik Whitby (905) 668-4486

Gerald Brunt Whitby (905-668-3375

Your Lawyer will discuss title insurance with you.

TITLE INSURANCE

Title insurance was introduced in Canada just over a decade ago, and is not an accepted part of the home-buying process. Title insurance protects Buyers against problems that may slip past a title search.

The title to a property describes who has the rights of ownership to it, and there can be a variety of issues in determining “clear” title. These could include liens on the property because taxes or contractors haven’t been paid. The previous owner may have done renovations without a permit or ignored work orders from the municipality. Part of the property such as the backyard deck or roof eaves could also be encroaching on a neighbour’s property. There are several reasons why title insurance has become popular. It primarily offers broader ownership protection, especially from mortgage fraud.

HOME INSPECTOR

As a Buyer, you can avoid expensive surprises by bringing in a home inspector as a condition of your offer to purchase. The older the home, the more likely there will be issues or problems. Being aware of any “major or structural defects” will help you decide whether to proceed with your purchase, or negotiate a lower price to compensate for these major defects.

It is important to note that most houses will have a list of minor repairs/deficiencies but it is the major ones that can pose a problem.

Here are the names of some home inspection services you can call and obtain a quote from for their services:

Tom Batten Home Inspections Tom Batten Will travel (905) 982-1665

Dakota Home Inspection Services Bill Brown Oshawa (905) 436-7316

Detailed Home Inspections Bob Heurkens Durham & (905) 442-1644
Surrounding areas

Pillar to Post David Wall Durham (905) 436-1634

Amerispec Dan Silcox Durham (905) 721-9118

(800) 463-9457

Global Property Inspections Doug Kendall Cavan, Millbrook, (888) 743-1737

Bethany, Pontypool, North of Bowmanville

A & L Home Inspections Al Jodin Will travel (905) 743-0117

Prestwick Home Inspections Steve Megill Will travel (905) 619-0333

INSURANCE

You will require insurance coverage on the home you buy. This insurance must be in place before any purchase can be finalized.

There has been a growing concern in the real estate industry about the escalating cost and availability of property insurance. Realtors have provided anecdotal evidence that insurance companies have refused to insure homes that have been previously covered. In other cases, companies have decided to raise insurance premiums by a considerable amount. Some properties involved in insurance coverage issues have real or perceived environmental problems, such as oil tanks or mold. Other insurance issues develop because of outdated wiring or heritage status.

Provincial governments are responsible for the regulation of the insurance industry, including the cost of premiums and the availability of products. The Federal Government’s responsibility is limited to ensuring that insurance companies are financially sound. The Federal Government obtains assurances from the Office of the Superintendent of Financial Institutions (OSFI) that the investment portfolios of insurance companies are not excessively risky.

If you’re involved in a home transaction these days, you have to think about insurance. It could affect whether or not you get the home you want.

Determine if there are any problems that would raise concerns for insurance companies. If there are, what can be done to alleviate them? Home insurance companies have tightened their underwriting criteria and they’re reluctant to take on risks that may not have bothered them in the past. What’s at stake for you is not just the insurance, but mortgage financing as well. Banks won’t advance funds on the purchase of a home unless there is proof of insurance.

A number of home insurance issues have been identified that can impact the home buying process. These issues can include:

§ Aluminum wiring – demands to retrofit and/or change completely to copper

§ 60 amp electrical service – not deemed to be sufficient regardless of size of dwelling

§ Knob and tube wiring

§ Furnaces more than 20 years old

§ Oil tanks – age, certified

§ Wood burning appliances – WETT certification is being measured against current building codes

§ First time Buyers without prior home insurance history

§ Insurability point system now used by insurers which may be detrimental to first time Buyers. This includes “red zoning” because of the location of the property.

Be prepared. These are “some” of the basic questions you may be asked in your application for insurance:

How old is the home?

What is the construction type of the home? (brick veneer, cinder block, wood frame, etc)

How old is the roof and what type of roof does it have? (shingles, steel, shake, etc)

Is the home connected to municipal services or on a septic and well?

What type of heating system does the home have? (oil, wood, solar, etc)

Is there any form of wood burning appliance in the home? If so, is it certified?

What type of electrical entry is there? (110v or 220v); breakers or fuses?

What type of wiring is in the home? (knob & tube, copper, aluminum)

Does the home have working smoke detectors?

How far is the home from the nearest fire hydrant or fire station?

Have you ever had an insurance policy declined or cancelled?