Baddeck Real Estate

From the Canadian Real Estate Association:

Now for tip #2, get pre-approved for a mortgage and know your limit. You do not want to fall head over heels for a home only to find out you cannot afford it. Ask for your spending cap then let your Realtor® know your limit. There are a
variety of programs available to Realtors® specifically designed at searching listings using client criteria.

Generally speaking, a mortgage is a loan obtained to purchase real estate. The “mortgage” itself is a lien (a legal claim) on the home or property that secures the promise to pay the debt. All mortgages have two features in common: principal and interest. I checked the interest rates today at the East Coast Credit Union ( 902-295-3477 ) and the Royal Bank( 902 295 2224 ), both located on the main street called Chebucto Street. Rates are competitive; you should consult a mortgage specialist to determine your needs. Ask about accelerated payments and if you may pay a lump sum on the anniversary date of the mortgage, that is applied directly to the princple as some lending institutions allow this option.

When you are pre-approved for a mortgage you can shop with confidence. Issues to discuss at this point are penalties
of paying off your mortgage early, current mortgage rates and closing costs. You should also find a lawyer and ask what he/she will charge to act on your behalf. Typically they will charge a fee plus disbursements. The disbursements can add up quickly so get an estimate of the total cost of their services.

Next week… Know Your Area

Terri Brewer

Catherine E. Harvey Realties

Baddeck, N.S.

902 295 2364ph 902 295 3019 fax

www.harveyrealties.com

Good day to one and all. I thought I would take some time to pass along some home buying tips that may be useful to potential home buyers. Many of you are first time home buyers and intimidation sets in as soon as you view your first home. Let me share with you some tricks of the trade and remember, there are no foolish questions. Never hesitate to ask any questions because you think it may be lame. Buying a home is one of the most important financial you will make within your lifetime. 

 A home inspector is your friend. It’s worth the money to invest in a home inspection especially if you are buying an older home. A home inspection will tell you what upgrades are required and will point out any deficiencies in the home. It will also tell you the good things about the house that may alleviate any fears you may have. The main purpose of the home inspection is so you have no surprises after you move in. From the home inspection you will already know how much life is left in the roof and if there are cracks in the foundation. There may be some specific area you want he/she to concentrate on. An inspector checks the safety of your potential new home. They also check on the structure, construction, and mechanical systems of the house and will make you aware of only repairs that are needed.

 Having a home inspection gives you peace of mind and confidence in your purchase. This allows a home buyer to make an informed decision on the condition of the property at the time of inspection. As a Realtor®, I suggest an inspection with every purchase and sale agreement of a home. 

Terri Brewer

Catherine E. Harvey Realties Ltd.

Baddeck, N.S.

902-295-2364 ph., 902-295-3019 fax

www.harveyrealties.com

 So…you’ve bought a home. Congratulations! Now the work begins. Here are a few tips to get you organized so you move will go smoothly.

Firstly.., sort through every room and get rid of everything you do not need or want in your new home. Have a garage sale with the items that are still of use. Get lots of boxes. Defrost the fridge the day before. Make sure you cancel newspapers, milk delivery, water, cable, power, and fuel.

 Return library books. Collect medical and school records. Cancel club memberships. Obtain a copy of your will. Close out local charge accounts. Change insurance policies to reflect the new home.  Get a change of address at the post office. Notify charge accounts. Get medical records for all your pets.

I hope this helps make your moving day a success.

Wishing one and all a super day!!

Terri Brewer

Catherine E. Harvey Realties Ltd.

Baddeck, NS

902-295-2364 ph, 902-295-3019 fax

902-295-3472 home

www.harveyrealties.com

terri@homezilla.com

According to the Nova Scotia Association of Realtors.

Continued…..

Buyers and sellers must understand that their brokerage representatives:

• cannot make or accept an offer on their behalf unless they have the legal authority to do so;are their representative for the purposes of communicating and receiving notice of offers, counter offers and acceptances unless written instructions to the contrary have been given by the Buyer or Seller.

Keep in mind the following exceptions:

• an offer may be withdrawn by the Buyer at any time before the Seller’s acceptance of the offer has been communicated to the Buyer;
• a counter offer by the Seller is irrevocable, which means the Seller cannot cancel or withdraw a counter offer they have made to the Buyer;
• an acceptance of an offer or counter offer is only effective once the acceptance is communicated to the party who made the offer or counter offer or to their duly authorized agent;
• an acceptance must be communicated in the manner specified and by the time prescribed, if any, in the offer or counter offer; and
• when an offer or counter offer has been accepted, there is a binding contract between the Buyer and Seller, even though the contract may specify certain conditions that must be met ( for example, the Buyer being approved for a mortgage).

Please do not hesitate to call me if you have additional questions.

Have a super day!

Terri Brewer

Catherine E. Harvey Realties Ltd.

Baddeck, NS

902 295 2364 ph, 902 295 3019 fax

902 295 3472 home

terri@harveyrealties.com

www.harveyrealties.com

According to the Nova Scotia Association of Realtors;

When a buyer finds a property they wish to purchase, it is customary for them to make an offer on an Agreement of Purchase and Sale to the Seller through the brokerage representative. The offer may be accepted by the Seller or modified and returned to the Buyer as a counter offer. If the Buyer receives a counter offer they may  accept or reject it. If the Buyer rejects the counter offer, they must make a new offer to continue negotiations.

The exchange of offers and counter offers may continue until the Buyer and Seller accepts the terms proposed by the other party or withdraws from the negotiations. Where buyers and sellers are working with brokerage representatives, the exchange of offers, counter offers and acceptances is conducted through their representative.

To be continued…..

Wishing one and all a super day!

Terri Brewer

Catherine E. Harvey Realties Ltd.

Baddeck, NS

902 295 2364 ph, 902 295 3019 fax

902 295 3472 home

Good day.  Many of you are asking about this process. What it is and why must I have it completed in order to sell my property. Well, basically it is a guarantee of title to the land owner. This land registration was designed to ease the process of how land is bought and sold. It’s a new, modern way to manage land ownership and can be managed online from any location in the world.

There are more than 600,000 land parcels in Nova Scotia and many of these have not been converted to the new system. There are mandatory triggers such as selling for value, mortgages and subdivision resulting in three or more parcels, condominium development, land title clarification and quieting of title. You may voluntarily migrate your property as well.

From my perspective, it is much easier to sell a converted ( migrated ) property as I know the historic search has been completed and ownership has been established. In the past, sales have been held up due to gaps in title, for weeks or even months, while lawyers try to rectify the problem.

You may start your migration with a call to your lawyer if you wish the process to be completed now rather than waiting until it must be done. Here is my tip for the day. If you have a large parcel of land and are thinking of subdividing it into smaller parcels, then you should convert the parent(original) parcel prior to subdivision so you only have to pay for it once.

I hope this clears up any confusion or at least answers a few questions regarding migration of land.

Take care and have a great day!

Terri Brewer

Catherine E. Harvey Realties Ltd.

Baddeck, NS

902 295 2364 office, 902 295 3019 fax

902 295 3472 home

www.harveyrealties.com

terri@harveyrealties.com

To buy or not to buy…the Bank of Canada dropped its key interest rate to 0.5%. Historic! Now is a great time to buy property as we will, albeit eventually, come out of the recession and the rates will slowly climb back into the clouds again. While most people with disposable cash are hanging on to it, some are realizing it’s a buyers market and a great time to make a purchase, especially if it is for investment purposes.

 As soon as the market changes people become realistic about selling property. In good times where an average turn around time might be 60 days, it now takes much more time and sometimes requires a drop in price to see fruition. The buyers mindset is…if I am going to risk my money in volatile times, I want a great deal!

Let us hope this recession runs its course in due time and by the time the snow is gone we’ll be back in business and back to a fair market for both buyers and sellers….see photo below!

Wishing one and all a super day!

Terri Brewer

Catherine E. Harvey Realties Ltd.

Baddeck, NS

902 295 2364 ph, 902 295 3019 fax

902 295 3472 home

Some people say the real estate market is soft and investment dollars are scarce…well, I say it’s a great time to buy property. Prices are down and people are ready to deal as they are unsure of how long this economic downturn will last.  Bank rates are low and the market is flooded. No better time to invest than now. The Canadian Real Estate Association President reacts to the  federal government stimulus plan in the 2009 budget.

“The change announced to the popular Home Buyers’ Plan will help Canadians who want to own their own home, and do it in a responsible way that is not a major drain on taxpayers,” says the President of The Canadian Real Estate Association (CREA), Calvin Lindberg.

Research conducted for CREA by the Altus Group shows that each residential real estate transaction in Canada generates $32,200 in ancillary consumer spending. The study also reported that 94,700 full time direct jobs were generated annually by that ancillary or spin-off activity. The study is posted on the www.crea.ca website.

“The federal government has found a way to introduce economic stimulus and housing initiatives for specific groups, and for Canadians who want to buy their first home.” Mr. Lindberg added. CREA had proposed the federal government do that by increasing the limit of the Home Buyers’ Plan (HBP) to help stimulate the housing market.

So…what are you waiting for? 

Wishing one and all a super day!

Terri Brewer

Catherine E. Harvey Realties Ltd.

Baddeck, NS

902-295-2364 ph, 902-295-3019 fax

902-295-3472 home