The island is approximately 4.5 acres and has hydro service to the cottage and outbuildings. You can enjoy privacy this Lake Nipissing location provides. Included in the List Price of $500,000.00 (Canadian) is a 100 by 250 foot waterfront lot on Caron Road, Lavigne, Ontario. Park your Vehicles and in the off season store your water crafts with the convenience of this lot. The lot is only minutes away from the Island.
The Seller’s Property Information Statement (SPIS) , well not mandatory,is one of the documents that a Buyer may request in a Agreement of Purchase and Sale or if within the Seller’s capacity,provided scrutinized before signing a Offer. If there are any blank questions or ambiguities, you are likely going to be asked for further clarification and it could delay or prevent a Buyer from moving forward.
Here are 6 tips to help you overcome “disclosaphobia” and complete this document with ease:
1. Do Your Research
If you purchased your home within the recent past and had a home inspection, this report can be a useful reference as to the make, model and age of certain components in your home such as the Furnace,A/C system, water heater, etc. Keep in mind that if you have replaced any of these items, then you will need to complete the disclosure reflective of that information.
2. Be Accurate
If you had a home inspection at the time of your purchase, that could tell you the age and type of key components such as the roof, plumbing and electrical. As well any invoices & receipts retained from the previous owner in regards to improvements completed Use this to help determine the present age when you are completing the disclosure.
3. Be Honest
Answer every question to the best of your knowledge. If there was something that happened such as a roof leak or water damage for example, provide as much information as possible. Buyers want to know when the issue occurred, the nature of the damage and what was done to repair or address the issue. If an insurance claim was filed, be sure to note that and what the outcome was as far as coverage. The claim could very well turn up when the new buyer works on obtaining insurance – better for the buyer to learn about it from the SPIS first. Attach any relevant paperwork as well such as receipts or invoices. Buyers need assurance that all adds up. Surprise is never a good thing in real estate.
4. Be Clear
Don’t leave a buyer guessing. Avoid vague answers or leaving questions blank. That only raises more questions for a buyer. If you don’t know or the question is not applicable to your kind of property, note that.
5. Set Expectations
The biggest challenge for disclosures arises when the party selling the property has never occupied it or only lived in it for a brief period of time. Be sure to clearly state what your occupancy situation was and to what extent if any, you have knowledge about the property. Setting proper expectations upfront in this regard with potential buyers is important.
6. Ask your Solicitor for legal advice if you have any quesitons on completing the Disclosure forms.
If necessary, attach an additional explanation for anything that requires more information than what the form provides. Make sure all information is legible and will transmit clearly across a variety of mediums when printed, emailed, scanned or faxed.
In short, be thorough and provide information to the Buyer that will give them confidence in their decision. Contrary to popular belief, Buyers are not frustrated with too much disclosure, but rather not enough.
Buying a home can be a very complex, and sometimes emotional experience. Some buyers find themselves getting caught up in the emotional side, and let their heart take over their head. Here are a few tips from Coldwell Banker on how would-be buyers can stay grounded and avoid some common pitfalls during the home buying process:
• DON’T fall in love with the first house or neighbourhood you see. That West end neighbourhood Victorian home with the white-picket fence may win your heart at first glance, but don’t fall in love too fast. You need to keep an open mind to make sure you find the right fit for all your needs. At the end of your search, it may turn out that the Graniteville neighbourhood Bungalow that’s closer for your commute is a better bet all-around.
• DON’T buy beyond what you can afford. It’s easy to fall into that all-you-can-eat attitude, especially if this is your first home purchase. You “want it all” when it comes to size, amenities, location, etc. But remember that your eyes may have a larger appetite than your wallet. Make sure that the down payment, closing costs, monthly expenses and taxes are truly within your income and savings range before you sign on the dotted line. I can help you ‘crunch the numbers’ ahead of time, to help you determine what you can comfortably afford.
• DON’T treat your home the way you treat your stock portfolio. It’s unrealistic and unwise to expect your housing investment will always appreciate as quickly as high-risk stocks or bonds. Buying for lifestyle reasons, as opposed to trying to turn a quick profit, will help ensure that you are viewing home purchasing and ownership in the right context.
• DON’T try to time the market. By the time most consumers sense a major real estate or financial market shift, the tables have typically already turned. Instead of waiting for a slim and unreliable window of time – and potentially missing out on the perfect home – buyers should focus on their own lifestyles and buy when the time is truly right for them.
• DON’T jump into an overly tempting or confusing mortgage. When it comes to down payments and mortgages, if it sounds too good to be true, it probably is, especially if financing outside of major financial institutions. Be sure to read carefully through every aspect of the proposed agreements to fully understand your end of the bargain. Consider getting independent financial advice if you’re unsure of your options. For instance, what seems like an attractive rate now may increase dramatically a few years down the road.
• DON’T underestimate the value of a trustworthy real estate agent’s on-the-ground expertise. While being a savvy buyer and doing one’s homework will help on the road to homeownership, a local expert with years of negotiating experience is invaluable when it comes to scouting out the perfect home – and closing the deal.
Want more tips on how to make a smart and savvy real estate purchase? Call or email me, and take advantage of my insights and experience.
There’s an old saying that the three most important things in real estate are location, location, location. When you’re house hunting, it’s important to remember that when you buy a home you’re also buying the neighbourhood.
You can get a sense of the community by visiting the area you’re considering on different days of the week, and at different times of the day. Talk to residents—they’re a wealth of knowledge about area amenities and community spirit. Read the local newspaper to get up to date on current initiatives and upcoming developments. You might even visit a local community center to get an overview of what’s going on in the area.
The resale potential of the neighbourhood is important to assist you in your research and search, with my qualified services, I can create a report for you, showing the properties listed, and sold in the area and discuss appreciation in property values to help you make an informed decision.
Home shopping, we all have our list of needs and desires to begin our search. The home features make up the majority of our
list, but there is another criteria to consider ;Location.
Each neighbourhood and area has it’s benefits and features that you may not be aware of. Following are some of the communities
around North Bay. http://www.cityofnorthbay.ca/
The township of East Ferris. Here is a information link: http://eastferris.ca/
Callander, just south of North Bay is a growing community. Their website provides more details on the community:
Powassan is 10 minutes south of North Bay on Hwy 11 . Here is the link to information. http://www.powassan.net/
Heading west on Hwy 17 takes you to Sturgeon Falls. http://sturgeonfalls.com/
Going east of North Bay down Hwy 63, takes you into Phelps Township. http://phelpstownship.com/
These links are a great source of information on each community.
It is important to keep in mind not every neighbourhood is the same covenants; not every condominium complex has the same Bylaws/Rules.
Before you begin your quest to find the next home or condominium, some research should be done before heading out. A good idea is to get copy of the Restrictive covenants for the neighbourhood you desire. There could be restrictions such as no fences, no satellite dishes, required light fixtures on the lawn, and no tree removal and so on,this may affect your future plans.
Depending on the age of the subdivision the neighbourhood owners may have a copy of the Restrictive Covenants or take a trip down to City Hall.
When purchasing a condominium, you do have the opportunity to include a condition of Review of the Status Certificate with your lawyer. in short, among the Documents included with the Status Certificate are regulations and Bylaws. This will let you know if pets are allowed and other restrictions/ uses. If the Status certificate review is not to your satisfaction and cannot be resolved you may sign a Mutual Release.
If you have any questions or would like more information on Restrictive covenants or Condominium bylaws, send me a email.