Charles Bilash

Info for Buyers

Buying a home can be one of life's most fulfilling experiences as well as the most challenging. The more prepared you are at the outset, the less overwhelming the buying process will be.

Before you begin your search, remember to compare each property according to your standards and your priorities as determined in your wish list. By investing time and thought in choosing your property, you can find a home with the most functional fit for your lifestyle.

My expert knowledge will help you select the property that meets your needs. I will also advise you on financing options and recommend other professionals such as building inspectors, lawyers and notaries public who are needed to complete the sale. Here are a few things to consider before purchasing your home:

Mortgage Pre-Approval
A mortgage pre-approval not only helps you determine what you can reasonably afford, but also improves your status as a Buyer. An offer placed by a pre-approved buyer is more attractive to a Seller because it minimizes the risk of the sale falling through. This gives the Seller more confidence in your offer. It saves everyone time and money.

Pre-approval of a mortgage is when your lender has reviewed all your financial information and has determined the maximum amount of money you can borrow. I will help you contact one of my many contacts in the mortgage industry, who will help you find a lender with the best mortgage package available.

You are required by most Canadian lending institutions to get Mortgage Loan Insurance, especially if your mortgage exceeds 75% of the purchase price. For more information on Mortgage Loan Insurance, please visit http://www.cmhc-schl.gc.ca

Searching for a home
With my vast experience and up to date market knowledge including exclusive listings, I will provide a list of properties for sale that fit your requirements and will setup appointments to view the homes you wish to see. Using new software technology I can provide you with up to date information daily by emails at the comfort of your schedule. I will help you in finding the perfect investment or your perfect dream home in our changing and competitive market place.

You found your dream home!
You have seen the perfect home and are ready to make an offer. I will present your offer to the seller's realtor; at this point the Seller will either accept, reject or make a counter-offer. The negotiation aspect of this process can be grueling and stressful for the Buyer, and this is where having me on your side is your ace in the hole. I will help you negotiate the best deal possible with my experience and knowledge of the market to give you the edge.

Completion & Associated Expenses
Once your offer has been accepted, I will help you navigate through the contract and agreements with minimum hassle, always there to explain your options and address any questions that you may have along the way. I will also guide you through or suggest a professional to help you deal with the final steps of legal requirements before the completion of the transaction. Such as:

• Paying the deposit
• Having the home inspected
• Satisfying the conditions and subject clauses
• Finalize your mortgage
• Purchase Homeowners' Insurance
• Hire a lawyer or notary public
• Air Miles Reward Miles on your purchase

There are various expenses which the Home Buyer needs to address after an offer has been accepted by the Seller. Some of these fees are the legal fees & disbursements, home inspection fee, appraisal fee, property taxes, Strata/condominium fees, property/land transfer tax, utilities, and (if applicable) Mortgage broker's fee. Some of these expenses are a one time charge, will others are ongoing (i.e. Property taxes and utilities). The largest expense is your down payment. Luckily if you are a first time Buyer this amount would represent only around 5 - 10% of the purchase price.

Please give me a call for more info today!

Info for Non Residents

Currently there are no restrictions of Non Residents purchasing Canadian Real Estate, nor are there tax implications or extra fees payable at time of purchase. A Non Resident can purchase as many properties as they wish.

If the purchased properties are used for an investment (rental) then the Non Resident must file a Canadian tax return each year to declare the rental income, because this amount is subject to federal income tax deductions.

For non resident borrowers, 35% to 50% is generally required for a down payment. Typically mortgages in Canada have a 25 year amortization period and most institutions will guarantee an interest rate for terms ranging from 6 months to 10 years, the shorter the term the lower the interest rate. Typically lenders will require the following documentation from non - resident clients:

• bankers reference letter from your current financial institution
• confirmation via a 3 month history of bank / brokerage statements that show the 35% to 50% down payment is from non borrowed sources
• a personal net worth statement & a completed mortgage application
• many lenders are quite competitive and may waive all of the above requirements providing you have an adequate down payment

In addition to the down payment the lender will want to know that the buyer has approximately 1.5% of the purchase price available to cover the costs of closing the transaction. Some of the typical closing costs are:

• legal fees to transfer the title of the property and register the mortgage $1200 - $1500
• Property Purchase Tax (in B.C.) 1% of the first 200,000 of the purchase price and 2& on the balance
• Bank Appraisal of the property $200 - $500
• Goods and Service Tax (GST 7%). This only applies to homes that are new and have not been registered at the land title office

The mortgage approval may take up to 2 days after the application and documentation have been submitted to the lender. The borrower will need to open a Canadian bank account for debiting mortgage payments.

If a non resident sells their Canadian real estate, the non resident is required to pay the appropriate amount of taxes on any gain made on the sale. It is recommended that you seek proper legal advice on this matter before selling.