Thank you for browsing my web-site. By the way, I
believe the best city to be in (when enduring an economic downturn) is
Toronto's GTA!
1) CLOSING COSTS: UP TO $10,000 INTEREST FREE FOR 6 MONTHS
Sometimes buyers require cash assistance when buying a home due to
unexpected closing costs which can delay or possibly prevent a deal
from closing. Up to $10,000 is available interest free for six months
to cover expenses on closing a purchase such as government land
transfer taxes, closing adjustments, registration costs, legal fees
and legal disbursements.
In order to arrange for such a deferral of closing costs on approved
credit, the buyer should phone 1-800-307-0370 (to FIRST CANADIAN TITLE
INSURANCE) at least four business days before the closing date and ask
for the six months interest free closing costs option. The application
process is about 20 minutes by phone (so have your personal
information ready when calling).
The administration cost for any amount up to $5,000.00 interest free
for six months is $249.00 (and such cost can be included in the
$5,000.00). The administrative cost for any amount from $5,001.00 to
$10,000.00 is $349.00. At the end of six months, the buyer has the
option of repaying the borrowed amount in full or making payments
based on interest rates that begin after the six months. NOTE:
Applications for this program MUST be made by December 31, 2008 even
if the closing date is later.
2) FREE POWER OF ATTORNEY FOR REAL ESTATE CLOSINGS
If a power of attorney is needed for a listing, offer, mortgage, or
for the closing of residential real estate, you may print out such a
form of power of attorney from the website at
http://www.homelegalcost.com
AT NO COST TO YOU and use it for your Ontario real estate
transaction.
NOTE: When using a signed power of attorney form, such a power of
attorney form CANNOT be used for purposes of mortgage financing or
title transfer/sale UNLESS the buyer(s) or owner(s), who granted the
power of attorney:
(i) provides the law office with an original signed power of attorney
document (prior to the date of closing the transaction) with ONE of
the two witnesses being a lawyer, an attorney, a notary public or a
government official with an official stamp or seal being used beside
the signature of the witness;
(ii) immediately sends a faxed copy of the signed Power of Attorney
to the law office in Toronto together with a LEGIBLE copy of an
unexpired photo identification (current valid passport or driver's
licence) as well as handwritten notes (in readable black ink)
reflecting the current date and stating that the power of attorney
granted to (insert name of person) for (buying/selling/refinancing)
the (property address) is still valid and to be used for the
completion of the transaction, with such handwritten note being signed
and showing a contact telephone number for the person signing the
note;
(iii) the faxed note must also state that the person giving the power
of attorney is considered (resident/non-resident) of Canada;
NOTE: POWER OF ATTORNEY USED FOR BUYING or REFINANCING: Be aware that
if a power of attorney is being used for a purchase with a mortgage or
refinance, the mortgage lender must pre-approve the use of the Power of
Attorney or the lender might refuse to provide mortgage funds on the
closing date. Mortgage lenders will usually approve the use of a Power
of Attorney when the borrower is an existing customer of the lending
bank OR when an Ontario lawyer has witnessed the power of attorney
being used. ALSO, the mortgage lender will require a legible copy of a
second form of identification to be sent to the lawyer prior to
closing.
NOTE: POWER OF ATTORNEY USED FOR A SALE or REFINANCE: Net sale
proceeds will ONLY be payable to the registered owner(s) and not the
name of the person having the power of attorney.
NOTE: If you have any questions, (even if I am not the Realtor
involved in the deal and you simply want a second opinion) my cell
416-834-8468 is open to 11pm 7 days, see:
http://www.homelegalcost.com
for quotations on legal fees and disbursements for any purchase or
sale price up to $1,500,000.00
