Tuesday, September 03, 2013

Cozy Bungalow For Rent In Hamilton!

Cozy bungalow in quiet Rosedale Neighbourhood (click to view more pictures)
  • 2 bedrooms, 1 bathroom, hardwood floors throughout, eat-in kitchen with ceramic floors, open concept living room/dining room, basement with ample storage
  • Freshly painted, updated plumbing, new pot lights in living room, large bay windows and lots of natural light throughout
  • 6 appliances: fridge, stove, microwave, dishwasher, washer and dryer
  • Spacious, fenced-in yard with storage shed
  • Driveway fits three cars end-to-end
  • Close to schools, shopping, recreation (King's Forest Golf Course, hiking trails, Rosedale Arena)
  • Convenient location for commuters: minutes from the Red Hill Valley Parkway, Mountain access and close to public transportation
  • No smokers
  • Available November 1, 2013
  • $1,600/month (incl. utilities) - 12-month lease 
  • Inquiries: 905-923-0287 or e-mail a.lamanes@hotmail.com

Wednesday, December 21, 2011

Adventures in House-Hunting: The Legal Beagle

Lawyers. We all love' em, right?

Hiring a lawyer is an essential part of the home closing process. I was skeptical about the fees lawyers charge - and there seemed to be such a wide variance for simply shuffling around some paperwork. Far from it.

Plan to spend at least $1,000 for a lawyer's services. What does your money get you?
  • Title search

  • Obtaining and reviewing a copy of the offer from your real estate agent

  • Contacting the seller's lawyer and prepare the Sale Closing Document

  • Obtaining your bank's mortgage instructions and preparing the mortgage

  • Preparing title insurance policies - one for you, one for the bank

  • Figuring out disbursements

  • Answering legal questions you have about the home closing process, your mortgage, etc.

If you have a closing date extending out 60 or 90 days, you have time to save up for these costs.

Your lawyer won't require any payment until about a week before closing. That's when you will meet your lawyer to sign all the purchase and mortgage documents that have been prepared.

Your lawyer will have calculated the total amount required from you for legal fees and the balance of the purchase price, taking the deposit and mortgage into account as well as any adjustments (e.g. property taxes). Once you have that total amount, you will bring a certified cheque or bank draft payable to the firm.

I can remember going to the bank and holding that fat cheque in my hands, sweating and shaking profusely. This was it! This was actually happening!

What then?

On the closing day, your bank will deposit the mortgage funds directly into your lawyer's trust account. Your lawyer closes the purchase with the seller's lawyer and receives the house keys to pass along to you. It'll usually be late afternoon before you can unlock that front door for the first time.

Bottom line - a lawyer's fee is money well spent to ensure peace of mind. He or she is looking out for you and can catch any red flags.

I didn't know much about any of this and I'm passing it on to all you first-timers out there. Hope you find it helpful!