🌲 27th Aug 2024 - 'Buyers Are Firmly In The Driver's Seat': It's A Good Time To Buy A Cottage In Canada, Experts Say!

💥 Tuesday 27th August 2024 💥 Toronto GTA Power Of Sale FREE Listings! Hot Property Watch: Daily Toronto News! "Discover Your Home Sweet Home: Free Reports & Hot Listings!" "Hot Property Watch: Daily Toronto News" brings you the most up-to-date and essential insights into Toronto's dynamic real estate market. Every day, we dive into the latest trends, highlight must-watch properties, and offer expert analysis on what’s driving the market. Whether you're looking to buy, sell, or simply stay informed, our daily digest delivers the hot news you need to navigate Toronto's competitive real estate landscape with confidence. Are there any additional costs or fees associated with purchasing properties under "Power Of Sale Listings," such as outstanding liens or legal expenses, and how can buyers assess these potential liabilities? Purchasing a property under a "Power of Sale" listing in Toronto, Ontario, Canada, can present unique opportunities, often at a potentially lower price than a traditional sale. However, there are additional costs and risks that buyers should be aware of, including outstanding liens and legal expenses. Here’s what you need to know: 1. Outstanding Liens or Debts Liens on the Property: When purchasing a property under Power of Sale, any outstanding liens (such as property tax liens, utility liens, or mechanic's liens) might still be attached to the property. Although the lender initiating the Power of Sale is responsible for paying off the mortgage, other debts associated with the property may still need to be addressed by the buyer. Assessment: Buyers should conduct a thorough title search to uncover any outstanding liens or encumbrances. This can be done through a real estate lawyer or a title company. The cost of a title search is typically borne by the buyer. 2. Legal and Administrative Fees Legal Fees: Given the complexity of Power of Sale transactions, legal fees may be higher than in a regular purchase. A real estate lawyer is essential in these transactions to review the sale agreement, conduct a title search, and ensure that the buyer is protected from inheriting any unexpected liabilities. Power of Sale Notice Fees: There might be fees related to the notice of sale, which the lender is required to serve on the homeowner and potentially on other interested parties. These fees can sometimes be passed on to the buyer, depending on the terms of the sale. Additional Legal Costs: If the previous owner challenges the sale, additional legal expenses could be incurred. Buyers need to be prepared for the possibility of protracted legal processes. 3. Property Condition and Repairs As-Is Sale Condition: Properties sold under Power of Sale are typically sold "as-is," meaning the lender is not responsible for any repairs or maintenance. The buyer must assume the cost of any necessary repairs or renovations. There is also no guarantee that the property will be vacant upon closing, potentially leading to additional eviction costs if the former owner or tenants do not leave voluntarily. Property Inspection: It is crucial for buyers to invest in a professional home inspection before purchasing. While this is a standard recommendation for any property purchase, it is particularly important for Power of Sale properties, as the lender is unlikely to make any disclosures about the property’s condition. 4. HST and Land Transfer Tax Harmonized Sales Tax (HST): Depending on the property's use and how it is classified, there might be HST applicable to the purchase. Buyers should verify with their lawyer or accountant whether HST applies to the transaction and be prepared for this additional cost. Land Transfer Tax: Buyers are responsible for paying land transfer tax upon closing. In Toronto, this includes both provincial and municipal land transfer taxes. First-time homebuyers may qualify for a rebate, but it’s important to budget for this cost regardless. 5. Mortgage Default Insurance Mortgage Insurance Costs: If you’re putting less than 20% down, you’ll likely need to pay for mortgage default insurance (CMHC insurance). This is a standard cost but is still an additional expense to consider, especially when already facing potential extra costs associated with a Power of Sale. 6. Assessing Potential Liabilities Title Insurance: Obtaining title insurance can protect the buyer from unknown issues related to the title, including fraudulent claims or overlooked liens. Title insurance is typically a one-time premium paid at closing and provides peace of mind. Reviewing Sale Terms: Carefully review the terms and conditions of the Power of Sale agreement with your lawyer. Some agreements may have clauses that affect the buyer's rights or add additional costs that wouldn’t be present in a standard sale. Consultation with Real Estate Professionals: Engaging with a REALTOR® who has experience with Power of Sale properties can provide valuable insights and help navigate potential pitfalls. They can also assist in negotiating terms that might protect the buyer from unforeseen liabilities. Conclusion: Buying a property under a Power of Sale listing can be an attractive option, especially in a competitive market like Toronto, but it comes with additional risks and costs. Conducting due diligence, including a thorough title search, securing appropriate legal representation, and understanding all potential liabilities, is critical to ensuring that the purchase is a sound investment. By being aware of these potential pitfalls, buyers can better protect themselves and make more informed decisions. 'Buyers are firmly in the driver's seat': It's a good time to buy a cottage in Canada, experts say As the weather cools down across Canada, so too is the cottage market, with real estate experts saying now is the time to purchase that cottage you've had your eyes on. ctvnews.ca READ MORE ... Who's afraid of the big bad variable rate mortgage? With all evidence suggesting interest rates are on the decline, why are borrowers still afraid of variable rate mortgages? Find out more. communitypress.ca READ MORE ... House of the week: Custom-built home nestled by a creek in Mississauga | INsauga This week's home is nestled by a creek in Mississauga. insauga.com READ MORE ... Summer pulse check & fall outlook: What’s happening in Canadian real estate markets Uncover the latest insights on the Canadian housing market. Explore the impact of rate cuts, demand, and future housing activity in the fall realestatemagazine.ca READ MORE ... ‘Shell-shocked’: Homeowners reeling as Ontario Line gobbles up more Toronto homes | Globalnews.ca Metrolinx said 'updated assessments' revealed more homes are 'vulnerable to potential structural impacts ... due to tunnelling activities' for the Ontario Line through Riverdale. globalnews.ca READ MORE ... Calgary among best condo markets for investors in Canada Calgary is likely to be on Toronto real estate investors’ radar more thanks to a recent report showing the city is among the more lucrative markets in Canada where average rent exceeds the mortgage cost when purchasing the average-priced condominium. “Alberta’s largest cities were among top cities in the report with Edmonton at No. 1 and Calgary in sixth,” says Tarek Hageahmad, realtor with eXp Realty in Calgary. The study by Zoocasa, a national... msn.com READ MORE ... 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National Bank of Canada Financial Markets released its Housing Affordability Monitor report this month showing continuing improvement in affordability in the second quarter of 2024 (April to June). It found in eight of 10 markets it tracked that mortgage payments as a percentage of income fell from the previous quarter. The two outlier markets, the report... msn.com READ MORE ... Here are the top cities people want to move to in Ontario and Canada | insauga The top cities people want to relocate to in Ontario and Canada may come as a surprise. insauga.com READ MORE ... House of the Week: $5.8 million home has its own sauna, wet bar and pool in Mississauga | INsauga Located in Mississauga’s prestigious Lorne Park neighbourhood, this luxury home features a gorgeous custom design from award-winning Ontario design firm David Small Designs, which won the BILD Best Custom Home award back-to-back in 2021 and 2022. Walk Thru + Tour While Lorne Park is known for its iconic custom-built homes, 1604 Spring Road stands out […] insauga.com READ MORE ... Income needed to buy a Calgary home down slightly It's getting a little easier to buy a home in Calgary, but finding an affordable home continues to be a sticking point. calgary.citynews.ca READ MORE ... Doorbells Before Wedding Bells: New Generation Of Home Buyers Unlocking Financial Success Houseful survey reveals first-time homebuyers under 30 in Canada prioritizing home ownership over other goals to secure their financial futures Despite a challenging housing market and recurring headlines around housing affordability, first-time homebuyers in Canada under 30 are undeterred. Instead, they are doubling down on home ownership as a financial priority over common life milestones such as weddings. A […] muskoka411.com READ MORE ... GTA home bidding activity cools in July while Hamilton heats up: Wahi Explore the drop in GTA overbidding activity and how it's creating opportunities for buyers, plus what's happening in the Hamilton market. realestatemagazine.ca READ MORE ... B.C. tenant claims $18,813 for 'disgusting' mouse infestation A renter was pregnant during the tenancy and said the mice infestation caused a lot of stress. vancouverisawesome.com READ MORE ... B.C. caps allowable rent increase for 2025 at 3% | Globalnews.ca Starting Jan. 1, landlords will be able to raise rents by a maximum of three per cent, which is down from 3.5 per cent for this current year. globalnews.ca READ MORE ... House of the Week: $3.1 million for an Edwardian duplex in Little Portugal sitting on a massive commercial lot - Toronto Life 1,077,815 Torontonians can’t be wrong. torontolife.com READ MORE ... Young GTA buyers shift from downtown condos to suburban homes: Here's why it's a problem Young buyers are opting for suburban townhomes instead of downtown condos in the GTA. Learn why this is problematic and what can be done realestatemagazine.ca READ MORE ... Canada To Roll Out New Steel Tariffs, Home Building Costs To Rise - Better Dwelling Canadian home building costs surged as rates were cut, and stimulus fueled record demand. Policymakers assured households that it was just supply shortages and the inflation was transitory. Supply chains will scale up and prices will come down, eventually. That day is finally here for steel. It turns out that was never the goal.  Earlier […] betterdwelling.com READ MORE ... Editor's Note "Welcome to my Newsletter Page! I am a professional Real Estate Agent in Toronto GTA with an Architectural background from India. With a unique combination of design and real estate knowledge, I am dedicated to helping clients find their dream home. My expertise in both fields allows me to understand the potential of a property and how to best showcase it to potential buyers. I am committed to providing excellent service and going above and beyond for my clients. Let me help you navigate the real estate market and find your perfect property in the Greater Toronto Area & Surroundings. Contact me today!" Click Here For Hot New Toronto Regional Real Estate Board [TRREB] MLS® Listings. Call | Email me for more Info on any GTA Listings, Buying, Selling, Investing or Homebuyer's queries. Click Here to View Listings like Real Estate Agents. Click Here For HOMES & CONDOS In Toronto. Click Here For PRE-SALE CONDOS in Toronto. How does Rent-To-Own Homes works? Click Here for Power of Sale Listings. Manoj Atri, REALTOR®  Experienced Toronto GTA Sales Representative with Architectural Background. My forte: Power of Sale | Bank Foreclosures | Fixer-Upper | Rent-To-Own Homes All types of Credits Low or Zero down With Bank Cash-Back + Cash For Renovations Info & Much More... Re/Max Hallmark Realty Ltd., Brokerage 401-685 Sheppard Ave E, Toronto ON M2K 1B6 Cell: [416] 275-2089 | Office: [416] 494-7653 | Email: Manoj@ManojAtri.com Websites:   Homebuyer Hub | ManojAtri.com | SearchRealEstateInToronto.ca Rent-To-Own Homes | ManojAtri.ReMaxHallmarkRealty.ca  Social Media: Facebook Profile • Blog • Pinterest • Tumblr Subscribe To My FREE Daily Curated Hot News Articles e-Newsletter! © Copyright 2023 ManojAtri.com All rights reserved. "Disclaimer: Articles in this newsletter are generated by AI." If you no longer wish to receive these Emails, please Unsubscribe Here