Quotations by Douglas Gray

Ideally, you should check out the condominium unit or property that you are interested in at three different times before you decide to purchase: during the day, in the evening, and on a weekend. That should give you a better profile of noise factors, children, or parties, and the effectiveness of the management control. [2006] - Douglas Gray

Many real estate companies and CMHC have free surveys on a quarterly or monthly basis, giving average rental prices in specific areas for specific types of properties. You don't want too high a number of rental houses or condos, as that will increase competition and possibly reduce the overall desirability of the neighborhood. [2006] - Douglas Gray

If you are buying a condo as an investment, it is prudent to purchase within a four-hour-drive radius of your principal residence. This is just a general guideline. The point is that you want to be able to conveniently monitor and/or maintain your property. [2006] - Douglas Gray

There are several professional designations for property appraisers in Canada. The most common national designations are AACI (Accredited Appraiser Canadian Institute) and CRA (Canadian Residential Appraiser), both awarded by the Appraisal Institute of Canada. [2006] - Douglas Gray

Title insurance will cover you for your legal fees to defend your right of ownership, which could cost tens of thousands of dollars, as well as your actual financial losses. The insurance covers you from the time you take title until you sell your home. [2006] - Douglas Gray

If you buy a used residential property as a principal residence, there is no GST payable on the purchase price. In other words, it is exempt. When purchasing a resale home, you can request that the vendor provide you with a certificate stating that the property qualifies as "used" for GST purposes. [2006] - Douglas Gray

In practical terms, many municipalities do not enforce the bylaw regulations relating to "illegal suites" if there is a shortage of rental accommodation in the community, or unless a neighbour complains. In most cases you have a right to appeal a decision of your municipality requesting that the tenant vacate your premises. [2006] - Douglas Gray

There are many different types of home-based service businesses that lend themselves to operating out of a condo. For example: consulting, counseling, computer-based business, telephone sales, tutoring, teaching small groups, research, travel agent, etc. In other words, you would not have people coming to your home in great numbers, if at all. [2006] - Douglas Gray

The deposit is generally 5% to 10% of the purchase price. If there were conditions in the offer, and these conditions were not met, then the purchaser would be entitled to receive the full amount of the deposit back. If you are purchasing through a private sale and no realtor is involved, never pay the funds directly to the vendor; pay them to your own lawyer in trust. If a realtor is involved, the funds can be paid to the realtors' trust account or your own lawyer's trust account as the situation dictates. [2006] - Douglas Gray

Contact the lawyer referral service in your community. Under this service, sponsored by the provincial law society or a provincial division of the Canadian Bar Association, you can consult with a lawyer for about half an hour for either a nominal fee (usually $10-$25) or no fee at all. Make sure you emphasize that you want a lawyer who specializes in real estate--ideally, condominium real estate. If you did not obtain the referral through the lawyer referral service, ask the lawyer over the phone what a half-hour initial consultation would cost. In many cases, it is free as a marketing goodwill gesture. [2006] - Douglas Gray

If you are renting to a tenant, your contract should cover hazard reduction and require the tenants to have tenant insurance coverage. As a condition of your tenancy agreement, request a copy of the policy. [2006] - Douglas Gray

The personal information record is normally kept with your will, for example, in your safety deposit box, with an extra copy kept at home. [2006] - Douglas Gray

The legal fee for preparing a basic will is very modest, ranging from $200 to $300 or more per person. If your financial affairs and estate are complex, this fee could be higher because of the additional time and expertise required. [2006] - Douglas Gray

Real estate commissions are negotiable based on various factors, including the services provided. The traditional rule of thumb is 5% on the first $200,000 and 2.5% thereafter for an exclusive listing, and 7% on the first $200,000 and 2.5% thereafter for a multiple listing (MLS). [2006] - Douglas Gray