Anzi is an experienced real estate agent who sells and purchases properties in the Greater Toronto Area. She is a big believer in maximizing work efficiencies which in turn saves her clients time and guarantees them the best possible price in a short period of time.
Anzi's honesty and integrity has earned her many loyal clients. Her extensive knowledge and unique insights into Real Estate Investment (especially land developments, commercial properties and rebuild homes) have brought her clients invaluable returns. Her years of experience in mortgage business and working with builders have earned her a very large network and relationship with private lenders, builders and investors.
If you are looking to sell or buy real estate properties or looking for information about the real estate market, please do not hesitate to contact Anzi. We so looking forward to have a chance to work with you!
Anzi is Specialized in Houses, Condos, Lofts, Townhouses, Vacant Land, Construction, Pre-Construction, Assignments, Land Developments and Commercial properties.
Things to Know in Real Estate Transactions
Closing costs are a list of charges that lawyer presents to you on the closing date of the transaction. Many people are surprised at the additional costs over and above the price of their home. According to the CMHC and Genworth Financial, you should reserve at least 1.5% to 2.5% of the purchase price for closing costs in addition to your down payment. Here are some closing costs that you might experience on your purchase as a guideline (closing costs vary among provinces and cities).
• Deposit: Usually 5% of the purchase price, paid within 24 hours of your offer being accepted.
• Property Appraisal: Approx $400 - $500, often paid by the lender.
• Home Inspection: Approx $300 - $400, paid to the home inspection company at the time of the inspection.
• Balance of Purchase Price: The purchase price less your initial deposit. Usually the money will come from your lender and become your mortgage.
• Legal Fees: Amount varies depending on purchase price – approx $1,000-$2000.
• Title Insurance: Sometimes included in your legal fees – approx $250-$400.
• Property Survey: If required – approx $500-$800.
• Land Transfer Tax: Varies depending on the purchase price and depending on where you live, taxes can range from 0.5% to 2% of the total value of the property. If you are purchasing in Toronto, you will also have to pay a municipal land transfer tax in addition to the provincial tax.
• Fire Insurance: Mortgage lenders require a certificate of fire insurance to be in place from the time you take possession of the home – approx $250- $600 annually.
• Property Tax Adjustment: Reimbursement to Seller of property taxes that paid beyond the closing date.
• HST: Generally only applicable on new construction condos and houses.
• Tarion Warranty Fees: Warranty on new construction condos and houses only, not resale. - click here to estimate Tarion Fees.
• CMHC Insurance Premium: Insurance premium charged if you have less then 20% down payment.
• Provincial sales tax on mortgage insurance: If your mortgage is insured, (CMHC or Genworth Financial), you will be required to pay the applicable taxes on the insurance premium on closing. While the insurance premium can be added to the mortgage amount, the tax must be paid at closing.
Things Foreign Buyers Need to Know
Canada welcomes home buyers from all countries, and there are no restrictions on the amount or kind of real estate you can buy. Some banks will restrict the number of properties they will finance to 5 properties per person. Additionally, as of April 21, 2017, there is a 15% Non-Resident Speculation Tax that must be paid by non Citizens and non-permanent residents (including corporations and trusts)
Usually Canadian banks and lenders require non-residents have a minimum 35% down payment (in other words, 35% of the cost of the home paid for in cash, with a maximum of 65% of the home’s value provided as a mortgage). Different banks have different rules of course, and some will be more strict than others.
TO QUALIFY FOR A MORTGAGE FOR A PROPERTY IN CANADA, NON-RESIDENTS WILL GENERALLY REQUIRE:
• A 35% down payment (not from gifted funds)
• A reference letter from their bank
• An employment letter verifying income in Canadian or US dollars
• Three months bank statements
• Canadian credit check
Non-residents are eligible for the same interest rates as Canadians, provided they meet the mortgage eligibility criteria. If you live in a country that does not have a tax treaty with Canada, you will only be eligible for a fixed-rate interest rate.
If you don’t meet the eligibility requirements, you may still be able to get financing from other lenders who charge higher interest rates.
After you’ve made an offer on a property in Canada, you’ll need to provide a deposit – usually around 5% of the purchase price in Toronto – within 24 hours. That deposit is held in trust by the listing brokerage and forms part of the down payment when it comes time to take possession of the property. It’s a good idea to open a Canadian bank account and have the deposit in the bank account when you start the search for a property – when you are ready to pay the deposit, they can either issue a certified cheque for you, or they can arrange to send the deposit funds via wire transfer.
Normally, most Canadian banks will require your down payment to be in a Canadian bank for 30 days before the closing of the purchase. Most banks will want to be able to trace the source of your down payment going back 90 days.
As a non-resident, you will have to pay the 15% Non-Resident Speculation Tax and be subject to the other regular closing costs, including land transfer taxes and legal fees. [See Related: Closing Costs]
GOVERNMENT REBATE PROGRAM
As a non-resident, you will not qualify for the first-time buyer programs or land tax rebates offered by the Canadian government.
You can buy a property without getting a mortgage if you have 100% of the funds in cash. That money would need to be transferred to your lawyer before closing on the property. If you are going to need a mortgage, you’ll need to have a Canadian bank account – Canadian banks require you to come to Canada to open a bank account. (there are some exceptions to this)
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