Hi All, I'm helping a friend and wanted to ask if anyone can recommend an appraiser to work with in Toronto. he needs it for a triplex appraisal in Toronto NW of Bathurst & Finch. THANKS.

Hi Greg, Yes, it is within the 30 days. Yes, it is a non-mediated agreement hence the need to actually have a Hearing to end his tenancy. so.. should a paralegal be hired or is it a straight forward case usually resulting in ending the tenancy if amount owed is not paid within say 30 days...

Hi, There will be a LTB Hearing thanks to a "Request to Re-open an Application" the landlord has filed following an order under section 206 which the tenant failed to meet. The order was based on a non-mediated agreement to follow certain payment schedule, which the tenant signed but failed...

Thank you Thomas! Excellent summary of the expected legal fees as well as other closing related expenses.

Thanks Mike and Greg!

Hi All, A building inspector determined that a 2nd floor balcony of an old Plex is unsafe and it is mandatory that either a repair or a removal of the balcony be completed. Would you prefer to repair or remove the balcony assuming the same cost of say $2,000 for each option? In other...

What is the expected bank's lawyer's fee that the buyer has to pay for a 20-plex say all residential units? Approximately $2000 OR closer to $5000? THANKS. * Is this kind of fee negotiable? I mean what prevents the bank from asking say $6K where it should cost only $2K? (well, good luck...

Hi All, We know that a personal bank statement (say $50K balance) can be used by the buyer as proof of down payment when buying a property under a corporation. Is the opposite true too? meaning is a corporation`s bank statement* (say $50K balance), acceptable by the bank a proof of down...

Hi, When a lawyer represents both the buyer and the bank in a new purchase or refinance, does it double his income more or less? For the buyer, lawyer's fee is around say $1000 for a small property. does the bank pay the lawyer around the same amount or usually more? What are the...

Thomas, Can you please elaborate a bit on the "partial credit". I'm assuming by partial you mean like 90% discount(!) if re-fi is done after say 2 years, new loan amount is only say 10% higher than previous principal and new mortgage is also CMHC insured (EVEN if through a new bank now). is...

so if you don't need a new CMHC insured mortgage, just a regular mortgage, then no portion of the 30K fee is paid back to you EVEN if refinance is done only 1 month after taking the CMHC insured mortgage? If this is the case then it is almost always much better to continue with a CMHC insured...

Hi All, A basic question regarding CMHC/Genworth insured mortgages. Example: Property appraised value: 1Million Mortgage principal: 500K CMHC mortgage insurance fee paid when purchased 3 years ago: 30K (to get a 90% LTV) If the above property is refinanced up to 80% today meaning...

will do.. either 3 and 3 or 5 and 5, but not 3 and 5. Thanks again!

Hi Thomas, Thanks! so VTB term should ideally be > or = mortgage term. Good point. Obviously a 3 yr VTB with 5 yr mortgage can still be better than NO VTB with 5 yr mortgage but the first above is preferred. (I guess you can also reduce mortgage term to 3 yrs, in this example, if seller...

Thanks Thomas and Mark! Mark, excellent point regarding VTB payment through refinance! That's why I was surprised the agent suggested only 1 year. well, I am not surprised he wants to make the seller happy, very happy :) I think 3 years is much safer if you plan to refinance. I wonder...

Hi, which VTB option is more common - 1 yr term, 3yrs term OR 5 yrs term? term meaning at the end of the term you have to pay full principle back. also, is it common/reasonable to ask to pay interest only at the end of the term together with principle, instead of monthly? THANKS.

yes, 8.88% with no repayment of principal. However, if you get 20K back it's 15.5%, not 14.86% nor 16.80091%. Thomas, to get 14.86% you entered the following cells: -20000 3100 3100 3100 3100 3100...

Thanks Adam. You're correct, I thought it said 30 yr old roof. Cheers.

I just viewed an MLS listing with the following description: "..TONS OF UPGRADES INCLUDING 2 FURNACES & 30 YR ROOF" Any other hilarious RE ads or stories to share? Cheers :)

Thanks Thomas and Michael!