Immobilienmakler Digital

Many who start a dollar store are looking for strategies to differentiate their store from the rest of the crowd while adding to their profits. They examine adding shelf pulls, closeouts, and even customer return merchandise to their merchandise product mix in their store. The plan is to pay much less for these items and then resell them as items you just don’t find in the typical dollar store. Their vision includes king size profits in return for their efforts. While there are some real positives associated with this strategy there are certainly some disadvantages to consider as well. In this article I will present 6 of the disadvantages to buying, sorting and reselling store return merchandise when you start a dollar store.

1) Customer returns are not the new merchandise you received when you first start a dollar store. This is likely a big change for your normal business model where all merchandise on display is new, and never before used. Really examine whether moving in this direction will work successfully in your store. Make sure this is something your shoppers will embrace as a means of receiving added value for their shopping dollar. Make sure the added costs associated with this merchandise don’t erode your profits.

2) All of the merchandise must be carefully sorted before being offered for sale. Customer return merchandise is often bulk packed with tens or even hundreds of different items mixed together. As a result you will need to sort the items first to locate matching or similar items and next to lump like-department items together for additional inspection.

3) All of the merchandise must be thoroughly inspected prior to being offered for sale. This is very different from your experience when you first start a dollar store. Where a quick once over looking for broken or damaged packaging is adequate for new items, these items will need individual, one-by-one examination. Often the examination will reveal a flaw of some type.

4) There will be ‚waste‘ in the merchandise you receive. It is almost a guarantee that there will be items with flaws, hard use, or other issues making them unsalable at almost any price. Orders with too many of these reject items can wreak havoc with your profits.

5) Most liquidation and closeout sellers offer these items for sale ‚as is, where is‘ so there are typically no guarantees of any kind. You own the merchandise you receive. While many suppliers of merchandise make returning or receiving credit for merchandise difficult, this is an absolute for these items.

6) In most cases these items will be available only for a limited time. In other cases there may be limited quantity available. In all cases while these items are generally well-priced and the amount of time available for you to order is short. It is important to remember since these items likely won’t be available in the future they are not a means of bringing shoppers back for follow-up purchases.

To your success when you start a dollar store!

Immobilienmakler Heidelberg

Makler Heidelberg

The numbers are coming in and the picture for homeowners is grim: According to a recent report by RealtyTrac, the first three months of 2006 saw an increase of 72 percent in nationwide foreclosures. Economists are blaming a variety of factors, including rising gas prices, interest rates, insurance rates, and property taxes. This increase in foreclosures is not a surprise and is being driven in large part by the increase in creative financing packages offered by lenders in recent years.

In the past few years, the foreclosure rate has held at historically low levels because rising home values have made it relatively easy for homeowners in financial trouble to sell. But as appreciation rates level off and with billions of dollars in adjustable rate mortgages subject to rate increases this year, the demand for assistance from foreclosure specialists will climb.

One of the most effective foreclosure strategies is known as a short sale, which is when a lender accepts a payoff of less than the amount owed to avoid a foreclosure, or, if the foreclosure has already occurred, to unload the property and avoid greater losses. For example, let’s say a homeowner is facing foreclosure on a home valued at $250,000 with a mortgage of $238,000. If the homeowner tried to sell through a traditional real estate agent, he would have to come up with cash at closing to complete the deal. Instead, using a short sale strategy, you go to the lender with an offer of $190,000 and the lender accepts that as full payment of the loan.

In this situation, everybody wins. The homeowner has avoided foreclosure and gotten rid of a huge burden. The lender has avoided the cost of the foreclosure, the damage of having a bad loan on its books, and the trouble of having to take possession of and then sell the property. And you have purchased a property with an automatic $60,000 in equity.

While it’s possible to do a short sale after the foreclosure when the bank actually owns the property, it’s best to use this strategy when the homeowner has received a notice of default but before the actual foreclosure. Lenders will rarely, if never, negotiate a short sale until the notice of default has been recorded. But at that point, the lender can be very motivated to give you a handsome discount to take a problem off its hands.

Properties that are over-leveraged (with mortgages exceeding the market value) and properties with multiple mortgages are prime candidates for short sales. Remember, second and third mortgages are typically wiped out at a foreclosure auction. Those lenders would rather have something than nothing and will usually be willing to negotiate with you. Of course, cosmetically distressed properties are also ripe for a short sale because lenders don’t want to get in the fix-up business.

How to do a short sale

The first step in the short sale process is to reach an agreement with the homeowner and get the property under contract, perhaps using a Memorandum of Option which can be recorded if necessary. This means you now have an interest in the property and the homeowner can’t easily back out of the deal after you’ve spent hours working on it.

Next, contact the lender and ask for the short sale or workout packet. The information in the packet will tell you exactly what you need to do. The lender will probably request a substantial amount of information on the homeowner, including a letter explaining why he has not been making his mortgage payments, bank statements, pay stubs, a copy of the real estate purchase and sale agreement, etc. Put this information together and return it to the lender as quickly as possible. Remember, the foreclosure clock is ticking.

The next step in the process is the broker price opinion, or BPO. This is an alternative to a full appraisal and is typically conducted by a local licensed real estate professional. The BPO is the secret to a successful short sale–and you want it as low as possible. Remember that real estate agents are conditioned to go for the highest appraisal possible, but you need for them to see the situation through your perspective. The lower the BPO, the better your chances of getting the discount you want.

After the BPO is turned in, the lender will either reject or accept your short sale offer. If it’s rejected, you can renegotiate and even request a second BPO. If it’s accepted, congratulations–you’ve solved a problem for the homeowner and the lender, and made money for yourself in the process.

Immobilienmakler Heidelberg

Makler Heidelberg

You’ve decided, for any of a number of reasons, it’s time to sell your beloved home. Will you opt, to be your best friend, or worst enemy, based on the actions, you either choose to do, or avoid? In over a decade, as a Licensed Salesperson, in the State of New York, I have observed, how some homeowners, significantly help and assist their cause, while others, take actions, which often appear, at odds with, their best interests! This article will briefly examine, using the mnemonic approach, whether you are prepared for SELLING your home.

1. Strong points; system; staging: Will you be willing to objectively examine, your strong points/ assets, while admitting areas of weakness? Why would someone want to purchase the house? What is different/ better/ unique, about the home, which might help its marketing efforts? Will you commit to listening to, and adopting the system, your selected, professional, real estate agent, recommends, so you and your agent, proceed, on the same page? Will staging benefit the possibilities of selling the house, at the best possible price, in the shortest period of time, and with the least hassle?

2. Emphasis: Discuss your home, in detail, with your agent, and come to a meeting – of – the – minds, regarding the best place, to put the emphasis! How will you determine that, and how will you determine, what to emphasize?

3. Listen: You want your real estate agent to effectively listen to what you want, so doesn’t it make sense, for you to use effective listening, and maximize the potential, for effectively marketing your property?

4. Learn: Commit to learning from what your agent tells you, so you do what will be helpful, to successfully completing the sales process!

5. Impression; ideas: What will be the first impression, potential buyers might experience? How will you effectively distinguish your house from the competition? Will you listen to the professional ideas, offered by your agent?

6. Needs; nuances: Will you objectively consider, evaluate, and pay close attention to the needs, of marketing your house, effectively? Is there a specific niche, which might be the ideal market, and what nuances, might your agent’s marketing plan, include?

7. Get it done: Selling a home, in the real estate market, must be a proactive, well – considered activity, which considers how to best get it sold! How will you and your agent, get it done?

Don’t just say, you want to sell your home! Are you ready, willing and able to do what’s necessary, and, truly, prepared, for SELLING your house?

Immobilienmakler Heidelberg

Makler Heidelberg

Remember, first impressions count when selling real estate, which is why it is important to make your home stand out. There are several simple and basic things you can to do to sell your home.

Increase Curb Appeal

Landscaping can make a powerful impact to curb appeal. With spring on the way, there are several easy things you can do to make your home appealing from the outside.

1) Mow your yard with diagonal rows to make your yard appear larger.

2) Edge the lawn along driveways and sidewalks. This will show the buyer that you care and pay attention to detail.

3) Transplant tulips or other spring flowers near the walkway or anywhere in the front. Use bright colors, especially yellow because it stimulates happiness. Consider container plants also in groups of three to five and place near the entrance.

Home Staging

Stage your house as a home potential buyers can imagine themselves in. Remove extra furniture that clutters the space and arrange with maximum impact. This is a technique that model homes have been using successfully for many years.

When potential home buyers visit your home, remove all clutter and store out of sight (e.g. children toys from the family room, bills/mail/papers from the den, or make-up/products/appliances from the bathrooms).

Add a Fresh Coat of Paint

Another thing you can do is to paint your walls white (or a neutral color) if they are not already. A fresh coat of paint will make everything look cleaner and white walls let the potential home buyer imagine their own personal style in the home instead of yours. White walls also make every room feel bigger. Avoid dark colors which can discourage a buyer if they do not like the color and makes the room look smaller.

Pay Attention to Details

Remember to do the little things to make your house stand out. Details matter. Here are a few examples:

1) Wash the windows inside and out. Clean all the mirrors.

2) Set out fresh flowers with a clean and inviting smell.

3) Polish hard wood floors to shine and vacuum right before any showing.

4) Offer a shoe mat at the entrance and even an umbrella stand. This will encourage prospective buyers and agents to remove their shoes and help keep your floors looking great.

5) Fluff pillows and put out fresh towels in bright colors. Even consider replacing these items because they are inexpensive and can add interest to a room.

Immobilienmakler Heidelberg

Makler Heidelberg

Making the decision whether they should buy furniture or rent furniture for their home staging job, is really a challenge for home stagers. But for many, they buy new furniture when home-staging vacant homes and they just rent furniture for already furnished homes. One of my previous articles discussed the advantages and disadvantages of buying furniture for home staging, so this one will talk about the advantages and disadvantages of renting furniture based on what I have observed in my long career in the real estate business.

There are clear advantages of renting furniture. One is that you do not need a huge investment upfront to be able to rent furniture. Also, you do not have to transport it yourself to the home and this is an advantage for you because it gives you more time to do the real job-the home staging job. However, even there are these clear advantages, a lot of home staging experts do not prefer furniture rental. They often said that it is not „attractive.“

Disadvantages of furniture rental as according to a great number of home stager professionals and experts:

1. Furniture rental tends to be neutral, often blandly contemporary, and it is not a great way to find great furniture you have imagined to give the home an amazing look, because most of the time, the ones that you are looking for are not available from rental companies.

2. When it comes down to the cost, it is expensive because most companies who offer furniture rental require a 3-month minimum period. This means that after you reached the 3-month period, you will have to pay again for each furniture piece that you rented.

If we are going to compare buying furniture and furniture rental, buying somehow stands out because of the time it can give to homeowners (your clients) and it get to save them money by not restricting them to the three-month minimum contract. Buying though is expensive, but at least you get to keep the pieces you will buy for your home staging job. It is a one time payment so it will save you money.

In addition, when buying furniture, you get to choose each piece. You get to choose the designs and styles that appeal to you and keep them. No more paying for rent!

3. Limited choices. As I said earlier, you cannot find everything you like in furniture rental. This is because your choices are limited. Just an example, you have a home staging job in a modern empty home and you decided to just rent furniture from a rental company. Unfortunately, when you get to the rental company, there is no more modern furniture to match the modern home.You will have no other choice, but to rent furniture which don’t match the style of the home you will be staging.

Immobilienmakler Heidelberg

Makler Heidelberg

If a landlord has a property to rent out, he has the option of looking for a tenant on his

own. Instead of exploring this option, he can seek professional help to find the right

tenant. It is advisable to hire a property agent though many landlords are tempted to

save brokerage fees. The consequences of not having a property agent are disastrous

as the landlord ends up with a tenant who proves to be a source of trouble. Hire a

property agent who is an expert in the rental business segment to avoid regrets later.

Best price

Since a real estate agent has the latest updates regarding ongoing rates in various

localities, he is able to provide a tenant who pays the highest rent for the property.

Saving in Cost

A real estate agent can place advertisements on behalf of the landlord at zero cost.

He uses his superior marketing services and network to generate leads. But a

landlord has to spend his money on releasing advertisements in the papers to find a

tenant.

Client base

A real estate agent already has several clients looking for a good rental option and

this saves time and resources. His database is useful.

Undue advantage

A real estate agent handles negotiation with the tenant and ensures the terms and

conditions set by the landlord are not modified by the tenant. When a property agent

is involved, a tenant cannot take any advantage or put forth clauses.

Multiple responsibilities

A real estate agent bears all the responsibilities related to the rental

process. Advertising, showing of the property, tenant screening, preparing the

lease document, and collecting funds are his key duties.

Background check

A property agent digs up the past of a tenant – the relationship he shared with his

previous landlord. He is able to know whether the tenant behaved well with his

earlier landlord, paid rent on time, and maintained the property well or not. Getting

the right tenant is the prime reason why you need to hire a property agent. Seek a

tenant who cares for the property and maintains cordial ties with neighbours.

Employment history

A real estate agent can seek employment details and visit his office to verify facts.

He can speak to his employer and colleagues to know the kind of job he has – full-

time, consultant or contractual. His salary figure gives an idea of his capacity to pay

the monthly rent. Stability and tenure of the job are important considerations.

Transferable clients

Many landlords prefer tenants with transferable jobs as the property gets vacated

after a couple of years. A property agent has a long list of clients with transferable

jobs. Even if they do not get high rent, they are happy because they do not have to

go for litigation to get the property vacated.

Support system

Many aged landlords living on their own need tenants who become their support

system. They want to have a family that takes care of them, do many errands for

them. Their definition of a right tenant includes a person or a family they can

approach during emergencies. Some landlords want to have tenants who take full

care of the property since they live far or abroad. A good, educated, cultured family

is what they need.

Restrictions

Many landlords prefer a family instead of letting it out to bachelors who cause a lot of

trouble. The marital status of a tenant becomes the key consideration. A landlord

can specify what he needs to avoid and what he prefers. Once he defines his

expectations, a property agent can filter out the options and conduct a focused

search.

Real estate agents possess information and technology that landlords do not have.

They lower the risk, negotiate well and ensure quick completion of the transaction.

Immobilienmakler Heidelberg

Makler Heidelberg

Finding the right apartment or home to rent can be difficult and stressful. You can be competing with many others for a quality unit in a prime location.

The secret, real estate brokers say, is to plan ahead. Often renters will wait until the last minute to look for another apartment. However, when renters are in a hurry they tend to take apartments they don’t really want.

Here are a few tips for finding the best rental homes and apartments in your area.

1. Start your search 60 days before your move

The best rentals, in terms of price, location and amenities, go earlier in the month, so don’t wait until midmonth to look for a new place to live, Macon says. It’s best to start searching 60 days before you need to move, especially if you are looking for a rental property where there isn’t as much available.

The second and third weekends of the month tend to be the busiest. If you start your search the first weekend of the month, there will be less competition and the best properties will still be available.

2. Search for rental listings online

About 90% of renters will start apartment hunting on the web. Looking online is a good way to start your search. You can get a sense of pricing and apartment amenities. However, if you’re moving to a new city, apartment rental sites won’t tell you enough about neighborhoods and the local amenities of each, such as public transportation or grocery stores.

3. Use a real estate broker

In most cases, real estate brokers are available to help renters find properties free of charge. The key is to find a broker who specializes in rental properties, not home sales.

If you’re looking in areas where there is generally tight competition for apartments, you’ll want to talk with a number of real estate agents before committing to one because different agents have different relationships with different buildings. Make sure you are talking with an agent who has access to the apartment buildings in neighborhoods where you want to rent.

4. Don’t be fooled by scams

Be aware of online scams, particularly ads on Craigslist that require you to provide your credit card to pay a deposit fee to be shown the apartment. No one should require a deposit to show you an apartment.

Also, be careful if you are renting an apartment directly from a private person because you will be giving a total stranger your Social Security number and your bank account information, and they will likely run a credit check on you. It’s safer to work with a licensed and bonded real estate broker.

5. Consider roommates

If you’re considering sharing an apartment, make sure you know who your roommates will be and consider asking the landlord for separate leases. If you have a joint lease and the rent is $2,000 a month, you are liable for the entire amount if your roommates don’t pay their share, Macon says. But if you have a separate lease, you’re liable only for your portion of the rent.

Don’t be afraid to ask for references if you don’t know your roommates. You can also use social media – LinkedIn, Twitter and Facebook – to find out more about them.

Immobilienmakler Heidelberg

Makler Heidelberg

There are times that businesses face difficulties with their finances resulting in bad credit. A bad credit history restricts your chances of approval for equipment finance regardless if the equipment will help improve business profits.

Traditional lending institutions like banks may deny you the loan you need. But there are specialized loan companies who can look beyond your bad credit. These lending institutions can give you a second chance at availing the equipment you need to grow your business by offering poor credit equipment finance.

Bad Credit Equipment Finance for Growing Businesses

Equipment Financing is short-term loans (about 3-5 years) extended to businesses specifically to purchase the equipment needed for its operations. Equipment financing is a collateral loan which means that the equipment you purchased could be repossessed in case payments go into default. Since the loan is released with a collateral, lending companies view it as low risk and may offer a lower rate of interest compared to a standard loan.

To qualify for an equipment loan, one must have a credit score of at least 600, been in business for at least 11 months, and generate around $100,000 in revenue. If you have a bad credit but meet the other two requirements, there is still a chance for you to avail of a finance. It really depends on the lender’s assessment of your financial situation.

Equipment financing is an alternative for start-up and small businesses for growth and development especially for those who don’t have enough capital to fund their purchase. And if you have a poor to bad credit score, being granted an equipment financing gives you the chance to improve your credit score.

How to improve your chances of approval for equipment financing despite bad credit

You can increase your chances of an approval for equipment finance. By making ways to improve your credit standing and strengthen your application to lenders, there is a fair chance that loan companies will consider your loan application. Below are ways to strengthen your application.

1. Apply with a cosigner with good credit standing. Lenders can consider your application if you are applying with someone who has a better credit standing. The cosigner can provide security for the loan considering that the consignor has equal obligations as the borrower.

2. Present other assets for collateral. If you have other assets such as other types of equipment or even real estate property, you can offer it as a collateral. It strengthens your application to secure the loan.

3. Bigger down payments. Do you have enough cash to put as down payment to significantly lower your total loan amount? If you are able to present bigger down payments, lenders may consider you a candidate for poor credit equipment finance.

4. Proof to show business is growing strong. Provide documents like bank statements showing a good revenue for the past months. Lenders like to see a growing steady business, therefore, it is essential to provide income statements and other documents to support your claim.

5. Seek professional help. With bad credit, lenders will give you a hard time acquiring a loan. They may even deny the loan immediately after checking your credit score. But with proper assistance from loan experts, you can increase your chance of getting the right lender who can look beyond your bad credit.

Immobilienmakler Heidelberg

Makler Heidelberg

Best Road Trips for Adventure: Explore the edges of the map on these remote roads.

Classic American road trip destinations, Death Valley and The Pacific Coast Highway both have names promising adventure. Death Valley and the ghost towns, narrow canyons and open deserts around it are like an invitation for tough guys and people looking to escape society’s bars, while the Pacific Coast Highway promises the clear beauty of American beauty oceanside – dramatic cliff-faces, beaches, secluded coves, mountainous forests, and protected wildlife.

Best Road Trips for Luxury: Wind in your hair freedom in style.

These road trips are made for honeymoons. Best case scenario the car is something sleek, open topped and Italian. The clear seas, bright villages and stone churches of the Amalfi Coast between Positano, Sorrento, Ravello and Amalfi, are well stocked with small boutique hotels, hidden coves and intimate cafe terraces on which to watch the sun go down, and make for the classic eloper’s dream. A trip along the French Riviera between Nice and Monte Carlo reeks of playboy chic, especially if you happen to win money in any of the casinos lining the route. For lovers by title, the Romantic Road from Heidelberg Castle to Neuschwanstein Castle, runs along the old trade route between medieval towns and fairytale castles.

The Karakoram Highway follows the route of the old silk road up to one of the world’s highest altitude passes amongst some of the world’s highest scenery round K2, Nanga Parbat and Gasherbrums I-IV. The Carretera Austral or Southern Highway runs on a largely unpaved odyssey through Patagonia, stopping at remote towns along the way.

Journeying between Marrakech and Essaouira via the Atlas Mountains is going a bit out of your way, but the trip south, through spectacular desert scenery, amongst the snow capped sky scrapers of the Atlas Mountains and along ridges over lush, hidden valleys will take you to the edge of the Sahara, as well as into the Atlases before the coast lays out in front of you at Essaouira.

Best Road Trips for Sightseeing: Drive by some of the world’s best sights.

For scenic days packed with distractions and attractions and evenings spent in comfortable B&Bs, a trip along Ireland’s Antrim Coast Road, past the Mourne Mountains, Carrickfergus Castle, Bushmills, Dunluce Castle, the Giant’s Causeway and the Glens of Antrim, or on America’s Blue Ridge Parkway, though the Great Smoky Mountains, are great family road trips.

Finland’s 1000 Lakes Trip is an eight or nine day Scandinavian family classic. Ex Helsinki it weaves around the beautiful lake country, between the 187,000 lakes, with overnight stops in cozy country towns. The Reykjavik to Akureyri Route by Geysir, the Reykjanes Peninsula and the Snæfellsnes Peninsula is another excellent choice for sightseeing and you can do it in a day, taking snaps along the way or go slow and admire the sites.

Hawaii’s Hana Highway, from Pa’ia to Hana, is a much shorter trip, but with plenty to see, from bamboo and eucalyptus groves by waterfalls to panoramic views of the Pacific Ocean that you’ll remember for the rest of your life, while the Overseas Highway from Miami to Key West, which runs for 113 miles over 43 long, flat, straight ocean bridges, is the road trip equivalent of island hopping.

Best Road Trips for History: Retracing historic routes.

Follow in the unpaved footsteps of Che Guevara between Santa Cruz and Vallegrande, as he travelled though Bolivia and was finally laid to rest, or trace the Viking’s first inroads into Canada on the Viking Trail. Past the Norse landing site at L’Anse aux Meadows, and though the Gros Morne National Park, for the rock art and remains there, this trip also passes between pretty coastal towns most of which have a local Viking museum in which to house the local relics.

Route 66 is the classic road trip route into American folklore, following the old commercial route between rural villages. From the fields of Illinois, Kansas and Oklahoma, to the deserts of Texas and New Mexico to the coastline of California, this road is also referred to as Main Street USA.

Immobilienmakler Heidelberg

Makler Heidelberg

Role of a Real Estate lawyer

First your lawyer will send you a letter outlining what documentation he or she may need from you. Since you will likely be paying at least $1300 plus for legal services, I think it’s important that you know what your lawyer will be doing for you! Below is some detailed information on the role of a real estate lawyer and on what you need to do when working with your lawyer and securing a mortgage. Don’t wait to higher a lawyer just before you taking position of your new purchase, make sure you interview them way before your closing date.

Your Real Estate lawyer should advise you what expenses you’re likely to incur with respect to the closing procedures, including:

Land Transfer Tax

disbursements

legal fees

property tax

If you’ve bought a new home from a builder, the Real Estate lawyer can give you an educated estimate as to how much you should budget for „hidden charges“ such as:

Ontario New Home Warranty Enrolment Fee

Hydro and Water meter installation charges

Fencing charges

Grading Deposit charges

many others

If all the conditions in the Agreement have been met and the Offer is firm, the lawyer proceeds to investigate the title to the property. Initials searches include:

utility searches

property tax searches

building, zoning and planning searches

registered title searches

Letters are sent by your lawyer:

to all municipal or regional utility departments to confirm that there are no arrears or outstanding charges

to ensure there are no conditional sales contracts, easements or unregistered agreements, liens

to discover other encumbrances affecting the property or equipment being left by the Seller

Easements are a big issue and cases are always being written up in the newspapers and real estate journals, about buyers who didn’t realize they weren’t allowed to put up fencing or create a parking space because the property survey they were working from didn’t actually show the City’s rights to access the property. Your lawyer’s job is to make sure all this is disclosed to you. Your lawyer will also advise the utility departments of your name and the scheduled closing date, and request that final meter readings be done on the closing date so the final bills can be sent to the Seller.

A Tax Certificate is requested by your solicitor to verify the amount of the current year’s taxes and to ask about any arrears and outstanding charges for taxes. Your lawyer will also write to the Building and Zoning Department to get the full particulars of zoning by-laws and restrictions and permitted uses (so you’ll know if you’re allowed to operate a business from your home or build a huge deck, for example). It’s important that you send your lawyer a copy of the survey for the property as soon as possible – if the Seller has a survey, I’ll get it for you if it’s not already included in the offer documents. If no survey exists, tell your lawyer so he/she can advise how your interests can be protected through Title Insurance.

A Search of Title to the property is begun in the Land Registry Office to make sure the Seller is the true owner of the property, has the right to sell you the property, and that the property is not subject to any encumbrances, encroachments, easements, liens, agreements or mortgages that were not disclosed in the Agreement or Purchase and Sale. You may have heard of fraud cases where people’s homes were sold out from under them by con artists who had no title to the land! This is where your lawyer really earns his fees. This search has to be completed prior to the Requisition Date (title search date) shown on your Agreement of Purchase and Sale.

Other important functions of your lawyer include:

Carry out a search of Executions in the appropriate Sheriff’s Office to ensure that there are no executions against the prior owners of the property that would affect your title.

Prepare and deliver a letter to the Seller’s lawyer requesting that any items revealed in the initial searches be dealt with on or before closing.

Review the contents of the Mortgage Commitment letter your bank will prepare when you arrange your financing, and consult with you about the results of signing it.

Advise you of any closing-day costs related to mortgage financing when your financial institution provides you with a final Mortgage Commitment Letter.

If your lawyer is also acting on behalf of the financial institution (it often happens), he/she will prepare all necessary documentation for the mortgage and submit this package to the financial institution for approval prior to closing:

– Certify title of the property to the financial institution on closing.

– Advise you about any government programs designed to assist home buyers that would apply to you, including Land Transfer Tax Rebate programs, Ontario Home Ownership Savings Plans, RRSP plans, and CMHC 5% Down Payment information.

– Let your insurance broker know the name, address, phone number and fax number of both your lawyer and of the financial institution providing your mortgage. Your lawyer needs a letter confirming that insurance coverage is in place effective on closing – this is super important because the bank will not advance the $ to close your purchase until they know that you have property insurance.

Immobilienmakler Heidelberg

Makler Heidelberg