Anshu Arora LLM, MSc, PMP

Cell 604-828-7331 | info@anshuarora.com

Thinking about buying a home? Study the terms below to help you make informed decisions throughout the process.

 

Amortization: The distribution of payments into installments over time. The terms of the agreement will determine how much of each payment goes toward interest and how much goes toward paying down the principal.

 

Balloon Payment: The outstanding balance payment due at the end of some loans.

 

CC&Rs: The covenants, conditions and restrictions overseen by Homeowners Associations.

 

Comps: Short for comparable properties to the home you’re buying or selling, used by Realtors to help determine property value.

 

Closing: The meeting between the buyer and seller where mortgage documents are signed and the deed is transferred.


Possession: The date when the buyer receives the keys and takes possession of the house

 

Deed: The legal document that transfers ownership of the property.

 

Disclosures: Information about the home that a seller must provide to a buyer. The extent of disclosures varies by state.

 

Deposit: A deposit of money buyers pay to sellers to prove their genuine intent to purchase. If the buyer walks away through no fault of the seller, the seller may keep the deposit.

 

Equity:  What’s left of the fair market value of a home after subtracting the amount the owner still owes on the mortgage. “Sweat equity” refers to the manual labor performed to maintain and improve the property over the years.

 

There are dozens of terms like this that are used in any given Real Estate Transcation. Is your head spinning from all the industry jargon? I can help translate these and assist with ensuring that your Real Estate Transaction goes smoothly!

 

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Considering the purchase of a strata condo? One of the key steps to ensure you are making a sound purchase will be in reviewing the strata minutes. Not the most exciting of reading choices – however, the minutes will provide you with an in-depth look, not only to the building and operations, but also a peek into the condo culture.


 

How to approach minutes, in four easy steps:


 

#1 Read the minutes from oldest to most recent

 

A minimum of two years is a standard request. As you read, keep a running tally of any questions you have, removing from the list questions answered as you read forward through subsequent months. From this summary, prepare a list of any unanswered questions for the property manager or seller.


 

#2 Be sure to read correspondence closely

 

Pay attention to any records of complaints regarding a specific owner. Be sure to enquire about corresponding unit number and determine proximity to the unit you are looking to purchase. Noise/ harassment disputes are very hard to resolve and wherever possible should be avoided.


 

#3 Request a copy of all current bylaws and rules

 

Look for tenant requests and said outcomes. If a previous request has been voted down, ie access to electrical outlets for electric car charges (often not readily available in older buildings), or acceptance of a pet slightly larger than a 40 lb maximum (not easy sneaking in your Newfie), you can be sure this will not be an easy change.


 

#4 Request copies of reports

 

Always request copies of reports referenced in minutes, and if work is done based on these reports, ask for a scope of work to make sure all suggested work was completed.

 

 

 

In today’s sellers’ market, there is pressure to put in quick offers with limited subjects. I can request minutes in advance before the offer is placed, thus removing the subject to review.

 

 

 

Considering the purchase of a strata condo? One of the key steps to ensure you are making a sound purchase will be in reviewing the strata minutes. Not the most exciting of reading choices – however, the minutes will provide you with an in-depth look, not only to the building and operations, but also a peek into the condo culture.

How to approach minutes, in four easy steps:

#1 Read the minutes from oldest to most recent

A minimum of two years is a standard request. As you read, keep a running tally of any questions you have, removing from the list questions answered as you read forward through subsequent months. From this summary, prepare a list of any unanswered questions for the property manager or seller.

#2 Be sure to read correspondence closely

Pay attention to any records of complaints regarding a specific owner. Be sure to enquire about corresponding unit number and determine proximity to the unit you are looking to purchase. Noise/ harassment disputes are very hard to resolve and wherever possible should be avoided.

#3 Request a copy of all current bylaws and rules

Look for tenant requests and said outcomes. If a previous request has been voted down, ie access to electrical outlets for electric car charges (often not readily available in older buildings), or acceptance of a pet slightly larger than a 40 lb maximum (not easy sneaking in your Newfie), you can be sure this will not be an easy change.

#4 Request copies of reports

Always request copies of reports referenced in minutes,and if work is done based on these reports, ask for a scope of work to make sure all suggested work was completed. Reports may include:

  • Current budget and a statement of the contingency reserve fund. This will help determine if there is a sufficient budget to meet the current operations of the building, and enough contingency to cover an emergency repair or replacement. Note: The contingency and required upkeep of the building and property will directly affect monthly strata fees.
  • Insurance policy and the history of insurance claims on the strata common areas can signal potential problems.
  • A depreciation report, if available, will include a Form B, providing information on current and future costs to the strata. (Effective December 13, 2013, all strata corporations of five units or more in British Columbia, must complete a depreciation report as required by the Strata Property Act, unless they have passed a three-quarters vote each year they wish to be exempt from the requirements.)
  • A copy of the strata plan that shows what property you will be responsible for and what is common property (e.g. decks and balconies), the provision of parking and storage space or any changes that have been made to the development. Note: your home inspector may not have access to inspect common property areas, emphasizing the importance of reviewing a depreciation report.

In today’s sellers’ market, there is pressure to put in quick offers with limited subjects. Realtors can request minutes in advance before the offer is placed, thus removing the subject to review.

- See more at: http://www.rew.ca/news/how-to-understand-strata-minutes-when-buying-a-condo-1.2058232#sthash.3EGzyItz.dpuf
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Selling the home where you grew up or where your kids’ took their first steps can be bittersweet. Prepare yourself for waves of nostalgia as you pack things up to move. Of course, it doesn’t have to be goodbye.


Here are some tips to carry the memories with you.

  1. Many plants and trees can be transplanted, whether it’s through repotting or snipping a branch and planting it in your new yard. Research your favorite tree or flower online for more transplanting advice.
  2. Use mounting paper or a frame in the same color as the wall or carpet in your favorite room to display a photo of your family in that same room.
  3. Make a mini documentary of you and your family strolling through the house, discussing memories from each room.
  4. Take note of pencil marks where you measured your child’s height (or your parents measured yours). Mark them on a wall in your new house and continue the tradition.

 

Ready to Create New Memories?! Contact me and I can help you find that New Home to Build Memories in.

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You’ve moved to your new home but have yet to sell your former property. What should you do to ensure the safety and security of the vacant house?


1. Set the thermostat at no lower than 60 degrees to prevent frozen pipes. If necessary, your Realtor can turn up the heat the day before a showing, but not by much as sudden shifts in temperature can also damage pipes. If you have gas heat, check the level on your tank so it doesn’t run out.


2. Another tip to avoid frozen pipes: Leave faucets dripping ever so slightly.


3. Check the batteries on your smoke and carbon monoxide detectors. Some automatically send a signal to local authorities even if a home is empty.


4. Add a lock-bar in the pane of sliding windows for extra protection.


5. Install a timer on lights to give the appearance that the home is occupied.


6. Stop your mail and ask a neighbor to scoop up flyers, takeout menus or phonebooks that may accumulate on your porch.


7. Check your weather stripping for cracks or tears and replace worn-out strips. You’ll keep out mold-producing moisture and prevent critters from setting up shop.


8. Unplug any appliances. It saves energy and also prevents dangerous short circuits. Prop open freezer or fridge doors a crack to prevent potential mold buildup.


9. Let your neighbors know your home will be empty, and how they can reach you and your Realtor in case of an emergency or if things just don’t look right.


10. Clean the gutters. Clogs can cause water to freeze and tear away from your home.


11. Arrange to have your yard mowed regularly and weeds tended to during warmer months.


I can help minimize the time your home sits vacant! Contact me to see how I can help

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Touring homes can be one of the better parts of the home buying process. For a brief moment you can envision your life in what might be your new home! Still, stepping into someone else’s home, especially during an open house, can be intimidating. Here’s what you can expect:


1. To be asked to sign in.
The agent will ask you to sign in with your contact information so he or she can follow up. Of course you are free to decline.


2. To remove your shoes.
After all, the homeowners has worked hard to make the place sparkle. Tracking dirt onto the carpet or hardwood destroys their effort.


3. (Not) to meet the seller.
Sellers working with an agent usually leave during open houses. This provides you the opportunity to explore free from the distraction of a hovering owner.


4. To scope out the competition.
The number of other people touring the home (and the amount of traffic throughout the day, which you can track on the sign-in sheet if you visit on the late side) can give you a good indication of the level of interest in the property.


5. To wait your turn.
If there are several groups during your visit, wait for them to leave a room before you enter. It’s a great chance to eavesdrop as they may ask the Realtor questions you hadn’t thought of, or comment on features you might not notice yourself.


6. To meet the neighbors.
Chances are, they’ll stop by for a peek. Ask them about the neighborhood. They’re the experts, after all.


7. To hold your tongue.
The Realtor will most likely ask you questions about your home search. Be savvy about what you reveal. Don’t give away any information that could compromise your bargaining power.


Not all homes on the market hold an open house. To expand your touring options, contact me to see how I can help!

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