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Home My WebLink AboutClinton News-Record, 1980-05-14, Page 237^,` 1,11 You, tint'," tile law • I • House hunting with care BY PAUL ROSS This may be a better time to buy a home than you think • sure, mertgage rates are high, but prices are down and believe me - it's a buyer's . market If you shop Carefully and .make an offer in terms favourable to yourself, you may end up with a real bargain'. Herd 'are several tips to help yeti buy,.. Remember, this list is not exhaustive - there are many factors to consider. Before yeti buy, even if you fall madly in love with the first house you see, look at others. You: will establish sone idea, from Comparing the prices of houses offered what the house you like is worth. Don't be afraid to offer what you think th— house is worth, even if it is much less than the vendor is asking - all the vendor can do is say no. Most properties today are listed at a price higher than the vendor is prepared to accept. If a vendor is being realistic, the price asked will be ercer sit hi her thanAlle vendor is prepared to accept. If the asking price is $49,000, Chances are that the vendor will be willing to sell for around $47,400. But remember, you've looked around, the market is depressed and, you may feel that the house is only worth $37,000 - then offer $37,000 - all the vendor can do is say no! • This fact alone, makes it all the more lin- portant that your rea testate agent be a good one. There are those, who argue lawyers do precious little. This is not true. Your lawyer Will, in addition to any advice he offers, search the title back through its previous. owners for ateast 40 years. He will ensure that once the property is pur- chased, there are no judgements or liens against the land that mortgages on the property are paid out and discharged if you are net to assume these mortgages. He will make sure the taxes have been paid and that the properWs use by you is permitted under local bYlaws. In short, your lawyer should complete the transaction in accordance with the terms of the agreexrient that you entered into Without you having to worry about it. A word of warningQ.ne of the worst days of anyone's life is tnovidgTday - don't count your lawyer to help move...his wife doesn't! (Paul Ross is a lawyer practicing in Clinton) With tnortgage rates as they are, you ma want the vendor to hold a first or second mor tgage at a lower interest rate. Don't be shy - if the vendor really wants out and there are plenty around who do, then he ma just accept your offer. Don't let anyone talk you out of putting this term in your offer - after all, th6 vendor doesn't have to sell...and you, (as you might remind them) don't have to buy. If you think you've found the house you want, then take a friend through, before you make an offer, someone who is familiar with construction and can spot hidden flaws. Often the real estate agent will point them out, but it doesn't hurt to get -a second opinion. Consider the following... Before you make -an, offer- on. the. property, calculate whether or not you can actually afford the house. Include in your - calculations such items as the amount required for a down payment, mortgage brokers fees, cost of fire insurance, legal fees and even your • moving costs. If you have calculated that you can swing the deal, then the next step is to consider whether or not you can meet the monthly commitments. In this regard, you should consider your monthly mortgage payments, heat and hydro; the costs of property taxes and local improvements. Today, with the cost of fuel escalating, you might con- sider the day-to-day costs of transportation from your house to your place of work. In order to buy a house you will have to sign an Offer to Purchase and give the real estate agent a deposit. Rememherz an Offer to Purchase'is a Contract and iraccePte-d-by—the vendor,, will tie you to the terms. In most cases, there won't be a way out of the contract once it has been signed and accepted. If you are like most people, you will be going to your friendly banker or trust company for mortgage money. In that case, you can make your offer conditional upon your arranging satisfactory financing. If you don't get the money on your terms, then the deal can be voided and your deposit returned. Similarly, if you require money from the sale of your present home, a conditional offer can be drawn stipulating that the purchase of your new home is conditional upon the completed sale of your present home. Unless you want two houses at the same time, make sure that the sale of any house you might have is completed on the same day as the pur- chase of your new home. Too often, closing dates are confused and for a period of time a purchaser can end up owning two homes at once. y y Renting And if you're renting a house, make sure that you give the landlord sufficient notice that you intend to move out of his rented home. Remember, the Landlord and Tenant:Act is very specific about the term of notice that you must give' your landlord - make sure that you can leave your rented premises without having to continue to pay the rent for a period after you've tnoved.into your new home. Chattels are items not normally considered part of the house, such as drapes, broadloom, fridge and stove, and that antique hutch that just makes the dining room perfect. If you want them left, don't be shy - put them in the offer tiler worst that can happen is that the vendor says no! If the vendor changes any of the terms in the offer, then he has in effect refused to accept your offer. Don't despair, however, because when the offer comes back with his new terms he has in fact made an offer to you. Now you can consider his offer and either accept it, by initialling the change - refuse to accept the offer with the change and get your deposit back - or you can change the offer yourself, and see if the vendor will accept your new offer. It is not unusual for offers to go back and forth between purchasers and vendors, several times, before both sides are satisfied. Real estate agent In real estate, good reputations are usually won on the basis of honesty and knowledge, and a good agent is worth every penny of his or her commission. If you don't know any real estate agents personally, ask a friend. You should always remember that the agent receives his commission from the vendor and is bound at all times to act in the vendor's best interests. On the whole, however, real estate agents are not retained to rip purchasers off, but rather to get a fair market price for the vendor. Lawyers For reasons too numerous to list in this article, it is wise to have your lawyer look at the offer before you sign it. Your lawyer has seen hun- dreds of offers and may be simply reading through the offer save you a great deal of grief during your real estate transaction. In the vast majority of cases, offers find their way to the lawyer's office after the details have been set- tled. wo buses stolen LUCKNOW - One school bus was gutted by fire and another found -Martitret Uaak tir Clinton will graduate on May 23 from the. Ridgetown College of Agriculture with an agricultural 0 production and management diploma, field crops and livestock major. As well, Margaret was judged the best all-round student at the school, and also won the most personable student award. abandoned after they were stolen on May 2 from the Montgomery Motors parking lot in Lucknow. The Goderich OPP" found one bus the -same night abandoned I on Concession 12 of Ashfield Township. The second bus was discovered the next day, destroyed by fire, on a West Wawanosh sideroad off Concession 6. Both vehicles were owned by Gordon T. Mon tgomery Ltd., 4 THE CLINT014 NEWS -RECORD, THURSDAY, MAY 15, 1980—PAGE 23 APPLIANCE REPAIR': taro*:or *mat, wolt .0* • • • • thern.0110,,, • • .• • • .r..47,-.7.1.• ...H.... • • - Our rapair ,a)(parts, will ' ,have your oppillanco In,tip tap. shape fast. Call as to day, # woo.441awato Chris Lobb, centre, of RR 2, Clinton was presented with the Timothy Award at the awards night of the Clinton club of the Awana Pioneers International last Thursday night at the Fellowship Bible Chaple. Chris took only two years to complete the requirements for the usually three year award. At left is Barb Martin, commander of the two-year-old club, and on the right is Rick Rutledge, director. (News -Record photo) Do you know? Zeuxis, a Greek painter in 5th century B.C. laughed so hard at his own painting of an oh hag that he broke a bloc vessel and died. WOODWORK MFG. CORP. Custom Design Wbod Products 482-3822 P.O. BOX 1297, CLINTON Custom Built Furniture - and Cabinets 20 REGENCY VELOURS Choose from slacks and skirts with matching tops - all shades! 20 0/0 OFF ALSO MATCHING SETS IN ELAN 20 OFF new • SPECIALS -MEN'S TEE-SHIRTS -BOY'S TEE-SHIRTS O -MEN'S SUITS MEN'S SPORT JACKETS -MEN't & BOY'S WIND - BREAKERS -MEN'S-BOYS-LADIES' JOGGING SUITS MEN'S SHIRT TABLE Special Group. Just selected ( \ from our regular stock! STYLES BY 1/a. PRICE APPLE BEE MR. B. ALEN'S JEANS / Special group of Levi's Con- tinental Jeans. Sizes 26 to 38. ' 07 REG es4 $ c 99 27.98 • PR. 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