The obligations & expenses
of a home purchase

Cost of your purchase
AS a general rule your
should look for a hame where
your mortgage loan debt
service ratio (principal,
Interest and taxes) will not
-@xeeed 30 per cent of your
‘gross annual income. Consult
your real estate professional,
bank,. trust company ar
prospective mortgage lender
to determine the amount of
mortgage loan for which you
qualify. Your current gross
debt ratio (amount you owe
on car payments, department
_ Store and credit cards) will
have a bearing on the final
sum the financial institution
will approve. '

‘Down Payment

When you make an offer to
purchase a property, you will
tender. a “deposit” with that
_ offer, and that sum will
become part of the “down
payment,” which is generally
the amount of the total
purchase price that is not
covered by your mortgage
loan. (i.e. -- on a $100,000
purchase you have qualified
for a 75 per cent mortgage
loan, .or $75,000, which
means the down payment will
be $25,000, The deposit
would probably be in the
neighbourhood of $5000 -- a
sum. that will assure the
vendor you are a seriously
motivated buyer -- leaving a
further $20,000 of the down
payment to be tendered at
the closing date.)

Other Closing Costs Are
Cash Costs

‘It-is wise to remember that
in -addition to the down
payment there are other
payments that must be
considered part of your
purchase obligation and you
should make sure sufficient
money is available for:

Mortgage Costs -- these
could include appraisal fees,
mortgage. fees, interest
adjustment, legal fees and
mortgage insurance.
Sometime these are added to
the mortgage and sometime
they are not, so ask in
advance when you are
checking with your financial
institution, Remember too,
GST is charged on such
services as appraisals and
both .GST & PST are levied
on legal fees, but not on the
mortgage itself nor the
mortgage insurance fees.

Legal Fees -- which will be
charged by a Solicitor or
Notary Public to attend to
the conveyancing procedure

necessary to convey title of |

the property to you, register
the change in the !and Title
Office, and protect your
interests in all parts of the
transaction, Your real estate
agent can probable estimate
to you what these costs will
be. Again, be prepared to pay
seven per cent GST & 7%
Provincial Sales Tax on the
bill for this service.

Property purchase tax --
was instituted by the
Provincial Government in
1987 and is currently Jevied at
one per cent of the first
$200,000 in value and two
per cent on any remaining
balance. This is payable by the
purchaser upon application to
a Land Title Office to register
a fee simple estate, lease,
agreement for sale or. any
court order -by which land is

transferred. There is some. -

PPT rebate available — ta
purchasers of a property
valued at $200,000 or less,
but it is tied to high-ratio
mortgaging. Ask your
REALTOR, lawyer or notary
about this rebate plan.

The STATEMENT OF
ADJUSTMENTS will list these
costs, and also outline any
pre-payments that must be
shared on a proportionate
basis with the vendor, such
as property taxes, mortgage
interest if you are assuming
an existing mortgage,
equipment rentals if any, or
local improvements, water
tates, etc, that. are
apportioned
manner as taxes.

Don't forget that moving:

costs, and hook-up charges
for services such as cable,
hydro and telephone are also
in the future of a home buyer,

and today all these services: .

carry a further seven per cent
GST charge.

lf you're contemplating a
home purchase, make sure -

part of your planning is the
recognition that closing costs
are CASH costs. Be prepared
by planning for these costs
beforehand. There is no
“average” sum for these
costs, but your REALTOR will
probably be able to estimate
tairly closely for you, based
on the value of the home you

i

Stan Parker,
President
4635-4031:

Dally os
635-6688

wee

Laurie...
Forbes.

5 635-5382:

$134,900 - EXC,

in the- same ee

B 4 BEDROOM HORSESHOE HOME

buy and your.
resour ces. :

financial

The Terrace Standard, Wednesday, September 21, 1994 - B7

Supporting CNIB services in your
community may be the best charitable
investment you could make today,

for tomorrow.

Please give when our canvasser calls.

The Canadian
National

Institute

for the Blind

BC. - Yukon Division

REALTOR®

WATERFRONTHOME =|
$175,000 - MLS.
CALL JIM

So hard: ‘tovearn, so easy to lose, That's why
-your.tr ust is a REALTOR’s most prized posses-
“gion. ‘We'll work hard to earn it, and even harder
~~ to-keep it. Whether you’te buying or selling,

ca REALTOR -will, keep you informed of

developments i in your transaction, and be there
“for you the moment you ‘need help. Every
REALTOR has been trained and_ tested.

ONLY A REALTOR Is QUALIFIED -
-TO HANDLE THE MOST IMPORTANT.
FINANCIAL TRANSACTION OF YOUR LIFE. z

6 BEDROOMS
$169,000- MLS.
CALL HANS

member

- Service®,

SUITE
$145,00 - EXC.
CALL HANS

of The

And REALTORS are bound by a strict Code
of Ethics and 27-point Standards of Business:
Practice that ensure fairness to all parties in-a~
transaction. Remember, only a REALTOR, a: *.
Canadian. Real: Estate
“Association, has access to the Multiple Listing
Canada’s most Powerfill real estat
marketing system. |

BRAND NEW
$167,500- MLS.
CALL DENNIS

~~ MULTIPLE LISTING SERVICE®

COZY BUNGALOW
$97,900.
CALL GORD

CALL GORD

SUPER FAMILY HOME
$139,900 - MLS.
CALLJIM

Shiu

gow

ha,

HOME & SHOP
$145,000 - MLS,
CALL JIM

LOTS OF EXTRAS
$215,000 - MLS.
CALL HANS

4 BEDROOM FAMILY HOME
$179,900 - MLS.
CALL GORD

Hae gape
GREAT FAMILY AREA
$139,900 - MLS.
CALL DENNIS

ON THE BENCH
$139,900 - EXC,
CALL HANS

JUST REDUCED!

15 ACRES ON THE BENCH

SUPER STARTER HOME

; a _ Krulsselbrink |

635 5382:

Located in the 4800 block of Scott
within a short distance to schools,
This § bedroom) full basement home
provides ample space for the
growing family attractively decorated

yin modern colours, vaulted ceilings,

2 ng fireplaces, carport, paved
driveway, and a beautifully treed and
private lol. Reducad to $129,900 -
MLS. Call Laurie for viewing,

~~ Dannls
~ Lissimore.

IN TOWN LOTS
These 2 tots are within city limits on
the Bench. City waler and city sewer
al, property lina, Each lot is 75'x412"
and ate priced at $92,000 each. Call
Shaunce for mora information.
EXCL. ;

Private setting at the end of a quiet
dead end street. Two blocks to
school and only a few minutes to
town, Qverlooks park like setting

and creak runs through property,

Property has been cleared. Great
potential. Priced well at $166,000.
MLS. Call Lauria for viewing, =

Can be yours wilh this 720 sq. fi. full
basement home located in excellent
neighborhood, This home offers 2
bedrooms up, 1 down, nalural gas
fireplace and carport. Wall
maintained. Situated on 72x148
fenced lot. Listed exclusively with
dim Duity for $92,500.

MUST BE SEEN
Beautiful new 4 bedroom house, on
large lol. Quality finishing, larga
kitchen with island, central vac, oak
Staircase & floors. Yard is fanced &
landscapad. Asking $169,500 MLS.
Call Dennis 638-8093,

EXCELLENT EXPOSURE
This .88 acras lot with excellant
highway exposure and great access
for a commercial adventura,. Call
Shaunce” for. mora information.
Asking $102,000 MLS. -

 CUTEAND Cozy
Is tha best way to describe this 3
bedroom bungalow, 4,080 sq. It. full
basement, hardwood _flaors,
tlraplaca, n/g heat, fenced 100x122
lot, and singla garage round out this
fina package. Great starter or
retirement home, Call Hans, Asking
$112,500 MLS

SOUTHSIDE ACREAGES
Presently working potato farm. 18
acta parcel, city services avallable,
level and cleared, —_ building,
$112,000. 9.1 acre parcel, fully
serviced has 6160 sq. ft. Quanset,
$175,000. Or. buy both parcels for
$265,000. Also:. polalo farm all
equipment and good will $370,000.
pie Contact Dennis 36-093 for

latails,

CENTRAL HORSESHOE
A 4 -bedroom home in tha
Herseshos, 1,242 sq. ft. and full
basement, Has a large workshop
and garden shed. Asking
$135,000, EXCL. Call Ted al
635-5619.

4 SOUTHSIDE LOTS

74140" fully serviced, on paved |

street A2 zoning $27,600 ea. MLS.
Call Dannis 638-8093,

COUNTRY LIVING
1,98 acres of country living just 10
to 15 minutes: fram town, A 9
bedroom. home with — builtin
dishwasher and: vacuum system.
Has a small animal barn and a row
of rabbit of chicken hutchas. House
has bean attractlvely renovated.
Asking $119,900 MLS, Call. Ted for
more Information al 635-5619,

THORNHILL MOBILE

A lovely 2 bedroom, 14x70 1979°

mobile. on farge lot in a quiet
neighborhood. Call
695-5619, MLS, -

Ted at:

“bedrooms of &
bediooms each, Thera Is 185’ -f

SOUTHSIDE LOT
Zoned for. a plex. with 4

fronlage and the fot is 124” teep.
Asking $49,900, MLS. - Call. Ted
now, o eee

plex: with 2: