Philippine Asian News Today Vol 20 No 10 | Page 10

10
The Notary
Corner
By Editha Corrales Nelson
Immigration Consultant, Notary
Public, Mediation / Arbitrator
Buying a home does not have
to be painful. It is a very important
and eventful time in life to finally own
a home and to start investing in the
future. Having someone you can
trust assist you in this time will make
it even better in the long run.
Once your home has been
selected and your mortgage has been
approved, you should shop around for
a reliable Notary Public who can assist
you in ensuring that your new home is
yours legally. Your local Notary Public
can make it as painless as possible.
She can explain all of the requirements
and she can do all the work for you.
You merely will need to see her once
to finalize the documents and on the
closing date, your home is yours.
In this day and age, many new
homeowners would like the special
touches and the personal service in
order that the new homeowner would
be able to participate in every aspect
of their new venture. The Notary
Public will be able to discuss many
aspects the new homeowner would
require to know:
Are you a first time
1.
home buyer? You would be exempt
from many fees that normally would
be due from home buyers.
The benefits of using
2.
your RRSP as a new home buyer.
Is the home new or
3.
used? This would affect the GST
imposed on the home.
Are you a Canadian
4.
Citizen or Permanent Resident? Again,
this would have implications on further
PHILIPPINE ASIAN NEWS TODAY May 16 - 31, 2018
Buying or Selling a Home
The painless truth and consequence
fees imposed by the government.
Are you buying or
5.
transferring the property from a
relative? This would affect any taxes
imposed.
Are the home buyers
6.
going to be acquiring the property as
joint tenants or tenants in common?
Are the home buyers
7.
obtaining a mortgage? or a second?
Is this a strata property?
8.
There are other fees involved and
imposed by the strata corporation.
There may be some terms you
may not be familiar with and some of
these are defined below which I have
compiled from real estate magazines,
mortgage clauses, etc. These may be
helpful for some of you who wish to
start shopping for their first home or
second or third:
Realtors:
Real
estate
professionals licensed by the Real
Estate Council of B. C. who are
members of the various Real Estate
Boards and the British Columbia and
Canadian Real Estate Associations.
Only these professionals can call
themselves REALTORS.
Variable rate mortgage:
A
mortgage for which payments are
fixed, but whose interest rate changes
in relationship to fluctuating market
interest rate. If mortgage rates go
down, a larger portion of the payment
is applied to the principal.
Statements of Adjustment:
Closing statements in a real estate
transaction which set out the sources
of funds which make up the purchase
price, adjustment to and from the
purchase price, the final amount
required from the purchaser and the
amount due to the seller.
Principal:
The mortgage
amount initially borrowed or the
portion still owing on the mortgage.
Interest is calculated on the principal
amount.
Land Transfer Tax: Payment
to the provincial government for
transferring property from the seller
to the buyer.
Mortgage
Insurance:
Government-backed
or
private-
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