Tips for Buyers and Sellers

Information about Mortgage Insurance

This guest blog has been created by Ontario disability lawyer Mark Yazdani. For further information about disability law, visit www.disabledlaw.ca.

 

Mortgage insurance is designed to protect homeowners in the event that they suffer a disability and become unable to work.  The policy provides for payment of a non-taxable monthly benefit (usually an amount equal to your monthly mortgage payment) for a fixed period of time. Most mortgage insurance policies also include a life insurance element as well that pays off the outstanding mortgage in the event of death. Other policies may include a critical illness component.

 

For most insurance companies, there is minimal initial underwriting of these policies. There are usually only 1 to 3 health questions which must be answered regarding any known health problems or missed time off work.  If an applicant does have current health problems, he or she may be required to undergo a health examination before qualifying for the policy. Some lower value policies are automatically granted without the applicant needing to answer any health questions. Read more »

Posted: March 19th, 2009 under Tips for Buyers and Sellers.
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Five Keys to Selecting the Right Real Estate Agent

Here are five important keys to consider when selecting a local real estate agent:

Experience
Select a real estate agent who has significant experience in the industry and who has expertise in the neighbourhood and the type of property you are interested in. After all, you do not want an agent who is learning on the job!

Reputation
Select an agent with an excellent reputation and one who is recognized by peers as a leading agent in the community.

Success
Select an agent who has a proven track record of success in the industry. Look for agents who have won awards and been recognized by independent real estate organizations.

Service
Select an agent that excels in providing top-notch service to clients. At a minimum you deserve a professional who returns your phone calls promptly, is attentive to your concerns, and keeps you regularly updated. Read more »

Posted: September 17th, 2007 under Tips for Buyers and Sellers.
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Don’t Fall Victim to “Phantom Offers”

The Toronto Star recently ran an article on the prevalence of “phantom offers” in the bidding process.  Unethical seller’s agents can create a manufactured bidding war by convincing a prospective buyer that another offer has come in.  In reality, no other offer has come in and the seller’s real estate agent is simply trying to get the buyer to panic and raise the original offer.

Don’t fall for it.

The problem, of course, is how to detect when a seller’s agent is making up an offer. One tip is to consider the timing of the new offer. If the seller’s agent tells you there is a new offer immediatly after you have communicated your final offer, that may be cause for suspicion. Read more »

Posted: September 16th, 2007 under Tips for Buyers and Sellers.
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