tag:blogger.com,1999:blog-61752952621187052572024-03-05T08:57:55.777-08:00Soskin, Soskin and Potasky LLPSteven Kleinhttp://www.blogger.com/profile/01680546409966111984noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-6175295262118705257.post-28257045555248912752013-03-19T08:30:00.000-07:002013-03-19T08:30:47.815-07:00Are mortgage rates really falling?Friends,<br />
<br />
<div class="MsoNormal">
There has been plenty of media coverage lately about falling interest rates. Bank of Montreal announced a rate reduction for its five year fixed mortgage to 2.99%. But is this something new? Is it a good deal? Our resident mortgage expert Gianina Kumar explains:<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;"> </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">"Turn on the TV or open the newspaper and its there - BMO 2.99%
for 5 year fixed. Sounds great right... but is it really? It showed up first
Jan 2012 and has reared its head again March 2013.Fact is that there are other banks out there offering lower rates
<b><u><span style="font-family: "Arial","sans-serif";">without</span></u></b> any of restrictions and limitations of BMOs no-frills mortgage.
This rate is nothing special and these type of no-frills mortgage offers have
been around for years. In our current low rate environment,
your client doesn't have to sacrifice flexibility on their mortgage terms for
a great rate. In particular BMO's restrictions include: </span><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> </span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-cellspacing: 0in; mso-padding-alt: 22.5pt 22.5pt 22.5pt 22.5pt; mso-yfti-tbllook: 1184; width: 100%px;"><tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;"><td style="padding: 22.5pt 22.5pt 22.5pt 22.5pt;"><ul type="disc">
<li class="MsoNormal" style="color: black; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Reduced
prepayment privilege to annual lump sum of 10%</span></li>
<li class="MsoNormal" style="color: black; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Max amortization period of 25 years </span></li>
<li class="MsoNormal" style="color: black; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">You can only
increase your payments by 10%</span></li>
<li class="MsoNormal" style="color: black; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">You <b><span style="font-family: "Arial","sans-serif";">cannot payout this mortgage</span></b>
unless you are selling the property</span></li>
<li class="MsoNormal" style="color: black; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">90 day instead
of 120 day rate hold</span></li>
<li class="MsoNormal" style="color: black; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">You can only
refinance this mortgage with BMO (and no other bank) - this restricts
your ability to negotiate the rate if you are increasing the mortgage,
leaving you at BMO's mercy </span></li>
</ul>
<div style="margin-bottom: .0001pt; margin: 0in;">
<b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">There are better rates
out there for no-frills mortgages, </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">some even as low as
2.79%.. however, I would never recommend these either as they come with
massive penalty consequences if paid out early. </span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.0pt;"></span></div>
<div style="margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0in;">
<b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">The fantastic news is
that getting 2.99% with NO RESTRICTIONS is being offered by nearly every
Lender right now. </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">There are a handful of lenders even
offering <b><span style="font-family: "Arial","sans-serif";">2.89%</span></b></span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.0pt;"></span></div>
<div class="MsoNormal">
<span class="ccfontupdated"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">with all the bells and
whistles. </span></span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.0pt;"></span></div>
<div style="margin-bottom: .0001pt; margin: 0in;">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;"><br /></span></div>
<div class="MsoNormal" style="margin-bottom: 12.0pt;">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">G"</span></div>
<div class="MsoNormal">
<img align="left" border="0" height="152" hspace="5" name="ACCOUNT.IMAGE.2" src="http://ih.constantcontact.com/fs172/1111379240437/img/2.png" vspace="5" width="145" /><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt;">Gianina
Kumar</span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;"></span></div>
<div class="MsoNormal">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">Mortgage Agent</span></div>
<div class="MsoNormal">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;"><br />
Direct: 416-854-4709</span></div>
<div class="MsoNormal">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">Toll free: 1-855-598-3325</span></div>
<div class="MsoNormal">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">Fax: 1-877-404-3117</span></div>
<div class="MsoNormal">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">Email: <a href="mailto:gianina.kumar@mortgagecentre.com">gianina.kumar@mortgagecentre.com</a></span></div>
<div class="MsoNormal">
<span style="color: red; font-family: "Arial","sans-serif"; font-size: 10.0pt;"><a href="http://r20.rs6.net/tn.jsp?e=0013optH7gELkKjBKBiWAXrJAcBSignZ7Ws5Wm1qD9BeJHvXUPv5mHbYLRKLkVs9pj9ovpn4d3pYx7OuVWA03-WgaQwZ4_48ErrHcc5ZaVzEhc3F7tsxwQSFgO9fRkOiF3A7ijMbWE3CvQ=" shape="rect" target="_blank"><b><span style="color: red;">Visit
My Website!</span></b></a></span><span style="color: #605e6c; font-family: "Arial","sans-serif"; font-size: 10.0pt;"></span></div>
<div class="MsoNormal">
<span style="color: #605e6c; font-family: "Georgia","serif"; font-size: 11.0pt;"></span><a href="http://r20.rs6.net/tn.jsp?e=0013optH7gELkLuidT8JozEveSiOqzaSfn2e1PGT1fGU3EIe_fY8CKW6TKB9cKN-OzBwXUt68IHIFw_Q0m-_jmj6PLI7XYRrmtkV9YYadztwYiBkipZfFuMoA==" target=""_blank""><img align="left" alt="Follow us on Twitter" border="0" height="22" src="https://imgssl.constantcontact.com/ui/images1/ic_twit_22.png" title="Follow us on Twitter" width="22" /></a><span style="color: #605e6c; font-family: "Georgia","serif"; font-size: 11.0pt; mso-no-proof: yes;"></span><span style="color: #605e6c; font-family: "Georgia","serif"; font-size: 11.0pt;"><a href="http://r20.rs6.net/tn.jsp?e=0013optH7gELkKtfDyIZ_qP1Cv0PCN17nTmR0d5IVwGfMBLb9I1pph2TSOo_5zoEXuBh3AfHOQ8oDJB31FRh0VbHaW79dp7NCkZT5pfQNUYRNt_Q0UKE31ShEM4ANwN3hyQVKhhjA4Pdw_C5jYZk0SLtudGFuk43WVe-oapR67P5VsebUkUPUmwty1sQqmxQC1qm66gGmwqwMwViPSAiJGpXA==" shape="rect" target="_blank"><span style="text-decoration: none; text-underline: none;"><img align="null" alt="View our profile on LinkedIn" border="0" height="22" id="_x0000_i1025" src="https://imgssl.constantcontact.com/ui/images1/ic_lkdin_22.png" title="View our profile on LinkedIn" width="22" /></span></a></span></div>
</td>
</tr>
</tbody></table>
Steven Kleinhttp://www.blogger.com/profile/01680546409966111984noreply@blogger.com0tag:blogger.com,1999:blog-6175295262118705257.post-23153957010148684092012-08-20T07:12:00.001-07:002012-08-23T11:43:22.430-07:00Bridge Financing-The BasicsIn this week's blog, we discuss the issue of bridge financing. Recently, a client of mine purchased a new property and sold their existing home on the same day. Suffice it to say, it was an extremely long day, which could have easily been avoided had they purchased their new home on a date prior to the sale of their existing home. As they found out the hard way, the costs of bridging the gap between the sale and the purchase were relatively minor in comparison to the additional moving costs, stress and anxiety of closing two deals on the same day!<br />
<br />
Gianina Kumar of CIBC, a mobile mortgage specialist, has contributed this piece and we thank her for her assistance.Gianina can be reached as follows:<br />
<br />
<!--[if gte mso 9]><xml>
<w:WordDocument>
<w:View>Normal</w:View>
<w:Zoom>0</w:Zoom>
<w:TrackMoves/>
<w:TrackFormatting/>
<w:PunctuationKerning/>
<w:ValidateAgainstSchemas/>
<w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid>
<w:IgnoreMixedContent>false</w:IgnoreMixedContent>
<w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText>
<w:DoNotPromoteQF/>
<w:LidThemeOther>EN-US</w:LidThemeOther>
<w:LidThemeAsian>X-NONE</w:LidThemeAsian>
<w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript>
<w:Compatibility>
<w:BreakWrappedTables/>
<w:SnapToGridInCell/>
<w:WrapTextWithPunct/>
<w:UseAsianBreakRules/>
<w:DontGrowAutofit/>
<w:SplitPgBreakAndParaMark/>
<w:EnableOpenTypeKerning/>
<w:DontFlipMirrorIndents/>
<w:OverrideTableStyleHps/>
</w:Compatibility>
<w:BrowserLevel>MicrosoftInternetExplorer4</w:BrowserLevel>
<m:mathPr>
<m:mathFont m:val="Cambria Math"/>
<m:brkBin m:val="before"/>
<m:brkBinSub m:val="--"/>
<m:smallFrac m:val="off"/>
<m:dispDef/>
<m:lMargin m:val="0"/>
<m:rMargin m:val="0"/>
<m:defJc m:val="centerGroup"/>
<m:wrapIndent m:val="1440"/>
<m:intLim m:val="subSup"/>
<m:naryLim m:val="undOvr"/>
</m:mathPr></w:WordDocument>
</xml><![endif]--><!--[if gte mso 9]><xml>
<w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
DefSemiHidden="true" DefQFormat="false" DefPriority="99"
LatentStyleCount="267">
<w:LsdException Locked="false" Priority="0" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
<w:LsdException Locked="false" Priority="39" Name="toc 1"/>
<w:LsdException Locked="false" Priority="39" Name="toc 2"/>
<w:LsdException Locked="false" Priority="39" Name="toc 3"/>
<w:LsdException Locked="false" Priority="39" Name="toc 4"/>
<w:LsdException Locked="false" Priority="39" Name="toc 5"/>
<w:LsdException Locked="false" Priority="39" Name="toc 6"/>
<w:LsdException Locked="false" Priority="39" Name="toc 7"/>
<w:LsdException Locked="false" Priority="39" Name="toc 8"/>
<w:LsdException Locked="false" Priority="39" Name="toc 9"/>
<w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
<w:LsdException Locked="false" Priority="10" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" Priority="11" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" Priority="22" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" Priority="59" SemiHidden="false"
UnhideWhenUsed="false" Name="Table Grid"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
</w:LatentStyles>
</xml><![endif]--><!--[if gte mso 10]>
<style>
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin:0in;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:"Times New Roman","serif";}
</style>
<![endif]-->
<br />
<div class="MsoNormal" style="color: black;">
<span style="font-size: x-small;"><b><span style="font-family: "Arial","sans-serif";">Gianina Kumar</span></b><b><i><span style="font-family: "Arial Narrow","sans-serif";"></span></i></b></span></div>
<div class="MsoNormal" style="color: black; margin-right: 26.25pt;">
<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";">CIBC Mortgage Advisor</span></span></div>
<div class="MsoNormal" style="color: black; margin-right: 26.25pt;">
<span style="font-size: x-small;"><b><span style="font-family: "Arial","sans-serif";">TEL:</span></b><span style="font-family: "Arial","sans-serif";">
1-888-414-4874</span></span><br />
<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";"><b>MOBILE: </b></span></span><!--[if gte mso 9]><xml>
<w:WordDocument>
<w:View>Normal</w:View>
<w:Zoom>0</w:Zoom>
<w:TrackMoves/>
<w:TrackFormatting/>
<w:PunctuationKerning/>
<w:ValidateAgainstSchemas/>
<w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid>
<w:IgnoreMixedContent>false</w:IgnoreMixedContent>
<w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText>
<w:DoNotPromoteQF/>
<w:LidThemeOther>EN-US</w:LidThemeOther>
<w:LidThemeAsian>X-NONE</w:LidThemeAsian>
<w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript>
<w:Compatibility>
<w:BreakWrappedTables/>
<w:SnapToGridInCell/>
<w:WrapTextWithPunct/>
<w:UseAsianBreakRules/>
<w:DontGrowAutofit/>
<w:SplitPgBreakAndParaMark/>
<w:EnableOpenTypeKerning/>
<w:DontFlipMirrorIndents/>
<w:OverrideTableStyleHps/>
</w:Compatibility>
<w:BrowserLevel>MicrosoftInternetExplorer4</w:BrowserLevel>
<m:mathPr>
<m:mathFont m:val="Cambria Math"/>
<m:brkBin m:val="before"/>
<m:brkBinSub m:val="--"/>
<m:smallFrac m:val="off"/>
<m:dispDef/>
<m:lMargin m:val="0"/>
<m:rMargin m:val="0"/>
<m:defJc m:val="centerGroup"/>
<m:wrapIndent m:val="1440"/>
<m:intLim m:val="subSup"/>
<m:naryLim m:val="undOvr"/>
</m:mathPr></w:WordDocument>
</xml><![endif]--><!--[if gte mso 9]><xml>
<w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
DefSemiHidden="true" DefQFormat="false" DefPriority="99"
LatentStyleCount="267">
<w:LsdException Locked="false" Priority="0" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
<w:LsdException Locked="false" Priority="39" Name="toc 1"/>
<w:LsdException Locked="false" Priority="39" Name="toc 2"/>
<w:LsdException Locked="false" Priority="39" Name="toc 3"/>
<w:LsdException Locked="false" Priority="39" Name="toc 4"/>
<w:LsdException Locked="false" Priority="39" Name="toc 5"/>
<w:LsdException Locked="false" Priority="39" Name="toc 6"/>
<w:LsdException Locked="false" Priority="39" Name="toc 7"/>
<w:LsdException Locked="false" Priority="39" Name="toc 8"/>
<w:LsdException Locked="false" Priority="39" Name="toc 9"/>
<w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
<w:LsdException Locked="false" Priority="10" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" Priority="11" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" Priority="22" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" Priority="59" SemiHidden="false"
UnhideWhenUsed="false" Name="Table Grid"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
</w:LatentStyles>
</xml><![endif]--><!--[if gte mso 10]>
<style>
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin:0in;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:"Times New Roman","serif";}
</style>
<![endif]--><span style="color: black; font-family: "Arial","sans-serif"; font-size: x-small;">416-854-4709
</span><span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";"><span style="color: black;"> </span></span></span></div>
<div class="MsoNormal" style="color: black; margin-right: 26.25pt;">
<span style="font-size: x-small;"><b><span style="font-family: "Arial","sans-serif";">FAX: </span></b><span style="font-family: "Arial","sans-serif";">1-877-404-3117</span><b><span style="font-family: "Arial","sans-serif";"> </span></b></span></div>
<div class="MsoNormal" style="color: black; margin-right: 26.25pt;">
<span style="font-size: x-small;"><b><span style="font-family: "Arial","sans-serif";">EMAIL:</span></b><span style="font-family: "Arial","sans-serif";"> <a href="mailto:Gianina.Kumar@cibc.com">Gianina.Kumar@cibc.com</a></span></span></div>
<div class="MsoNormal" style="margin-right: 26.25pt;">
<span style="font-size: x-small;"><b style="color: black;"><span style="font-family: "Arial","sans-serif";">URL:</span></b><span style="color: black;"> </span></span><span style="color: navy; font-family: "Arial","sans-serif"; font-size: x-small;"><a href="http://www.cibcmortgageadvisor.com/GianinaKumar" style="color: black;">www.cibcmortgageadvisor.com/GianinaKumar</a><span style="color: black;"> </span></span></div>
<div class="MsoNormal" style="margin-right: 26.25pt;">
<span style="color: navy; font-family: "Arial","sans-serif"; font-size: 10.0pt;"><span style="color: black;"><span style="font-size: x-small;"> </span> </span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCaqVHaxSCwtBCalnLeAYc7gQ2txgKV_Amw5fhn-NXV1mJ5909Rju66LSrONsX090myhc7qbQOMNQjKLB8qpSgkrQS_HIuRFrXeU9-0cGsp3MhX4qU-zg0336hsQiLu3-cMBv7IuZn-dI/s1600/Gianina+Kumar.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCaqVHaxSCwtBCalnLeAYc7gQ2txgKV_Amw5fhn-NXV1mJ5909Rju66LSrONsX090myhc7qbQOMNQjKLB8qpSgkrQS_HIuRFrXeU9-0cGsp3MhX4qU-zg0336hsQiLu3-cMBv7IuZn-dI/s320/Gianina+Kumar.jpg" width="287" /></a></div>
<br />
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt;">"Bridge
Financing</span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 9.0pt;"> </span><br />
<br />
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 9.0pt;">Bridge financing is used when the
SALE date on
your existing property occurs <i><u>after</u></i> the PURCHASE date of your new
home. To qualify for bridge financing, there must be an unconditional sale
agreement on the home being sold.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 9.0pt;">The bridge covers the difference
between the total down payment and the deposit paid upfront. The bank is essentially
lending you the equity from the sale of your property for down payment on the
new purchase.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 9.0pt;">An example illustrates this:</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 9.0pt;">Jack and Jill are selling their
current home on Sept 15-2012. <span style="mso-spacerun: yes;"> </span>They are
selling for $400,000 and after they pay off their $180,000 mortgage and closing
costs (realtor fees), will have $200,000 in sale proceeds.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 9.0pt;">Jack and Jill have agreed to
purchase a new home for $500,000 on Sept 1-2012, and paid a deposit of $50,000.
They intend to put a total downpayment of $200,000 and will mortgage $300,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 9.0pt;">Here is the dilemma:<span style="mso-spacerun: yes;"> </span>To purchase their new home on Sept 1-2012,
Jack and Jill will need $150,000 (i.e. total down payment minus deposit) from their
sale proceeds.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;">If and ONLY IF Jack and Jill have an <u>unconditional sale agreement</u>
on their current home, the solution is bridge financing.</b></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 9.0pt;">Since the bank knows 100% that
Jack and Jill will be selling their home, they will LEND them the money they
would have made from the sale. So, the bank will give Jack and Jill a
temporary loan (i.e. Bridge loan) for the $150,000 needed to close their new
home on Sept 1-2012. Here’s how it would look:</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 9.0pt;">They would get a mortgage for
$300,000 on Sept 1-2012 for the new property and also a bridge loan from the
bank for $150,000. This ensures they have $500,000 to buy the house.<span style="mso-spacerun: yes;"> </span>On Sept 1-2012 when their property sells, the
sale lawyer will take the $150,000 equity left from the sale and pay out the
bridge loan to the bank. Voila!!!</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 9.0pt;">The biggest misconception about
bridge financing is that people are not aware that you have to have a firm sale
agreement on your home before the bank will agree to give you a bridge loan.
Why? Because if you haven’t sold the property as yet, then you are still
carrying the existing mortgage AND the new mortgage on the purchase. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 9.0pt;">In this example, the bridge would
be needed for 15 days. Rates on bridge loans are typically 7% (prime + 4%). The
total interest cost to bridge $150,000 at 7% over 15 days would be
approximately $432.<span style="mso-spacerun: yes;"> "</span></span></div>
Steven Kleinhttp://www.blogger.com/profile/01680546409966111984noreply@blogger.com0tag:blogger.com,1999:blog-6175295262118705257.post-76423310623371060342012-08-02T08:53:00.000-07:002012-08-02T08:53:06.782-07:00Do You Need a Real Estate Professional?In this weeks' blog, we tackle the issue of hiring a real estate professional. Many people don't know of a realtor or mortgage professional and you always need one when purchasing or selling real estate. Rather than do the research yourself, why not get a referral from a trusted source who has worked with professionals before and tell you about them and the quality of their work! I work with many realtors and mortgage professionals and can put you in touch with one which suits your needs at no cost! If you ever need a referral, contact me. You won't be sorry!Steven Kleinhttp://www.blogger.com/profile/01680546409966111984noreply@blogger.com1tag:blogger.com,1999:blog-6175295262118705257.post-63688842298269584412012-07-11T09:05:00.001-07:002012-07-11T09:05:48.510-07:00Tips for Buying a New CondominiumIn this weeks' blog, I cover the topic of buying a new construction condominium property. For anyone who has purchased a property from a builder, the process can be time consuming and stressful. Here are a few suggestions, which list is not exhaustive, when contemplating purchasing a condominium property from a builder:<br />
<ol>
<li>Ask for a copy of their standard agreement of purchase and sale and read it through carefully before making your offer. Often times, the standard agreement is replete with hidden charges and closing costs which you may not be aware of which can add thousands of dollars to the final closing costs;</li>
<li>After reading through the agreement, make a plan for yourself as to what you are going to ask for in the sales office since the purchase price often does not include all the closing costs and fees;</li>
<li>Ask to have all the closing costs capped at a maximum amount so you have some certainty as to what you will need to pay on closing. Pay close attention to those specific paragraphs in the agreement which allow the builder to pass on costs to you and make sure that the agreement you sign specifically references those parts of the agreement and have the costs "cap" apply to those provisions in the agreement; and</li>
<li>Insist that the agreement be made conditional on your solicitors' approval.</li>
</ol>
What follows are some issues that I often see in builders' contracts:<br />
<ol>
<li>The size of the unit is approximate and may vary from the sketches or brochures in the sales office;</li>
<li>None of the representations or information presented to you by the sales representatives is binding on the builder if it conflicts with the terms of the agreement of purchase and sale;</li>
<li>The builder has the right to do a credit check on you and if they find your credit unsatisfactory, they have the right to terminate the transaction;</li>
<li>Finishes and materials you select in the decor centre may not be available at the time of construction and the builder has the right to substitute those materials, provided the substitute material are of equal or better quality from the ones you chose in the decor centre;</li>
<li>There are usually restrictions on the use of your patio or balcony including, a prohibition of the use of barbeques;</li>
<li>There are also strict rules about pets, including a general provision that the board of directors of the condominium corporation has the right to require that you cease having a pet that the board finds is a nuisance to other unit owners.</li>
</ol>
The foregoing is just a small sample of issues and concerns when buying a condominium property from a builder. To make sure you are fully informed, retain the services of a lawyer before finalizing the transaction. Steven Kleinhttp://www.blogger.com/profile/01680546409966111984noreply@blogger.com0tag:blogger.com,1999:blog-6175295262118705257.post-16636799734220373982012-06-26T06:52:00.002-07:002012-06-26T06:52:27.493-07:00New Mortgage Rules-What does it mean to you?<div style="text-align: center;">
</div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: Arial, sans-serif; font-size: x-small;">This week, we have a piece contributed by Gianina Kumar, a mortgage advisor with CIBC which I hope you will find helpful and informative. Happy reading!</span></div>
<div class="MsoNormal">
<b><u><span style="font-family: Arial, sans-serif; font-size: 10pt;"><br /></span></u></b></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: Arial, sans-serif; font-size: x-small;"><i><b>Submitted by Gianina Kumar, CIBC Mortgage Advisor</b></i></span></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: Arial, sans-serif; font-size: x-small;"><i><b><br /></b></i></span></div>
<div class="MsoNormal">
<b><u><span style="font-family: Arial, sans-serif; font-size: 10pt;">"Have you heard the buzz about mortgages recently? What does
it mean for you?<o:p></o:p></span></u></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: Arial, sans-serif; font-size: 10pt;">The mortgage changes announced June 21<sup>st</sup> that are to
take effect July 9<sup>th</sup> may appear on first sight to be sudden, but
they certainly are not. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: left;">
<br /></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: Arial, sans-serif; font-size: 10pt;">Almost 3 months ago, Finance Minister Jim Flaherty advised banks
to tighten lending guidelines on their own. Now, it has been formally announced
that he will be doing it for them.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: left;">
<br /></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: Arial, sans-serif; font-size: 10pt;">First, let’s look at what these changes are:<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<ol start="1" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="text-align: left;"><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">The max amortization is now 25 years (previously 30)</span></li>
<li class="MsoNormal" style="text-align: left;"><span style="background-color: white; font-family: Arial, sans-serif; font-size: 10pt; text-align: center;">The maximum mortgage amount on a currently owned
property can only be refinanced to 80% of the value</span></li>
<li class="MsoNormal" style="text-align: left;"><span style="background-color: white; font-family: Arial, sans-serif; font-size: 10pt; text-align: center;">Any properties over $1 million require a minimum 20%
down payment (ie. not CMHC insured)</span></li>
</ol>
<div class="MsoNormal">
<span style="font-family: Arial, sans-serif; font-size: x-small;"><br /></span></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Clients
that I assist with mortgage financing are impacted in various ways depending on
their role as a homebuyer/owner. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: left;">
<br /></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">For
those clients that are in the midst of purchasing a home, the reduced
amortization is equivalent to paying almost 1% more on the mortgage rate. As an
example, for a household earning $75,000/year and no debt, this reduces the maximum
mortgage by $49,000 (ref: Canadian Mortgage Trends). Its important to
note that anyone currently holding a pre-approval can still get a 30 year
amortization as long as an offer on a property is accepted before July
8, 2012. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: left;">
<br /></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">In
the case of existing homeowners that are looking to consolidate high interest
debts or renovation costs into their mortgage, the total mortgage cannot exceed
80% of the value of the home. Currently, homeowners would be able to
increase their mortgage to 85% of the value of their property if they agreed to
pay a small CMHC premium. Effective July 9<sup>th</sup>, however, no
mortgage can be increased to over 80% of the value. Another way of putting this
is that all existing mortgages cannot be increased to the point where they
would require to be insured through CMHC (ie. > 80% loan to value).
This will create a larger subset of people that may turn to alternative banks
(ie. B-lenders) that offer higher interest rates for the benefit of a larger
mortgage. Some industry experts speculate that refinancing with CASHBACK
will become more popular as people look to stay with their A-lender bank (ie.
major 5 banks like CIBC, BMO, TD etc..) for a favourable rate but with more
equity take out options.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: left;">
<br /></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Lastly
for the minority of the Canadian population (the majority of which resides in <st1:city w:st="on">Toronto</st1:city> and <st1:city w:st="on"><st1:place w:st="on">Vancouver</st1:place></st1:city>)
that purchase for over $1 Million will now require at least 20%
downpayment. It may sound grand, but realistically a million dollar
mortgage doesn’t buy very much in large urban centres like <st1:city w:st="on">Toronto</st1:city>
and <st1:city w:st="on"><st1:place w:st="on">Vancouver</st1:place></st1:city>.
<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: left;">
<br /></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Amidst
all the industry buzz over these changes are whispers of more changes to come.
What is expected is stricter lending guidelines for self employed individuals,
and potentially having to re-qualify for mortgages at term maturity. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Stay
tuned…"<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Gianina Kumar is a mortgage advisor with CIBC and can be reached as follows:</span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"><br /></span></div>
<div class="MsoNormal">
<b style="background-color: white;"><span style="font-family: Arial, sans-serif; font-size: 10pt;">TEL:</span></b><span style="background-color: white; font-family: Arial, sans-serif; font-size: 10pt;">
1-888-414-4874</span></div>
<div class="MsoNormal" style="margin-right: 26.25pt;">
<b><span style="font-family: Arial, sans-serif; font-size: 10pt;">FAX: </span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;">1-877-404-3117</span></div>
<div class="MsoNormal" style="margin-right: 26.25pt;">
<b><span style="font-family: Arial, sans-serif; font-size: 10pt;">EMAIL:</span></b><span style="font-family: Arial, sans-serif; font-size: 10pt;"> <a href="mailto:Gianina.Kumar@cibc.com">Gianina.Kumar@cibc.com</a><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-right: 26.25pt;">
<b><span style="font-family: Arial, sans-serif; font-size: 10pt;">URL:</span></b> <span style="font-family: Arial, sans-serif; font-size: 10pt;"><a href="http://www.cibcmortgageadvisor.com/GianinaKumar">www.cibcmortgageadvisor.com/GianinaKumar</a> </span><span style="color: navy; font-family: "Arial","sans-serif"; font-size: 10.0pt;"> <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="color: navy; font-family: Arial, sans-serif; font-size: x-small;"><i><br /></i></span></div>Steven Kleinhttp://www.blogger.com/profile/01680546409966111984noreply@blogger.com0tag:blogger.com,1999:blog-6175295262118705257.post-63122210712419296662012-06-04T10:42:00.000-07:002012-06-04T11:07:02.390-07:00Sellers Providing Home Inspection Reports-A Tale of CautionPart of the reason I started this blog was to inform others of mistakes past clients have made and educate my readers. In this week's blog, we deal with another potential issue in purchasing a resale property. As a result of high demand and low supply for resale residential real estate, the GTA housing market has come to understand multiple offer situations as commonplace. Often in a multiple offer situation, the Sellers encourage a potential buyer to submit an offer without conditions, what is otherwise known as a "clean offer". For the buyer, this means that all the normal steps that would be taken to investigate the property itself are dispensed with and no inspection of the property ever takes place. Of course, this is risky and dangerous as the buyer has no idea what problems await her after closing.<br />
<br />
Sometimes, a shrewd listing agent will have an inspection report prepared and made available for a potential buyer to review prior to submitting an offer. Sounds pretty good, right? What if the inspector doesn't report all the problems in the report?<br />
<br />
Using an inspection report prepared by the Seller's inspector is not a safe substitute for obtaining your own inspection report. For starters, you don't know if the inspector retained by the Seller is actually well qualified to prepare the report itself. More importantly, often these inspection reports have a disclaimer that it can not be relied upon by anyone other than the person who paid for it. If there are mistakes or errors in the report, it will be difficult to successfully sue the inspector since you never retained them. <br />
<br />
If you do rely on an inspection report prepared for the Seller, you do so at your own risk. <br />
<br />
<br />Steven Kleinhttp://www.blogger.com/profile/01680546409966111984noreply@blogger.com0tag:blogger.com,1999:blog-6175295262118705257.post-47984389222501011982012-05-23T13:50:00.001-07:002012-05-23T13:50:56.532-07:00Are You a Small Business Owner? Have You Secured Your Shareholder Loans to Your Company?<b>[This week's entry discusses the laws of the Province of Ontario. For
readers in other jurisdictions, please consult with a local lawyer]</b><br />
<br />
This week we touch on an entirely different area for small business owners. Many of my clients are small business owners, either as a part time or full time endeavor. We have all heard about bank loans and collateral for the loans. If a bank takes collateral for a loan, what this means is that in the event that you do not pay your loan obligations as they become due, the bank has the right to seize and sell that collateral to pay itself back for the unpaid portion of the loan. <br />
<br />
When small business owners first start their business and they incorporate a company to carry on that business, frequently they put their own personal funds into the company to allow it to operate. This can happen at any time. If you are a shareholder in your own company and the advance is documented properly, these advances then become loans owed by your company to you as a shareholder or shareholder loans.<br />
<br />
Unfortunately, if a business starts to fail, often the owner of the business or shareholder, wants to take out money to repay themselves for past shareholder advances. If this occurs at a time when the business has creditors which aren't being paid, legislation in Ontario may apply and give rise to an action by a creditor to have those moneys repaid back to the company by you.<br />
<br />
When you put money into your company you should do so on the basis that the advances are loans and you should make those loans secured loans, meaning, there is collateral for the loan to ensure that the loan is paid back to you. At the inception of your business or as soon as possible, you should enter into an agreement with your company to give you a lien against the assets of the company. This lien must be registered against the company. In Ontario, the legislation governing the granting of security in personal property is called the Personal Property Security Act. Ideally, this arrangement should be in place before you ever advance money to your company. <br />
<br />
If completed properly, securing your personal loans to your company is a legitimate and legal method to secure your investment which will rank your investment ahead of the company’s unsecured creditors if the business gets into difficulty.<br />
<br />
For more information on how to secure your shareholder advances to your company, please feel free to contact me. <br />
<br />
<br />Steven Kleinhttp://www.blogger.com/profile/01680546409966111984noreply@blogger.com0tag:blogger.com,1999:blog-6175295262118705257.post-57361932820388127352012-05-15T07:33:00.000-07:002012-05-16T12:58:40.032-07:00Most Canadians do not have a Will-Do You?A recent article in the National Post discussed a recent poll that found a majority of Canadians do not have a will. In my practice, the number of clients without a will is far higher, close to 95%. Why is this so? Perhaps people feel like preparing a will is too expensive. Perhaps it is because most people do not want to turn their minds to the possibility of dying and leaving loved ones behind. There are always reasons but the need for having a Will prepared is obvious. Our office normally charges approximately $250 plus HST for a simple Will.<br />
<br />
It is also important that in addition to a Will, you should have a continuing power of attorney for property and a continuing power of attorney for health care prepared as well. I generally charge $75 plus HST for each type of continuing power of attorney.<br />
<div>
<br /></div>
<div>
What is a continuing power of attorney for property? It is a document to appoint a person of your choice to make decisions about your property and manage your finances on your behalf. This may include doing things such as signing documents for you, paying your bills, or even selling your home. This power of attorney will allow the person you appoint to manage your financial affairs even if you become mentally incapable. The person you appoint is called your “attorney for property.” </div>
<div>
<br /></div>
<div>
What is a continuing power of attorney for health care? It is a document to appoint a person of your choice to make decisions about your personal care for you if you become mentally incapable of doing so. Decisions about your personal care involve things such as where you live, what you eat and the kind of medical treatment you receive. The person you appoint is called your “attorney for personal care”. </div>
<div>
<br /></div>
<div>
While many people understand the obvious need for a Will, the need for each of the power of attorney documents is less obvious. A recent example is instructive. A gentlemen contacted me about the health care power of attorney. Let's call him Joe. He and his same sex spouse were legally married recently and after an accident, the spouse was in hospital and was not able to give instructions to his treating physician about his health care. When Joe tried to give instructions to his spouse's treating physician, the doctor asked Joe if he had a power of attorney for health care. When he told the doctor that his spouse did not have one in place, the doctor refused to take instructions from Joe about his spouse's health care and instead took instructions from Joe's father in law instead. This completely unnerved Joe and once his spouse was out of hospital (and fully recovered) they immediately had Wills and powers of attorney prepared. </div>
<div>
<br /></div>
<div>
While this story may be a rare exception, it points to the importance of having your affairs in order before you need it. The process for preparing a Will and powers of attorney is relatively easy and relatively inexpensive for the peace of mind it will bring you and your loved ones. </div>
<div>
<br /></div>
<div>
If you have any questions about Wills or powers of attorney, please feel free to contact me or check out my profile on Linkedin <a href="http://www.linkedin.com/profile/view?id=87716000&trk=tab_pro">http://www.linkedin.com/profile/view?id=87716000&trk=tab_pro</a>.</div>
<div>
<br /></div>
<div>
<br /></div>Steven Kleinhttp://www.blogger.com/profile/01680546409966111984noreply@blogger.com0tag:blogger.com,1999:blog-6175295262118705257.post-11958904539401651472012-04-30T09:17:00.001-07:002012-04-30T09:17:24.091-07:00Buying and Selling on the same day-Beware<br />
<div style="text-align: center;">
<div style="text-align: left;">
In this week's blog, we are going to discuss an issue facing many homeowners when purchasing a residential property.<br />
<br />
As is usually the case (for people who are not first-time home buyers) you have to sell your existing home in order to have the funds needed to purchase the new property. Time and time again, I see clients arranging for the closing of both their existing home and their new home on the same day. </div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
The difficulty with closing both transactions on the same day is one of timing. Both deals must be completed by 5 PM on the closing date and there is no specific time set for the closing of either deal. If the sale of your home takes place late in the day, this makes the possibility of completing the purchase of the new property by 5 pm unlikely. This is due to the logistics involved in closing a real estate transaction. Let me shed some light on the subject for you.<br />
<br />
Once the sale proceeds arrive in my office and we complete the sale transaction, the funds need to be deposited into the trust account, cheques need to be certified and delivered to the seller's lawyer. If that office is quite a distance away from mine then it is unclear precisely when the funds will arrive at the other law firm, even if I send it on a rush basis. Sometimes, the seller’s lawyers will allow the funds to be deposited directly into their bank account (to save the time of a courier) but what if their bank closes before the deal is ready to close? Many banks still close at 4 pm.</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
If the purchase transaction doesn’t close in time, what is the client to do? For the moment, they are homeless. Sometimes, I am able to negotiate that my client be given possession of the new property (notwithstanding that the deal hasn't formally closed) but this is a rarity. The client is then left to find themselves accommodations for the night. This frequently involves staying in a hotel, meals in restaurants and additional storage charges by the moving company as the client's personal effects and furniture need to be stored overnight. They may even have to buy a change of clothes and toiletries because all of their belongings are packed away in the moving truck!</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
To avoid this situation, if possible, arrange for the closing date for the purchase transaction to take place a day or two before the closing of the sale transaction and obtain bridge financing for the down payment, land transfer tax and closing costs. In my experience, clients who use this strategy are usually able to complete the purchase of the new home relatively early in the day. This also reduces their moving costs as the movers are not sitting around all day waiting for the deal to close, accumulating hourly moving charges. Depending on your lender, the bridge financing costs can be minor in comparison to the stress and aggravation of waiting all day to take possession of your new home.</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
So heed a piece of simple device: When you are arranging for closing dates, do not fall into the trap of buying your new home and selling your existing home on the same day. It will likely save you hundreds of dollars in moving charges and save you a lot of aggravation and stress.</div>
<div style="text-align: left;">
<br /></div>
</div>Steven Kleinhttp://www.blogger.com/profile/01680546409966111984noreply@blogger.com0tag:blogger.com,1999:blog-6175295262118705257.post-66533664977245059332012-04-23T08:09:00.000-07:002012-04-25T07:20:56.940-07:00Buying a House with Appliances? BewareAn issue in house closings that has come up with increasing frequency is the issue of the purchase of appliances that are included in the purchase price.<br />
<br />
Usually, a resale property will typically include existing appliances and most buyers never give much thought to the issue. Sometimes, following the closing, the buyer arrives at their newly purchased property to find that the appliances they believed would be included in the purchase price have been substituted with different appliances, usually older models. What do they do now? Usually, the first call they make is to their lawyer. The agreement will typically state that the existing appliances are included in the purchase price. The difficulty is that frequently, there is no documentary evidence as to what exact appliances were included in the price of the home. I recommend to my clients to take photographs of the appliances and obtain the serial numbers for each appliance and list those appliances in the agreement of purchase and sale. Without this evidence, any litigation which may ensue after closing boils down to which story the judge believes at a trial of the matter, the buyer's or the seller's.<br />
<br />
As a result, I recommend that buyers ensure that when they have the agreement of purchase and sale prepared, to make sure that they take digital photographs of the appliances that were present when the offer was signed and to make sure that the photos are time stamped (details of the date and time of the photo) and readily available in order to prove without a shadow of a doubt as to what appliances were present when the offer was signed.<br />
<br />
This small step can save you thousands of dollars and aggravation if the appliances you thought you were buying mysteriously disappear on the closing. As part of my service, I ensure that a separate schedule including the list of appliances and the serial numbers would form part of the agreement of purchase and sale.<br />
<br />
Tune in to my blog next week when we discuss the trials and tribulations of buying and selling a home on the same closing day.<br />
<br />
Steven KleinSteven Kleinhttp://www.blogger.com/profile/01680546409966111984noreply@blogger.com0tag:blogger.com,1999:blog-6175295262118705257.post-61973332451616885772012-02-27T09:01:00.000-08:002012-02-27T07:23:07.280-08:00Greetings!Greetings everyone!<br />
<br />
I am so excited to be starting SSP's first blog. Every week, we will be publishing news, information and practical tips related to legal issues you can use in your business and personal lives. I look forward to all your feedback and feel free to send us questions about topics you want to read more about. Enjoy!<br />
<br />
Sincerely,<br />
Steven KleinSteven Kleinhttp://www.blogger.com/profile/01680546409966111984noreply@blogger.com0Toronto, ON, Canada43.653226 -79.383184343.469412 -79.69904129999999 43.837039999999995 -79.0673273