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14 The Canadian S talesman. Bowmanvillc. Wednesday, November 30,1994 V r Real Estate Deadlines and Policies Deadline for Wednesday Publication is Monday at 12:00 Noon. Any compensation for errors or omissions by The Canadian Statesman will be limited to the value of the space occupied by the error in the advertisement. v Please phone 623-3303 and ask for the Real Estate Sales Department J Helpful Tips for Working with A Lawyer to Sell Your Home This article is provided by local Realtors and the Ontario Real Estate Association (OREA) for the benefit of consumers in the real estate market. If you're thinking of selling your home in the near future, you should know that the selling process - like the buying process - will involve a number of legalities and legal jargon that most people find confusing and sometimes downright intimidating. If you haven't used the services of a lawyer for a while, you might be wondering about who to go to. The most logical person of course, is the lawyer you hired when you purchased purchased your current home. Obviously, this person is familiar with your property and its specifics. If you were happy with the service you received from this individual, your problem is solved. Talk to Friends If that particular lawyer is unavailable unavailable or you want to choose someone else, the best way to get a referral is to talk to people you known, including including family, friends, co-workers and neighbours, to see if they can recommend recommend someone with substantial real estate experience. If not, they may be able to help point you in the right direction direction for a recommendation. And although your realtor cannot recommend or endorse a particular lawyer, he or she may also be able to give you the names of several lawyers lawyers to contact. If these approaches leave you empty-handed, try contacting the legal legal referral service in your community. community. You will likely get the names of two or three lawyers to contact. Inquire About Experience When talking to prospective lawyers, lawyers, ask about their real estate experience. experience. After all, if their practice con- Mr, X has a medical problem. After receiving advice from a number of non-professionals (neighbours, friends, relatives etc.), he selects a well known health specialist from the area. After a very careful analysis, Dr. A. suggests a course of treatment treatment and a prescription for her patient - one, that is followed, should be relatively painless and quite possibly lead to a complete cure within a few weeks. Mr. X however, while willing to follow this course of treatment wishes to try another prescription as recommended by his well-meaning friends and neighbours. Even though Dr. A is an experienced professional specializing in current cures, she fails to convince Mr. X to do things her way. Fearing that she may lose Mr. X as a patient, she decides to let him try things his way for a time, while incurring no medical expenses. She's convinced that eventually, Mr. X. will take her advice, get well and pay his medical bill. Approximately three months, many office visits and irate phone calls later, a very frustrated, upset and now sicker Mr. X informs Dr. A centrâtes on litigation, they're unlikely to be involved in many real estate transactions. Ask them if they are easily accessible accessible on weekends and evenings when most offers are presented. Chat to them briefly to see if you are comfortable comfortable with them. You may even want to ask for references. Fees When talking to different lawyers, you'll probably notice a difference in their estimated fees. Some will propose a single "flat fee" for their services. Ask how the fee is structured, structured, what services are included and how and when they will let you know if costs are likely to exceed this figure. figure. Other lawyers may work on an hourly rate and will provide you with an estimate of the total hours required. required. Make sure you have an understanding understanding of the factors that could result result in more hours than originally anticipated. As well, be sure to find out what other legal costs may be involved so you can budget for these - but don't let your decision hinge solely on fees. There isn't always a direct correlation correlation between fees and a lawyer's experience experience or expertise. Go with the lawyer who you feel has the right experience experience for your situation. How a Lawyer Helps In real estate transactions, lawyers lawyers look after the many time- consuming and complex things most of us can't do. One important role would be a review of any offers submitted submitted by purchasers - because when you and the buyer sign this document, document, you are legally committed to price, terms and conditions of the sale. However, you should not expect a that he's switching doctors, as it's obvious to him and everyone that he's spoken to, that Dr. A is incapable of helping him. After careful examination, the new Dr. B makes exactly the same recommendations to the patient as Dr. A had some three months earlier. earlier. Hearing it for the second time, a now desperate Mr. X decides to try things the specialist's way. Within a few short weeks Mr. X, now fully cured, is on his merry way and singing the praises of Dr. B to everyone he meets. His neighbours marvel at his speedy recovery while under the care of this new specialist and agree to recommend him to their friends and neighbours. And what of poor Dr. A? How has all this affected her stress level, her pocket book and her reputation? As the lights fade, we see her in her office hunched over a stack of advertising invoices, gas bills etc. resolving for the umpteenth time never again to take another over priced listing! Looking for a real estate specialist? Call Betty Smith at Family Realty 2000 Ltd., Bowmanvillc. Phone 623-2000. a lawyer to advise you about the price contained in an offer. After the conditions of the offer have been met, your lawyer will begin begin gathering the documents that are necessary to complete the transaction and transfer title to the new owner. Your lawyer will also be in contact contact with the purchaser's lawyer and will respond to any questions or issues issues regarding title or requirements in the agreement which have to be resolved resolved before closing. If you have an existing mortgage on your property, and you plan to pay it off from proceeds of the sale, your lawyer will obtain a copy of the mortgage mortgage statement from your lender. He or she will also send a letter to the purchaser's lawyer that confirms the mortgage will be discharged from the proceeds. Statement of Adjustment A statement of adjustments, detailing detailing the credits each party is to receive receive for deposits and prepaid or unpaid unpaid realty taxes will be prepared by your lawyer, along with a calculation of the balance due on closing. A separate separate schedule will be prepared showing showing how these proceeds are to be distributed, distributed, to discharge the mortgage and pay the costs associated with the transaction. The balance is your net 1 proceeds of the sale. Your lawyer or his or her conveyancer conveyancer will meet with the buyer's lawyer lawyer (or conveyancer) at the land registry registry office on closing day to exchange the paperwork required for transferring title and to register the required documents. The proceeds of the sale will be received and distributed by your lawyer. lawyer. Your mortgage will be discharged discharged from the proceeds of sale and expenses and other items will be paid according to the statement of adjustments. adjustments. You'll then receive a cheque for the net proceeds. Your lawyer will also send you a reporting letter setting out the services services that were performed and will supply supply you with any appropriate documents documents from the transaction. Free Banking for Non Profit Groups There are more than 500,000 locally locally based, not-for-profit organizations organizations operating in communities across Canada. Now they can get selected selected banking services for free at Bank of Montreal, John Kirk, the Bank's Vice-President, Community Banking, for Oshawa announced November November 7. "We're introducing the Community Community Account so that every one of these groups which enrich our community can benefit," said Mr. Kirk. Under the terms of the account, fees for deposits, cheques and withdrawals, withdrawals, as well as the monthly administration administration fee, will be waived, and interest will be paid on credit balances balances in the account; Account holders will also be issued a FirstBank Card for Business, which allows them to use Instabank machines to do their banking, and to make purchases directly directly from the account using the In- terac Direct Payment Service. The full terms are set out in the attached Fact Sheet. The Bank estimates that community groups across Canada could collectively save more than $2 million per month if they were to take advantage of the new account. Mr. Kirk said the Bank wants to do something for the community where its employees live and work "and, as a Bank, we want to do business business with the kind of people who volunteer volunteer and are active in community service," Wi Real Estate with Betty Smith A PRESCRIPTION FOR FAILURE CLASSIC OLDER HOME Two-storey brick home in north end of Bowmanville. Three bedrooms, full bath plus two-piece washroom, woodburning fireplace and much more. $177,000. Call Jack Ricard 433-0036. INVESTOR'S SPECIAL Four-plex located two blocks from downtown Bowmanville. A great opportunity. Reduced for quick sale. Call me for details. $199,900. Brad Hockin 623-0398. 10 ACRES WITH BEST VIEW IN DURHAM Orono. Ultimate in country living minutes from all amenities. Panoramic view of hills and Lake Ontario. Unique, open-concept passive passive solar home and horse barn. Call Brad Hockin 623-0398 to view. $239,900. HOCKIN Ken Hockin Real Estate Ltd. Realtor 123 King Street E., Bowmanville 905-623-4115 COUNTRY LIVING Immaculate, custom-built Cape Cod home on secluded double lot. Woodburning fireplace in living room, 3 bathrooms, double garage, enclosed breezeway. Country accents galore. $229,000. Call Rob Perkin 623-3624. SURROUNDED BY EVERGREENS Unique custom built Mediterranean style, four bedroom home situated on a secluded 10-acre lot near Newtonville. Only $239,000. Call Ken Hockin at 623-4115. ROOM TO ROAM Custom-built, 3100 square foot all brick, two-storey home on 29.14 acres acres in Village of Orono. Some development development potential. $499,000. Call Pat Marjerrison 623-2478 or Brad Hockin 623-0398. .y. ■••••, " i y- v S HOBBY FARM OR SECLUDED RETREAT Custom-built, 2,000 square foot home on 8.6 acres. Great view, highest point in area. 1,200 sq. ft. barn and large pond. $243,000. © Sunday, December 4th 2-4 p.m. PART #4, MARTIN RD. -$167,990.- • 1495 sq. ft. bungalow • deck unit lot • excellent potential for basement finishing IMMEDIATE POSSESSION PART #5, MARTIN RD. -$169,990.- • 1907 sq. ft. backsplit on full walkout lot • family room with gas fireplace DIRECTIONS: West of Waverley on Baseline Rd. Turn right onto Martin Rd. Models on the west side of Martin Rd. Call 668-3800 Joe Hawco Remax Summit Realty !» jM* EpSS Æ Æ z H msm Æ Æm Æ WFtSw /w S/V L-'WwC A'/ AW/ m inm. mæ æ / cornerstone realty ltd., realtor 104 king st. e., bowmanville I yÉF JtïkÆ &wvi; y mi, Children's ** Associate Brokers * Sales Representatives Miracle Network- SPONSORED BY R&MKK* 428-1206 (Toronto Line) A V RE/MAX experience gets results! Call us First! Ron Moore* Sales Rep. 623-6000 24 hr. 623-9263 (res.) 119 Edward St., Newcastle Just imagine sitting in front of a lovely fireplace In your family room overlooking a private ravine lot with your family at Christmas, This lovely 3 bedroom raised bungalow with in-law apartment Is priced only at $159,900. Vinnie Gupta* Sales Rep. 987-1709 (res.) "Your C/arlngton Connection" 1600 SQ. FT. BEAUTY!! 3 bedroom home with family room and 3 bathrooms, Tastefully decorated throughout. Only $149,900. Linda YULE BE IN BY McLennan** CHRISTMAS Soivo your family Christmas dinner in Ihis supor sizod kitchonl! Cozy and warm with oconomical gas hoal. Comos with a groat big backyard and a dotachod garago lo bool! SUNDAY, 1 - 4 p.m. Drop by and visit this lorrilic first limo buyer's homo. 3 bedroom link with oat-in kilchon. Finished roc room for kids lo romp! Gas hoal, Foncod yard. Go south on Martin Rond to Ponlound - #72. Call Linda McLennan** 623-6000 OPEN HOUSE THIS SATURDAY from 1 :.'H) to 3:30 How to find us: Go Wavorloy Rd, South to Lawronco, oast and follow signs. You will soo a nlco 4 bodroom so ml In good condition rondy to movo In - or you can Call George Feddema* at Remax Cornerstone 623-6000 4 Doroon Gros., Bowmanvillo - 35 Glon Hill Dr„ Whitby-92 Vail Moadows Gros,, Bowmanvillo - 26 RosorCros,, Bcyrmanvliio - 86 East Bonch£ \ j5wmanvlllo - Manvors /pool - 38 Sjzo 'CiJ -jowmnnvlllo - ^jOwmanvillo-2 Doorpaik, 02 Elgin < Coulson Cri„ Nowcnollo - 5 Hailoy Crt„ Bowmanvillo Do you know whnt your homo li worth? To find out call Rob Donnelly today at 718-0388 lor your FREE HOME MARKET EVALUATION. WHEN IT'S TIME TO MOVE, IT'S TIME TO CALL DONNELLY. Rob Donnelly* Salos Roprosontativo 718-0388 24 HR. DIR. MOBILE 92 Vnll Meadows SOLD In oiiu dny David Passant** CUSTOM 1300 SQ. FT. BUNGALOW North oncl -I plus 2 bodroom honuly boosts 2x0 con- sliucllon and plnslor walls, gloaming hardwood and coramlc lloors, Hugo rocioa- lion room, onstilto bnlli, $10,000, - Powor cl mIo, mobile homo in pink, wolKoul Irom living room lo $23,000, - Tiniler In iconic |imk 10 X 10 lod codar clock $20,000. - 60 Acroi Willi nlronm nnd beiwor pond ovoilookllig 10 X 30' -2i/2oci(ibuikiin 0 k)i,oiihmdwood Inground pool wllli nowor $110,000, -itbedioom, 1 1/2itowywith 10x26 gnrouo. ii n u or Mnnv imnrndos nnd $112,000, - Nona mul bungnlow, goo hoot, ! us leg n L 'ft v lion à In $i 18,000, -2boUioombungnlow, cenlmllocution, „!:„i, 7,,, 0 J $M7,040, - Immnculnii) bungnlow, doubla gnrnge, lOVQiy I10III0 lOdiiy, For a market evaluation ol your property call David todayl DAVID PASSANT ASSOCIATE BROKER - Serving the Durham Region tor over 19 Year», @