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12 The Canadian Statesman, Bowmanvillc, Wednesday, January 5,1994 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 ^ Please phone 623-3303 and ask for the Real Estate Sales Department J Helpful Hints for Understanding Real Estate Terminology Once you decide to embark on the journey of home ownership, you'll probably feel bombarded with a whole new jargon that leaves you feeling confused - if not downright intimidated. intimidated. After all, if you've never purchased purchased a home before, chances are you know very little about mortgages, buy-downs, debt service ratios or even deeds. If you're like most first-time buyers, buyers, you may find yourself constantly scrambling for a dictionary to help you decipher these new terms. If this sounds all too familiar, don't despair, the Ontario Real Estate Association Association has put together a basic glossary glossary of real estate terminology to help you over the rough spots. When reading reading it over, keep in mind that this list is by no means exhaustive. This is only a very general list to give you a basic grounding. Amortization: The number of years it takes to repay the entire amount of a mortgage. Appraisal: An estimate of a property's property's market value, used by lenders in determining the amount of the mortgage. mortgage. Assessment: The value of a property, property, set by the local municipality, for the purposes of calculating property tax. Blended Mortgage: A combination combination of two mortgages, one with a higher interest rate than the other, to create a new mortgage with an interest rate somewhere between the two original original rates. Blended mortgage payments payments arc equal or regular payments consisting of both a principal and an interest component. With each successive successive payment, the amount applied to interest decreases and the amount applied applied to the principal increases - although although the total payment doesn't change. Buy-down: When the seller reduces reduces the interest rate on a mortgage by paying the difference between the reduced reduced rate and market rate directly to the lender or to the purchaser. Closing: The real estate transaction's transaction's completion, when the parties involved involved agree that all legal and financial financial obligations have been met and the deed to the properly is transferred from the seller to the buyer. Common Elements:. The portions of a condominium development owned in common (shared) by the unit owners. Condominium: Shared ownership in property. Owners have title (ownership) (ownership) to individual units and a proportionate proportionate share in the common elements. Conventional Mortgage: A first mortgage issued for up to 75 percent of the property's appraised value or purchase price - whichever is lower. Debt Service Ratio: The percentage percentage of a borrower's gross income that can be used for housing costs, including including mortgage payment and taxes (and condominium fees, when applicable). Deed: A legal document that conveys conveys (transfers) ownership of a property property to a buyer. Easement: A legal right to use or cross (right-of-way) another person's land for limited purposes. A common example is a utility company's right to run wires or lay pipe across a property. property. Encroachment: An intrusion onto an adjoining properly. Common examples examples arc a neighbor's fence, storage shed or overhanging roof line that partially partially (or even fully) intrudes onto your properly. Equity: The difference between the price for which a properly can be sold and the mortgagc(s) on the property. property. Equity is the owner's "slake" in a property. Foreclosure: A legal process by which the lender takes possession and ownership of a property when the borrower borrower doesn't meet the mortgage obligations. obligations. Job Loss Mortgage Insurance: Insurance offered through Realtors and financial institutions which makes mortgage payments in the event of involuntary involuntary job loss. Land Transfer Tax: Payment to the provincial government for transferring transferring properly from the seller to the buyer. Lien: Any legal claim against a property, filed to ensure payment of a debt. Mortgage: A contract between a borrower and a lender. The borrower pledges a property as security to guarantee guarantee repayment of the mortgage debt. Mortgage Insurance: Government-backed Government-backed or private-backed insurance insurance protecting the lender against the borrower's default on high-ratio (and other types of) mortgages. Mortgage Life Insurance: Insurance Insurance that pays off the mortgage debt, should the insured borrower die. Multiple Listing Service (MLS): A system for relaying information to realtors about properties for sale. Principal: The mortgage' amount initially borrowed or the portion still owing on the mortgage. Interest is calculated calculated on the principal amount. Realtors: Real estate professionals who arc members of a local real estate board and the Canadian Real Estate Association. Only these professionals can call themselves Realtors. Title: The legal evidence of ownership ownership in a property. Title Search: A detailed examination examination of the ownership documents to ensure there are no liens or other encumbrances encumbrances on the property, and no questions regarding the seller's ownership ownership claim. Variable Rate Mortgage: A mort-, gage for which payments arc fixed, but whose interest rate changes in relationship relationship to fluctuating market interest interest rates. If mortgage rates go up, a larger portion of the payment goes to interest. If rates go down, a larger portion portion of the payment is applied to the principal. Vendor Take-Back Mortgage: When sellers use their equity in a property to provide some or all of the mortgage financing in order to sell the property. Housing Recovery Back On Track for New Year The housing recovery in most metropolitan areas will get back on track in 1994, according to a report issued today by the Canada Mortgage c and Housing Corporation. Starts, re-sales re-sales and prices will rebound in most major urban centres after a forecast drop in 1993, according to the fourth quarter edition of Canadian Housing Markets. "Widespread employment growth, low interest rates, a high level of affordability affordability and increasing consumer confidence will all contribute to stronger local housing markets in 1994," said Greg Goy, Manager, Local Local Market Analysis. Housing starts and resales will each grow by about three per cent in the nation's larger urban areas next year. These gains follow declines this year of about 7 per cent in starts and 6 per cent in resales. Starts arc forecast forecast to increase the most during 1994 in Thunder Bay, (3.6 per cent), Trois Rivieres, (22 per cent), Winnipeg, (21 per cent), Toronto, (19 per cent) and Oshawa (18 per cent). Starts will go up in Toronto after hitting a thirty : year low in 1993. "Modest employment growth and good affordability will help fuel the long-awaited Toronto upturn next year," said Mr. Goy. In most areas, prices will not rise enough to significantly reduce affordability affordability as mortgage rates are expected to stay low next year. However, the average price of a new single home in Vancouver will hit $450,000 in 1994. Yet, this represents only a five per cent climb in price after double digit gains in each of the last two years. Trois Rivieres is forecast to have the most affordable new single home price in Canada next year, at $84,000. This edition of Canadian Housing Markets also features the findings of two recent studies on how construction construction and land costs in Alberta have changed between 1977 and 1991. Overall, construction and land costs in Calgary, Edmonton and Lethbridge increased less than family income, resulting in a significant improvement improvement in housing affordability. Mr. Goy explained that, "the magnitude magnitude of the improvement was significant, significant, allowing first time buyers access access to much larger homes with more amenities." Over 30 Years Quality Real Estate Service 234 King Street East, Bowmanvillc Telephone 623-3393 m Toronto Line 686-1035 Ann Van Dyk* 623-3393 SIMPLY YOURS Cozy, neat, 2 bedroom mobile home. Laundry room or 3rd bedroom. Modern bathroom. Newcastle. $34,900. Ann Van Dyk* 623-3393 or 623-4638. tÉK" 1 "* 7 3800 S CL FT. OF LIVING SPACE Custom built 3 bedroom,, stone home. Upgrades galore, formal dining room. Triple car garage, hardwood floors. $349,900. Charlie Reid* 623-3393. Charlie Reid* John Shewchuk* Terry Witherspoon* : Terry Witherspoon* 623-3393 SPOIL YOURSELF! - 2306 SO. FT. Spotless, 2 storey, 4 bedroom executive home. Main floor laundry, intercom system, huge master master bedroom with ensuite. Family room with fireplace. $174,900. Terry Witherspoon* 623-3393 or 983-8296. / " ! ."f , / 2.73 ACRES - CENTURY HOME - $142,900. Must be sold. 50 x 30' barn, fenced property, drilled well. Beautiful treed lot. Super deal. Charlie Reid* 623-3393. Josie Doxtater** ONCE IN A WHILE 623-3393 GREAT BUYS COME ALONG This is it!! Immaculate 3 bedroom, greenhouse kitchen. Walkout to deck and large, fenced yard. Roman tub and separate shower off master master bedroom. All for only $140,900. Newcastle. Josie Doxtater** 623-3393 or 623-9557. Charlie Reid* : r *e6a^ee*i"----v623-3393 : Jj BANK SALE-$138,000. 96 x 200' lot. 3 bedrooms, 2 - 4 piece baths, living living room, dininq room, double car garage converted converted to workshop. Charlie Reid* 623-3393 or 983-5914. 09 cornerstone realty ltd., realtor 104 king st. e., bowmanvillc 623-6000 428-1206 (Toronto Line) experience * Associate Brokers * Sales Representatives fXi fal°l laT"l IbT°1 (al°l (nT°l (nT°l j$L iaT°i ,lnT"l InPl. lal-l (nT«l laT°l laT"! Inl-l l«T°l Ia1°) /nf°l In^) fnT°l lnT°l l^°l (nT°l (nPl DONNELLY DONE DEALS! Just a few of the families I've helped in 1993: 2 Doreen Cr. 4 Doreen Cr. 14 Little Avc. 15 Liberty PI. 50 John Scott 5 Hailey Crt. 91 Wavcrley Rd. 125 Elgin SI. 58HartBlvd. 18 Fenwick 152 Agnes S(. ISComcrbrook 259 Glenabbcy 2 Coulson 9 Duke St. 54 Muir Crcs., Whitby 284 Fcsthubert, Oshawa 3767 Cone. 4, Orono Rob Donnelly* 623-6000 or Toronto Line WHEN IT'S TIME TO MOVE, IT'S TIME TO at 428-1206 CALL DONNELLY Inl-l iTI-l fnl-l inl-l fnl-l Inl-l lal-l. fnl-l fnl-l fnl-l Inl-l fnl-l fnl-l fnPl lll-l fnl-l Inl-l fnl-l fnl-l iTl-l fnl-l fnl-l fnl-l fnl-l lnf-1 fnl-l- Inf^l COMMERCIAL ZONING -1/3 ACRE Lot in Orono with older building used for storage. Asking $64,900. with vendor financing available. Doug Humphrey' COMMERCIAL STORE PLUS 2 APARTMENTS Excellent building. 1600 sq. ft. store, approx. 15 years old - Asking $149,900.1! I'SS'VSsaLLi COURTICE AREA Great 4 bedroom family home. Presently vacant, approx. 2400 sq. ft. Double garage, 4 bathrooms, plus large principal rooms. Asking $189,900. BOWMANVILLE TRIPLEX ™BWMK Includes double garage with basement. Excellent condition - great investment - separate meters and entrances. Asking $189,900. To view these properties, call Doug Humphrey**, Broker, 623-6000 - Member of Remax Hall of Fame .t v.* V ' ~ - -- z&Mi&a COUNTRY GEM Absolutely beautiful - peaceful and private. 2.5 acres of mature, mixed woods wilh winding trout stream; immaculate 3 + 2 bedroom brick bungalow - fully finished lower level, central air, central vac, double attached garage! FOUR BEDROOM BEAUTY Sally Staples** Associate Broker .623-6000 «s* Call for a FREE APPRAISAL Yf Fully upgraded, this all brick, 4 bedroom home comes wilh central air, central vac, greenhouse kitchen, main floor family room, fireplace, 3 baths, walkout to fenced yard, and double attached garage - terrific Bowmanville location - shows to perfection! BETTER THAN NEW! "WE'LL NEGOTIATE!!' Looking-for a quiet court location In a newer Bowmanville subdivision? Include large oak kitchen, separate dining room with walkout, fireplace, 3 baths, double garage and fully fenced yard. Clean as a whistle and charmingly decorated throughout! DECIDEDLY DIFFERENT Century style and loaded wilh character on a private .34 acre lot - excellent locationl Huge country kitchen with fireplace, lofty ceilings, hardwood floors, gas heat and double detached garage. Lois of living space - separate dining room and family rooml Located on Taunton Road just east of Bowmanville, commute wilh ease from this upgraded all brick bungalow wilh huge, private backyard and farmland behind. Super value with rec room, woodstovo and large attached garage, Call for dotailsll ç 11 SYLVIA COURT, NEWCASTLE Large 3 bedroom home with family room, 3 baths, and lots more! Only $129,900. Dir: 401 or Hwy. 2 lo Mill St., North to George St, go east to Sylvia. Ron Moore* "Get Moore for your money with Re max" 1/4 ACRE LOT! 2 bedroom home wilh heated garage. Less than $700 mortgage paymentll Only $92,500. For this and other properties In the area, please call Ron Moore* at 623-6000 24 Hr. or 623-9263 Res. f irtraSsEP^t'. nsim 'jÊT* «sasa «Baa tibia* Pur, < 11 l* wL.. • ,7 . :->-v ;K <••>*-- ';•* ; ^2$ Üf ' ' Tony Klompmaker* JUST L|STED Custom built executive home on 1.27 acres located jusl north of town. 4 bedrooms, 3 baths, main floor family room with fieldstone fireplace, separate dining room plus workshop 25 x 42', Shows to perfection. Asking $269,900.Call Tony Klompmaker* 623-6000 or res. 263-4448 COUNTRY BUNGALOW $224,900. Situated on 3 acres just north of Bowmanville town limits. 3 bedrooms, main floor family room, oversized living room and all decorated In line country fashion. BOWMANVILLE NORTH END Junior executive, 2,000 sq. ft., 4 bedrooms, main floor family room and laundry, double garage, gas heat. A super family home and affordably priced at $174,900. e Vlnnlo Gupta* COME HOME FOR THE NEW YEAR Over 1650 sq. ft., 3 bedrooms, 3 baths, family room with fireplace and attached garage. BRAND NEW! Only $157,900. » h,. -- I Please call Vinnle Gupta* 623-6000 (24 hr.) or 987-1709 Res. "Your Newcastle and Am Salos Representative." David Passant** 430.000, 100.000, 102,600 1101,000, 1112,600 1110,000 Holliomonl vlllago 1 V2 ctoioy olailoi 1/4 licit), houso 4 woikshop Goml • ilmlor Olio hoiilod Iwln homo bodioom buniinlow, hospital mon. WATERFRONT LIVING Squeaky clean 1 1/2 storey with many now upgrades, airtight woodstovo, woodstovo, 3 bedrooms, soparalo dining room, sliding glass doors and walkout walkout oil family room to dock with lovely view cl lake, complote with your own prlvalo bench. Asking $119,000. 1110.000, - 3 bodioom omnl ■ SOLD IN 10 DAYS 1130,600, - Countiy bungalow + woikshop 1160.000, - Counliy olrtosplil with busomonl opailmonl 1171.000, - 4 bodioom 2 oioioy, oxclualvo mon. Plonso call David Passant**, Associate Broker, 623-6000 24 hr. pager A Top Producor In tho Durham Roglon with over 18 Years of Service. PERFECT STARTER Dianne Warren This lovely 2 + 1 bedroom bungalow sits on n largo 66' x 1G8 1 lot, spacious ont-ln kitchen, 1 1/2 car garage workshop, many renovations done, nicely decorated. Parking for 6 cars and only $121,900. Call Dianne Warren* 623-6000 24 Hr. Pager For your Complimentary Market Evaluation - Toronto Line 428-1206 ^