page à . WIttby FrWe Préau, WednsdaidSeptemlbeI'; 1994 c ' whitb bsies Whitb y,9 Weifang .have an* :,understaindîn MASON &BENNEiTT BARRISTERS & SOLICITORS, TRADE MARK AGENT Real Estate~ Wills and Estates Business Law Whitby Town Square 3000 Garden St., Suite 200, Whitby ~ 666-4499 (N.W. Corner of Garden St. and Rossland Rd.) BUYING A HOME: WHAT YOU SHOULD KNOW BEFORE YOU SIGN ON TUE DOTThD LME You've spent years saving for the down payment. You've spent %'weeks, maybe months looking at homes. At last, you've found your dream hôme. Now you're about to sign the Agreement of Purchase and Sale. You're excited. pen in hand. Stop. Just for a minute. Ask yourself honestly: how much do 1 know about the document I'm signing? What exactly is going ta happen afterIl sign? If you're like a lot of homebuyers, your answers to those questions will be "Not much" and "'m not sure". Here are a few things you might want to ïknow before signing on the dotted uine. First of ail, call it an Agreement of Purchase and Sale. or an Offer to Purchase, or an Offer. the document you are signing is a contract much like any other. When yau sign it, and il is accepted by the seller of the home (the Vendor), you have made a valid and binding contract to buy that home. In ather words, you can't just walk away from the deal if you change your mind. As you may know, the Agreement of Purchase and Sale af the Ontario Real Estate Association is a standard, preprintedl formn. While you should not generally attempt nor is there any need to make wholesale change ta the form - many of the clauses in it are for your benefit and have developed as standards over the years - change is stili possible. Remember. this is a contract. and parties typically negotiate contractual terms. Therefore. if something is truly important to you, t shauld be in the Agreement. You cmn add it with a typewriter or in your own handwriting (initial anything you add). In fact, it has to be in the Agreement to be of mny effect. This is because there is a clause in the Agreemnent which says that anything yau were told about the property before signing is irrelevant. In other words, the written Agreement is the enire agreemnent. Here are a few issues which often corne up and cmn be easily dealt with hy use of added clauses: Do you have guaranteed financing from the hank or should the Offer be ronditional on your obtaining satisfactory financing? Should it he conditional on the sale of your exist'ng home? Are you relying, on any representations made to you about the property? Is the pool in good working order? If you are buying rural praperty, have you given the septic systern thc once over and had the potability of the water tested (i.e. is it safe ta drink)? Arc you going to have an inspection done of the property mnd want your offer conditional on a satisfactory report? Are there certain items in the house that you particularly want (e.g. appliances. window air conditioner, satellite dish, ceiling fan, or security alarm system)? If sa. are they specit ically listed an the document as being included with the property. How old is the most recent survey of the property? Your bank may require a more up-to-date one hefore they will lend yau the money. Are you prepared ta pay for the new survey if the Vendor isn't? A brief word about money: do you know how% much mnoney - other than the purchase price - you will have to pay ta buy the home'? Your real estate agent cmn usually give you a fairly clear idea but you may wmnt to get a fee and dishursement quote directly froru a lawyer as well1. Along wîth legal costs. there will be Lmnd Transfer Tax; G.S.T. if it is a new home (you cao cet a partial rebate); ainaunts you may have ta pay ta the persan selling the house ta caver things such as furnace oul already in tank or the utility buils and municipal taxes that the person has already paid; mad then. of course. carrying costs t nortgage payments, property taxes, utilities, repairs etc.). Lastly, are you aware of the various roles of the different people who will be involved in your home purchase? Do you know what your lawyer does for you? Your lawyer's underlying objective is to ensure that you get good title ta the property. 'Good title" means essentially that you will actually be the legal owner of the propeity amd there will be as few problems with or limitations on your ownership as possible. But didyou know that your lawyer usually works for your bank as well? Before it will give you the mortgage. the batik requires a legal opinion that you will get good title. Did you know that the agent who listed the prapefly actually works for the person selling the property, not for you? While the agent has certain obligations ta you. the greater duty is owed to the Vendor (that makes sense if you remember that the Vendor pays the agen's commission). Sa, what's the bottom line about the dotted line? Here it is: even though there are people ta help you along during the scary adventure of buying a home, and even though the documents you have ta sign are signed by people just like you every day of the year. yau should take an active roIe in the purchase of your home. You are the person best equipped ta look aller your awn interests. Nothing we have said here shauld dissuade you from buying your dream home. Just be an informed purchaser: do some research. ask questions. Yau can sametimes head off trouble or unpleasatit surprises down the road. As with ail things. an ounce af preventian is warth a paund of cure. After ail, a dreain home is for dreaming. nat for nightmarus. w M ByJohn Ditj*ay Whitby and the Chinese city of Weifang formally entered into an economic alliance agreement yesterday (Tuesday). A delegation cf Chinese officiaIs attended Whitby for a formai signing of a "memorandum of understanding" at the Whitby municipal building. The delegation and Whitby representatives also visited KWS Energy Services Ltd., DuPont Canada frac., Sandoz Canada Inc., Burcan Industries Ltd. and Cullen Gardens. "The country of China is opening up its ecenornic borders ta the rest of the world," and Whitby should encourage its businesses te pursue opportunities, said Whitby counicillor Ross Batten at the Sept. 12 council meeting. Weifang bas a population of about 8.2 million. t resides in the district of Weicbeng, whicb boasts a population of 85 million. t is a port city located in the nortbeast, approximately 450 kilometres from Beijing, China's capital city. China currently bas the world's fastest-growing economy, and Whitby sbould get in on the action, according ta Durham MP Mloore on 'marketing' at. busi ness club'meeting The Durham Business and Professional Women's Club will bost a dinner meeting and presentation on Wednesday, Sept. 28, 6' p.n., at the Victorian Garden, Kingston Road and Randall Street, Ajax. The topic is 'Marketing Yo urself, Marketing Your Business. '1 Speaker-is Martba Moore cf Durham College. <Ceet is $25 for members; $30 for non-members; $10 for dessert and presentation only. <To- reserve, cail Nancy Bone (723-2300) or Karen Graham (427-6930. WALTER CHAPPELL f WELL DRILLING Alex Shepherd. OlHopefully (the. partnership) wi11 create jobs for WVhitby." Councillor* Marcel Brunelle said Weifang has plans in the works for hoepitals,ý hotels, apartmients, sewage plants and roads in the next few years. "These are ail things that we do very well in this country," he said. One of the companies instrumental in inviting the Chinese delegation is KWS Energy Services, located on Hopkins Street in Whitby. Owner Bill Skribe said co-owner Andrew Wong visited bis relatives last year in China. Wong was asked by bis family, "WNhy don't you corne over here and selI your product?" So he did. Currently, KWS has projects worth about $1.5 million confirmed. They are working on a deal that would be worth $5 million to $10 million -- the heating systemn for the Shanghai stock exchange. "If this thing takes off the way we think, it'll be our pension plan," said Skribe witb a hearty on....a....g b u ............. s.. Whit.... marketing.a. e.ono.ic.de.e..pm.n. d ..p....ne.t. in.cooer.tin.wit hting 'Starng iAgSad Busnoiness semnar o Thrsd devaen , iept. 22. nwit the semiary offers ni hstring an' tarting a srnal Businesds. mnr nTusa Topics are geared towards individuals considering starting their own small business or for those who have recently entered the field. The cost of the sentinar is $20. For information or te registor, calI 668-5803, ext. 206. Document Shredding # High volume equipment will reduce your shredding cost + Secure locked containers at no extra cost # Bonded drivers +*100% of paper is recycled # Certificate of destruction # Volume discounts available year-end, clean-outs MIL NOif (905) 427-3605 (Derrick) WASTE SYSTEMS ICAugust, a smaller delegationi participated in a "iscouting mission" at the KWS Plant, according .ta Batten. Present at the tour were council members and federal and provincial poiticians. They were then invited to corne back this September ta sign a formaI agreement. "We made them feel welcome ta this town," said Batten. In addition ta an economnic alliance, there is some talk about a possible twinning between Whiitby and Weifang. ' According ta Brunelle, "Thiey genuinely want - not just .a business association - but a friendship." Chamber of Commerce wilI be guest speaker at a meeting in Whitby on F'riday, Sept. 23. Carlos Martinez Salsamendi will discuss the future cf Cuba and the need for a strong mar- ket-oriented economie policy. The meeting bas been organ- ized by the Durhama Region Manufacturers Association and Town of Wbitby, te highlight business opportunities wîth Cuba. Mhe meeting in Whitby wi1 be beld at Heydensbore PalIion, starting at 11:30 a.m. witb registration (tickets are $35>. F or more information, cal 434- 1412. Fundraising at restaurants McHappy Day, a special one- day fundraising event, will be held at McDonald's restaurants, including the two in Whitby, on Tuesday, Sept. 27. One -dollar from the sale cf every Big Mac and pizza goes to Ronald McDonald Cbildren's Charities of Canada and otber cbildren's charities. More than $7 million bas been raised on tbe 10 occasions tbe event bas been beld across Canada since 1977. Representatives fromn various segments cf -tbe Whitby cern- munit,y will lend tbeir support by working witb staff cf the two McDonald's. Rising irtterest rates are creating a lot of'inrerest in buying bonds. Be an informed investor - send for Nesbitt Burns' audiocassette* 8 Essential Facts A bout Buying Bonds. Nesbitt Burns' Chief Economist, Dr. Sherry Cooper wil outline eight key ingredients for success when investing for interest. Cal! Darren Smiith rodav for your a free audiocassette: 1-800-263-1883 SNESB1T BURNS wii up~