Now that i've decided to use Feld Kalia to purchase my resale condo, what do I need to do?

Once we happily confirm that we will be handling the purchase of your resale condo, we then request that you do the following:

• Have your agent fax us the Agreement of Purchase and Sale;
• Have your agent provide our office with the Status Certificate (upon receipt);
• Email us with the full name of each individual that will be going on title;
• Email us with the phone number and email address of each individual that will be going on title;
• Email us with the date of birth for each individual that will be going on title; 
• Email us with the Marital status and/or relation to of each individual that will be going on title;
• Advise if each individual is a first time home buyer (never owned a property in the world);
• Email (preferred) or fax two pieces of I.D. (both sides) for each individual that will be going on title.  The first piece of I.D. must be a photo I.D. (preferably a driver's license) and the second can be a credit card (or something like that).  A Health Card is not acceptable for privacy reasons.  Your lending institution requires that we provide them with this information in order to advance the funds.  If you choose to fax us the I.D., then please write the numbers below the cards as faxes usually come through quite dark;
• Email or fax a cheque of yours marked "void" (from the account that will be used to pay your mortgage);
• Email us with your lending institution's (mortgage) information including contact information (email address as well);
• Provide our contact information to your lending institution;
• Since you are purchasing a condominium, you do not have to get home insurance.  However, we recommend that you get home insurance from the same insurance company that the Condominium got its insurance.  We can see where the condominium got its insurance from in the Status Certificate - which we will receive shortly.  Speak to your insurance broker about getting condominium deductible insurance as well.  This may prove helpful in the future.  This way, you are covered for almost everything that could happen to you.
• If applicable, kindly advise all necessary utilities (water, hydro, gas, telephone and cable) that you will be purchasing the property and provide them with the closing date.  For Water, you can call (416) 338-4829.  For Hydro, you can call (416) 542-8000.

Now that i've decided to use Feld Kalia to purchase my house, what do I need to do?

Once we happily confirm that we will be handling the purchase of your new house, we then request that you do the following:

• Email/fax or have your agent send us the Agreement of Purchase and Sale;
• Email us with the full name of each individual that will be going on title (when you have this information);
• Email us with the phone number and email address of each individual that will be going on title;
• Email us with the date of birth for each individual that will be going on title;
• Email us with the Marital status and/or relation to of each individual that will be going on title;
• Advise if you are a first time home buyer (i.e. you have never owned a property anywhere in the world);
• Email (preferred) or fax two pieces of I.D. (both sides) for each individual that will be going on title.  The first piece of I.D. must be a photo I.D. (preferably a driver's license) and the second can be a credit card (or something like that).  If you are faxing, please write the numbers below the cards (as faxes usually come through quite dark).  A Health Card is not acceptable for privacy reasons.  Your lending institution requires that we provide them with this information in order to advance the funds;
• Fax a cheque of yours marked "void" (from the account that will be used to pay your mortgage);
• Email us with your lending institution's (mortgage) information including contact information (email address as well if possible);
• Provide our contact information to your lending institution;
• Since you are purchasing a house, you will have to get home insurance.  Kindly contact your insurance provider and have them fax us an insurance binder.  They will know what this is.
• Kindly advise all necessary utilities (water, hydro, gas, telephone and cable) that you will be purchasing the property and provide them with the closing date.  For Water, you can call (416) 338-4829.  For Hydro, you can call (416) 542-8000.  For taxes, we will advise the tax department upon closing.

What happens on the day of closing?

On the day of closing, F|K is doing a lot to get you your keys.  You don’t have to worry – we have it covered.

Once your mortgage funds have been successfully received by us, we complete the banking on your file.  Then, your signed closing documentation, along with the funds you have given us, along with the mortgage funds, will be dispatched by courier to the vendor's lawyer.  We will also have your keys on site in most cases.

We then simply wait for the electronic registration to take effect and you will be able to pick up your keys!  This typically occurs between 3:30 p.m. and 5:00 p.m.  We will advise you the second your keys are ready for pickup.

I am getting a Bridge Loan, what do I do now?

You are likely getting a bridge loan because you are purchasing a property before you are selling another property.  The bridge loan "bridges" the gap between these two dates and allows you to have sufficient money to close your purchase.

Once we receive our "bridge loan instructions" from your lending institution, we will email them to you for your perusal.

Have a look through.  If you are satisfied with the terms, we ask that you print and sign the documents in the appropriate places (your names will appear where you have to sign) and in some cases (clearly marked on the instructions) you will have to have a witness sign the document as well (the witness must be someone who is not related to you).  After that, email or fax the signed documents to us.  We will then forward the documents to your lender so that we can be funded on the day of closing.

Please ensure that you bring the originals to our meeting which will be scheduled shortly before your closing.

What happens once my mortgage funds are received?

Once your mortgage funds have now been successfully received we will then completed the banking on your file.  Your closing documentation, along with the funds, will be dispatched by courier to the vendor's lawyer.  We will also have your keys on site.

We then simply wait for the electronic registration to take effect and you will be able to pick up your keys!

What happens on the day of closing?

On the day of closing, F|K is doing a lot to get you your keys.  You don’t have to worry – we have it covered.

Once your mortgage funds have been successfully received by us, we complete the banking on your file.  Then, your signed closing documentation, along with the funds you have given us, along with the mortgage funds, will be dispatched by courier to the vendor's lawyer.  We will also have your keys on site in most cases.

We then simply wait for the electronic registration to take effect and you will be able to pick up your keys!  This typically occurs between 3:30 p.m. and 5:00 p.m.  We will advise you the second your keys are ready for pickup.

Once I've closed, how to I get my keys and deed?

Once your purchase has closed, we will email you (or call you if you prefer).  For resale properties, your keys will be ready for pickup at our office at that time.  For new properties that are being purchased from a builder, your keys will be ready for pick up at the site office at that time.

This will typically occur between the hours of 3:30 and 5:00 p.m. on the day of closing.    We will also email you a copy of your Transfer/Deed immediately with a hard copy reporting package to follow in approximately 2 months.

If you cannot make it to our office before 5:00 p.m. on the day of closing, we will make your keys and closing package available to you 24 hours a day at a nearby (one minute from our office) location. You will require ID in this case as we will not be around to personally hand the keys to you. 

I've just received my Power of Attorney documents. What do I do?

Once we email you your Power of Attorney ("POA" ) documents, all you need to do is:

• Print three (3) copies of the attached POA (on legal sized 8.5" x 14" paper); 
• Attend at a notary's office and ensure you initial the bottom of every page and sign the last page;
• Make sure you attend at the notary's office with at least one witness (who is not yourself);
• Have the one witness initial every page and sign the last page; 
• Have the notary initial every page and sign and seal the last page (as a witness); 
• Have the notary write a letter confirming he/she has examined your identification and is satisfied as to your identity.

Fax them immediately and courier the original documents to our office.

Do I need home insurance?

Home insurance is required when you purchase or refinance a property (typically a house).  Insurance binders are not required when you purchase or refinance a condominium.

Home insurance covers the replacement value of the building(s).  Premiums will vary depending on the value. Lenders insist on house insurance because the property is their security for the loan.  Should your house burn down, the insurance company is required to pay the lender first. You will still own the lot and will then have to re-negotiate with the lending institution to borrow to build a new house.  If you rent all or part of your house, be sure to declare this to your insurance company to avoid any future problems arising from insufficient or invalid coverage.

Discuss with your insurance broker other aspects of house insurance such as: contents, liability, and business coverage if you intend to run a home business.

So, if you are buying a house (not a condo) we will require confirmation from your insurance company that insurance has been arranged.  We get this in the form of an insurance binder that is faxed from your insurance company to us.  Just tell them you need an insurance binder, they will know what this means.  Once we receive it, we will forward it to you by email for your perusal.

What is FINTRAC?

Under Federal statute, The Proceeds Of Crime (Money Laundering) And Terrorist Financing Act has established FINTRAC (The FINancial Transactions and Reports Analysis Centre of Canada) to administer the requirements under Canada’s federal law.  This has been implemented to avoid money laundering and suspected terrorist financing.

If you want to learn more, click here.

As a buyer or seller, you will now be required to produce photo ID and provide a description of your occupation (at the time of signing) your Agreement of Purchase and Sale to your real estate agent. Your agent will use your ID to fill out a client information record.  This information

When calculating my Land Transfer Tax, what does it mean to be a "first-time" home buyer?

For the full story in Ontario, click on this link http://www.rev.gov.on.ca/english/bulletins/ltt/1_2008.html.

Among other things, the Bulletin states that eligibility for the land transfer tax rebate means that you cannot have previously owned a home, or had any ownership interest in a home, anywhere in the world, at any time.

What is Title Insurance?

According to the Rules of Professional Conduct of the Law Society of Upper Canada, lawyers must offer purchasers with the option of closing with or without title insurance, and providing an explanation of each scenario. Here is an excellent discussion of this matter - “Working with a lawyer when you buy a home".

Really, title insurance is like any other insurance you get.  Something goes wrong, you call your insurance people, they send someone out to assess the damage and then they "make it right".  If you make a claim, the problem gets investigated and the insurer will either fix it (e.g. paying to move a tool shed that is on the wrong side of your property line or paying an amount owing for taxes or condominium fees that have not been paid to date by the previous owner) or provide you with money for losses or damages suffered.  The insurance company may also pay the cost of your legals if the matter ends up going to litigation.

The main difference between title insurance and a lawyer's "opinion" on title is that without title insurance, the homeowners may have to negotiate with their lawyer if a title-based problem crops up, or even sue to be compensated. With title insurance, you get results.  It's easy, cheaper and makes more sense for you.  We do it with 100% of our deals and it's included in our all-inclusive fee.

Getting title insurance actually saves you money by eliminating expenses such as Toronto's $100.00 work order search fee. In cases where there is no survey (happens all the time), the savings can be in the high hundreds.

Purchasers have a choice of title insurers. We use First Canadian Title. 

First Canadian Title offers legal services coverage in addition to the title insurance coverage. This covers any error or omission on the part of the lawyer handling the transaction and specifically covers failure to register documents or remove encumbrances from title, as well as improper adjustment of any items (like taxes) on closing.

For a one-time premium (included in our fees already), title insurance provides you with coverage for as long as you have an interest in the property.

You can get title insurance when purchasing a home or for your existing home – whether it’s a single-family house, multi-unit dwelling up to six units, condominium or a cottage.

Residential title insurance is an effective and inexpensive way to ensure you are protected against:

• Fraudulently registered mortgages against your title
• Errors on surveys*
• Encroachments onto neighbouring properties *
• Zoning infractions *
• Many more known and unknown defects that could affect your ability to mortgage or sell your property in the future.