.1d PAGE 18, WL)NI SI)AY AUGUSTI27. 1980, WIIITBY PREE PRESS CONSUMER BEAT Buying a house (Part 4) CONT'D FROM PC. 17 payment or the balance of the selling price. You usually can collect the keys froni your lawyer on closing day and the deed wvll buhinailed to you later. If you do decide to take matters into your own hands, you must first p reparu an offer of purchasu and sale. This document must contain basic, ussential de- tails like the owner's name, name of prospective pur- chaser, a description of the property, financial dutaiîs to be arranged, the seller's ask- ing price, date of sale com- pletion, what is to bu included in the deal (ap- pliances, iîghting fixtures) and thu date by which the seller mnust respond to thç offer. If you don't want to write your own, you can filI in a standard formi of pur- chase and sale available from most real estate brokers. After the offer has been written the broker (or your- self, if the house is a private sale) takes the offer to the seller, who may, or may flot accept it. If the seller doesnt reject the offer completely, he may maku a 'counter offer'. This counter offer will change some of the conditions included in your original offer to purchase. If you decide to accept the new terms you must initial the changes indicated. The seller and the buyer can offer and counter offer un- tiI one party either accepts or refuses to bargain further. When you make the first offer to-purchase, a deposit is required. The deposit is usually $l1,000 to $2,000, al- though it can be any amount as long as the seller agrees. The listing agent holds this nioney in trust and if you buy the house, the deposit is applied to the purchase price. If the offer is rejected the cheque will bu returned unless the sale collapses for other reasons. If one or the other party defaults, the de- posit could be held pending legal action. Most people can't afford to pay cash for a house s0 they take out a boan. A boan used to buy a house is called a mortgage. In return for this boan, the borrower promises the lendur to repay the loan and pledges the property as security. If the borrower is unable to repay theu ban, the lender can take over title to the property. If there is already a mort- gage on the house, chances are you can have it trans- ferred to your name and take over the monthly paymnents. Alturnately, the buyer can pay for the house in cash and then start repaying the miortgage according to the monthly repayment schedule negotiated betwueen him and the lender. When a buyer doesn't have enough noney to cover the difference between the seling price and the existing mnortgage, a second inortgage can bu arranged. The lender holding thu second mortgage is buhind the holdur of the first in col- lecting debts if the borrower is unablu to maintain pay- ments. Consequently, thu interest rate is highur for the second mortgage., The amortization period is the time in which it takes to pay off the principal amount of, the boan, plus interest. Most residential mortgages are anmortized or w w GET IN THE SWIM Iocated on court ln Whltby. Beautifully docorated. Quality broadloom, less thari a year oid. Flnlshed roc. room, firoplace, and bar. 16 x 32 lnground hoated pool $72,900 Blair Buchanan 668-8865 or 668-6313. FAMIIIT TRUST CORPORATION REALTOR 101 Brock St. S., Whitby repaid over 25 years. The terîn is the period during which the rnortgage interest rate is fixed. WVhile the terni is usually f ive years, current market conditions have made it a negotiable item between you, the bor- rower, and the mortgage lender. You must however, meet with the mortgage lender and renegotiatu the interest rate wvhen the terni expires. If you don't want to pay the new interust rate you can switch companies but the newv lender may charge you a feu to join and the previous lender nmay charge you a penalty fue. Mortgagu lenders offer different prepayment privi- leges on mortgages. These privilegus allow you to pay off lump sums of the prin- cipal, theruby reducing total interest charges.",Be certain to ask the loan officer about any privileges and charges. When you are financing a home, the builder will uisu- ally arrange the financifig for you. you follow the same basic procedure as a resale house except that yot, may be dealing with the builder instead of a real estate broker. This is the fourth ini a five-part suries excerpted from the Ontario Ministry of Consumer and Commer- cial Relations bookiet So youj îant to bu>' a bouse! To obtain a copy of the bookiet write to the Con- sumner Information Centre, Ontario Ministry of Con- sumer and Commercial Re-' lations, 555 Yonge St., To- ronto NI7A 2116. Telephone 416-963-1 111. CoUlcet calîs accu ptud. ', %. ~ $4 >1 EXECUTIVE HOME IN DESIRABLE AREA ln Whltby, 3 bedroomn backspllt, huge famlly room with f ireplace. An ab- solute beauty $79,900 to see this iovely home cati Tosa Brant at Famlly Trust 668-8865 or 668-1399. MOVE RIGHT INI Loveiy 4 bedroom semni backspiit, 2 bathrooms, 4 levois complote, Includes 4 appilances, fuiiy fenced pie shapod lot $57,500. Famiiy Trust.Rosi Estate Lorraine Cowen 6688865 or 683-4897.« POOL OR TENNISI either couid be accommodated on this 120 ft. deep lot. Largo master br-elegant decor-firepiace ln family room. Come se0 what $66,900 wIll buy. Bobbio Heron 668-8885 or 68-4844. BROOKLIN LOT 99 x 100. Mature trees charming 2 bedroom stucco home. Fireplace In living roon, panelied sunroom, separate dinlng room, garage. $54,000 Doris Smith 668-8865 or 655-4339. BROOKLIN BUNGALOW. Beautiful lot treed & fonced. 3 bedrooms, separato dlning room, filshed recreation room, f ireplace, 21 ftl. pool close to school and shopping. $64,900 Doria Smiith 68885 or 66554339. CUSTOM FIREPLACE IMMACULATE 3 bedroom backsplit wlth s0 many interestlng features, inciuding access to large dock ftrom family room. Locted ln a popular area of Whltby, stops to schoois, stores. Don't miss this excellent value $63,900. BobbM Heron 68-8865 or 668-4844. WHITBY SEMI Eat-in kitchen, or 668-6313. ;~> Y, ]JM $47,900 WeIl cared for three bedroom home. finished rec. room. Blair Buchanan 668-8865 4,, LARGE 10% FIRST MORTGAGE, Spotiess 3 bedroom home. Close to schools and shopping. Kitchen overlooks family room with waik out to tenced yard. Finished basement. Oniy $69.500 Nosila ,Richards 688-8865 or 668. 5727. WHITBY 68 x 172 LOT- 3 bedroom, 2 storey home, att. garage, large separate dlning room, eat-in ktchen, main levol famlly room, wlth fireplace, oniy $62.900. Margaret Cox SCUGOG COTTAGE $29,900 Handymans delight, needs tilt to water, lot 65 x 265. Blair Buchanan 688-8865 or 668-6313. PROFESSIONAL OFFICE SPACE FOR RENT. Centrai location 570 sq. f t. heat, parking, Janitorialiincluded for $240 monthly. Bilr Buchanan 666.8866 or 668-4313 FRIENDLY VILLAGE ideal for chiidren, 4 bedroom sldosplit, 2 waikouts, sun dock, patio, immaculate large lot. broadioom. $52,900 wlth over $42.000. lst. mortgago at 10¼4 % due ln 3 yoars Doug Lamb 668-886. JUST LîSTED OSHAWA 3 bedroomn townhouse, bath, en- suite, garage, roc. room, broadîoom, Glovers Road oniy $38.900. 9-V% f inancing wlth vendor tako back why rent? Doug Lamb 668-8865 or 68-6983 H UR RYI1 EXECUTIVE HOUSE FOR RENT. Three bedroomn backsplit one year bease. $500 monthIy. Blair Buchanan 6888 or A BEAUTIFUL CHOICEI Ovorlooking lako Ontario. Extras InsulatIon, 3 bedrooms, nowly renovatod kitchen & main floor laundry. 2 bathrooms $69,900. Famiiy Trust Rosi Estate Lorrains Cowen M-88865 or 683-4897. THE PRICE IS RIGHTI $59,900. Immaculate 3 bedroom brick bungalow with att. garage, compîeteiy finished basement and built-in dlshwasher ln eat-in kitchen. Cati Mrs. Dewey 668-8865 or 668.8776. VILLAGE CHARM, modemn 3 bedroom bungalow with fîreplace In roc. room, 4th br or don. Lot 100 x 165. Waik to stores, sohools. You'iI love the quiet. $59.500 BobbIs Horon 668-8865 or 668.4844. $51,900 101/% FINANCING 2 bedroom bungalow ln S.E.- area of Whltby. Detachod garage, don't deiay - caîl rlght away 1 George WhItbread 668-6865 or 666-1140. ~- ~ LOOK WHAT $68,9W0 CAN BUVI In cholce Whltby area. lm- maculate 4 bedroom spaclous home on large lot with mature trees. Finlshed roc. room, gas BBQ, dlshwasher, central air. Noella Richardson 668-8865 or 8661>5727. IL