Buying a new home can be a daunting task. To help you navigate your way as you make your new home purchase decision, here are some answers to common questions we regularly hear from homebuyers. Our Sales Centre staff are always happy to help you with any questions you may have about the homebuying process. Just ask!
FAQs
Click on the questions below for more information
What is the difference between a deposit and a down payment?
A deposit is the amount required by the vendor as security at the time you write the purchase contract for your new home. A down payment is the amount of equity required by your financial institution when arranging a mortgage for your new home purchase. Typically, your deposit forms part of your down payment.
How much are the property taxes?
Property taxes are set by the municipality and are based upon the assessed value of a property. The assessed value is based upon a valuation date of July 1 but on the physical condition of the property as at October 31. At the sale date of a new condominium, this tax information may not be available. If you want to estimate your future tax cost, we suggest that you investigate average property taxes for similar condominiums in the neighbourhood.
Do I have to pay property transfer taxes?
Property transfer taxes are payable on all property sales although there is an exemption provision for first time home buyers. For more information on the Property Transfer Tax, please check the government website: Property Transfer Tax
What’s the difference between a lawyer and a notary? What are the approximate fees?
A Notary Public is a practitioner trained in the drafting and execution of legal documents. A lawyer can also draft and execute legal documents and can also provide a broad range of legal services. Both notaries and lawyers can undertake the conveyance of real property on behalf of a purchaser. Fees are based upon the complexity of the work and can vary from $750 to $1,000 or more. Ask your preferred lawyer or notary for a quote.
Who do I talk to about financing?
Our friendly sales staff can refer you to a suitable lender or mortgage broker. Financial institutions and brokers frequently offer our buyers special discounts and promotions.
Do I have to have a Realtor?
If you are already working with a licensed Realtor we are pleased to assist both you and your Realtor in your new home purchase decision, but you don’t need to have a Realtor to purchase a home at any of our developments. Our very knowledgeable and experienced non-licensed sales staff can answer any questions you might have about our new homes including the purchase contract process.
Is there a resident manager?
Our developments do not typically have resident managers. The strata council can always decide at a later date to employ the services of a resident manager.
What kind of warranties come with the suite and building?
Quantum Properties homes all have 2/5/10 warranty coverage provided by National Home Warranty. Over and above the 2/5/10 warranty coverage, Quantum Properties goes one step further to provide its homeowners with an additional level of property protection. All Quantum Properties homes are covered by a pre-paid 5 year program that provides annual exterior maintenance quality reviews conducted by an independent Maintenance Operations Program representative. We believe in the quality of our homes and are pleased to provide this extra level of security to purchasers as evidence of our confidence in our construction integrity.
