| In 2008, what was the median price of a single-family home in the Greater Montreal area? |
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$195,000 |
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$225,000 |
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$275,000 |
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$325,000 |
| In 2008, what was the volume of residential sales by agents and brokers members of the Greater Montréal Real Estate Board? |
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$4,5 billion |
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$7,5 billion |
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$10,5 billion |
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$13,5 billion |
| What was the interest rate for a five-year mortgage in the Montréal region during the second quarter of 2009 ? |
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3,45 % |
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4,8 % |
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5,45 % |
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5,9 % |
| Besides the selling price, what are the main fees you will have to pay when buying a property? |
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Notary fees |
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Real estate agent compensation |
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Inspection and appraisal |
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Departure tax associated to your old home |
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Real property transfer tax |
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Home insurance |
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Legal documents fees |
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Certificate of location |
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Moving and connection to public services |
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Municipal and school taxes |
| How much should you budget for costs related to buying a home, excluding the selling price? |
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Approximately $2,500 |
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Approximately $5,000 |
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Approximately $7,500 |
| You find out your new house has a defect. What should you do first? |
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Undertake a lawsuit against the seller (if it is a hidden defect) or against the inspector (if it is an apparent defect). |
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Consult an attorney specializing in real estate to establish if it is a hidden defect (not visible during visual inspection) or an apparent defect (which can be spotted by the inspector). |
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Have the problem fixed and send the bill to the seller (if it is a hidden defect) or to the inspector (if it is an apparent defect). |
| Identify one of the great benefits
of buying a plex (income property). |
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You have your own apartment, while sharing only the mortgage with other co-owners. |
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Benefitting from a tax rebate on your loan since the purchase represents investment income. |
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You have your own room, while having access, like the other co-owners, to the living room, the kitchen and other living areas. |
| What is a certificate of location? |
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Certificate prepared after a survey to establish the exact location of a lot according to the reference book or cadastre. |
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Certificate issued by the S.I.A.®/MLS® system once you have identified the location of the properties you wish to visit. |
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Certificate confirming the location of your new property, which allows your financial institution to determine your mortgage. |
| When buying a property, is it mandatory to have it inspected? |
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No. A building inspection waiver clause can be added to the offer to purchase or the counteroffer. |
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Yes. According to the Real Estate Brokerage Act, the building inspection is an essential condition to any real estate transaction. |
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