Our Service
Capital Gain Appraisal
Capital Gain is an increase in the value of a capital asset that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. A capital gain may be short term or long term and must be claimed on income taxes.
At GE Appraisal and Consulting Services, our appraisers can determine the Fair Market Value of the real estate property based on current market value or retrospective value back in a set date in time. This value can be used in the future for taxation purposes, asset evaluation, or property sale.
Mortgage Financing
In the case of a mortgage appraisal, GE Appraisal and Consulting Services has the unique ability to protect the interests of the buyer, the seller, and the lender with an unbiased, accurate property appraisal.
GE Appraisal is proud to be a company that lenders and individuals in Ontario rely upon for accurate home estimates.
We have expertise in:
Single family dwelling
Multiplex up to 4 units
Condominium
Custom built Homes
Rural acreage property
Waterfront property
Century/Heritage Homes
Estate Probate Appraisal
Estate planning is also known as estate administration. It is a form of handling a deceased person’s assets by appointing an executor. As part of the process, a Fair Market Value will be needed for the liquidator or executor to work with.
At GE Appraisal and Consulting Services, we are glad to provide this service to our clients in a timely manner.
Divorce/Separation Settlement Appraisal
Divorce proceedings require many decisions, especially when there is a real estate property allocation to be agreed upon, such as the matrimonial home.
At GE Appraisal and Consulting Services, we are fully familiar with the requirements and procedures necessary to perform not only a current market value estimate but also, a retrospective appraisal estimating market value as at the date of separation. A third-party, unbiased estimation of the property’s true value is the best solution for the divorce settlement. No matter the decision is a fair buyout or selling the home, we are here to help you price it.
Reserve Fund Study
The Condominium Act, 1998 requires that all condominiums have a reserve fund.
A reserve fund is a special account with a financial institution such as a bank, loan and trust corporation or credit union. This account is separate from the condominium’s operating fund, and it is used to pay for major repairs and replacements to the condominium’s common elements. A portion of the owner’s monthly common expenses fee is deposited into the reserve fund every month. The reserve fund is intended to ensure that the corporation has enough money to pay for future repairs.
The reserve fund is used to pay for major renovation or repairs projects. If condos didn’t have reserve funds, they would need to raise large amounts of money when they need to do major projects.
A reserve fund study determines how much money needs to be in the fund to ensure the repairs can be paid for in the future. The reserve fund study must be prepared by a specialist, like an engineer. The board of directors approves the study, then informs owners of the results of the study. You have the right to review the reserve fund study by asking the corporation.
Reserve fund studies include both a physical assessment and a financial plan. The study will address details such as:
All parts of the building the corporation will have to repair or replace. These are usually referred to as “components.” These can include exclusive-use common elements, like balconies and backyards.
Estimates as to when the repair or replacement of a component is expected to occur.
Estimates of the amount of each expenditure in each year.
Any assumptions.
A recommended reserve fund contribution amount.
Recommended increases in reserve fund contributions for the following three fiscal years. Engineers can include more than one scenario for these increases
The Condominium Act and its associated regulations define three levels for conducting the Reserve Fund Study:
Class 1
A Comprehensive Reserve Fund Study, typically done within the first year of registration. However, it may be required in other situations, such as after conducting a few major repairs and replacements or if there are issues with the previous Reserve Fund Study.
Class 2
Reserve Fund Study with a Site Visit to update an existing study, and should be done alternately every three years with Class 3 (Reserve Fund Study without site visit).
Class 3
Reserve Fund Study without a Site Visit for updating an existing study, and should be done alternately every three years with Class 2 (Reserve Fund Study with site visit).