Buying A Home

I'm here to help!

Buying A Home

I'm here to help!

Screenshot 2023-12-01 150146

Buying Your Home!

Finding the perfect home doesn't happen in one day. It takes careful planning and lots of work. Fortunately, there are a number of things you can do to simplify the process.

Screenshot 2023-12-01 150146

Buying Your Home!

Finding the perfect home doesn't happen in one day. It takes careful planning and lots of work. Fortunately, there are a number of things you can do to simplify the process.

  1. Things to Consider Before Starting Your Search

What Features Do You Need?

Do you need an extra bathroom, a garage, a fenced backyard, or lower utility bills? Do you want a fireplace, a short drive to work, or maybe minimal yard work? Once your list is complete, decide what’s most important to you.

What’s the Ideal Location?

Where you live obviously affects your lifestyle; it’s also one of the most significant influences on the value of your home. Your choice of location may be somewhat limited by the price you can afford. Even so, make sure to consider such things as distance to work, schools, shopping and entertainment.

What Kind of Home?

What type of property do you want? A single-family detached home is attractive to many people because it typically provides more living space and land. On the other hand, a condominium may be a more appropriate choice for you, with an emphasis on maintenance-free living. Determine what type of home best suits your desired lifestyle and budget.

What’s Your Budget?

How much do you want to spend? Just as importantly, how much do you have to spend? Note there are numerous additional expenses (detailed below) that you’ll pay to complete the purchase of a home

 

  1. Choosing a REALTOR®

For many, buying a home is usually the biggest purchase you will make. That is why it is so important to select a REALTOR®. Your local REALTOR® is invaluable in helping locate the property that is right for you.

A REALTOR® can help you answer all of these questions and help you navigate through what can be a complicated business transaction. Start by finding REALTORS® in your city by using CREA’s handy search tool. Then, talk to some of them and compare their services. It’s important that you’re comfortable and confident with the agent you choose.

YOUR LOCAL REALTOR®:

  • Has a great deal of knowledge of financing to assist you in evaluating mortgage options and obtaining attractive financing
  • Is an experienced and skilled negotiator
  • Is knowledgeable about real estate developments and trends providing facts, comparable prices, neighborhood trends, and housing market conditions

 

  1. Searching For a Home

A REALTOR® will use various tools to try and find properties that meet your specifications. The most important is a local Board’s MLS® (Multiple Listing Service®) System. Your REALTOR® can quickly search through numerous properties available for sale in specific areas to find suitable listings; that is, houses that best match your needs, choice of neighbourhoods and price range. You can also view listings in Board MLS® Systems that are advertised on the national REALTOR.ca web site.

  1. Making an Offer

Once you find a house you want to make your home, your REALTOR® can help you develop an offer. In the offer, you should specify how much you're willing to pay. State when the offer expires and suggest a closing date for the transaction. You can also propose some conditions on the offer. Some common types of conditions are:

  • Getting a suitable mortgage (include the amount, interest rates and any other figures you feel important);
  • Selling your current home (the seller may continue to look for a buyer, but will give you the right of first refusal);
  • The seller providing a current survey, or a "real property report," showing that there are no encroachments on the property;
  • The seller having title to the property (your lawyer will check this out when she conducts a title search to see if there are any liens on the property, easements, rights of way or height restrictions);
  • If there’s a septic system, the seller having a health inspection certificate, stating that the system meets local standards;
  • An inspection by a qualified engineer, should you have any doubts about the home's safety and construction; and
  • Any inclusions of appliances and other items - basically, what stays and what goes.

You will need to present a deposit along with your offer. An appropriate deposit will show your good faith to the seller. Note that the seller's agent, if they are represented by one, is bound by law to bring all offers to the seller's attention.

  1. If Your Offer is Accepted

After your offer is accepted and all conditions met, the offer becomes binding on both sides. If you later refuse to honour the agreement, you may lose your deposit or might be sued for damages. Before signing, make sure you understand and agree with all terms of the offer.

Before the property can formally change hands, there are still a few things to do. Be prepared to furnish proof to your lender that you’ve insured your new house. On or before closing day, both side’s lawyers will arrange to transfer title of the property from the seller to you. The mortgage money will be transferred to your lawyer's trust account, and then to the seller, and your lawyer will bill you all additional expenses such as land transfer taxes or outstanding legal fees.

At this time, be sure to check with your lawyer that everything is as stated in the offer-to-purchase.

Once you're satisfied and the keys to the front door are in your hands, there's nothing else to say, except welcome home!

 

Extra Expenses

No matter what type of home or property you're buying, plan on some extra expenses.

  • A land transfer tax (a sales tax on property) in certain provinces
  • A mortgage broker's fee
  • An appraisal fee
  • Surveying costs (if the seller couldn't come up with a current survey)
  • A high-ratio mortgage insurance premium
  • An interest adjustment. (Mortgages are normally calculated from the first of each month. If your closing date is the same as the beginning of your mortgage, there will be no adjustment. However, if your closing date is July and you move in on June 15, those last 15 days are the interest adjustment period. Your lender will expect you to cover the cost of the interest during that time.)
  • Reimbursement to seller for the unused portion of any prepaid property taxes or utility bills

Legal fees, and, if applicable, REALTOR® fees.

Working with a Real Estate Agent

As a licenced REALTOR, we are regulated under the Real Estate Council of Ontario (RECO) to ensure a safe and informed real estate marketplace for the consumer.

RECO essentially, has 2 jobs:

1 - To protect the consumers in the public interest by promoting a safe and informed marketplace

2 – To administer the rules the real estate agents and brokerages must follow.

As of December 1st 2023 the industry has adopted the Trust in Real Estate Services Act, 2002 (TRESA) which is a consumer protection legislation governing the conduct of real estate agents and brokerages trading in real estate in the province of Ontario. This replaces previous legislation (REBBA) that essentially did the same thing however there are some changes enhancing professionalism & consumer protection.

Moving forward, all individuals looking to receive information about properties of interest or real estate services are required to receive, read and acknowledge having reviewed

 RECO’s Information Guide

highlighting everything you need to know about working with a realtor and explaining the changes to the act.

The purpose of the Information Guide is to ensure that the general public completely understand the benefits of working with a realtor, the risks associated with choosing to not work with a realtor, the contract, understanding multiple representation and what to do if you have concerns.

As a real estate agent, we are required to walk you through this information guide BEFORE answering questions. providing assistance or any form of service to ensure you understand your rights, options, and the terms of your representation agreement.

Click on the link below to access the Information Guide - don't hesitate to reach out with any questions!

Take the next step in your journey

I look forward to working with you and helping you reach your home ownership goals. Reach out to get in touch and start the process today. I offer:

Personalized service

Local market knowledge

Excellent communication

Strong negotiating skills

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