Explore expert real estate resources and helpful links for buying or selling in Toronto & the GTA. Get guidance or a free home valuation with Ace Persaud.
1. Make Sure You’re Ready
Before buying a home, consider your financial situation, savings, debts, and whether you’re ready for the responsibilities of homeownership.
2. Determine Your Budget
Figure out how much you can comfortably afford, including your down payment, mortgage payments, property taxes, insurance, utilities, maintenance, and other home-buying costs.
3. Decide What You’re Looking For
Think about your preferred location, property type, size, and features. Separate your needs from your wants and consider what matters most to you.
4. Choose a REALTOR®
Find a real estate professional who understands your needs, budget, and preferred area and can guide you through the buying process.
5. Start Your Home Search
Research neighbourhoods and visit properties that fit your budget and requirements. Consider transportation, schools, shopping, and other factors that are important to you.
6. Plan If You’re Selling Your Current Home
If you already own a home, consider how and when you will sell it and coordinate the sale with the purchase of your new property.
7. Choose a Real Estate Lawyer
A real estate lawyer will handle the legal aspects of your purchase, including reviewing documents, transferring ownership, and completing the closing.
8. Make an Offer
Your offer will include the purchase price, deposit, closing date, and other terms. You may also include conditions for financing, a home inspection, or other requirements.
9. Arrange Your Mortgage
Compare mortgage options and make sure your financing is in place. Remember to budget for closing costs and keep some savings available for unexpected expenses and repairs.
10. Have the Home Inspected
A professional home inspection can help identify potential problems with the property. If possible, make your offer conditional on a satisfactory inspection.
11. Complete the Closing
Once your offer is accepted and all conditions are satisfied, your lawyer will complete the legal and financial requirements, including the title transfer and closing documents.
12. Move Into Your New Home
Arrange your move, transfer utilities, update your address, and settle into your new home. Consider living in the property for a while before making major renovations or changes.
Source: RE/MAX Crossroads Realty Inc. Brokerage – Buying Tips
When buying a property in Ontario, land transfer tax is an important closing cost to consider. The tax is paid by the purchaser when ownership of a property is transferred.
In Ontario, the land transfer tax is calculated using different tax rates based on the purchase price:
• Up to $55,000: 0.5%
• $55,000 to $250,000: 1%
• $250,000 to $400,000: 1.5%
• Over $400,000: 2%
For example, if you purchase a $300,000 property in Ontario, the total provincial land transfer tax would be $2,975.
First-time homebuyers may qualify for a land transfer tax rebate, which can reduce the amount payable.
Source: RE/MAX Crossroads Realty Inc. Brokerage – Land Transfer Tax
First-Time Home Buyer Programs in Ontario
Buying your first home in Ontario can involve significant upfront costs. Fortunately, eligible buyers may qualify for government programs and tax benefits that can help make homeownership more affordable.
Available Programs and Benefits
Check Current Eligibility
Program rules, limits, and eligibility requirements can change. Buyers should confirm the current requirements before relying on any government benefit.
Source: RE/MAX Crossroads Realty Inc. Brokerage – Government Program for Home Buyers
What Is Title Insurance?
Title insurance protects homeowners and mortgage lenders against certain financial losses resulting from problems with the title or ownership of a property.
Before a home is purchased, a title search is conducted to identify previous ownership and registered claims or issues affecting the property. However, some problems may not be discovered until after closing. These can include fraud or forgery, unpaid liens, survey issues, easements, zoning deficiencies, work orders, or other title-related problems.
What Does Title Insurance Cover?
Depending on the policy, title insurance may provide protection against risks such as:
Fraud, forgery or identity-related title issues
Unregistered easements and rights-of-way
Survey or boundary issues
Certain zoning or setback deficiencies
Existing work orders
Lack of legal access to the property
Forced removal of certain structures
Legal costs associated with covered title claims
Coverage varies by policy, and certain risks may be excluded. Buyers should review their policy and discuss coverage with their lawyer.
Is Title Insurance Required?
Title insurance is not automatically required for every home purchase. However, mortgage lenders commonly require title insurance or other acceptable title protection as a condition of financing.
Who Is Protected?
A title insurance policy may protect the homeowner, the mortgage lender, or both. When the homeowner is insured, coverage generally continues while the insured owner holds title to the property, subject to the terms of the policy.
How Much Does Title Insurance Cost?
Title insurance typically involves a one-time premium paid when the property is purchased. The cost and coverage depend on factors such as the property and the type of policy.
Protection and Peace of Mind
Title insurance can help protect buyers from unexpected title-related issues and the legal costs associated with covered claims. It may also help prevent certain title problems from causing delays during a real estate transaction.
Source: RE/MAX Crossroads Realty Inc. Brokerage – Title Insurance
Why Work With a REALTOR®?
REALTORS® help you get the most out of your home purchase while reducing stress and confusion throughout the process. Here are some of the advantages of working with a REALTOR®.
Your REALTOR® Explains the Process
A REALTOR® will explain the buying process and what to expect, helping you stay informed throughout this complex decision-making process.
REALTORS® Assess Your Needs
Your REALTOR® will discuss why you are moving, your timeline, financial situation, future plans, and other priorities. Understanding your needs helps your REALTOR® find properties that are a good fit for you.
A Plan to Find Your Dream Home
A REALTOR® can help you identify the features and location you want in a home, such as a pool, garage, yard, home design, schools, or proximity to work.
Your REALTOR® can compare your needs and budget with available properties, arrange showings, and help you evaluate the suitability and price of each home. They can also provide information about the neighbourhood, utilities, and property features.
Access to Properties for Sale
The Multiple Listing Service® (MLS®) provides access to detailed information about properties listed for sale. Your REALTOR® can use MLS® to help identify properties that match your requirements and save you time during your home search.
REALTORS® Are Skilled Negotiators
REALTORS® have experience negotiating real estate transactions. Your REALTOR® can help prepare and negotiate an offer, communicate with the seller, resolve potential conflicts, and assist with the agreement.
Honesty and Integrity
REALTORS® are expected to follow applicable laws and professional standards, including a Code of Ethics. This provides buyers with a professional standard of service, honesty, and integrity.
Legal Know-How
Real estate transactions involve important documents and legal requirements. Your REALTOR® can help identify potential issues and work with the appropriate professionals to help keep the transaction on track.
Negotiation Skills
Negotiating with sellers can sometimes be challenging. Your REALTOR® can act as an experienced intermediary, helping manage discussions, resolve disagreements, and keep the transaction moving toward completion.
Source: RE/MAX Crossroads Realty Inc. Brokerage – What to Expect from REALTOR®
You’re trusting a REALTOR® with one of your most valuable assets, your home. REALTORS® take this responsibility seriously. Here’s what you can expect when working with a REALTOR®.
Your REALTOR® Is Highly Trained
REALTOR® training covers a broad range of subjects, from housing construction and real estate practices to contracts, regulations, and other areas that are important when buying or selling a home.
Your REALTOR® Is Continuously Trained
Licensed REALTORS® complete continuing education to keep their knowledge current, including changes to legal requirements, technology, and real estate practices.
Your REALTOR® Does Everything by the Book
Licensed REALTORS® must comply with provincial laws and regulations governing real estate transactions. These rules establish professional standards and responsibilities when working with consumers.
Your REALTOR® Is an Ethical Businessperson
REALTORS® are expected to follow the Canadian Real Estate Association’s Code of Ethics, as well as applicable provincial and local professional standards. These requirements promote honesty, professionalism, and putting clients’ interests first.
Your Dealings With a REALTOR® Are Insured
Provincial regulators may provide consumer protection programs that include requirements for professional insurance and, in some cases, protection for deposits made during real estate transactions.
Opportunity for Recourse
If you have concerns about the professional conduct of a REALTOR®, you can contact the appropriate provincial regulator, local real estate board, or association. These organizations have processes for reviewing and addressing complaints.
Your REALTOR® Has Access to MLS®
The Multiple Listing Service® (MLS®) is a cooperative real estate information and marketing system used by REALTORS® to share property listings and information. It is an important tool for helping consumers buy and sell homes.
Source: RE/MAX Crossroads Realty Inc. Brokerage – Commitment
Financial Information
Canada Mortgage and Housing Corporation: https://www.cmhc-schl.gc.ca/
Genworth Financial: https://www.genworth.com/
Bank of Canada: https://www.bankofcanada.ca/
Real Estate Boards & Associations
Canadian Real Estate Association (CREA): https://www.crea.ca/
Ontario Real Estate Association (OREA): https://www.orea.com/
Toronto Regional Real Estate Board (TRREB): https://trreb.ca/
School Information
Ontario Colleges: https://www.ontariocolleges.ca/
Ontario Ministry of Education: https://www.ontario.ca/page/ministry-education
Peel District School Board: https://www.peelschools.org/
Toronto District School Board: https://www.tdsb.on.ca/
Toronto Catholic District School Board: https://www.tcdsb.org/
Services
Bell Canada: https://www.bell.ca/
Canada Post: https://www.canadapost-postescanada.ca/
GO Transit: https://www.gotransit.com/
Highway 407 Express Toll Route: https://www.407etr.com/
Rogers: https://www.rogers.com/
Toronto Hydro: https://www.torontohydro.com/
Toronto Transit Commission (TTC): https://www.ttc.ca/
Ontario Ministry of Transportation: https://www.ontario.ca/page/ministry-transportation
Utilities
Direct Energy: https://www.directenergy.ca/
Enbridge Gas: https://www.enbridgegas.com/
Credit History
TransUnion Canada: https://www.transunion.ca/
Equifax Canada: https://www.consumer.equifax.ca/
Regional Governments
Durham Region: https://www.durham.ca/
Halton Region: https://www.halton.ca/
Peel Region: https://peelregion.ca/
York Region: https://www.york.ca/
Government Websites
Government of Canada: https://www.canada.ca/
Government of Ontario: https://www.ontario.ca/
Municipal Governments
Ajax: https://www.ajax.ca/
Aurora: https://www.aurora.ca/
Brampton: https://www.brampton.ca/
Brock: https://www.brock.ca/
Burlington: https://www.burlington.ca/
Caledon: https://www.caledon.ca/
Clarington: https://www.clarington.net/
East Gwillimbury: https://www.eastgwillimbury.ca/
Georgina: https://www.georgina.ca/
Halton Hills: https://www.haltonhills.ca/
King Township: https://www.king.ca/
Markham: https://www.markham.ca/
Milton: https://www.milton.ca/
Mississauga: https://www.mississauga.ca/
Newmarket: https://www.newmarket.ca/
Oakville: https://www.oakville.ca/
Oshawa: https://www.oshawa.ca/
Pickering: https://www.pickering.ca/
Richmond Hill: https://www.richmondhill.ca/
Scugog: https://www.scugog.ca/
Toronto: https://www.toronto.ca/
Uxbridge: https://www.uxbridge.ca/
Vaughan: https://www.vaughan.ca/
Whitby: https://www.whitby.ca/
Local Boards of Trade
Ajax-Pickering Board of Trade: https://www.apboardoftrade.com/
Brampton Board of Trade: https://www.bramptonbot.com/
Burlington Chamber of Commerce: https://www.burlingtonchamber.com/
Caledon Chamber of Commerce: https://www.caledonchamber.com/
Clarington Board of Trade: https://www.cbot.ca/
East Gwillimbury Chamber of Commerce: https://www.egcoc.org/
Georgina Chamber of Commerce: https://www.georginachamber.com/
Halton Hills Chamber of Commerce: https://www.haltonhillschamber.on.ca/
King Township Chamber of Commerce: https://www.kingchamber.ca/
Markham Board of Trade: https://www.markhamboard.com/
Milton Chamber of Commerce: https://www.miltonchamber.ca/
Mississauga Board of Trade: https://www.mbot.com/
Newmarket Chamber of Commerce: https://www.newmarketchamber.ca/
Oakville Chamber of Commerce: https://www.oakvillechamber.ca/
Oshawa Chamber of Commerce: https://www.oshawachamber.com/
Richmond Hill Chamber of Commerce: https://www.rhcoc.com/
Scugog Chamber of Commerce: https://www.scugogchamber.ca/
Toronto Board of Trade: https://bot.com/
Uxbridge Chamber of Commerce: https://www.uxcc.ca/
Vaughan Chamber of Commerce: https://www.vaughanchamber.ca/
Whitby Chamber of Commerce: https://www.whitbychamber.org/
Whitchurch-Stouffville Chamber of Commerce: https://www.whitchurchstouffville.ca/
Step 1: Decide When to Sell
Timing can influence your home’s selling price. Consider current market conditions, how quickly you need to sell, seasonality, and whether you are also purchasing another home.
Step 2: Find a REALTOR®
Choose a REALTOR® who understands your neighbourhood and has experience selling similar homes. Ask for recommendations, interview potential REALTORS®, and discuss how they determine your home’s market value.
Step 3: Sign a Listing Agreement
A Listing Agreement authorizes your REALTOR® and brokerage to market and sell your home. It includes important details such as the asking price, property information, commission, closing date, and items included in the sale.
Step 4: Determine Your Asking Price
The right asking price can attract buyers and maximize your return. Your REALTOR® can prepare a Comparative Market Analysis (CMA) using recently sold homes in your area to help determine fair market value.
Step 5: Choose a Real Estate Lawyer
A lawyer handles important legal documents and helps protect your interests during the transaction. Choose someone experienced in real estate and understand their fees before signing an agreement.
Step 6: Prepare Your Home for Sale
Clean, declutter, make reasonable repairs, and improve curb appeal. Neutral paint and a well-presented home can make a strong first impression. Disclose known major problems as required.
Step 7: Market Your Home
Your REALTOR® can market your property through MLS®, online advertising, signage, REALTOR® networks, and open houses. Keep your home clean, safe, and ready for showings.
Step 8: Prepare Your Finances
Review your mortgage and any potential penalties or discharge costs. Consider closing costs, moving expenses, and possible tax implications. Your lender, lawyer, or accountant can help you understand your financial obligations.
Step 9: Review and Negotiate Offers
Offers may be firm or conditional. You can accept, reject, or counter an offer. Common conditions include financing, home inspection, and the sale of the buyer’s existing home. Your REALTOR® can help negotiate the terms.
Step 10: Close the Deal
Once the agreement is signed, your lawyer and REALTOR® will help complete the closing process. You will need to satisfy any conditions, arrange utilities and insurance, plan your move, and complete the necessary legal paperwork.
On closing day, your lawyer will handle the transfer of ownership, pay outstanding amounts such as your mortgage and closing costs, and provide you with the net proceeds from the sale.
Source: RE/MAX Crossroads Realty – 10-Step Guide to Selling Your Home
Homeowners should interview a few potential REALTORS® before deciding on one to sell their home. Here are some smart questions to ask:
1. How long have you been in the business?
A freshly-licensed REALTOR® can do a wonderful job and will have up-to-date training; those in the business longer bring more practical experience to the table.
2. What is your average list-to-sales-price ratio?
A competent listing REALTOR® should hold a track record for negotiating sales prices that are very close to list prices.
3. How will your marketing plan meet my needs?
Specifically, how will you sell my home? Where and how often do you advertise? Will you show me a sample flyer? How do you market online?
4. Will you provide references?
Ask if any of the references are related to the REALTOR®. Ask if you can call their references with additional questions.
5. What separates you from your competition?
Key phrases to listen for: assertive, available by phone or e-mail, analytical, professional, reliable, and able to maintain a good sense of humour under trying circumstances.
6. May I review documents that I will be asked to sign?
A good REALTOR® makes forms available to you before you are required to sign them. Ask to see agency disclosure, the listing agreement and seller disclosure.
7. How will you help me find other professionals?
Ask for a written list of referring vendors. Get an explanation if you see the term “affiliated”. It could mean the REALTOR® is getting compensation from vendors.
8. How much do you charge?
You don’t have to ask if the fee is negotiable, since all real estate fees are negotiated. It may be a good idea to ask what their commission fee is for your reference.
9. What kind of guarantee do you offer?
If you sign a listing agreement with the REALTOR® and later find that you are unhappy with the arrangement, will the REALTOR® let you cancel the agreement?
10. What haven’t I asked you that I need to know?
Pay close attention to how the REALTOR® answers this question, because there is always something you need to know–always.
Source: RE/MAX Crossroads Realty – 10 Questions to Ask When Hiring a REALTOR®
The fact is, most people who try to sell their own home end up using a REALTOR® in the end anyway. Before anybody decides to fly solo through this complex, time consuming and financially perilous process, they should consider these questions.
Will you really “save” the real estate commission?
When buyers see a home for sale ‘by the owner’, they see a bargain. They imagine the REALTORS® fee going into their pocket, not yours.
Are you familiar with real estate law?
Complicated and ever changing, real estate law governs nearly every phase of selling your home. One wrong move and an entire deal can fall through, or worse, a lawsuit can ensue.
How many potential buyers will you reach?
Selling a home takes more than just hanging a “For Sale” sign. How will you promote your home? Will you write your own ads? How will you use the Internet, knowing that you’ll have no inside access to www.mls.ca and therefore will not be able to post your home on this service?
Do you have the time?
Promoting a home is a full time job, and you may already have one. Will you be able to take calls at any time? How about screening the callers to figure out if they’re qualified to buy your home?
Not everybody who calls is even suitable to walk through your home, but how do you tell?
Do you know the market well enough to get the most for your home?
Lacking years of experience, the average do-it-yourselfer is merely guessing at their listing price. Often they set the price too low and miss out on thousands of dollars, or they price their home too high and drive away willing buyers.
What about your selling skills?
If the personalities of prospective buyers rub you the wrong way, can you still deal with them effectively? What about your own defensiveness when you hear negative comments about your home? Best to keep it at arms length through a REALTOR®.
Do you have the negotiation skills to keep a deal on track?
When an offer comes in, emotions can run high with so much money on the line. This is why direct seller-to-buyer deals often end in disaster. REALTORS® keep it professional and are indispensable when it comes to bargaining with buyers.
Source: RE/MAX Crossroads Realty Inc. Brokerage – Do it Alone
To Get the Best Return on Your Home
To get the best return on your home, you need to make your home look its best. Here’s the checklist that will help you do it.
Inside Your Home
Floor Coverings
Dirt or stains?
Excessive wear or damage?
Area rugs clean and stain-free?
Walls and Ceilings
Dirt, fingerprints or other stains?
Nail cracks or tape residue?
Cracks, chips, water damage?
Need for repainting or new wallpaper?
Neutral, light colours for a roomy environment?
Doors
Dirt, fingerprints or other stains?
Need new paint?
Open/close easily without squeaks?
Latches/handles secure and working properly?
Windows
Glass sparkling clean; chip, paint and crack free?
Open/close easily?
Latches/handles/locks secure and working properly?
Dirt and fingerprints on frames or sills?
Screens clean and without holes?
Storm windows in good condition?
Window Coverings
Dirt or stains?
Excessive wear or sun damage?
Open/close easily; hardware working properly?
Lighting
Lighting makes a room feel more inviting.
All bulbs working and proper wattage?
Broken switches or exposed wiring?
Table and floor lamps working properly?
Pet Areas
Clean, organized and odour-free?
Entryways and Hallways
Clean and free of clutter or obstructions?
Welcome mat(s) clean and inviting?
Closets and Storage Areas
Clean and well organized?
Clutter and excess junk removed?
Clothes hung neatly and not jammed together?
Shoes and boots neatly stored or stacked?
Kitchen
Every surface sparkling clean?
Countertops organized, with only daily-use appliances left out?
Refrigerator spotless inside and out?
Organized and spoiled food discarded?
Frost removed and light bulbs working?
Oven and stovetop clean?
Burner trays cleaned?
Sinks clean; faucets working properly and leak-free?
Garbage disposal in good working condition?
Cupboards and pantry spotless and organized?
Dishwasher clean and stain-free?
Living Room, Dining Room, Bedrooms, Den and Study
Everything thoroughly vacuumed and dusted?
Excess furniture removed for a roomier atmosphere?
Remaining furniture clean and in good repair?
Wood and other surfaces clean and polished?
Bookshelves neat, organized and clutter-free?
Children’s games and toys stored neatly?
Fragile items removed and stored?
Smaller valuables removed or locked away?
Window coverings open for views and sunlight?
Mirrors clean and in good repair?
Ashtrays cleaned and kept out of sight?
Fireplace clean, with logs and kindling stacked neatly?
Bathrooms and Powder Room
Every surface sparkling clean?
Countertops organized and free of clutter?
Fresh soap available?
Sinks spotlessly clean; faucets working properly?
Tub and shower surfaces clean?
Towels stain-free and hanging neatly?
Shower curtain clean and in good repair?
Toilet extra-clean and working properly?
Closets organized and clutter-free?
Medicine cabinet clean and personal items removed?
Basement, Furnace Room, Garage, Attic and Storeroom
Clean and well organized?
Clutter and excess junk removed?
Remaining items stored or stacked neatly?
Everything thoroughly vacuumed and dusted?
Outside Your Home
Structures
Exterior surfaces clean and in good condition?
Front door exterior clean and inviting?
Eavestroughs and downspouts clean and in good repair?
Gates open and close properly; hardware working?
Fences and decks in good repair and condition?
Sidewalks and walkways in good repair?
Driveway clean and in good repair?
Yard and Environment
Driveways and sidewalks clear of snow and ice?
Lawns mowed and edged regularly; large bare spots repaired?
Leaves removed from lawns and flower beds?
Trees pruned and hedges trimmed?
Flower beds weeded and tidy; dead plants replaced?
Junk and scrap removed?
Lawn furniture clean, organized and in good repair?
Bicycles and children’s toys stored neatly and out of the way?
Firewood organized and neatly stacked?
Yard free of doggy deposits?
Listing Your Home
The first step toward putting your home up for sale is to meet with your REALTOR® at your home. This meeting is referred to as the “listing appointment.” Beforehand, it’s also important to understand who’s who and how brokers may co-operate to sell your home.
Listing Broker
An individual real estate broker whom the seller hires to represent themselves through a contract called a “listing agreement.” The listing Sales Representative is associated with the listing broker. The listing broker is directly paid the listing commission and then splits the commission with the listing Sales Representative.
Selling Broker
An individual who produces a buyer for the property and divides the commission with a listing broker. Such a transaction is considered a “co-operative” sale because the house is listed by one broker and a buyer is provided by a second broker. If the listing broker also produces the buyer, then the listing broker receives both listing and selling sides of the commission.
A Little Homework
Before the listing appointment, both the home seller and the listing Sales Representative have some homework to do. While the home seller collects a list of documents requested by the Sales Representative, the listing Sales Representative studies recent area sales of homes comparable to the seller’s, as well as comparable homes currently for sale.
Your Home’s Special Features
At the listing appointment, the listing Sales Representative will want to inspect the entire home and yard to become familiar with its special features and exact floor plan.
Be ready to be specific about schools, churches, daycare, nearby metro, and other desirable community features, as well as home features not readily apparent.
Remember, prospective buyers will be “comparison shopping” and keenly aware of subtle differences in homes for sale in the area. Be sure to tell your listing Sales Representative why yours is special, from any home remodeling to afternoon winter sunshine.
Property Profile Folder
To enable the listing Sales Representative to prepare a “Highlight Sheet” on the property, the home seller needs to provide documents and information specific to the location and jurisdiction. It’s best to collect these papers before the listing appointment.
Pay-Off Notice
A letter signed by the home seller and mailed to the lender by the listing broker to notify the lender of the intention to pay off the mortgage. The home seller should provide the broker with the lender’s address, loan balance, assumability, years remaining on the present mortgage, PITI, and the interest rate, if possible.
Septic and Well Inspection
If the property is on septic/well, current inspections by local health authorities are required while the home is occupied. The listing Sales Representative will usually arrange for inspection after the contract is approved.
Order Lender Appraisal
Lenders usually require an appraisal to assure that the property is adequate collateral for a loan. An appraisal may be ordered before an offer, but is more often done after an offer to purchase is accepted.
Assessments/Easements
The listing Sales Representative will ask the home seller if any tax assessments or easements exist on the property that must be paid or included in the purchase contract and passed on with the land when sold.
Property Taxes/Condominium Fees
The home seller provides a record of property tax or condominium fee payments which the buyer will reimburse on a prorate share to the home seller at settlement.
Inspections
Many lenders of new mortgages may require an inspection certificate that shows the house is free of major defects.
The home seller should also provide a record of the past 12 months’ utility bills, including gas, electric, sewer, water, and trash where applicable. Most buyers will want to know the history of utility costs.
Helpful Documents
If possible, the home seller should provide the listing Sales Representative with the deed, house location survey, condominium bylaws or homeowners association documents, subdivision map, house floor plan, previous title search abstracts, legal description of the property, warranties on major systems or Home Owners Warranty, and a copy of the homeowners insurance policy for endorsement in the purchase contract. RE/MAX Crossroads Realty
“What Conveys?”
In anticipation of a buyer’s offer, the home seller must be ready to supply the listing Sales Representative with a specific list of the personal property that is included in the real estate property for sale.
Examples may include draperies, drapery rods, remaining heating oil, firewood, washer, dryer, refrigerator, stove, microwave, disposal, swimming pool chemicals, awnings, storm doors and windows, screens, blinds, shutters, and window air conditioners.
The home seller should tag or remove items which do not convey.
When the home seller is ready to put the home on the market, the listing agreement is filled out indicating a specific period of time the agreement is in effect and signed by the seller. You’ve now hired a listing broker.
Comparative Market Analysis
Maximizing Market Value
Preparing a Comparative Market Analysis (CMA) is an important tool Sales Representatives use to help you earn the highest possible price for your home. A CMA involves looking at public records of real estate business in your community to better understand market conditions.
There are four steps your Sales Representative will take in preparing your home’s CMA:
Your REALTOR® will consider the amount paid for at least 3 recently sold homes in your community. These homes will be comparable in size to yours and together comprise a factual record of what buyers will pay.
Your REALTOR® will consider the asking prices of at least 3 presently listed homes in your community. These homes will be the benchmarks against which your home will be priced.
Your REALTOR® will consider the asking prices of at least 3 homes in your community that went unsold for at least 90 days. These homes illustrate the dangers of overpricing your property.
Finally, your REALTOR® will use all the price information gathered to arrive at an ideal asking price for your home.
Source: RE/MAX Crossroads Realty Inc. Brokerage – Listing Your Home
What to Expect From Your REALTOR®
REALTORS® help you get the most for your home and remove stress and confusion from the process. Here are some of the advantages.
Your REALTOR® Explains the Process
A REALTOR® will provide a detailed explanation of what to expect so you are fully informed throughout the real estate process.
REALTORS® Assess Your Needs
Your REALTOR® will discuss your reasons for moving, time constraints, financial situation, future plans, and your wants and needs.
A Plan to Find Your Dream Home
A REALTOR® will help you identify what you’re looking for in a home, including features, location, neighbourhood, schools, and proximity to work. They can compare your needs and budget with available properties, arrange viewings, and help you assess each home.
Access to Properties for Sale
The Multiple Listing Service® (MLS®) provides REALTORS® with details of a wide variety of listed properties, helping save time and effort when searching for the right home.
REALTORS® Are Skilled Negotiators
REALTORS® have experience arranging fair deals. Your REALTOR® can assist with negotiating offers, resolving potential conflicts, and preparing the agreement.
Honesty and Integrity
When you work with a REALTOR®, you can expect adherence to applicable laws and professional standards, as well as a Code of Ethics that promotes honesty and integrity.
Legal Know-How
A mishandled document can cause problems or lead to legal action. Your REALTOR® can recognize potential issues early and help find solutions to keep the transaction on track.
Negotiation Skills
REALTORS® can help manage negotiations with sellers, smooth out disagreements, and keep the deal moving toward completion.
Source: RE/MAX Crossroads Realty Inc. Brokerage – What to Expect from your REALTOR®
The REALTOR® Commitment
You’re trusting a REALTOR® with your most valuable possession, your home. REALTORS® take this responsibility very seriously. Here’s what we promise you.
Your REALTOR® Is Highly Trained
REALTOR® training is rigorous and covers a diverse range of subjects, from housing construction to family law.
Your REALTOR® Is Continuously Trained
All Licensed REALTORS® must take continuing education courses to keep their knowledge up to date, including legal issues and technology.
Your REALTOR® Does Everything by the Book
A licensed REALTOR® must be registered under provincial laws that govern how real estate can and cannot be traded. These regulations provide standards for professional behaviour.
Your REALTOR® Is an Ethical Businessperson
REALTORS® must adhere to the Canadian Real Estate Association’s Code of Ethics, along with applicable provincial requirements. Your interests must always be put first.
Your Dealings With a REALTOR® Are Insured
Provincial regulators sponsor consumer protection programs that may require REALTORS® to maintain Errors and Omissions Insurance. In some cases, deposits made during real estate transactions may also be protected.
Opportunity for Recourse
If you have concerns about the professional behaviour of a REALTOR®, provincial regulators and local real estate boards or associations have processes for reviewing and addressing these concerns.
Your REALTOR® Has Access to MLS®
The Multiple Listing Service® (MLS®) is a comprehensive information-sharing and cooperative marketing network created by REALTORS® to help consumers buy and sell homes.
Source: RE/MAX Crossroads Realty Inc. Brokerage – Commitment
Mortgage
When purchasing a real estate property, unless paying cash, consumers typically finance all or a portion of the purchase price. This means borrowing money from a financial institution to buy a home, using the home as collateral for the loan.
Mortgage payments include the principal, which is the amount borrowed, and interest, which is the amount charged for borrowing the money. Payments can be made monthly, bi-weekly, or weekly, depending on the lender.
Home mortgages are available from banks, mortgage companies, trust companies, credit unions, and mortgage brokers. Different lenders may offer different rates, products, and terms, so it is important to compare options.
Mortgage brokers can provide access to multiple lenders and a wider selection of mortgage products.
It is often recommended to get pre-approval before making an offer on a home. Pre-approval can help you understand how much you may qualify for and may secure an interest rate for a limited period.
Qualifying for a Mortgage
The qualification process involves providing financial information to a potential lender and receiving approval for a predetermined mortgage amount.
Lenders may review your employment, income, marital status, dependents, assets, liabilities, and credit history.
Your gross annual income, credit history, assets, and liabilities can all affect how much you qualify for. Mortgage calculators can also help estimate an appropriate mortgage amount.
Types of Mortgages
Fixed-Term Mortgage
The interest rate is established for the mortgage term, keeping principal and interest payments consistent throughout the term. This can make budgeting easier and provide protection against rising interest rates.
Open Mortgage
An open mortgage allows you to repay the mortgage at any time without a penalty. These mortgages generally have shorter terms and higher interest rates than closed mortgages.
Closed Mortgage
A closed mortgage generally offers lower interest rates and fixed payments for a set term. Prepayment privileges may be available, but paying off the mortgage before maturity may result in a penalty.
Adjustable Rate Mortgage (A.R.M.)
An adjustable rate mortgage has an interest rate that can change based on market conditions. Changes in interest rates can affect how much of your payment goes toward principal and interest.
Equity Mortgage
An equity mortgage is based primarily on the equity in the home and may be available to borrowers who do not meet traditional income or credit requirements.
Multiple Term Mortgages
A mortgage can be divided into multiple portions with different terms, rates, and amortizations while being combined into one monthly payment.
6-Month Convertible Mortgage
A short-term convertible mortgage provides fixed payments for a limited period and may allow the mortgage to be converted to a longer term.
All-Inclusive Mortgage (A.I.M.)
An all-inclusive mortgage may combine certain legal, title insurance, appraisal, registration, and other costs into the mortgage arrangement.
Secured Lines of Credit
A secured line of credit allows homeowners to borrow against the equity in their property. Funds can be used for renovations, investments, major purchases, or other expenses.
Mortgage Glossary
Fees
Mortgage-related costs may include application fees, insurance, origination fees, closing costs, and interest.
Ask your lender or mortgage broker for an estimate of all fees. Some fees may be negotiable, while others are paid when applying or at closing.
Down Payment
A down payment is the amount a buyer contributes toward the purchase price of a home. Mortgage options may be available with a smaller down payment, depending on the buyer and property.
When a buyer makes a smaller down payment, mortgage insurance may be required.
Amortization
Amortization is the process of paying off mortgage debt through regular payments over a set period. Additional payments toward the principal can reduce the mortgage balance and potentially shorten the repayment period.
Interest Rate
The interest rate is the cost of borrowing money, expressed as a percentage. A lower rate can reduce borrowing costs. Ask lenders whether they offer a rate lock and compare the overall cost of different mortgage options.
Discount Points
Discount points are prepaid interest that may be used to reduce the mortgage interest rate. Compare the upfront cost of points with the potential savings over the life of the mortgage.
Escrow Account
An escrow account may be used to collect monthly amounts toward expenses such as property taxes and insurance, allowing funds to be available when those bills are due.
Credit Scores
A credit score helps lenders assess your creditworthiness and can affect the interest rate and mortgage options available to you. Credit scores are influenced by factors such as payment history and the amount of credit you currently have. A lower credit score may result in higher borrowing costs. However, borrowers with credit challenges may still have mortgage options available.
Ask your lender or mortgage broker how your credit history affects your mortgage and what steps could improve your borrowing options.
Calculate Your Mortgage Possibilities
Mortgage Loan Calculator
Determine your estimated monthly payment and amortization schedule.
Land Transfer Tax Calculator
Determine the amount of land transfer tax you may have to pay based on the purchase price.
Mortgage Affordability Calculator
Estimate how much you may be able to afford when purchasing a home.
CMHC Premium Calculator
Estimate the mortgage insurance premium based on the purchase price, down payment, and amortization period.
Source: RE/MAX Crossroads Realty Inc. Brokerage – Mortgage Guide