Buying GTA Real Estate - Real Estate Agent

HOMEBUYING IS EASY

With the right GTA Realtor by your side

I AM HERE FOR YOU

Buying a home is one of the largest financial transactions you will make in your life, so there are many important questions to consider when purchasing a home.

My clients can tell you that I go beyond the transaction, and will be there with you every step of the way of your home journey.

Trust the experience of a CENTURY 21^® REALTOR^® to help you find your dream home.

WHAT YOU GET WORKING WITH ME

When you sit down with me to discuss buying, I enhance your search strategy by helping you uncover what you may not have considered. Whether it’s schools, lifestyle, or the investment value of the property. Using my property search process, you will be able to find the home that best meets your needs. Finally, with my knowledge of the market, real estate expertise and negotiating skills, I will help you get the best possible deal, and handle all the critical details.

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HOME BUYER'S GLOSSARY

AMORTIZATION SCHEDULE

The number of years it takes to repay the entire amount of the financing based on a set of fixed payments.

HOME VALUATION

The process of determining the market value of a property

CLOSED MORTGAGE

A mortgage that can not be prepaid or negotiated for a set period of time without penalties.

CLOSING DATE

The date on which the new owner takes possession of the property and the sale becomes final.

COLLATERAL

An asset, such as term deposit, Canada Savings Bond, or automobile, that you offer as security for a loan.

DEPOSIT

A sum of money deposited in trust by the purchaser on making an offer to purchase. When the offer is accepted by the vendor (Seller), the deposit is held in trust by the listing real estate broker, lawyer, or notary, until the closing date of sale, at which point it is given to the vendor.

EQUITY

The difference between the market value of the property and any outstanding mortgages registered against the property. This difference belongs to the owner of that property.

MORTGAGE DISCHARGE

A mortgage is a loan that uses a piece of real estate as a security. Once the loan is paid-off, the lender provides a discharge for that mortgage.

TERM

The period of time the financing agreement covers. The terms available are; 6 Month, 1,2,3,4,5,6,7,10 year terms, and the interest rate will be fixed for whatever term one chooses

Buyer Frequently Asked Questions

Whether it’s your first time buying a home or you’re a seasoned investor, the market is always changing. Below, you’ll find buyer frequently asked questions and tips to help navigate them.

Q: What is the very first thing I should be doing before buying a home?

A: Get pre-approved. Many real estate agents won’t spend time showing you homes, if you are not pre-approved. This allows you and your realtor to be clear on what your budget is. A mistake many home buyers make, is diving into online realty sites to look at properties before knowing how much home they can buy.

Q: Do I have to use a Real Estate Agent?

A: Simply put, yes! Not only are real estate agents properly trained, but they will also provide you resources for inspections, mortgage brokers and more. Realtors work with home sellers and buyers every single day; they know exactly what to look for and can prevent you from making a mistake.

Q: How much does a Real Estate Agent cost for a Buyer?

A: Nothing. All of the commission is paid by the seller so, in a typical transaction, the commission is split by the seller’s agent and the buyer’s agent. As a buyer, you can have someone work for you at no cost to you.

Q: I already own a home and I need to sell that before buying another. Is that possible?

A: Yes. However, this can sometimes be tricky. It is possible to have “back-to-back” closings, but all conditions need to be completed in a timely fashion. You must have constant communication between all parties, and organization is a must-have.

Q: Should I get a home inspection?

A: This is always a YES!! Always, always, always, get a home inspection. This is the single “best card in your hand” that will protect you in the purchase of your new home. Even if you’re buying new construction, you get an inspection known as a pre-delivery inspection (PDI).

Q: Can I back out of a deal?

A: Once you have a signed contract where all the terms have been agreed upon by all parties, you are bound by a legal document. However, within that contract there are usually several conditions that need to be met first, like a home inspection. You can’t just walk away from the transaction without penalty, but there are safeguards that will protect you. For instance, if you get your inspection completed within the correct time frame in the contract, and both parties do not agree on the repairs needed, you can back out of the contract without being penalized.

Q: How long does it take to close on a home?

A: It could vary depending on the situation. Typically, you should be able to close within 30 – 60 days if you have a conventional mortgage through one of the major banks. If you’re getting a mortgage through a private vendor, you probably need around 60 days to close.

Q: How much do I need for a down payment?

A: Your down payment depends on whether you are looking to purchase resale or new construction. For instance, new construction requires at least 10-15% down over the course of a deposit structured plan. Other factors that could influence how much that you must put down are what type of property you want to buy, your credit history, and if the home is an investment property or not. You should figure paying at least 10% as a down payment.

Q: What is included in the sale?

A: Anything that’s considered a fixture, is typically included when purchasing a house — think cabinets, faucets, appliances, and window blinds. However, there could be items that you think are included with the home but actually aren’t. This depends on the seller in Ontario. The listing description should spell out any exclusions that the seller is not including, but that’s not always the case. A good Realtor will have a checklist in place to ensure that you know exactly what you are getting with the home.

Q: Were there any additions to the property?

A: In some cases, property records and listing descriptions don’t always match up. A home might be advertised as having four bedrooms, but one of those rooms may be a non-conforming addition that doesn’t follow up-to-date building codes. Find out what major repairs or renovations the seller has done since owning the home, and request copies of the receipts as proof. Knowing a home’s improvement history can help you better gauge its condition and understand the seller’s asking price.

Q: How old is the roof?

A: Let’s face it: roofs are necessary and expensive. If a home’s roof is at the end of its lifespan and you wind up having to replace it shortly after move-in, you’ll be shelling out thousands of dollars. Ouch. If the roof has existing damage, your Realtor can request that it be repaired in order to for the home to close. In other words, if the listing description doesn’t list the roof’s age, make sure to find out ASAP to avoid a costly headache later.

Q: How old are the appliances and major systems?

A: Understanding the anticipated lifespan of essential systems and appliances, such as the air conditioner, furnace, water heater, washer, dryer, stove, and fridge, can help you anticipate major repair or replacement expenses.

Have a question that wasn’t answered above? Send me an email at caryn.parchment@century21.ca or book a meeting with me to discuss via www.calendly.com/carynparchment.

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