House Hunting In Toronto Team™

HOME

First-time Home Buyers

Real Estate Sales Representative

Mortgage Broker/Lender

Home Inspector

Real Estate Lawyer

Insurance Agent

Others

Buying a home in today’s market requires a lot of work and a lot of knowledge about sales and real estate. Real estate transactions involve one of the biggest financial investments most people make in their lifetime. Transactions usually exceed in most cases $250,000 - $500,000 and are complex with many details. In the majority of cases the seller will be represented by an agent whose job it is to negotiate for the highest price possible and to structure the transaction to the seller's advantage.

Considering the fact that a buyer usually does not have to pay for the services of a representative, it would be foolish to consider a deal in real estate without professional assistance. Having your own real estate sales representative means working with someone who will not only help you find the right home and who will advise you in all matters related to the real estate transaction, but who will also handle all the paperwork for you and assist you in negotiating the right terms and price. A buyer's representative is responsible for protecting your best interests.

Many different institutions lend money for mortgages, including banks, pension funds, trust companies, credit unions, insurance companies and finance companies. The key to finding the right lender for your situation is to shop around. It will save you money to speak with more than one lender because the terms and options vary enormously.

Mortgage brokers don't usually lend money but rather put you in touch with others who do. Brokers are independent, which means that they are not affiliated with any specific lending institutions. Their role is to find the lender with the terms and rates that will best suit you.

Because you do not want to inadvertently become the owner of a home with expensive hidden problems, you need a qualified home inspector in your team. A good home inspection is an objective, top-to-bottom examination of the home and everything that comes with it. The standard inspection report includes a review of the home's heating and air-conditioning systems, its plumbing and wiring, the roof, attic, walls, ceilings, floors, windows and doors, the foundation and the basement. The report should estimate the cost of repairs and the priorities: what should get fixed first and how soon. With older homes you may also ask an inspector to check for termites, lead paint, asbestos or other problems.

In order to ensure that your legal interests are being protected when you buy your home, you need to hire a lawyer. Your lawyer will review any contracts you need to sign, especially the Offer to Purchase. If you make an Offer to Purchase that is accepted, your lawyer will be responsible for many of the closing arrangements. Lawyers fees range widely and depend on the complexity of the deal, as well as incurred disbursements (expenses paid on your behalf to third parties).

Toronto real estate lawyers do not generally charge hourly rates to facilitate transactions, but rather charge fixed fees.

Lenders will not let you close the deal on your home purchase if you do not have home insurance, which covers your home and your personal property against losses from fire, theft, bad weather and other causes. Even if you pay cash for your home, you should buy home insurance. An insurance broker can provide you with all your insurance needs, including property insurance and mortgage life insurance. Property insurance covers the replacement costs of your home, so premiums vary not only depending on your home's worth, but also on the cost of rebuilding your home at the same location.

Do not confuse property or life insurance with mortgage loan insurance which is mandatory for high-ratio mortgages.

In some circumstances you may need additional professionals, such as, among others, an accountant (tax issues), a surveyor (when a land survey is necessary), an appraiser (when your lender requires an unbiased estimate of market value) or a contractor (repairs).

Costs:

Usually none

Costs:

Usually none

Costs:

Between $250 and $500

Costs:

Between $650 and $1,200

Costs:

Usually none

The House Hunting In Toronto Real Estate Team

Why should you consider us to be your real estate representatives? In today’s busy, complex world, purchasing a home can be more time-consuming and complicated than most business transactions. First-time buyers, especially, quickly discover that there is a lot more to buying real estate, than deciding what vacation to take or what car or suit to buy.

From the start we can provide you with sound, effective advice and professional services you need to get the best deal possible.
Once we have a clear understanding of what you want and what you can afford, our knowledge can save you a lot of time looking at homes that are not right for you.
We have the resources to find properties in your price range and homes that match your individual needs.
We can pre-screen properties so that you should only have to visit a handful of homes to make an informed and wise selection.
We can arrange showings of properties at your convenience.
Much of the early search with us can be done through the Multiple Listing Service (MLS) and preliminary discussions. As you visit and react to each home you see, we will have an increasingly better idea of what you want and do not want.
We will be able to advise you on the various options available for financing a home and tell you when to bring in other experts such as a lender, home inspector, lawyer and insurance agent.
You can get information on schools, transportation and other services in different neighbourhoods and access the MLS service which provides up-to-date details on a wide variety of properties in the markets you are exploring.
We will be able to do a comparable market analysis to determine the selling price of similar properties in the same neighbourhood during the previous months.
We will be able to do a “history search” for a property you might be interested in, to see if there have been notable activities regarding the listing (significant asking price changes, deals felt through, et cetera).
We can negotiate on your behalf and advise you on how to proceed with your purchase or sale.
We will draw up an offer to purchase and assist with all details required to make a successful transaction.
We will keep you updated frequently, alert you to each step in the transaction process, supervise property inspections, and coordinate the closing.

REALTOR®

Whether you are a buyer or a seller, there are distinct advantages to using a Realtor. A Realtor®, is a licensed real estate professional who is a member of a local real estate board, as well as the Canadian Real Estate Association (CREA) and, in Ontario, the Ontario Real Estate Association (OREA). This individual has the experience and qualifications needed to successfully conduct a purchase or sale. In Ontario, you can expect strict adherence to provincial law and a code of ethics. This ensures you receive the highest level of service, honesty and integrity.