House Hunting In Toronto Team™
Rick McGuigan & Robert Holbrook -
HomeLife/Cimerman Real Estate Ltd., Brokerage -
© 2002 -
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 -
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-
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
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).
Between $250 and $500
Between $650 and $1,200
Why should you consider us to be your real estate representatives? In today’s busy,
complex world, purchasing a home can be more time-
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.