Sellers & Buyers Tools

Buying or selling a home is probably one of the biggest business transactions you will ever make.

Bringing in the right experts at the right time will ensure your business transaction goes smoothly and you don’t pay a big personal and financial price.

Whether selling or buying, selecting a real estate practitioner to work with you has many distinct advantages. A real estate broker, as in any profession, has skills, knowledge and experience that most buyers and sellers don’t have. The key benefit is that realtor will act as an ‘arm’s length’ intermediary during the real estate transaction, ensuring that you get what you need and expect from the transaction.

The realtor you select should be someone who handles your sale or purchase as it it were their own. Realtor will also be able to advise you on how to select bankers, lawyers, building inspectors and insurance brokers that may play role in your business transaction.

Realtors are experienced in arranging financing and closing deals, assist you in negotiating a better offer, act as mediators in heading off potential conflicts and draw up a legally-binding contract between you and a buyer or a seller.

HERE IS WHAT TO EXPECT:

If you are selling…

One of the most important decisions you will make is deciding the ‘asking price’ of your home. Realtor’s task is to analyze you home and compared it with similar houses for sale or recently sold in your area. Your Realtor decide on will be based primarily on the home’s fair market value. But your decision will also be affected by the strength of the real estate market, interest rates and consumer demand for your type of property.

Once you have decided on an ‘asking price’, your Realtor will develop a marketing plan that may include open houses, advertising and listing options. Your should also act on tips to make your home ‘show’ better to prospective buyers.

With the house ‘listed,’ it is essential to have a lawyer ‘standing by’ to help ensure your rights and interests are fully protected and to complete the sale successfully once you find a buyer.

In a real estate sales transaction, a lawyer will look after the many complicated and time-consuming procedures involved, particularly from when you sign the agreement of purchase and sale to the actual closing.

If you are buying…

When buying a home, a Realtor will begin by helping you identify what you want in your new residence – a pool, a garage, a certain design, a particular neighborhood. Realtor will compare your needs, wants and budget with what is available on the market. Normally, you don’t pay for a Realtor’s services – the person selling the house does. When you and a seller agree on a price, that’s the total amount you will pay, excluding legal fees, taxes and other costs.

Realtors have broad, current knowledge of the many financing choices available to prospective buyers. A Realtor can assist you in evaluating mortgage options and obtaining financing at the best available rates and terms.

When deciding which bank, credit union or trust company to deal with , it’s best to ‘shop around’.

A Realtor will be able to help you understand your options better. Try to decide on a lender that’s right for you even before putting in an offer to purchase.

When an agreement is reached between you and a seller, you lawyer will help ensure you receive valid title to property and that it is clear of any registered claims. Lawyer will calculate the amount of land transfer tax you will be required to pay as well as any adjustments necessary to compensate the seller for pre-paid bills.

Legal Fees…

Since a lawyer is an essential part of you home-buying team, the work provided involves fees. Most legal fees include searching the title of the property, arranging a property survey, if necessary, and handling other disbursements as required.

Mortgage Insurance & Application

For any high-ratio mortgage, which is any mortgage in which 75 or more per cent of the house’s purchase price is covered by the mortgage, the lender requires mortgage insurance. Property Insurance.

Property Insurance

This insurance covers the replacemement value of your home and its contents. Most mortgage lenders will require proof that you have this insurance in place, before processing a mortgaage.

Land Transfer Tax

Anyone buying property in Ontario must pay a land transfer tax. It usually runs between 0.5 to 2 per sents of the home’s purchase price.

GST

GST is payable to some degree on the purchase price of all new homes, although partial rebates are available. A resale residential home is exempt from GST. Various other closing fees, however, do involve payment of GST.

Extra Charges

You may be hook-up charges involved for appliances, telephone, cable, hydro, etc

Moving Costs

Don’t forget the basic costs involved in moving from your old to your new home, expecially if you use a professional moving company.

Preparing to Move Checklist

• Make reservations with your local movers
• Visit local store to purchase boxes and packing supplies
• Clean out closets, attic, garage, basement, etc.
• Have a garage sale or donate to charity items you won’t be moving
• Arrange for transfer of school records
• Get plenty of change-of-address cards from post office
• Notify magazines, charge accounts, insurance companies, clubs and other organizations of your change of address
• Get owner’s manual for appliances in new home, if possible

• Make a “survival closet” of things for last cleanup (broom, dust, cloth, etc.) as well as snacks
• If you decide to do the packing yourself, label all the boxes as you pack. Write the destination (by room) on top and sides of each box.
• Schedule disconnect dates for your gas, electric, water and telephone companies. Don’t disconnect your telephone until after move. Arrange for refunds that are due. Schedule connections for your new home.
• Cancel newspapers, cable TV, security, pest control, cleaning help, lawn maintenance and other services.

 

• Mail the change-of-address forms
• Clean the stove

• Empty, defrost and thoroughly dry fridge and freezer.
• Get sufficient cash to tide you over.
• Say goodbye to neighbors.

 

Why use a real estate agent..?

Realtors are trained, accountable professionals who provide valuable information and expertise to sellers and buyers through all phases of marketing negotiations, contracts and closing.