Buying a home can be both exciting and stressful. At OntarioWide we bring invaluable knowledge and expertise to the home-buying experience and are dedicated to your needs from the search and purchase to the move-in process. The following steps will assist to make the process successful:
1. How much can you afford?
Purchasing a home involves one-time costs and monthly expenses. The largest one-time cost is the down payment, which typically represents between 5-25% of the total price of the property.
In addition to the actual purchase price, there are a number of other one-time expenses that you might be expected to pay.
Typical One-Time Expenses:
• Mortgage Application & Appraisal Fee (If applicable)
• Property Inspection (Optional)
• Legal Fees
• Legal Disbursements
• Property Survey (Sometimes provided by the Seller)
• Land Transfer, Deed Tax or Property Purchase Tax (In Quebec within 3 months following signing)
• Mortgage Interest Adjustment & Take Over Fee (If applicable)
• Adjustments for Utilities, Property Taxes, etc.
• Mortgage Insurance (and Application Fee if applicable).
• Home and Property Insurance
Typical Monthly Expenses:
• Mortgage Payments
• Maintenance
• Insurance
• Condo Fees
• Property Taxes
• Utilities
2. Obtain a Pre-Approved Mortgage
A pre-approved mortgage protects you against interest rate increases while you look for your new home.
Once you ve found the home you want to purchase you ll require the following in order to confirm financing:
• A copy of the real estate listing of the property.
• A copy of the offer to purchase or the building contract.
• Documents to confirm employment, income and source of pre-approval.
3. Search For Your Ideal Property
At OntarioWide...
4. Making An Offer
There are a number of major elements required for an offer:
• Price - Depending on local market conditions, your opinion of value and marketing information provided by OntarioWide, the price you offer may differ from the seller s asking price.
• Deposit - The deposit shows your good faith and will be applied against the purchase of the home when the sale closes.
• Terms - This includes the total price offered and the financing details. You may arrange your own financing or ask to assume the seller s mortgage especially if it has an attractive interest rate.
• Conditions - These might include subject to home inspection , subject to buyer obtaining financing or subject to buyer selling their property .
• Inclusions & Exclusions - These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.
• Closing or Possession Date - Generally, the day the title of the property is legally transferred and the transaction of funds finalized unless otherwise stated.
How to make the offer:
At OntarioWide we can provide current market information and will assist you in drafting your offer. We will communicate your offer to the seller, or the seller s representative, on your behalf. Sometimes there may be more than one offer on a property coming in at the same time.
The Agreement of Purchase and Sale is a legal document which specifies the terms and conditions of your offer to purchase the home. The offer can be Firm or Conditional.
• Firm Offer To Purchase
Usually preferable to the seller, because it means that you are prepared to purchase the home without any conditions. If the offer is accepted the home is yours.
• Conditional Offer To Purchase
Means that you have placed one or more conditions on the purchase, such as subject to home inspection , subject to financing , or subject to sale of buyer s existing home . The home is not sold until all the conditions have been met. In the province of Quebec, this is referred to as a Promise to Purchase .
• Acceptance Of The Offer
Your Offer to Purchase will be presented as soon as possible. The seller may accept the offer, reject it, or submit a counter-offer. The counter-offer may be in reference to the price, the closing date or any number of variables. The offers can go back and forth until both parties have agreed or one of you ends the negotiations.
5. Hire A Legal Professional
A legal professional is there to represent your interests and to provide the legal documentation required. At OntarioWide we can provide you with the names of legal professionals who specialize in real estate.
The legal process differs from province to province.
6. Have The Home Inspected (Optional)
Having the property inspected by a qualified home inspector will give you the added confidence that you ve made the right decision (costs vary). When the procedure is complete, you may wish to ask for a full written report plus estimated costs for any necessary works.
7. Your OntarioWide Contact
If you require further information or assistance with your home purchase please do not hesitate to contact me by email at maria@mariagray.ca
Selling your home can be both an exciting and overwhelming process. At OntarioWide we bring invaluable knowledge and expertise to the home-selling experience and are dedicated to your needs from the listing to the move-out process. The following steps will assist to make the process successful:
1. How should you price your property?
The benefits or pricing right:
A. Your property sells faster, because it is exposed to more qualified buyers.
B. Your home doesn't lose its "marketability".C. The closer to market value, the higher and the more offers received.D. A well-priced property can generate competing offers.E. The real estate community will be enthusiastic about presenting your property to buyers.
The result of overpricing:
Many sellers believe that if they price their home high initially, they can lower it later. Often, when a home is priced too high, it experiences little activity. Gradually, the price will come down to market value, but by that time its been for sale too long and some buyers will be wary and reject the property. You may think that interested buyers "can always make an offer", but if the home is over-priced, potential buyers looking in a lower price range will never see it. On occasion, the price is dripped below market value because the seller runs out of time. The property sells for less than it's worth.
2. The importance of early activity
As soon as a home comes on the market, there is a flurry of activity surrounding it. This is the crucial time when potential buyers sit up and take notice. If the home is overpirced, it doesn't take long for interested parties to move on. By the time the price drops, a mjoirty of buyers are lost.
3. Define your marketing plan
Your property is not something you sell every day. In fact, for most people it is their largest asset. A house is very complex to market and the process needs to be well organized. To do the job properly, a plan is needed.
I can prepare a personalized plan for you containing all the activities required to market your property, including listing on the MLS , creating marketing materials, traditional and online advertising, and networking with other memebers of the real estate community.
4. Signing a Listing Agreement
The first formal step in marketing your property is to enter into a Listing Agreement - a contract that commits OntarioWide to actively market your home for a specified period of time. It also commits you to a pre-established marketing fee that is to be paid upon the successful closing of the sale. The following documents may be required:
• Plan of Survey of Location Certificate - A survey of your property that outlines the lot size and location of buildings as well as details of encroachments from neighbouring properties.
• Property Tax Receipts - Most Listing Agreements require that the current annual property tax assessments be shown.
• Mortgage Verification - You will be asked to authorize your mortgage lender to provide the figures required.
• Deed or Title Search - This document is a legal description of your property and proof that you own it.
• Other Documentation - This may include annual heating, electrical and water expenses, as well as any recent home improvement costs.
• Note: In many provinces, you will be required to sign a property condition disclosure statement.
4. The Major Elements of an Offer
• Price - Depending on the market and the local market conditions, the price offered my be different from the asking price.
• Deposit - The deposit shows the buyer's good faith and will be applied against the purchase price of the home when the sale closes.
• Terms - Includes the total price the buyer is offering as well as the financing details. The buyer may be arranging their own financing or may ask to assume your existing mortgage if you have an attractive rate.
• Conditions - These might include "subject to home inspection", "subject to buyer obtaining financing" or "subject to the sale of the purchaser's property".
• Inclusions and Exclusions - These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.
• Closing or Possession Date - Generally, the day the title of the property is legally transferred and the transaction of funds finalized unless otherwise stated (except in Manitoba and Quebec). Note: In B.C. the Possession Date is legally 1 to 3 days after closing.
5. Your OntarioWide Contact
If you require further information or assistance with the sale of your home please do not hesitate to contact me by email at maria@mariagray.ca
