When I’m Helping Buyers…
It’s always a pleasure to work with people buying a home in Toronto. I’m involved in the market every day, so I know what’s new and what’s changing in terms of standards and techniques.
Whether it’s changes in circumstance, life’s most pressing desires, or an addition to the family – I will help you find a home, and a neighbourhood, that you will adore.
I Understand the Difference Details Make
Whether it’s your first time buying a home or your fifth, I like to pick up on the subtleties of buying to help deliver exactly what you want from your new home. It’s a partnership, and together we’ll ensure that you get what you need out of Toronto’s housing market.
“Buying my first home was an intimidating process. Kim and her team made it as easy as possible. Her expertise in the Toronto area really helped in finding the perfect home to suit my needs.”
What Every Buyer Should Know
Buying a house is a big deal. Rather than feeling overwhelmed by it all, I encourage my clients to ask questions. This investment is large, personal, and it’s long-term, so you should feel confident that every inquiry you have is answered.
Here are just some of the questions people ask me about how to buy a house in Toronto:
Nothing (technically)! The seller pays the co-operating agent the commission as per their listing agreement with their agent. The commission is usually a percentage of the purchase price.
Learn more about how it works in: How to Hire a Real Estate Agent
Yes, you do. You will need guaranteed funds (bank draft or certified cheque) to hand in with your accepted offer on offer night or within 24hrs of acceptance. There is not a set amount for a required deposit-however, your deposit amount can work in your favour if you are in competition (because it shows financial security).
More on the subject in: Deposit Vs Down Payment: Whats The Difference?
Of course you can! Open houses are a great way to explore a new neighbourhood and get a feel for the available homes. Agents will ask you to sign in, though, and please do. When you sign into an open house, the listing agent will keep your agent informed of any activity on the property. This way you will never miss out!
Just contact me and I take care of everything! When you tell me about a house you are interested in, I contact the listing agent and arrange everything. All you need to do is show up.
Out of courtesy to the sellers, most showings are usually kept between 9 am to 9 pm. However, some houses may have restrictions (due to young children, tenants, etc.) in which we can only visit during the specific times identified by the seller.
I always recommend that my clients attend offer presentations with me because timing is everything. After we have signed all the paperwork, I will present the offer to the listing agent and their clients. If any changes are requested we can easily re-sign the paperwork and hand it in. Once everyone has agreed to the details, the offer is accepted.
A house sells in competition when there is more than one offer.
Get familiar with the competitive Toronto market in: What You Need To Know About Bidding Wars in Toronto
A bully offer is an offer presented before the set offer date. If you engage in a bully offer, you are “bullying” the listing agent to look at your offer because you don’t give them a lot of time to respond. The offer price is usually well above the listing price to give the seller incentive to take it.
Learn more pre-emptive offers in this post: All About Bully Offers
Buying a home is a large purchase and a home inspection is always a good idea. A home inspection will let you know if you can expect to do any work once you purchase the home (i.e. repair the roof, purchase a new furnace). If you are serious about a home, a home inspection will make you more confident about your purchase.
Wondering what to look out for? Read: What Home Inspections Don’t Reveal About A Property
As soon as you feel comfortable putting in an offer, you should have a lawyer in mind. You might need a lawyer right away to look over status certificates (for conditional offers) or to answer any legal questions about your purchase. When you’re looking for a lawyer, word of mouth is often best. I have lawyers I trust and always recommended to my clients, but you should ask family and friends for their recommendations as well.
It is an offer that has been accepted, but is not technically complete because it has to fulfill certain ‘conditions.’ When you’re thinking about buying a house, these conditions must be met within a set amount of time (agreed upon in the offer). Some of the most common conditions are: financing (the buyer’s mortgage broker will ensure they can get a mortgage for the property), home inspection (a home inspector will walk the buyer through the condition of the home), and status certificate (for a condo and reviewed by the buyer’s lawyer). In competing offers, conditions can deter sellers from accepting the offer. This is because the offer is not complete until the conditions are met. If they are not met, the buyers can walk away from the deal.
If your deal falls apart because a condition could not be met, a waiver is signed by both parties. This is an agreement that the offer will not close and the deposit will be returned to the buyers (without penalty).
Even though buyers do not pay the agent’s commission, they still have some costs associated with a purchase. These include legal fees, disbursements, title insurance, HST on CMHC premium, Land Transfer Tax, Municipal Land Transfer Tax (Toronto only), as well as moving costs.
You’ll find a more comprehensive breakdown in: Our Guide To Closing Costs For Buyers & Sellers