Q. DO I NEED A MORTGAGE PRE-APPROVAL?
A. Yes. Getting a mortgage pre-approval ensures that you can afford the home you want and clarifies your monthly mortgage carrying costs so that there are no surprises.
Q. HOW DO I BOOK A VIEWING ON A PROPERTY I WANT TO VIEW?
A. That’s our job. Just let us know which properties you like and we’ll book the showings right away.
Q. HOW MANY PROPERTIES CAN WE VIEW AT ONCE?
A. We suggest that you view a maximum of six properties in one outing. Looking at too many properties at once will hinder your ability to remember the finishes, layout and defining characteristics of each home.
Q. HOW MUCH DEPOSIT MONEY DO I NEED TO PROVIDE WHEN OFFERING ON A HOME?
A. Typically the Seller is expecting approximately 5% of the purchase price.
Q. WHEN DO I HAVE TO GIVE THE DEPOSIT MONEY WHEN I’M OFFERING ON A HOME?
A. Unless specified otherwise in the offer paperwork, the deposit money is required within 24 hours of acceptance of your offer. This means that you do not have to provide a deposit when making the initial offer. It is due once the terms are agreed upon.
Q. IS THE DEPOSIT MONEY REFUNDABLE?
A. Yes and no. If you include conditions (ie. mortgage financing and/or home inspection) in the offer that
you must fulfill, the deposit is refundable. If you do not have (or remove) any conditions in your offer, the deposit is not refundable and is applied towards the sale price.
Q. WHAT PROFESSIONALS DO I NEED TO COMPLETE MY PURCHASE?
A. You’ll need a top-notch mortgage broker, lawyer and possibly a home inspector. Other individuals may need to be contracted according to the specific details of the purchase/home.
Q. WHAT OTHER COSTS SHOULD I INCLUDE IN MY BUDGET WHEN BUYING A HOME?
A. Your budget should account for lawyer fees, land transfer taxes (both provincial and municipal), movers, renovation costs and a small slush fund to pay for pizza, wine and beer for friends that will help with packing and painting duties.
Q. DO I HAVE TO PAY ANY COMMISSION?
A. No. Although we appreciate your concern for our financial well-being, thankfully our fees are paid by the Seller 99% of the time. Should a circumstance arise in which the Seller will not compensate us, you will not be responsible for our fees. We will ensure that you get the home and service you desire knowing that good deeds come back tenfold. We believe in good Karma.
Q. HOW QUICKLY DO HOMES SELL?
A. In this market, homes sell pretty quickly. The average days on market (D.O.M) has been hovering around 30-35 days for the past couple of years, but if you’re looking in a hot pocket of the city, this figure could be considerably lower.