Buying a Toronto home or condo is certainly one of the most gratifying experiences most of us ever have. For most of us, it’s also one of the most challenging.
If you’re buying for the first time, the process may seem somewhat overwhelming. But even if you’ve been through it several times, every move is difficult, and presents new challenges.
One big advantage of enlisting the help of Elli Davis, an experienced Realtor dealing amongst others with Toronto houses, is that you don’t have to go through it alone.
Elli delivers peak level of performance amongst real estate services. Let her assist you with your search for your Toronto home or condo. She can:
* Help you establish what you can afford and identify the price range.
* Help you figure out your needs and the features you will want to see in a Toronto home, or a condo.
* Inform you of the present Toronto market conditions as you browse for your Toronto home or condo.
* Assist you with the aspects of your offer to purchase.
* Assist you with the details involved in closing the deal.
Each home purchase is a large step, regardless of how often you move. It helps to be well informed so you’re in a better position to make the right decisions.
Making An Offer
When it comes time to make your offer, Elli can provide you with current market information and will assist you in drafting the offer. She will communicate said offer, sometimes known as an Offer to Purchase*, 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 – Elli can guide you through this process.
*Offer to Purchase – a legal document which specifies the terms and conditions of your offer to purchase the home. This offer can be Firm or Conditional
Acceptance of the Offer
The Offer to Purchase will be presented as soon as it is drafted. The seller may choose to accept it, reject it, or submit a counter-offer. The counter-offer may be in reference to the price, the closing date, or any one of such of variables. It can go back and forth until both sides have agreed or or until one ends these negotiations.
Making the Move
Book the movers. You can choose to have the movers pack everything, only the breakables, or you can choose to pack yourself. If you rent out your present home, give a written notice to your landlord and make arrangements for the return of any money you may have on deposit. At your “new” home, make arrangements for the gas and electric utilities, water softener, telephone and cable TV to be connected on the day the sale closes.
General Advice
Pick up “Change of Address” cards from the post office; send these out well before the moving day. Have mail forwarded to your new address, and cancel any contracted services and pre-authorized cheques. Inform gardening, dry cleaning, garbage pick-up, newspapers, magazines, and other home services to arrange for service at your new address. Obtain a letter of introduction from your current bank branch to help establish bank accounts at your new residence. Likewise, transfer trust or bank accounts and securities. Cancel or transfer social, athletic, civic, religious or business affiliations and memberships. Arrange for transfer of medical, dental, prescription and optical records. Change the address on your driver’s license(s) effective the day of the move. Collect all items out for cleaning, repair or storage (e.g. fur coats, dry cleaning, etc.) Make special arrangements for the moving of perishables, such as plants, and special arrangements for the moving of your pets. Lastly, dispose safely of all flammable liquids as it is illegal for movers to transfer them.
Moving Costs (Vendor’s Costs)
Legal Fees: These range from 1/2% to 1% of the sale price of the property plus disbursements. A Real Estate lawyer will provide you with further details.
Real Estate Commission + 7% GST on commission.
Discharge of Mortgage: A penalty of three months’ interest, the interest differential between an old and new mortgage or a combination of the above may exist. If in doubt, check with your lending institution.
Moving Costs (Purchaser’s Costs)
Legal Fees: Range from 1/2% to 1% of the sale price of the property plus disbursements. A Real Estate lawyer will provide you with necessary details.
Disbursements: Include City Tax Certificate, City Zoning Reports, City Engineering Report, Sheriff’s Certificate, Registry Office searches, deed registration, mortgage registration, copies, postage, long distance calls, etc.
Land Transfer Tax*:
If under $55,000 multiply by $5 per $1000 (e.g. $40,000 x $5 per $1000 = $200)
From $55,000 to $250,000, multiply by $10 per $1000 then subtract $275 (e.g. $200,000 x $10 per $1000 = $2000 – $275 = $1725)
From $250,000 to $400,000, multiply by $15 per $1000 then subtract $1525 (e.g. $400,000 x $15 per $1000 = $6000 – $1525 = $4475)
Over $400,000, multiply by $20 per $1000 then subtract $3525 (e.g. $500,000 x $20 per $1000 = $10,000 – $3525 = $6475)
*Special taxes apply to non-residents.
Additional Fees
Survey: If there is no recent survey available, a new one might cost approximately $700 – $1000. Fees for different properties tend to vary.
Arranging the Mortgage: appraisal fee of about $200 plus administration fee of about $200 – $300. An up-to-date survey may be necessary.
Adjustments: Money owed pre-payment of taxes, water, gas, fuel oil, etc.
Home Inspection: This will cost between approximately $250 to $400.
Phew! That should be all, so I hope it will help you. Let me know if I can be of assistance to you any further. Thank you for reading,
Elli Davis