How can I determine if the list price is fair when I am about to purchase ?

Adam will look at the property's sales history and comparable recent sales in the immediate area to help assess a market value.

How do I know what price to offer for a property ?

Largely based on recent comparable sales and our experience we will be able to guide you through the process and make recommendations to you as we progress. Other factors come into play such as the number of competing offers, or what value you may personally place on the property or the neigbourhood.

Do I need to have a home inspection ?

In some cases the sellers may have already commissioned a home inspection in order to to save you the trouble and eliminate a home inspection from being a condition of the offer. It is also possible to purchase a property conditional on a subsequent home inspection. Home inspections are highly recommended by us.

Where is my deposit while I await closing?

Your deposit is held in the listing brokerage's carefully regulated trust account until closing, at which time it is applied towards the purchase price of the property and associated costs. If an interest bearing clause was part of your original offer, you may be entitled to the interest accrued on the deposit once the property has closed. In order to get interest paid you will need to provide your Social Insurance Number.

How does the new Toronto Land Transfer Tax affect me?

First time buyers will receive a rebate on the tax for purchases up to $400K. For others, the tax matches the existing provincial tax. Check the Land Transfer Tax Calculator for more information.

How do I go about finding open houses?

Adam will send you a list of open houses being hosted in various neighbourhoods each weekend, or you can check out http://www.mls.ca/ for their list.

Should I buy first or sell first?

Each strategy has its advantages and disadvantages depending on your unique situation. Contact Adam and he will be happy to help you craft a strategic plan that works best for you. Varying market conditions from area to area will influence the decision making process.

What are bidding wars?

Bidding wars are otherwise known as multiple offers and occur when there is more than one offer on a property. If you are interested in putting an offer on a property we will let you know of any competing offers in order to adjust your strategy.

When should I make my offer conditional?

A condition inserted into the offer means that the contract will not be firm and binding until certain landmarks are fulfilled or waived. (mortgage financing, or a home inspection by a qualified inspector). Conditional offers may be considered weaker than firm offers, and may harm your chances of getting your dream property - we will discuss options with you.

Do you know any mortgage brokers or financing specialists?

Referrals are the key to our business, we would be confident to refer you to several trusted colleagues in mortgage financing. Please contact us for this information.

How long should a closing take - how soon before I can move in?

Most closings are from 30-60-90 days from the date of acceptance of the offer, however this can vary based on buyer and seller needs. We ensure a smooth closing for you whether it's a leisurely wait to move in or a quick closing.

I saw a great house on MLS.ca but when I drove by, it was already sold?

MLS.ca imports its information from the Toronto Real Estate Board, and there can be a time lag of 3 days or more. In addition, it often takes a brokerage a couple of days to report a property as sold. Contact Adam for current market listings.

If I just want to get in to see some houses, why do I need a Buyer Representative?

A Buyer Representative does a lot more for you than just open up a house.  In our consultative role, we listen carefully to your needs so we will know how to help you find the best property. Adam negotiates with your interests in mind, acting as an intermediary between you and the seller thereby insulating you from costly mistakes. He handles a myriad of transactional details so that you don't have to.

Is a Buyer Representative's service free to me?

The Buyer's Representative is typically compensated by the listing agent for the property once a purchase has been made, so we act on contingency when working for you.

Do I need a real estate lawyer if the offer documents are pretty standard?

Yes. Though the Agreement of Purchase and Sale and related documents are normally standard forms, your lawyer plays a key role in the process. Typically a lawyer gets involved once the Offer has been accepted. It doesn't hurt to line a lawyer up early in the process. Get a quote from the lawyer on a "flat fee" basis prior to engaging his/her services. If you do not have a real estate lawyer please contact us so we can recommend a few to you.

How much do I have to put down on a property when making an offer?

Offer deposits are generally 5% of the offer price, but are negotiable. These funds are payable in "Trust," to the sellers brokerage. by certified cheque due within 24 hours of the Agreement of Purchase and Sale being executed.

What are homes selling for on a certain street?

Adam is happy to send you information on recent sales on a particular street in order to satisfy your curiosity, show you how your investment is doing, or as part of your buying or selling research. Just let him know the street and he will send you the most current data using our unique mapping system.

How do offers being accepted by fax on a property affect my chances of getting it?

This is a reasonably common practice and on occasion indicates the sellers are out of town. To help increase your chances of getting the home, since the sellers will not get to meet us face to face, we will write a letter to the sellers introducing you and letting them know more about you, at your request.

What happens if I buy a house and the sellers don't deliver on their promises?

Our course of action will be dependent upon what they have failed to deliver on. More serious issues often will involve your lawyer. We will assist you in order to determine the severity of the infraction and show you the way to the legal process.

What's a CVA?

A Current Value Assessment is how the property is valued for the purpose of calculating property tax. It may or may not be close to the actual market value of the property. Needless to say, it varies over time, typically inreasing.

What is an SPIS?

A Seller Property Information Statement is an optional form that sellers can fill out when listing their homes. The seller warrants information pertaining to their home, such as their knowledge of any structural problems, details on electical, plumbin, mechanical systems and much more. Rarely would we recommend purchasing a house without an SPIS having been completed by the seller.

Can I backout from an offer once I have paid my deposit ?

This is an issue that a Lawyer will have to deal with. The deposit funds are held in trust and cannot be released to anyone until a legal and binding agreement has been made as to how the funds will be disbursed. This is NOT an ideal situation.