Hygeia

Buying a Toronto home or condo is certainly one of the most pleasing experiences most of us ever have; however, 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 clear advantage of enlisting the help of Elli Davis, an experienced Toronto real estate agent, is simply that you don’t have to do this alone. Elli delivers top performance in the real estate business. She can:

* Help you establish what you can afford and help you identify your desired price range.
* Help you determine your desired features in a Toronto home or condo.
* Inform you of current Toronto real estate market conditions when you search for your Toronto home or condo.
* Assist you with aspects of your offer to purchase.
* Assist you with details involved in closing the sale.

Every home purchase is a big step, no matter how often you move. It helps to be informed so you’re in a better position to make the right choices.

Formulating An Offer
When it comes time to make an offer, Elli can give you the current market information and will assist you in drafting your offer. She will then communicate this 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 property. The offer can be Firm or Conditional

Your Offer to Purchase will be presented ASAP. The seller may accept the offer, reject it, or propose a counter-offer. The counter-offer may refer to the price, the closing date, or any number of other variables. The offers can go back and forth until both parties have agreed or one of you ends the negotiations.

Planning to Move
* Book the movers. You can choose to have the movers pack everything, or just the breakables, or you can pack yourself.
* If you rent your present home, give necessary written notice to your landlord and make arrangements for the return of any monies you 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:
* Obtain “Change of Address” cards from the post office and send out well before moving day. Have mail forwarded to your new address.
* Cancel any contracted services and pre-authorized cheques.
* Inform gardening, dry cleaning, garbage pick-up, newspapers, magazines, and other home services. Arrange for these at your new address.
* Obtain a letter of introduction from your current bank branch to help establish new accounts. 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.
* Make special arrangements for the moving of perishables, such as plants (same goes for moving your pets)
* Dispose safely of all flammable liquids as it is illegal for movers to carry these.

Moving Costs – Vendor’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 details.
* Real Estate Commission + 7% GST on commission.
* Discharge of Mortgage: May be a penalty of three months’ interest, the interest differential between an old and new mortgage or a combination of the above. 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 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 no recent survey is available, a new one will cost approximately $700 – $1000. Fees for different properties 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, hydro, gas, fuel oil, etc.
* Home Inspection: Will cost between approximately $250 to $400