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COMMON QUESTIONS

DO I NEED A REAL ESTATE LAWYER AS WELL?

Buyers and sellers benefit from using a lawyer in real estate to ensure legal compliance and protect their interests throughout complex transactions, safeguarding against potential pitfalls and ensuring a smooth transfer of property ownership. Lawyers provide expert guidance on contracts, titles, and potential liabilities, offering invaluable peace of mind in navigating the intricacies of real estate deals. Not sure who to work with? I'll connect you with my trusted network!

HOW WILL YOU FIND POTENTIAL BUYERS/RENTERS FOR MY PROPERTY?

I utilize a comprehensive marketing strategy, leveraging online platforms, social media, and networking to attract potential buyers or renters to your property. Tailoring advertisements to the target demographic and showcasing the property's unique features will enhance visibility and attract interested parties. We'll ensure that the property is marketed across various channels and is highly visible. Each strategy is unique to your needs as a client, and tailored exclusively for you. 

DO I NEED A HOME INSPECTION?

Home inspectors are crucial for uncovering potential issues in a property, offering peace of mind and potentially saving buyers from unexpected repair costs. However, in cases where buyers are highly knowledgeable about construction and confident in their ability to assess a property's condition, they may opt to forgo a home inspector. Alternatively, a property may be a newer construction home with Tarion Warranty, thereby diminishing the need for a home inspection.

HOW DO I GET APPROVED TO BUY A HOME?

To secure mortgage approval for a property in the Greater Toronto Area (GTA), individuals typically need to demonstrate a stable income, good credit history, and a sufficient down payment. Engaging with a reputable lender, providing thorough documentation of financial standing, and ensuring timely payments on debts can significantly increase the likelihood of mortgage approval with competitive rates. Not sure who to work with? I'll connect you with my trusted network!

COMMON QUESTIONS

WHAT ARE FIRST TIME HOMEBUYER INCENTIVES?

First-time homebuyer incentives in Ontario aim to assist individuals in purchasing their first home. Programs like the First-Time Home Buyer Incentive (FTHBI), administered by the Canadian government, offer shared equity mortgages to reduce the initial financial burden. Additionally, provincial initiatives such as the Land Transfer Tax Refund for First-Time Homebuyers provide rebates on land transfer taxes, further easing the costs associated with buying a home in Ontario. Contact me to learn more!

WHAT IS THE MINIMUM DOWNPAYMENT REQUIRED?

It's as low at 5% depending on your own unique situation!

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In Ontario, an insured mortgage is backed by mortgage insurance provided by a government agency known as the Canada Mortgage and Housing Corporation (CMHC). This insurance protects the lender in case the borrower defaults on the loan, allowing borrowers with less than a 20% down payment to qualify for a mortgage. That's as low as 5% but only on properties with a purchase price of less than $1,000,000.00

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On the other hand, an uninsured mortgage in Ontario is not backed by mortgage insurance. Borrowers typically need a down payment of at least 20% to secure an uninsured mortgage. While these mortgages may have slightly different qualification criteria and interest rates compared to insured mortgages, they offer more flexibility and may be more suitable for those who can afford a larger down payment.

WHAT ARE CONDITIONS IN AN OFFER TO PURCHASE A HOME?

In an offer to purchase a home in Ontario, some of the most common conditions may include:

  1. Financing: The offer is contingent upon the buyer obtaining satisfactory financing for the purchase. 

  2. Home Inspection: The offer is subject to a satisfactory home inspection by a qualified inspector. This condition allows the buyer to withdraw from the offer or negotiate repairs if significant issues are discovered during the inspection.

  3. Status Certificate Review (for Condos): In the case of purchasing a condominium, the offer may be conditional upon the buyer's lawyer reviewing and approving the condominium corporation's status certificate, which includes important information about the condo's financial and legal status.

These conditions provide safeguards for buyers, allowing them to proceed with the purchase only if certain criteria are met, and they offer opportunities to renegotiate or withdraw from the deal if necessary.

WHAT IS THE TORONTO VACANT HOME TAX?

In an effort to increase the supply of housing, the City of Toronto has implemented an annual tax to be levied on vacant Toronto residences. The Toronto Vacant Home Tax (VHT) now requires residential property owners to submit a declaration of their property’s status for the previous year. Homeowners who choose to keep their properties vacant will be subject to this tax.

Though all homeowners are required to submit a declaration of occupancy status, the tax does not apply to:

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