Here is how we make buying a home easier.

There are plenty of factors to take into consideration when you are buying a home at any age or stage of life.  

Our approach is simple:

#1.  We are dedicated to you.

From the day that we first meet, until to long after you have taken possession of a new home, we are by your side each step of the way. 

#2.  Details matter.  

We begin by understanding your needs. In-depth discussions and the creation of a detailed Buyer Profile will outline all of the details about you and your search criteria.  We will talk about the factors that are important to you in a new home:

  • Home specifics: home style or type, number of bedrooms and bathrooms, parking needs, rental income, etc.
  • Neighbourhood needs: proximity to amenities and local schools/daycares, walkability, access to transit or major highways, etc.
  • Your needs and situation: timeline requirements, your motivations and your budget.

#3. Process, preparation and follow-through.

After getting to know you, we will ensure that you understand and are prepared for the buying process in Toronto. This discussion will be centred on topics such as financing and costs (including land transfer taxes and closing costs), the current market environment in your area of interest and what paperwork is involved.

 

Next we will set you up to receive regular property searches, letting you know which homes meet your pre-determined criteria and have been listed for sale. When you are interested in viewing properties, we will set up appointments to visit these with you.

 

Are you ready to get started? If you still have some questions about the process, we are happy to help! Visit our frequently asked questions below. If you still can't find what you're looking for, please let us know.

I want to buy a house. Where do I begin?

Buying a home can be both exciting and overwhelming, and I am here to guide you through the whole process.

 

The first step towards home ownership involves determining what you can afford and understanding the costs associated with buying a home. Once this has all been defined then we can start looking at your preferred locations to match your budget.

Do I need to get a pre-approved mortgage?

A mortgage preapproval will:

  • Assess your personal information (credit history, income, down payment, etc.) to identify what you can spend on a home
  • protect against interest rate changes for a period of 90-120 days while you search for a home
  • make you seem more serious to sellers, especially in a multiple offer situation, as financing conditions may not be needed to be included as a part of your offer

Mortgage preapprovals are free and you are not obligated to use the lender who pre-approved you. We can provide you names of trusted Mortgage brokers should you need them.

I'm a first time home buyer. Are there any other programs that can help me?

The government of Canada has a number of initiatives to help first time homebuyers.  The CMHC or Canadian Mortgage and Housing Corporation also offers resources to assist first time homebuyers with assessing readiness and expectations of the home buying process. These include:

For more information refer to TREB.

I'm preapproved. Now what?

We will talk about:

  • what type and style of home you want: detached, two storey, etc.
  • what features are essential to have in your new home: number of bedrooms, bathrooms, basement, backyard pool, etc.
  • what amenities and conveniences are important to you: neighborhood schools, churches, community centers, access to transit, etc.

Once we have narrowed down your preferences and ideal neighborhoods, we will discuss the current market. This will include what is currently listed, what has sold in the past and how homes are priced.

What can I expect from you as my buyer agent during the search process?

You will review the properties and we will decide upon a selection of houses to visit at your convenience. Visiting these properties will allow us to reassess what you like and discuss other elements of purchasing a home such as your threshold for work, upgrading an existing house and of course, absolute deal breakers.

 

Following an initial tour, we will update any specific details of your buyer profile and reaffirm what types of listings you would like to receive from us.

 

We will send you new listings as qualified properties come available for sale on the Multiple Listing Service (MLS). As you identify which properties you'd like to visit, we will make appointments and visit these homes together.

 

Once you find a home that you would like to pursue via submission of an offer, we will complete a full data analysis on the house to determine its worth. We discuss important questions including:

  • Is the asking price fair?
  • What is it worth?
  • What are similar homes selling for?
  • Is there any uplift potential?

Answering these questions will position us to understand the pricing of the home and identify an appropriate offer price.

When I find a suitable property, how do I put in an offer?

We will respect the timeframes prescribed by the listing agent to ensure all paperwork is completed in a timely manner and offers are registered and presented as requested.

Are deposit cheques necessary?

What is the offer process?

Your offer will then be presented to the sellers at a prescribed time on that date. In this instance the seller is hoping for multiple offers on the property and your participation and presence will be required. 

What is the cost of buying a home?

  • Deposit – this is due at the time of the offer and is normally 5% of the purchase price
  • Legal fees – these do vary from lawyer to lawyer. Legal fees start from $1000 and vary depending on the lawyer you choose, the disbursements listed below and any adjustments payable to the seller. These are all payable on the closing date.
    • Disbursements – these are part of the lawyers invoice and will include registering the mortgage, searching the title, work orders, couriers etc
    • Property Tax adjustment – for example if you buy a house half way through the year and the owner has paid an annual bill, you will owe the seller for the days left in the year.
    • Heating cost adjustments
  • CMHC fees if applicable – apply to any mortgage requiring insurance. These apply to any mortgage that is less than 20% down payment and is payable as part and parcel of the mortgage.
  • Home insurance must be arranged prior to taking possession of the home. Your mortgage company will need to see the insurance binder prior to signing off on the mortgage.
  • Land Transfer tax. A calculator can be found here : http://www.trebhome.com/buying/LTT_calculator/ltt_calculator.htm
    • For example on $500,000 the provincial Land Transfer is $6475 – which is payable on closing. It is calculated as follows
    • Rebates do apply for a first time buyer 
  • Miscellaneous expenses
    • Gas connection charges
    • Telephone or TV connection charges

What is your fee?

2320 Bloor St. W. Toronto, ON M6S 1P2 | Email: team@redsquareteam.com | Office: 647.490.0500