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]]>The post Drafting Purchase and sale agreement offer part “2” first appeared on Ahmed Amin Real Estate Broker.
]]>The purchase and sale agreement offer must include three items: the price, conditions with the time limit to wave each one, and the expiry date of the entire offer Known as “Irrevocable date”. The main inclusions of the offer may vary depending on type of property ownership & the style of property it is presented for. The purchase and sale offer for a house consists of different items than offer for condominiums in Toronto, same different inclusions can vary for Toronto new luxury or resale homes. The moment the seller or his agent receives an offer, negotiating closing price will begin. The real estate agents of both parties will negotiate Property price and conditions, not only the price. Every single detail included in the offer will be discussed and negotiated until both sides are content. Once the offer is accepted and before waving conditions, a deposit must be paid. The deposit is in a form of a bank draft to the order of the brokerage trust fund account known as “listing brokerage” which represents the seller. There is always a time limit to wave all conditions.
If any item from the previously agreed inclusions of the offer was not met, the offer will be voided; the entire deposit will be returned without any discounts to the buyer. If all conditions were waved on time, the offer is considered to be legally binding contract. The case when buyer submits unconditional offer or without proper conditions to protect his interest and the offer was accepted, no further revisions are allowed. The property was legally sold.
It is crucial not to add unnecessary conditions while submitting offer of purchase and sale. A well-priced property will receive multiple offers and the seller will chose the less-conditioned offers rather than those with too many conditions. it might worth it, to present unconditional offer when in multiple offers situation to get better chance in competition. This is a very important reason why you should be represented by a real estate agent in Toronto. Your Realtor will handle the correct listing of terms in the offer to secure your side of the deal, ensure the necessary conditions only are included & will represent you during negotiations using the knowledge of similar properties.
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]]>The post Drafting Purchase and sale agreement offer part “1” first appeared on Ahmed Amin Real Estate Broker.
]]>As a first time home buyer, most probably you have never seen the purchase and sale agreement forms before. There is nothing to be worry about in that regard. You don’t need to think what or how to write. Your Toronto Real Estate Agent will help you to fill out that offer. There are standard forms approved by OREA (Ontario Real Estate Association). Each Real Estate Agent in Toronto is trained to draft the offer correctly and legally to guarantee that the best interest of his clients is met.
In the standard forms of Purchase and sale, you will find spaces to fill out with information such as: the name of the buyer(s) and their representing Realtor, an offered price and the expiry date of the offer known as “irrevocable date”. You will see a set of general terms and conditions. There will be a space to add any further conditions that you or your Real estate agent believe necessary for protecting your rights. Such conditions may regard subjects with direct relation to the property or buyers themselves.
You also need to be clear about what the price you are offering includes. Houses and condominiums in Toronto are very unique with regard to what can be considered as chattels and fixtures of the property. By the law all fixtures are included in the selling price but chattels are not. If you wish to include any of the chattels in your offer, you have to state that in your offer to avoid later complications.
Fixtures are items fixed in the property and within the area of the property. These can be items inside unit, such as built-in stove or fire place, or those in the surrounding areas, such as tool room or covered shelter in the backyard of a house. Chattels however are portable or personal use items that do not belong to the property, such as furniture.
Changing some or all fixtures, i.e. build-in dishwasher, to different older ones after showing the property to potential buyer is a legal challenge to the seller. This practice used to be common issue with older condominiums downtown Toronto but, thanks to legal restrictions, it has been eliminated.
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]]>The post Buying condominiums in Toronto part “3” first appeared on Ahmed Amin Real Estate Broker.
]]>You did your research, exhausted your resources, chose a very good Toronto real Estate agent & studied all factors required to be considered before buying condominium in Toronto mentioned ( in part 1 & 2 of this article) under basic & details factors; it is time for the most important step in the entire process of buying your new home. Drafting offer of Purchase and sale.
Your Toronto Real Estate agent will help you putting that offer, filling the details and setting the price and proper conditions to protect your rights, it is very important to understand every detail; condition and obligation set in that contract, if the offer was accepted by the seller and all conditions were waved. The offer will become binding contract and lawfully both buyer and seller are committed to that contract.
The inclusions of purchase and sale offer must be clear with absolutely no space for confusion or misunderstanding. Set of conditions must be included in that offer to protect the buyer rights; you don’t have to worry about those conditions as this is the work of your Toronto Real Estate agent.
Any Real estate agent in Toronto knows that setting the price in purchase and sale agreement is their top duties at this stage. They don’t want to upset their clients after they found the perfect home. There are many methods that realtors in Toronto are trained by which they can get accurate results in regard to the market price of the property.
many buyers believes that they can set the price without any help of their real estate agent, they will be considering listing prices for similar condos specially condominiums downtown Toronto. However real estate agent in Toronto has access to actual selling prices not the listing ones.
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]]>The post $329,900 Condominium Downtown Toronto at King & Strachanin first appeared on Ahmed Amin Real Estate Broker.
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$329,900 condominium downtown Toronto Entertainer’s Dream Condo In Trendy King West at King & Strachanin Spacious 1 Bdrm + Den W Parking & Locker. Features 1.5 Baths, Modern Kitchen, Large Breakfast Bar, Ensuite Laundry & Walk-Out Terrace. Master Bdrm Features Spacious W/I Closet & Ensuite, While Den Doubles As Guest Bdrm. Enjoy All That Trendy King West Has To Offer – Parks, Shopping, Restaurants & Nightlife! Quick Access To Ttc, Lakefront & Downtown. Building Amenities Incl. Party Room, Gym & Rooftop Patio W Bbq!S/S Appliances – Fridge, Stove, Microwave Range, B/I Dishwasher – & Black Cooktop, Stacked Washer/Dryer, All Elfs, All Window Coverings
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]]>The post Buying a condominium in Toronto and GTA area Part “2” first appeared on Ahmed Amin Real Estate Broker.
]]>We mentioned before the initial factors that you need to consider while choosing condominiums in Toronto to own. They are simply regarding the interior and exterior unit shape. This is your personal evaluation, not much of assistant required and totally up to you. The next step is required both your Toronto Real estate agent and your lawyer assistant to reach correct decision
Detailed factors to consider:
– Maintenance fees, Condo Fees
The maintenance fees is monthly payment set by the condo management corporation, Mainly this amount represent your unite share in the maintenance cost of the entire building. There are special measurements to determine that share mainly the size but other factors might influence the amount each unite pays like floor, parking and locker. Some corporations include utilities like hydro, heating, water etc in the condo fees, knowing what is included in the monthly payments and what you will pay directly is important for a fare comparison. A small portion of each monthly payment is also set to be reserved funds to cover any sudden or unexpected cost other than the corporation planed budget
– Status certificate & reserved funds
One of the main conditions that purchase agreements contracts are subject to, and must be reviewed by your lawyer for a legal opinion before waving that condition. The status certificate is a comprehensive financial statement of the condo corporation showing all details of the building, example; operational costs, utility bills, insurance, expected condo fees per each square foot. And the most important part in the status certificate is regarding reserved funds amount held by that corporation for future use. With reviewing the status certificate you will know answers to such questions like: how much is monthly condominium fees? How often increases occurred? Are they significant or slight increases? Is the overall financial status of the corporation clear? Enough reserved funds? This certificate usually provided to potential buyer after putting an offer, so you must be sure that your purchase and sale offer is conditional to sound status certificate also such certificate is not for first time occupation unites but only for resale condos in Toronto
– Who are your neighbors?
The last step before considering buying condominiums downtown Toronto for some people is to know who is living next door. Please remember that, this might be the biggest invest of your life, some people just knock on the doors to meet the neighbor’s or visit the unit in different times to know the level of noise expected specially if you are surrounded by constant party couples. Age can be good point to consider specially if you are the party people and our neighbors are seniors.
Further if you are ready financially (pre approved for mortgage amount to cover the purchase) you can give your Real Estate Agent in Toronto green light to go ahead and negotiate closing price.
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]]>The post Buying condominium in Toronto Part “1” first appeared on Ahmed Amin Real Estate Broker.
]]>There are main six factors you must study and consider each of them carefully before buying residential property as condominium in Toronto or surrounding area especially condominiums downtown Toronto . Three Basic Factors and Three Detailed Factors, if the basic factors are fine with you, only then give your self time to review and research the detailed factors because they will take time and most probably you will need legal help in reviewing some of them.
Basic factors to consider:
– Location and accessibility of the building
your first impression will be how the building look like, where it is located, is it centrally located, near to grocery shop or school, accessible by public transit or only car is your gate out ..etc
– What are the building amenities and common elements
Each condominium building offer various of amenities like Gem, swimming pool, ..etc, mainly the value of the condominiums in Toronto is effected by those amenities positively, in other words the more amenities in the building the more value you are looking at. however Real Estate Agent in Toronto point of view is very important here as in some cases more amenities can effect the value negatively, as in the case of small size condominium building with swimming pool, the maintenance fees of such building will be very high, and will be increasing significantly because of the cost of maintaining the pool usually very high and divided on small number of units
– The Layout of the condominium
The layout of the condo is referring to interior structure, the amenities inside your apartments, the view and the level might be great factor for price negotiating those days that’s why water front condominiums or condominiums downtown Toronto are priced higher than similar without view, Real Estate Agent in Toronto will help you to see things might not be noticeable, this is his work. Home inspector report usually obtained for older condos as part of the conditions while submitting an offer. The bottom of the line is; do you like the condo or not?
If the answer is yes I like what I see, happy with location and amenities you have to research the next three factors
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]]>The post Condominium in Toronto first appeared on Ahmed Amin Real Estate Broker.
]]>Originally condominium were built to make the living less expensive. More than one family can share the same ground by building multiple stories; neither of those families can afford living in this particular area in a house because of the land high price. But after sharing the ground & building price among them, the living there is not as expensive.
That old point of view changed to become in some situations the opposite, for example Condominiums Downtown Toronto is way much expensive than owning a large house not centrally located in the city. Actually condominium in Toronto become now more of a luxury style of living, the different amenities available to condo owner like Gem, sauna, swimming pool, party rooms, parking and shuttle bus to the nearest transit service, all that makes condo living a great experience.
One of the great privileges of owning condominium is that you don’t have to worry about maintenance. Living in House specially for first time home buyers might be challenging specially in case the owner is not much of a handy man, the condo corporation who built and managing your building are responsible of all maintenance that’s why a maintenance fees must be paid monthly as a share on those expenses
Legally condominium ownership is not owning apartment in building only but share in land, building and common elements provided by the condominium corporation that’s why some procedures required to make sure that you are buying a condominium not only in good shape but built and managed correctly.
One more very important factor regarding new home buildings is that the Ontario New Home Warranty Program known as ONHWP provide warranty to all new buildings under some conditions, the building must be newly constructed and not build on old foundations, mostly a brand new condo will be under warranty for minimum one year for first time occupation not with condo resale.
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]]>The post First Time Home Buyer first appeared on Ahmed Amin Real Estate Broker.
]]>One of the main questions you may eventually ask holding a pay cheque is regarding the place of living. Should I rent or buy?
The answer will depend on many factors; however the most important ones are your income and the stability of your work, besides your savings (not borrowed means) in the amount equal to 8% of the total price of the property you are willing to buy. 5% is the deposit and 3% is for the closing expenses.
Another factor to consider is your feelings as an owner or a tenant. What would you rather to do, to own or to rent? Perhaps you would rather to avoid long term liabilities. In this case a property ownership is not for you. But the fact is that if you have enough income to cover the home expenses such as mortgage, property taxes, and the maintenance fees (only for condominium owners) your vote should go for buying a property.
Majority of the first time home buyers, once had taken the decision, may feel overwhelmed with the time they have to spend considering many issues. Where to begin their search? Whom to trust and choose as the agent? Some may choose to do the research on their own without professional assistance of a real estate agent in Toronto.
There are few important facts to consider that may support, delay or even cancel that final step. Different lifestyles and family sizes must be counted when choosing between an apartment and a house ownership. The location and the neighborhood is another important thing to think of. The financial readiness however is the main factor. You have to be ready with mentioned earlier deposit, which has to be proven by your bank account statement. The next step before searching for home is the visit to your bank or any financial institution to get a pre-qualification mortgage approval showing the range of finances you will be approved for to obtain a property. That step is crucial as it is better to know in advance what you can afford rather than putting all efforts to find the perfect home and end up with insufficient financial means to cover the expenses.
With current low mortgage rates the decision of buying a property specially older condominiums in Toronto or the GTA may be easier than ever. Here is a simple example to illustrate: if you pay a rent of $900 a month, you can afford owning a one bedroom condominium in Toronto in old yet well maintained building worth of $125’000. If you pay a rent of $1300 a month, you can afford one bedroom apartment in a 8-10 years old building located within Condominiums downtown Toronto area worth of $250’000 including the mortgage, the property tax and the condo fees.
All above that, the market place stability of the Real Estate in Toronto can be your final asset and the concluding line in the answer to that question.
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]]>The post Hello world of Real Estate in Toronto first appeared on Ahmed Amin Real Estate Broker.
]]>I love traveling and visited dozens of countries in Europe and Africa, and finally decided to settle here in Toronto.
One of the amazing things here in Toronto is the multiculturalism, which is manifested in the “little” ones like little Italy and little India. Besides the great food from all over the world, there is the architecture that represents these different cultures. This alone makes real estate career an exciting one.
The main issue here in Toronto is the housing prices. Because Toronto has the highest population density in Canada, real estate is really expensive and finding the suitable housing might be challenging especially for busy people and new comers.
On this blog I’ll post about my observations about the real estate arena in Toronto, i will try to explain many subjects that always was under questioning whether from the buyers, sellers or even public interest that faced since I become a licensed real estate agent in Toronto.
Besides the real estate I am also involved in the tourism industry. As said I love traveling and meeting new people, so I chose a career that helps me travel and help others have life-time experience in their tours in the countries that I visited before.
Please come back later to read more about my observations about the real estate in Toronto and my latest tours.
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