The post What to know before selling house or condominium in Toronto first appeared on Ahmed Amin Real Estate Broker.
]]>There are few important factors you must be very careful with before listing your condominium for sale in Toronto. They are very simple however majority of sellers do not actually think of them. The same elements you can consider if you are listing a luxury house for sale in Toronto. I would like to describe them as internal and external factors.
The internal factors refer directly to the physical condition of a property. The term internal does not refer only to the interior of your property; the external presentation of your house is not less important. The interior and the exterior of your property will be one of the crucial elements of the buyers’ attention. You have to learn how to present your house or condominium to buyers. Many well-oriented owners know how influential this factor is, how to handle this part of a sale process and what exactly needs to be done. When you hire a good real estate agent in Toronto he will guide you through the improvements that have be done to increase the selling value of the condo. You could go back to your memories of the day when you saw your condo and recall the details that gathered your attention. Think that the attention of a potential buyer has to be attracted in the same way. No one knows better than you the weaknesses and strengths of your home. You have to focus on improving the weak points and make some effort to correct the imperfection. As well, you have to be aware that by the law, you have to disclose to the buyer any problems related to the property. As well, you must clearly feature all points of strength that your property has.
External factors are property pricing and promoting methods. These MUST be done by a real estate agent. They know how to price a property in Toronto. All real estate agents in Toronto are taught not only methods of calculating the actual market price of a property, but also the marketing strategies and the ways of advertising properties for sale. Realtor has an access to MLS where hundreds of properties are listed and thousands of potential buyers are doing their search.
The post What to know before selling house or condominium in Toronto first appeared on Ahmed Amin Real Estate Broker.
]]>The post Conditions of purchase and sale offer first appeared on Ahmed Amin Real Estate Broker.
]]>Before presenting Purchase and sale offer to a seller you must be sure that all inclusions and conditions are reflecting your best interest. Make sure to follow all recommendations of your real estate agent in Toronto. The most important conditions are listed below however more conditions can be added if you wish or if your real estate agent suggests adding in order to avoid any complications at later stage. Each condition states time limit to be waved otherwise the offer will be null & void and the deposit will be returned in full to the buyer.
Main conditions are usually related to the financing, home inspection and property title clearance. Some additional important conditions are various based on type of property. For offers to buy houses in Toronto, recent land survey and conforming to zoning by laws conditions are main requirements. As for condominiums in Toronto, a status certificate for the condo corporation checked by your lawyer is a must, especially if you consider one of the condominiums downtown Toronto.
A closing date or transaction date is a part of the purchase and sale offer inclusions, but considered as a condition. This is the date when funds are transferred from the buyer financing company to the seller, final contracts are exchanged between lawyers, and buyers’ name is registered to property title as the owner. The closing date can be very important negotiating factor. Sometimes sellers accept offers with lower price because of the fixable closing date, in case seller needs time i.e. to buy a new property and to move in there or for any other reason. However, there are situations when the owner needs to close the deal as soon as possible, and so he or she is willing to accept the offer with matching closing date even if the offered price is much lower than the property asked price.
There is a common conditions recently added to an offer of purchase and sale. If the owner wants to buy another property, selling of the subject property will be conditional to buying a new one. Or if the buyer wish to sell his current property before buying a new one, his offer for the new property will be conditional upon selling his old one. This is a legitimate condition and you may see it in your offer.
The post Conditions of purchase and sale offer first appeared on Ahmed Amin Real Estate Broker.
]]>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.
The post Drafting Purchase and sale agreement offer part “2” first appeared on Ahmed Amin Real Estate Broker.
]]>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.
The post Drafting Purchase and sale agreement offer part “1” first appeared on Ahmed Amin Real Estate Broker.
]]>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.
The post Buying condominiums in Toronto part “3” first appeared on Ahmed Amin Real Estate Broker.
]]>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
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
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
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.
The post Buying a condominium in Toronto and GTA area Part “2” first appeared on Ahmed Amin Real Estate Broker.
]]>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.
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
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 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
The post Buying condominium in Toronto Part “1” first appeared on Ahmed Amin Real Estate Broker.
]]>The post Why Real Estate Agent in Toronto to represent me? first appeared on Ahmed Amin Real Estate Broker.
]]>Many buyers today still questioning why should they sign a real estate agent in Toronto to represent them during the trans action, mainly first time home buyers might still have doubts, i thought sharing some but not all of the positive points of having a Real Estate agent representing you as buyer.
The Real estate agent in Toronto is trained on many methods to achieve the correct price to the property you wish to buy.. those methods are more than any words anyone but a Realtor can say to convince your seller to reduce price. concepts based on economical statics, provincial acts and recent municipal rules besides the wide range date base each Real estate agent in Toronto is legible to search through. knowing the correct price to a property is half way to set the best bid.
the CMA or the Comparative Market Analysis is one of the best methods to get accurate market price, this analysis based on prices of similar property in the neighborhood with same conditions and fare adjustment to any slight difference between both houses to reach final price which is 99% accurate
even with extensive research to a neighborhood, services, schools, crime records, without expert Realtor you might put offer either higher or lower than market price so you lose in both way either paying more than you should or not getting the house you wanted because you underestimate market price
the economical statics and complete understanding current supply or demand for regions are very important as it shows a future values for real properties in that area, also The Real Estate market is strongly influenced with Zoning by laws, as you would like a house and the area is recently re-zoned to a different purpose as light industry zone or similar.
as a buyer, Real Estate agent is your best choice to get the home you are looking for, all agents are connected to database which allow them to get information regarding properties for sale at the same moment they become available in the market, you need to believe that good properties do not stay long time in the Market without buyer
The post Why Real Estate Agent in Toronto to represent me? first appeared on Ahmed Amin Real Estate Broker.
]]>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.
The post First Time Home Buyer first appeared on Ahmed Amin Real Estate Broker.
]]>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.
The post Hello world of Real Estate in Toronto first appeared on Ahmed Amin Real Estate Broker.
]]>