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.
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]]>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.
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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 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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