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 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.
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]]>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.
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