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• The Benefits of Having a Real Estate Agent
• Conditional Offers
• Condo Living
• Glossary of Terms
  
  

The Benefits of Having a Real Estate Agent

Although some people choose to sell their home independently, it is beneficial to list your home with an agent. There are a number of advantages to having a real estate agent, whether you are the buyer or seller.

When you have decided to list your home, the real estate agent has many roles. They have access to information that can help sell your home faster, and at a higher price.

Your agent may have many clients. And your agent probably works in an office with other agents with clients. An integral part of their job is to be aware of their clients' needs, and so they are always on the look out for their clients' perfect home-which could be yours! Your listing will get more exposure when you use a real estate agent.

Statistically speaking, your listing will sell faster as well. Your agent has a variety of methods to advertise your home, including their own personal website. The Internet is fast becoming one of the most convenient, reliable ways to search for homes for sale.

If you're on the opposite end and purchasing a home for the first time, you would also benefit by seeking out a real estate agent. The agent has many resources and will be helpful to first time buyers by:

• Assessing your needs for your first home. This may be done by asking you questions, and making you aware of areas you may not have considered.
• Directing you to a mortgage consultant to take steps to get a pre-approved mortgage.
• Provide you with information about a home you are interested in.

As you begin to take steps in making a major decision in your life, leave the details to a qualified professional who is there to assist you.

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Conditional Offers

The majority of offers carry some type of conditions that need to be met prior to the completion of the sale. Some of the more common conditions include:

The buyer getting a suitable mortgage. This includes the amount of the purchase price, interest rates and any other figures that the buyer chooses to include.

The buyer selling their current home. The seller may continue looking for another potential buyer, but will give you the right of first refusal.

The seller providing a current survey showing the location of the house on the property owned by the seller and that there are no encroachments.

If the buyer has any doubts of the foundational structure of the house, or concerns about safety issues, they may wish to purchase a qualified home inspection.

The seller must have title to the property. (A lawyer can verify this when they conduct a title search)

Remember the seller can counter the buyer's offer by changing the conditions, price or both.

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Condo Living

These attached dwelling units are quite appealing to a number of people. Often they are more affordable than a single unit dwelling, and host a number of recreational options that a homeowner may not have access to. Condominiums can include a swimming pool, recreational room, and tennis courts.

Condos are usually located in prime spots, such as desirable resorts, or vacation hot spots. They are also common in golf course communities.

Condos offer people the opportunity to share maintenance and repair responsibility, which may appeal to people who feel they don't have the time, or interest in these tasks. Each owner usually pays a monthly "Condo Fee" that covers snow removal, lawn maintenance, building maintenance and other items depending on what their board comes up with.

However, by being a part of a larger building, there are other things that condo dwellers share, including walls, ceilings, and floors. You also share hallways, entranceways, and parking areas and storage. Generally there are designated parking spots, but limited visitor parking areas.

A lot of people love their condominium lifestyle and wouldn't trade it for the world.

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Glossary of Terms

Amortization - the number of years it will take to pay off the amount of a mortgage

Appraisal - the estimate of a property value

Assessment - the value of a property set by the local municipality. (This assessment is used to determine your property tax.)

Assumable Mortgage - A mortgage held on a property by a seller that can be taken over by the buyer. The buyer begins taking over the payments.

Broker - A real estate professional licensed in Ontario to facilitate the sale or lease of a property.

Closed Mortgage - A mortgage that cannot be prepaid, renegotiated or refinanced without significant penalties.

CMHC - Canadian Mortgage Housing Corporation. Provide loan and mortgage insurance.

Closing - The day the legal title to property changes hands.

Financial Institute - a bank, credit union, insurance or trust companies

High Ratio Mortgage - A mortgage for more than 75 per cent of a property's appraised Value

Listing Agreement - contract between the seller and the brokerage company the real estate agent works for

MLS - multiple listing service: relay information to real estate agents about properties for sale

Mortgages - A contract between a borrower and a lender where the lender guarantees payments until the debt is repaid.

Mortgage Term - the length of time a lender will loan funds to the borrower.

Open Mortgage - A mortgage that can be prepaid or renegotiated at any time

Pre-approved Mortgages - the buyer has qualified in advance for a mortgage at a set amount

Transfer Tax - Payment to the provincial government for transferring property from seller to buyer

Vendor Take-Back Mortgage - a situation where the sellers use their equity in the property as a means to supply some or all of the mortgage financing in order to sell the property.

Zoning Regulations - Strict guidelines set and enforced by municipal governments regulating what a property may or may not be used for.

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