Valuable Information

During the process of buying or selling a home, you'll unearth countless questions. We know how difficult it can be to sift through all the details in order to find answers that are relevant & meaningful to you. We have put together the following series of details that may provide you with a more clear & concise vision towards a wide range of situations related to Real Estate. Here you will find tips & tricks tailored towards you & your specific Real Estate goals.

Presenting an Offer- Do I Need a Written Contract?

A contract, when dealing in the terms of Real Property, needs to be in the form of writing in order to be enforceable. Before signing the contract & confirming the written offer to purchase, you should review & confirm that all of the details have satisfied your wants & needs (Market dependant). Once the contract has been signed by all parties, no changes can be made without both the buyer's & seller's consent (Amendment/Addendum). This is one of the many ways we will support you by protecting your best interest.

Terms & Conditions

Term- Something that has to be completed prior to the possession date. For example, a tree stump has to be removed. You may complete a walkthrough before possession to confirm completion. We will also detail an amount of $ to withhold from the sale, if the term is not completed by possession day. 

Condition- Provides protection to the party who included the condition. The party MUST make a reasonable attempt to complete a condition.

In most written offers to purchase, you will find at least a couple of terms or conditions subject to the offer. What these do is allow us to help protect you by creating stipulations to the contract. These stipulations set boundaries & guidelines in order to help facilitate & protect the party who included the term/condition. Some examples of terms or conditions could be:

• Financing- Most people need to obtain financing in order to purchase a home. It ensures that if for some reason you aren't able to obtain financing for the purchase, you aren't stuck with the obligation or penalty of having to move forward with the purchase contract. If for some reason this happens, the condition comes into effect & the contract is void (Non-Waiver of Financing). If you have satisfied the condition & have confirmed your financing for the purchase, we would submit a Waiver of Financing. Keep in mind that this has to be submitted/completed prior to the set condition date that will be outlined in the purchase contract.   

• Property Inspection- This provides the time for you & your represented home inspector to facilitate a thorough walkthrough/assessment of the property you are wanting to purchase. It is important to choose a reputable home inspector that will provide you with a detailed report so you can feel confident moving forward with your purchase. They will search for any latent or patent defects that could materially affect the safety, livability, or resale value of the home. Just like when you're buying a used car, it is always a good idea to obtain an opinion of a licensed professional to validate your purchase. If for some reason there are concerns noted, we will discuss/negotiate with the Sellers representation to reduce the purchase price (based on what is found) or have the Sellers professionally remediate the noted items prior to possession. If both parties can't come to an agreement, then we have the option to provide an Non-Waiver of Property Inspection to eliminate your obligation of the purchase & void the contract. If an agreement is made, then we will provide a Waiver of the Property Inspection to confirm that we have satisfied the condition. Keep in mind that this has to be submitted/completed prior to the set condition date that will be outlined in the purchase contract.   

• Sale of Existing Home- This happens when a client is purchasing a property but is subject to the sale of their current home. The buyer should provide an allotted timeline to sell their home in the contract. If for some reason your home doesn't sell in the specified time, the contract will be void. Keep in mind that this is a less used contract condition & can usually only be used in an extensive buyers market. 

• Completion/Closing Date- This provides the amount of time you agree upon for the contract to become complete & funds officially transferred. This day is also when the transfer is submitted for registration to the Land Title Office, transferring ownership to the buyer. This includes finalizing all conditions, terms, paperwork, job relocation, house hunting, etc. Make sure the closing date is realistic & not on a holiday or weekend, as banks/lawyer offices need to be open. Your selected Real Estate Lawyer will be in charge of facilitating the above. 

• WETT Inspection- A WETT (Wood Energy Technology Transfer) Inspection includes a complete inspection of any wood-burning appliances in a home, including an open fireplace or stove. These are important inspections to confirm through a certified WETT inspector, as there is the potential harm for pollutants & combustible materials to ignite. WETT inspections are sometimes being required prior to obtaining home insurance. Especially if the home is an older build with wood-burning appliances, a WETT inspection is usually a good idea.

The above conditions are a routine approach used in protecting clients during the purchasing process when presenting an offer to purchase. Remember that we will create a customized experience for you & will be available at all times during the buying/selling process.

Title Insurance- This is a unique form of insurance that protects the lender & future homeowner against multiple forms of undetected or unknown risks related to the real property or title. This type of insurance is a great alternative to obtaining an up-to-date Real Property Report (RPR) with Municipal Compliance. This low premium is paid only once at the time of closing & coverage is valid during your lifetime of ownership. The hidden discrepancies it can protect you from are things like caveats, encumbrances & registered interests on the property's title. This is a good way to go if you are feeling uneasy about the information (or lack of) received from the seller. We will always do our full due diligence & review the property's title before submitting an offer to purchase. 

Inclusions and Exclusions

Chattel- Any easily transportable item that is not attached to the property.

Fixture- Any item that is attached to the property that cannot be easily removed.

This is something to consider when drafting a contract when buying or selling. Inclusions outline the chattels that you would like to be included in the transaction. For e.g, you really like their coffee maker. Exclusions would be movable items that are attached to the property (in some form) that you would not want to include in the sale of the property. Usually, items like a TV Wallmount or an item of non-interest are examples of personal property that can be included/excluded in the sale. Keep in mind that exclusions are more apparent & noted on the Selling side. If nothing is included or excluded, then it is assumed that all chattels are to be removed at some point prior to possession. 

Do you pay GST on a Purchase?

When purchasing a used residential property, GST (Goods & Service Tax) is considered exempt from the purchase due to the sale of the used property. When purchasing a new home build or a property that has been substantially upgraded by a builder, GST is applicable. There is a chance to qualify for a small rebate depending on your situation. 

Key Considerations when Selling!

When Listing your home, it is important to realize that when a buyer first walks through the door during a showing, they are subconsciously pinpointing things that they like/don't like about your home. It is imperative that you make a great first impression! Buyers are looking for homes that are clean, organized & well taken care of. By creating an inviting atmosphere, buyers will be able to better envision themselves living in your home. When this happens, the chances of selling your home are tremendously higher. Techniques to consider to accomplish the above:

• Curb Appeal- Ensure the exterior of the property is in tip-top shape, including mowing the lawn, snow removal, removing clutter, touching up paint & power washing any dirty areas. When a buyer drives by your house, provide them with the urge to want to see the interior. 

• Organization- Removing cluttered areas like the garage, closets, rooms, etc. will help buyers embrace your home & will present it in an appealing way. By organizing your house, a buyer will be able to truly see what your house has to offer & highlight how different spaces can be utilized. This is why a handful of sellers will hire home stagers, so that they can transform their home into a space that is attractive for buyers. We are space diverse & can help provide opinions with making an area more buyer friendly.

• Cleanliness- During the process of selling, you may have multiple showings throughout a week. This is why it is important to do a full clean & stay on top of it while your house is on the market. It will obviously make it more appealing to potential buyers, but also make it easier for you when a showing is scheduled.

• Maintenance- Prior to listing, it would be important to address any minor issues that may be detrimental to the sale of your home. Things like a leaky faucet or a burnt-out light bulb are examples of minor repairs that could give the buyer the idea that the home needs work or was not well taken care of. Little things like this will go a long way!

We understand that everyone is different! Every home is different! Everyone has different goals!

This is why we love to create a customized personable experience that you will enjoy & love when purchasing your desired retreat or when selling your current one.

We are excited & happy to assist you during your Real Estate adventure. We look forward to working with you & establishing a life long relationship!