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Close now pay later. Why not close a home transaction today and pay later; up to six months later?”Legal fees, title insurance premiums, land transfer tax, applicable registration costs and program fees” can all be deferred for a small administration fee. Please review the Smart Close Program offered by RE/MAX Realty Brokerage’s for more details. According to a the LawPro website: “Real estate lawyers may now offer their clients access to deferred closing costs and extended home warranty programs, thus reflecting a movement towards one-stop shopping for the consumer.”

But what if the condominium corporation takes the same attitude? It could decide it will wait to make major improvements, such as; building a recreation centre or extra guest suites and defer these costs to one year or more after the building has been built. This could result in an unforeseen increase in maintenance fees that a new condominium owner will need to shepherd, in addition to undetermined property taxes for their suites. Depending on the local infrastructure and the size of a new condominium, property taxes will vary and not be immediately set or determined by the municipality. For more information on these and other must know details on buying a new condo, new home-buyers in Ontario should visit the Province of Ontario’s informative Consumer Protection Website for Newly-Built Condos.

According to a popular Real Property website YourMortgageOptions.ca: “You should budget for insurance on your new home. Insurance costs can include default mortgage insurance, homeowners insurance, mortgage life insurance and title insurance.” Money should be set aside for incidental expenses such as legal fees and disbursements, land transfer tax, mortgage insurance, title insurance, property tax and prepaid utility adjustments, property appraisal, home inspection, interest adjustments for mortgage payments.

To be sure that you will be able to complete your purchase with the least amount of surprises and be prepared for any issues that may arise you will need to rely on a team of professionals. Almost like a draft for a sports team, you will need to carefully evaluate the unique skills of Real Property experts, and select the most qualified specialists to ensure your deal closes with you as the winner!

Team of experts to assemble:

Real Estate Agent
Home-Stager
Home Inspector
Financial Planner (insurance options for mortgage, life insurance, investments, retirement plans)
Mortgage Agent / Broker (financing matters for mortgage and pre-purchase loans, including closing costs)
Title Searcher
Lawyer
Personal Assistant
Renovation Specialist / Contractor
Mover’s
Furniture company
Landscaping and snow removal company

On Account

You are planning to buy a home. You want to purchase property. You are willing to pay for your land and the domain that will rest upon it. Why should you need to pay for anything else? On account the money you will be paying out in commission to sell your home, you should expect professionalism in return.

If you are fortunate to find a quality Real Estate Agent who really cares, then perhaps this professional will also ‘foot the bill’ (pay the costs) of a home stager, minor renovations or enhancements to make your home more sellable. Also, maybe the Agent will cover the fee for Title Insurance. This scenario is more likely if you buy a combined Real Estate Lawyer Service through the same brokerage as the Agent who will sell your home. Why would an Agent want to pay these costs for you – the home seller?

An agent can potentially earn 2.5-3% of the sale price for your home, depending on the split. Assuming the buyer’s agent could be paid the same percentage of commission. On a $200,000 home this translates into roughly $6000 per Agent. If Agent’s need to spend $500-$1000 to wrap-up a deal so that it will be more beautifully packaged, then they should do so with a smile.

Usually there is ninety-day commitment that an Agent will want from the homeowner to be able to effectively market and sell a property; detailed in the Listing Agreement or Sales Agency Agreement. Her is a link to sample Listing Agreement from the Ontario Real Estate Association (OREA) on the Toronto Real Estate Board’s website. If an Agent devotes this amount of time and professional expertise to have to relinquish the listing to another Agent, then they have donated their services and wasted their time. Better to invest in minor upgrades and in ensuring the home is effectively showcased and get it sold quickly, at the highest price it can fetch in the marketplace.

As a home-seller you need to be sure that the Agent you select will dedicate not only time, but some investment to sell your home. If an Agent has a team (partnership with a home-stager, referral to Real Estate Lawyer and Title Insurance coverage program), then you can know your home will be sold with ease and without any worries or complications.

As home buyer or seller you should be sure to perform your own due diligence when selecting a Real Estate Agent. Be sure that you are dealing with qualified and fully trained professional deal-makers who get the job right and on your budget, within a set time. You should not be shy about your property or your money. Be confident and secure the services of confident professionals to list and sell your home.

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Close Now Pay Later

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Any more questions for Aaron? Feel free to get in touch!