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  • How much money do I need at the start to buy a house?
    For a house, you typically need a down payment of 5-20%. The more you pay upfront, the less your mortgage loan will be.
  • What is land transfer tax and how much will it cost me?
    Land transfer tax varies, but in Ontario, it ranges from 0.5% to 2.5%. It depends on the house price. $0-$55,000 = $ x .5% $55,000 -$250,000= $ x 1% -$275 $250,000 -$400,000= $ x 1.5% -$1,525 $400,000 –2 million= $ x 2% -$3,525 Over 2 million If residential home or duplex = $ x 2.5% -$13,525 Everything Else = $ x 2% -$3,525 If in Toronto = double the amount Rebates: Provincial Rebate -$4,000 Toronto Rebate $4,475
  • Are there any extra costs when I buy a house like heating and utilities?
    Extra costs when buying a home include utilities, property taxes, and insurance. Ensure to budget for these.
  • Do I need to pay a tax called HST when I buy a property?
    Generally, HST does not apply to resale residential properties but is applicable for new construction homes or substantially renovated properties.
  • What are Capital gains and how do they affect my property?
    When you sell, or if it is believed that you sold, a capital property for more money than what it originally cost you, including the costs of selling it, that is called a capital gain.
  • What happens during a home inspection for a house?
    A home inspection helps identify potential issues in a house. It’s a crucial step to avoid costly surprises later.
  • Should I get something called title insurance for my property?
    Title insurance protects against issues with the house title, such as fraud or undiscovered liens. It can be a smart purchase.
  • What does “deposit” mean when buying a house?
    A deposit is money put down when making an offer on a house. Typically 5% of purchase price. It shows you’re serious and is typically part of your down payment.
  • How does someone decide how much my house is worth (appraisal)?
    An appraisal determines a home’s market value. It’s conducted by a professional and often required for a mortgage.
  • How much does it cost to hire a realtor? How do they decide their fee?
    Realtor fees are typically 5% - 6% of the house selling price. This fee is usually split between the Buyer’s and Seller’s agents. Decide based on services provided.
  • How do I get a loan to buy a house (mortgage)?
    Getting a mortgage involves proving to the lender that you can afford to repay the loan. This process includes credit checks and income verification to confirm affordability.
  • What does “closing” on a house mean?
    Closing on a house means completing the sale process, when ownership officially transfers to the buyer.
  • What is a “conditional offer” in real estate?
    A conditional offer means the buyer will purchase the house if certain conditions, like a successful inspection, are met.
  • How does a “home warranty” work?
    A home warranty covers the repair or replacement of home systems and appliances. It provides peace of mind to homeowners.
  • Why do I need a lawyer when buying or selling a house?
    A real estate lawyer ensures all paperwork is correctly completed, protecting your interests in a transaction.
  • What does it mean when a house is “staged”?
    Staging a house means decorating it to attract buyers. It can help your home sell faster and for a better price.
  • What does “market value” mean?
    Market value is the highest price, expressed in terms of money, that a property would bring, in an open and unrestricted market, between a willing buyer and a willing seller who are both knowledgeable, informed, and prudent, and who are acting independently of each other.
  • What’s a “buyer’s market” and a “seller’s market”?
    A buyer’s market means there are more homes for sale than buyers. A seller’s market is the opposite.
  • What are “closing costs”?
    Closing costs are the fees and taxes due at the end of the home buying process. They usually make up 1.5% - 4% of the home’s price.
  • How does selling my house work?
    Selling your house involves setting a price, listing it, staging, showing to buyers, and negotiating offers.
  • How long does it take to sell my house?
    Selling a house can take weeks to months. In Toronto, it usually takes around 27 days, but it varies by market conditions.
  • What are the benefits of using a realtor to sell my house?
    Realtors help price your home competitively, market it effectively, handle negotiations, and manage paperwork, helping to ensure a successful sale.
  • What’s a “listing agreement”?
    A listing agreement is a contract between you and your Realtor that outlines their responsibilities and commission.
  • What does it mean when my house is “under contract”?
    A house is “under contract” when a buyer has made an offer that the seller has accepted, but the sale has not yet closed.
  • What is “escrow” and why is it important?
    Escrow is a neutral third party that holds funds during a transaction to ensure both buyer and seller meet their agreements.
  • What does “pre-approved” for a mortgage mean?
    Pre-approved for a mortgage means a lender has checked your credit and decided the amount they’ll lend you for a house.
  • How does a “home equity loan” work?
    A home equity loan allows you to borrow money against the value of your home. It’s a type of secured loan that uses your home as collateral.
  • What is “refinancing” a house?
    Refinancing a house means replacing your current mortgage with a new one, often to pull equity out, or consolidate debt to lower your monthly payment.
  • Can I sell my house on my own without a realtor?
  • What does a realtor do to help sell my house?
    A realtor looks after your best interest, negotiates more than price and terms, ensures you work with qualified buyers, markets your home to potential buyers, and manages the paperwork to close the sale.
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