Besides your down payment, there is the land transfer tax. Land transfer tax calculators can be found on google. One we use is  http://www.landtransfertaxcalculator.ca/  When you put in your purchase price it will calculate what your land transfer tax is. In Toronto, the land transfer tax is doubled. The higher the purchase price, the higher the land transfer tax.  Please note there are first time home buyer land transfer tax rebate incentives if you qualify. There is also your lawyer fee to close the transaction, typically $1,500 range, cost for you to move, cost for hooking up utilities and the expense of a property inspection mentioned below.

Realtors recommend people buying a home should hiring a Professional Property Inspector. The cost range is between $500 -$600 dollars. The report they provide you is very thorough and it usually takes between 2 – 4 hours for an inspector to go through your potential home. It is best if you are there with the inspector on the day of inspection to learn about the home. Occasionally after a property inspection, a buyer may decide not to buy the home. It is better to spend $500 then buy a multi thousand dollar problem you regret. In most cases however, a compromise is made about the defects revealed in the home inspection. When a buyer knows all the facts, then they are making an informed buying decision and everyone wins.  Purchasing real estate with professional representation that protects your interest is a wise decision for the prudent buyer.

There is no substitute for having someone negotiate for you. The middleman takes the emotion out of the equation. Most likely, real estate is the most expensive asset you own and where family roots are formed. The professional realtor who understands the psychology of selling is an important asset to you. Every circumstance and situation will be different. Sometimes making a low offer makes sense, other times it be the worst thing you can do if you really want that home. A professional realtor, who researches the history of the home, who knows the location attributes or concerns, who communicates with the seller’s representative to inquire about disclosures affecting the present and future value of the home and who uses their experience in negotiating, will guide you in achieving the best price you can for your new purchase.

A Buyer Representative Agreement is a contract between the brokerage and the consumer. The consumer has choices in the way they want to be represented, typically either as a client or as a customer. A client relationship creates a fiduciary obligation to the consumer and the brokerage must protect the interest of their client, to do what is best for their client and to not disclose confidential information that their client has shared with them. In a customer relationship there is a restricted level of service such as showing a property and drafting an offer. Material facts know by the brokerage that relate to the transaction still must be disclosed. The brokerage in either representation has an obligation to treat all parties to a transaction with fairness, honesty and integrity. When choosing to use the services of a realtor, the type of relationship and services provided is documented and a buyer will receive the professionalism they deserve to help them purchase a property that is important to them.

The most important factor in purchasing a home is location. In a good location, your resale value proves to be a wise investment. When dealing with a professional realtor to represent your purchase, factors that may harm the resale value of your home will be disclosed and protection clauses should be written in your offer to purchase. We have heard buyers tell us that this is their last home and within 5 years they call us to sell again. Circumstances change in people’s lives so keeping resale value forefront in a purchase is important to protect your investment.