Home Listings Canada (hlscanada.com) is a resource for Canadians interested in buying or selling a home. We cover everything from first time home buying, to investing and mortgages. We can also help you list your property or help you find the house you’re looking for.
Selling a Home
When you decide to sell your home the hardest and most important decision will be the asking price, right? Not necessarily. It’s also important to know how you are going to sell you’re home, whether or not you’re going to use a broker. Selling a house FSBO can save you (and the buyer) a lot of money.
Promote your property! The only way to sell your property is when you give publicity to the sale of your home through advertising in newspapers, flyers, signs on your front lawn, free FSBO web sites, etc.
Get your house in order. Find out how you can do to make your home more attractive to buyers.
Pricing your home: To sell quickly for the highest possible price; view the best practices involved with setting a price for your home.
Organize An Open House, but be wary. Some see an open house as an invitation for real estate agents to bamboozle you with the promises of a sale: “I have a buyer for your home; all you have to do is sign here on the dotted line and pay 5% commission.”
You got an offer! Let your Lawyer deal with all the particulars in the offer and counter offer, you need a Lawyer anyway at the closing, or if you are confident doing it yourself you can download here a purchase agreement.
The Closing. Bring the key’s and garage door opener to your Lawyer and on the day of the closing you pull the door in its lock and that afternoon you can pick up your cheque from your lawyer.
Buying a Home
Know your financial limit. Before you start looking for a new home, know what the mortgage company will lend you, this will tell you in which price range you should be looking in.
Know what the Land Transfer Tax will be for the maximum price you are willing to pay. Land transfer tax is often overlooked to be calculated by the buyer, but it can run in the Thousands of dollars, be prepared and check it out.
Ontario land transfer tax calculator.
Do I require a Real Estate representative if the home is privately listed?
No, you don’t require the service of a Real Estate agent to buy a home privately.
If you have already a buyer’s agreement with a Real Estate Agent then there is usually a 2.5% commission involved, check your contract that you signed with your Real Estate Agent, if so, contact your agent and the seller of the property and see if you can come to an agreement who pays the commission.
Lawyers:
Regardless you buy a property privately or with the help from a Real Estate Agent, you still require the service of a Lawyer
Expect to pay!
Legal fees: $500.00 and up depending on which lawyer you choose.
Disbursements:
Approximately $300.00 plus land transfer tax, this can fluctuate depending on the property.
It includes the following expenses.
Registration of Deed
Registration of Mortgage
Tax Certificate
Title Search and Copies
Photocopies, Fax, Postage etc.
Courier fees
Sales taxes
