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Buying Process

Home Buying Process
by

David B. Rodgers

on 23 October 2013

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Transcript of Buying Process

THE
HOME BUYING
PROCESS

STEP 1
FIND
AN
AGENT
FINANCIAL
QUALIFICATIONS

FINANCIAL QUALIFICATIONS - ARE YOU READY FINANCIALLY?
STEP 2
VIEW
PROPERTIES
MARKET
RESEARCH

Needs Vs. Wants
MLS.ca/Realtor.ca & Toronto MLS
VIEWING PROPERTIES / MARKET RESEARCH
STEP 3
SELECT
HOME

WRITE
AN
OFFER

YOU'VE FOUND YOUR DREAM HOME
NOW IT'S TIME TO WRITE AN OFFER
Making/Writing An Offer
Agreement of Purchase and Sale
Key Points:
Buyer/Seller
Legal Address
Purchase Price & Deposit
Dates:
Irrevocable Time
Title Search
Completion Date [Closing Date]
Chattels & Fixtures
Common Expenses
STEP 4
DONT WORRY, IT'S ALMOST OVER

WE PROMISE! :)
PRESENTED BY
LAMIS DANTAS, ANNE LOK, and DAVID B. RODGERS
SALES REPRESENTATIVES
HOMELIFE/REALTY ONE LTD., BROKERAGE*
*INDEPENDENTLY OWNED AND OPERATED
NEGOTIATION
ACCEPTANCE
&
DEPOSIT

STEP 5
TERMS
&
CONDITIONS
FULFILLING
YOUR PURCHASE
CONDITIONS
STEP 6
CLOSING
FUNDS TRANSFER
GET KEYS

WHAT YOU DON'T KNOW ABOUT HOME BUYING
RegentParkLife.com
Facebook.com/RegentParkLife
Twitter.com/RegentParkLife
We are all Real Estate Sales Representatives at HomeLife/Realty One Ltd.,Brokerage*

Lamis Dantas – Sales Representative

Anne Lok – Sales Representative

David B. Rodgers – Sales Representative
FIRST OF ALL, WHO ARE WE?
*(Independently Owned and Operated)
WE CALL REGENT PARK HOME
OUR OFFICE IS IN CABBAGETOWN!
501 Parliament St, Toronto, ON
We All Live In Regent Park

We Have All Been Here Since The Beginning Of The Revitalization

We Are Proud To Be Part Of This Community
WHO ARE YOU?
NICE TO MEET YOU, AND THANKS FOR COMING!
HOW DO NEGOTIATIONS WORK?
FULFILLING YOUR PURCHASE CONDITIONS
There Are Many Types Of Conditions
Each Offer Is Different
Home Inspection
Arranging Financing
Property Appraisal For Loan
Status Certificate
[For Condos Only]
Provide Survey
[For Freehold Only]
Arranging Property Insurance
Revisiting Your New Home
WHAT HAPPENS AT CLOSING?
QUESTIONS & ANSWERS
MARKET TRENDS
WHAT HAPPENED LAST YEAR?
Sales Were Down, Average Prices Were Up
TOP REASONS WHY PEOPLE MOVE
Work Related
Looking For New Job
Job Relocation
Closer To Work, Easier Commute
Retired
Upgrading From Current Home Or Change Of Needs
Don’t Want To Rent, Want To Own
Better Neighbourhood
Better Schools
Moving For Family Reasons
Marital Status Change
Growing Family [Upsizing]
Empty Nesters [Downsizing]
Pre-qualified Vs. Pre-Approved
Getting Pre-Approved And How Much Home You Can Buy
Determine How Much You Want To Spend, And How You Want To Finance Your Home
Budgeting Cash Flow For Deposit, Down Payment And Closing Costs
FINDING AN AGENT AND GETTING YOUR TEAM TOGETHER
It's Free!
It's In Your Best Interest Too
Lawyer
Mortgage Consultant
Home Inspector
Closing Period:
Typically 60-90 days For Resale
Longer For New Construction
What Goes On From The Time Conditions Are Cleared To Closing Day
Preparing For Closing:
Final Balance
Mortgage Transfer
Final Revisit
Book Elevator For Move [For High Rise Condo]
Registration With Property Management [For Condo]
Arranging For Move
Set Up Utilities
Change Of Address
Title Search
Lawyer Closing Appointment
What Happens On Closing Day [Keys Transfer, etc...]
Time Is Of The Essence - Irrevocable Time
Presenting The Offer To The Seller
Accept, Reject, or Counter Offer (AKA Sign Back)
Prices, Dates, Conditions, Chattels & Fixtures
Multiple Offers
YOUR OFFER WAS ACCEPTED, NOW WHAT?
Deposit: Herewith or Upon Acceptance
Must Be Bank Draft or Certified Cheque
24 Hours Within Accepted Offer
Must Have Access To Funds
Deposit Is Held In Trust By Listing Brokerage
Deposit Is Returned To You If The Deal Falls Through
RENT VS. BUY
AS YOUR BUYER REPRESENTATIVES
WE'LL BE WITH YOU THE ENTIRE WAY
DON'T WORRY
INTERESTED IN REGENT PARK?
STICK AROUND TO CHAT WITH US
ABOUT THE NEIGHBOURHOOD
Total Sales For 2012 Amounted To 85,731 – Down From 89,096 Transactions In 2011.
Strong Year Over Year Growth In First Half Of Year
Sales Decline in Second Half Of Year
Why?
CMHC (Canada Mortgage and Housing Corporation)
Stricter Mortgage Lending Guidelines
This Pushed Some Home Buyers Out Of The Market
Additional Land Transfer Tax in Toronto Also Played A Role
The Average Selling Price For 2012 As A Whole Was Up By Almost 7% to $497,298.
Strongest Growth In Low Rise Homes (Detached, Semis, and Townhouses)
Despite Dip In Sales, Market Conditions Remained Tight
WHAT ABOUT THE CONDO MARKET?
Sales Were Down, Prices Were Up (Slightly)
Total Sales For 2012 Amounted To 19,833 – Down From 22,265 Transactions In 2011
The Average Selling Price For 2012 As A Whole Was Up By Just Over 1.5% to $335,945
The condominium apartment market was the best supplied market segment in 2012
Strong condo apartment completions in 2011 and the first few months of 2012 resulted in a substantial number of new listings on the Toronto MLS system last year
With more units for buyers to choose from, the annual rate of price growth moderated
Purchasing A Studio Unit At Paintbox
Vs.
Renting A Studio Unit At Paintbox

At Today's Interest Rate, Purchase Price, and Rental Rates

Purchase $239,000

Rent $1250/mth
First year net payout is more.
By the time the second year comes around, buying already works out to be more favorable than renting based on today's interest rates and appreciation.
The longer you stay in your home, the better to justify that buying makes more sense than renting as shown in the overall chart.
Everyone needs a roof over their head in the long term, if the individual can afford the expenses, buying is a great investment!
There are currently more than 3400 condos listed on the MLS right now, and about 1/3 are in Downtown Toronto
WHAT'S IN IT FOR YOU?
With more condos to choose from, and prices moderating, it's a good time to be a buyer
Immigration
About 90,000 New Immigrants Move To Toronto Each Year
Full transcript