Thank you so much for the oppotunity to work with your team!
On behalf of all of us at the M Realty Group, we’d like to extend a heartfelt thank you to the Toronto Argonauts for the incredible opportunity to serve you as your full service real estate agency. It would be an honor to work with such a prestigious organization, and we are grateful for the trust you’ve placed in our team. Whether it’s helping with short or long term leases, buying or selling residential properties, securing or offloading commercial properties or handling land acquisitions, we do it all. Our team looks forward to fostering this potential partnership and supporting the Argonauts at every step of their journey.
Sincerely,
The M Realty Group
MEET THE TEAM
Meray Mansour
REALTOR® , SRS, ABR
Meray is a dedicated Real Estate Team Leader with over 20 years of experience. She combines her background in social work and therapy with a passion for helping others, offering holistic guidance to clients and team members alike. Starting in real estate straight out of high school, Meray later became a Child and Family Therapist but eventually returned to real estate, leveraging coaching programs to drive her business growth. Her achievements include prestigious awards like the Director’s Platinum Award, Chairman’s Club Award, and Pinnacle Award. Consistently ranked among the top Realtors on MLS, Meray’s full-service Real Estate Group offers expertise in investment, design, and construction. Known for her problem-solving and negotiation skills, she provides a seamless, stress-free experience, building lifelong relationships through her deep connection with clients.
Mary Jo Vradis
Broker, SRS, ABR
After completing a degree in Business Administration & Marketing, Mary Jo completed her Broker Registration Education program through OREA, and completed the following designations; the Accredited Commercial Professional (ACP), the Accredited Buyer Representative (ABR) and the Seller Representative Specialist (SRS). With more than 20 years of experience as a REALTOR® in a constantly evolving marketplace, Mary Jo has demonstrated a strategic ability to anticipate where the market is headed and continues to exceed expectations for clients. Her customer testimonials speak to her knowledge, professionalism and composure. Mary Jo has always had a passion for philanthropy and taken up various roles to advocate for causes she believes in.
April Cook
Staging Consultant
April’s passion for design and keen eye for detail have shaped her dynamic career in the industry. She earned her honours BA in Fine Art History from the University of Toronto before pursuing interior design at Sheridan College. With over a decade of experience in retail, corporate, and hospitality design, she transitioned into home staging, co-founding details staging + design alongside Meray Mansour. As principal stager, April thrives on the creativity of transforming spaces, treating each project as a fresh canvas. She leads her team with precision and vision, seamlessly coordinating tradespeople to ensure every detail is executed with integrity and efficiency. Her signature flair and dedication to excellence make every space she touches both beautiful and market-ready.
Nicole Goodman
Resale and pre - construction specialist
With over 15 years of experience in the real estate industry, Nicole specialized in pre -construction sales, throughout her career she has successfully managed sales for numerous projects across the Greater Toronto Area. Providing guidance from initial launch to final closing. Going above and beyond to exceed expectations when collaborating with clients and REALTOR’S® and fostering lasting relationships for any pre - construction project she represented. Her deep passion for real estate is evident, earning her a stellar reputation among clients, developers and industry professionals alike. She is incredibly excited to bring that same passion and knowledge to the team!
Stefan Scott
Buyer
Agent
and leasing specialist
Meet Stefan @stefanscott4, born and raised on the small twin island nation of Trinidad and Tobago to parents of different ethnic backgrounds, Stefan has all the elements of that warm Caribbean spirit, infused with a unique blend of cultural influences. He was fortunate to attend four different universities in the US, Australia, England and right here in Canada, and has visited over 30 countries! Coming from a Real Estate Family, he’s been involved both directly and indirectly in the industry for his entire life. When he’s not going that extra mile to make sure his clients are completely satisfied, you’ll find him playing soccer or cricket, trying new restaurants in the city or watching his beloved Manchester United in the English Premier League.
WHAT MAKES US DIFFERENT?
About the team
We make the process of buying your home stress -free — we take care of the entire process from start to finish.
• De-cluttering and staging your home/condo comes COMPLIMENTARY when you sell with us.
We are a dynamic and diverse team with over 22 years experience in the buying and selling of residential and commercial properties. We also handle all forms of leasing, land sales and acquisitions and investment portfolios.
• We combine our experience & talents to cater to many different needs & situations.
• We come with a complete team of trusted mortgage brokers, lawyers, tradespeople, designers, admin and photographers.
• We work with the latest technology & social media. We have a social media following of over 25K.
• We pride ourselves in being mostly paperless.
Buying a home
How much can you afford?
We deliver results. Homes come in every size, style and price range. Knowing what you can afford at the beginning of your search saves you time and disappointment later on. The following calculations outline the process financial institutions use to determine how much you can afford.
FIRST AFFORDABILITY RULE
Your monthly housing costs should be no more than 32% of your average gross monthly income. This percentage is known as your Gross Debt-to-Income or Gross Debt Service (GDS) ratio.
HOUSING COSTS INCLUDE:
• your monthly mortgage payment (principal and interest)
• property taxes
• heating expenses
• 50% of condo fees (if applicable)
SECOND AFFORDABILITY RULE
Your monthly debt load should be no more than 40% of your average gross monthly income. This percentage is known as your total debt-to-income or total debt service (TDS) ratio.
MONTHLY DEBT LOAD INCLUDES:
• housing costs (amount calculated in rule 1)
• car loans or leases
• credit card payments
• line of credit payments
• other mortgage payments
The maximum amount you can afford to spend on a home depends on these numbers and the size of your down payment. In addition to GDS and TDS ratios, financial institutions base their lending decision on your credit history, job stability and the amount of your down payment.
Interest rates also affect the amount of financing you will be able to obtain. Please note that many lenders are prepared to exceed these guidelines.
Understanding financing
PRE-APPROVAL
It is important to be qualified or pre-approved for financing before you start looking for a home. This lets us both know what you can afford as well as providing a written confirmation or certificate for a fixed interest rate good for a specific period of time. To obtain pre-approval, contact us or your mortgage broker. The benefit of a mortgage broker is that he or she operates independently of the lender and therefore can assist you in finding the best financial product at the best rate from a variety of sources and usually at no expense to you
CONVENTIONAL MORTGAGES
The maximum amount of conventional mortgage is 80% of the purchase price. The amortization or length of time in which to repay the loan is usually 25-30 years. The term of the mortgage is the number of months or years, usually six months to five years, for which the rate of interest is set.
HIGH RATIO MORTGAGES
For most people the hardest part of buying a home, especially the first one, is saving for the necessary down payment. With mortgage loan insurance, you can put as little as 5% down payment on homes up to $500,000. Mortgage loan insurance, protects the Lender and, by law, most Canadian lending institutions require it. The cost of high ratio mortgage loan insurance is in the form of a premium. The premium is calculated as a percentage of the principal and can be paid in a single lump sum or be added to your mortgage and included in your monthly payments.
USING YOUR RRSP TO PURCHASE A HOME
The Home Buyers’ Plan (HBP) allows each RRSP plan holder to borrow up to $25,000 from the plan to use towards the down payment of a home. Couples with separate plans can borrow up to $25,000 each up to a total of $50,000. Home buyers using this program have up to fifteen years to return the borrowed funds, interest free, to their RRSP. Using these funds towards the purchase of a home does not deregister the plan unless the monies are not returned as agreed. This allows participants to retain the tax advantages the RRSP offers.
HERE ARE THE MAJOR GUIDELINES FOR THIS PROGRAM:
• You are a first time home buyer or have not owned a principal residence in Canada during the past four years
• The RRSP must have been in existence for at least 90 days
• You must be a resident of Canada both at the time the funds are withdrawn and at the time the home is acquired
• A minimum of 1/15 of the amount is withdrawn has to be repaid annually
• Repayment of more than 1/15 of the borrowed amount in any particular year will be carried forward and can be applied towards a future year’s repayment
Not every RRSP is eligible under this program. Check with your investment firm to see if you qualify. Also, advise your lawyer well before closing that you will be using these funds.
Understanding financing
You’ve found that perfect house! What do you do now? We will prepare an Agreement of Purchase and Sale, including any custom clauses you may require. Most Buyers will make an offer provided certain conditions are met. These may include:
FINANCING
Even if you have been pre-approved for a mortgage, the property will require an appraisal to assure the lender that the price you are paying falls within accepted market value. Once your financing has been approved you are required to provide written notice to the Seller in the form of a waiver of amendment before the expiry of the condition.
CONDOMINIUM
STATUS CERTIFICATE
This condition applies only to the purchase of a condominium. It allows your solicitor to review the condominium’s documents to ensure the corporation is financially sound and meets all the requirements of the Condominium Act. Under the Condominium Act, the property management company has up to 10 days to prepare the Status Certificate and can charge a maximum of $100 for the service.
HOME INSPECTION
This condition provides an opportunity to have the property inspected by a qualified person who will look for any major defects in the building prior to your entering into a firm agreement. Many Buyers choose to have a termite inspection done as well.
FINTRAC (THE FINANCIAL TRANSACTIONS AND REPORTS ANALYSIS CENTRE OF CANADA)
As of June 23, 2008, for every Purchase and Sale in real estate, the Brokerage must obtain an Individual Client Information Record. This record sets out the Buyer/Seller name and address, and the nature of their principal business/occupation and date of birth. Everyone will need to show a piece of identification that confirms their identities. For example birth certificate, driver’s license or passport. For more information, go to: www.fintrac.ca
Homeownership costs
The following is an estimate of the costs involved in purchasing a home and the normal operation of a home in Ontario. Costs vary from one area of the province to another so these figures should be used only as a guide.
CLOSING COSTS
HOME INSPECTION
A home inspection is strongly recommended for most residential properties and will usually be a condition of the offer. We can assist you in choosing your home inspector. This ranges from $350 -$500 depending on the size and value of the property.
TERMITE INSPECTION
You may wish to hire a termite inspector as well as a home inspector if you are buying in an area of the city where termites are known to be a problem. This could add $250 to $350 to the cost of your inspection.
APPRAISAL FEES
When you apply for a mortgage, the lender will want to see an appraisal on the property to ensure that the price you are paying falls within the accepted range of value for that type of property and that area of the city. The fee for this is usually between $250 to $350.
LAND SURVEY
When you make an offer on a freehold property you will usually ask the Seller to provide a copy of the survey for the property. The purpose of this survey is to show the boundaries as well as the footprint of the building on the site. If there is no survey available, you may wish to hire a surveyor to prepare one at a cost of approximately $1,000 to $2,000.
TITLE INSURANCE
Title insurance provides insurance against the future cost of remedying most problems with the title on your property. Ask us to explain the benefits and cost of this service.
HOME OPERATING COSTS
REALTY TAXES
Property owners have the option of paying their property taxes in installments over the course of the calendar year. Mortgage companies may insist that they pay the property tax and collect it with your monthly mortgage payment. Realty taxes range from $1,000 to $25,000 a year depending on the size and location of the property. Taxes are reassessed on an ongoing basis.
HEATING
Home heating will usually be provided by natural gas, oil or electricity. Costs vary depending on the type of fuel, size of home, amount of insulation, exposure and usage.
ELECTRICITY
Costs vary greatly depending on usage, for example how many people you have in the home, the size of your home, and how many energy efficient cost measures you have undertaken (such as Energy Saver appliances). Usually billing is every second month, or you can go on equal billing and pay monthly.
INSURANCE
Insurance is essential for all homeowners and is required by your mortgage company before it will release funds to close the deal. Premiums are based on the replacement cost of the building and start at around $350 to $700 per year.
WATER & WASTE MANAGEMENT
Most properties in Ontario are now on water meters and are billed according to usage. As of November 1st 2008, you water bill will also include a fee for waste management. Your waste management fee will pay for garbage, recycling, green bin, litter prevention, landfill management and other diversion programs. These utility bills will be sent about three times a year.
LAND TRANSFER TAX
See Completing the Sale (page 9)
The condominium alternative
Condominiums have grown in popularity over the past three decades as an alternative form of home ownership. If you are considering this option, the following information should prove helpful.
A condominium can be an ideal starter home, since it may cost considerably less than single family homes in the same neighbourhood. However, a condominium can restrict your freedoms through a list of rules and bylaws governing how you may use the unit. It is important be fully aware of the corporations bylaws before you buy.
HOW DO CO-OPS AND CO-OWNERSHIPS DIFFER FROM CONDOMINIUMS?
In an equity co-operative the owner is not registered on title but receives a form of proprietary ownership. The corporation is registered on title and issues a share certificate to each owner. The corporation owns the property and the rights of occupation come from a separate agreement that sets out the exclusive right of each owner to occupy a certain unit.
This agreement also sets out the owner’s obligations to pay a proportionate share of the building’s mortgage, operating expenses and property taxes. Since responsibility for payment of taxes and mortgage in a co-op is joint, if one owner goes into default, the other owners must make up the shortfall or risk losing their equity.
Many older co-ops have no mortgage and Buyers must pay cash since most banks are reluctant to finance share certificates. However there are some institutions that provide financing for these types of properties. In a co-ownership, each Buyer has his or her percentage interest in the property registered on title. Possession of an individual unit in the property comes by way of a separate agreement which sets out each owner’s rights and responsibilities. Mortgages are often available for this type of property through credit unions and trust companies. Have us check with the Listing Agent. As a result of these factors, reselling a co-op or co-ownership is often more difficult than selling a condominium.
MAKE SURE YOU WORK WITH A LAWYER WHO IS FAMILIAR WITH THIS AREA OF REAL ESTATE LAW.
HOW ARE CONDOMINIUMS OWNED?
Condominium ownership is generally divided between two or more parties, each of whom owns a portion of the structure separately and a portion of it in common. For instance, if you are an owner in a high rise apartment building where there are several other owners, you own a unit individually and it is legally registered in your name. You also own a proportionate share of the common areas in the development. These generally include the outside grounds, recreational facilities, lobby, stairs, halls and elevators, as well as the air conditioning, electrical and plumbing systems. Some common areas may be reserved for the exclusive use of specific owners such as roof gardens, balconies, parking spaces and storage lockers. As a unit owner, you are automatically a member of the condominium corporation. In essence, you’re a voting member of a self-governing community with one vote per unit.
WHAT IS INCLUDED IN THE MAINTENANCE FEES?
In addition to the costs associated with owning your own unit (mortgage payments, taxes and so on), you are also required to pay your shared cost of maintaining the common areas in a monthly maintenance fee. It’s important to know what is and is not included in your maintenance fee. For example, heat may be included while the cost of electricity may not be.
WHAT IS A RESERVE FUND?
In Ontario, at least 10% of this maintenance fee must be held in a reserve fund to pay for minor repairs on items like heating systems, roofs and plumbing. If you are considering buying a unit in an older building, be sure that the reserve fund is sufficient to pay for any anticipated major repairs. Newer buildings may not have had time to accumulate a large reserve fund. Information on the status of the building’s reserve fund is contained in the Status Certificate.
Elements of an offer to purchase
IRREVOCABLE DATE
For the offer to be valid, it must contain a number of specific dates and times. Your initial offer will be valid for a specific period of time, usually until midnight of the same day or the following day, after which the offer is deemed to be void. This time frame is called the irrevocable period.
COMPLETION DATE
This is the date set for the transfer of ownership of the property negotiated between you and the Seller and can also be referred to as the closing date.
REQUISITION DATE
This is the period in which your lawyer must determine if there are any problems with the title of the property and is usually set 15 days prior to the completion date.
FIXTURES & CHATTELS
Fixtures are any items permanently attached to the property. For example, a bathtub, sink or toilet permanently plumbed in would be a fixture. Technically, anything nailed to the building is a fixture while items screwed in (because screws can be removed) are chattels.
Chattels, unlike fixtures, are not deemed to be part of the property and must be specified in the offer if you want them included in the sale. The following are some items you may wish to include in the offer: area
rugs, ceiling fans, chandeliers and other light fixtures, draperies, wood burning stoves and accessories, microwave ovens, refrigerators, freezers, stoves and ovens, washers and dryers, window air conditioners, garage door openers, storage sheds, swing sets and other playground equipment, garden furniture, barbecues, central vacuums and equipment.
This is often an area of contention when buying a resale home. So be aware of this distinction and, if in doubt, put it in the offer.
THE DEPOSIT
A deposit cheque must accompany the offer to the Seller. The amount of the deposit will vary depending upon the value of the property but usually represents between 5% and 10% of the purchase price.
NEGOTIATING THE OFFER
After signing the offer, we will register it with the listing broker. A time will be set for the listing REALTOR® and your REALTOR® to meet and present the offer to the Seller. The Seller has a number of options available: reject the offer; accept the offer exactly as presented, making no changes; make a counter-offer back to you with whatever changes the Seller wants, such as price, closing or conditions.
You then have the option of accepting the Seller’s counteroffer or making your own changes and signing the newly amended offer back to them. This is where our negotiation skills come into play.
Completing the sale
THE ROLE OF YOUR LAWYER
Your lawyer’s job is to certify good and marketable title to the property, free of encumbrances, liens and judgments. We will deliver all documentation related to the sale to your lawyer.
REGISTERING THE MORTGAGE
The lawyer receives instructions from the mortgage company, prepares the draft mortgage document, forwards the draft to the lender, makes amendments if required and arranges for you to sign the documents. The mortgage company then releases the funds to your lawyer. Some lenders prefer to pay the property taxes on your behalf to ensure the taxes are never in arrears. In this case, the mortgagee will hold back a certain amount from the advance on closing to start a tax account. Your payment will include the taxes in addition to the regular principal in interest. Check with your mortgage representative to see how your taxes will be handled.
INSURANCE
You are required to place fire insurance on the property. The coverage should be for at least the amount of the mortgage to be acceptable to the mortgagee. A guaranteed replacement clause is usually acceptable and must take effect on the closing date.
STATEMENT OF ADJUSTMENTS
The closing balance to be paid by the Buyer is “subject to the usual adjustments.” The statement of adjustments is a system of credits and debits whereby amounts are added to or subtracted from the balance to be paid by the Buyer, depending on whether or not the Seller has paid certain items in advance.
LEGAL FEES
A lawyer will usually charge between $750 and $1,000, plus disbursements, for a straightforward real estate transaction. This is payable prior to closing.
LAND TRANSFER TAX
Payable by the Buyer on closing, the tax is based on the purchase price.
DAY OF CLOSING
The lawyers or clerks exchange documents and funds to close the transaction. You can expect to get access to your new home by late afternoon on that day, but check with your lawyer. Changing locks is recommended after closing as a safety precaution. If you have any dead-bolt locks on your doors, it is a simple matter to remove the cylinder and replace it with a new one.
Frequently asked questions
Many Buyers do not fully understand the home buying process and what role a REALTOR® plays. The following are some of the most frequently asked questions that Buyers ask or don’t fully understand:
WHAT DOES IT COST AS A BUYER TO USE A REALTOR®?
The compensation that a REALTOR® receives typically comes from the Seller’s proceeds. In other words, there is no cost for a buyer to use a REALTOR® in a traditional REALTOR/Buyer relationship. In a Buyer agency agreement, there may be some cost to the Buyer, but even these agreements are usually worded so that the REALTOR® is compensated from the Seller.
CAN MY REALTOR® GIVE ME INFORMATION REGARDING PROPERTIES FROM OTHER COMPANIES?
Yes, if that other company is a member of Multiple Listing Service (MLS®) - which most real estate companies are. For Sale by Owner (FSBO) properties are not listed in MLS®, so a REALTOR® likely would not be able to provide information regarding them. However, with a Buyer Representation Agreement, your REALTOR® may be able to help you purchase a FSBO.
WHAT IF I FIND A PROPERTY ON MY OWN?
You should contact your REALTOR® and not the property owner or the REALTOR ® listing the property. Having the address or the MLS® number is very helpful and will assist your REALTOR® in gathering information regarding the property.
WHAT TYPE OF INFORMATION WILL MY REALTOR® NEED FROM ME?
A REALTOR® will need any type of information regarding the property you are looking for that is important to you. For example, number of bedrooms, garage size, price, location and number of bathrooms are common criteria. Other considerations include the school district, type of
home (detached, townhouse, etc.) and room sizes. Keep in mind that a search that is too specific may narrow your list of properties too much while one that is too broad may give you more properties to look at than you have time to go through!
CAN I GO TO A OPEN HOUSE WITHOUT MY REALTOR®?
You can go to open houses without your REALTOR® However, you must inform the attending REALTOR® that you already have your own REALTOR® working for you.
HOW CAN I FIND OUT ABOUT NEW PROPERTIES?
Your REALTOR® should be able to accommodate your particular situation whether it be via email, phone calls, etc. Clients with email capability can receive automatic updates from the MLS® system as soon as new listings are entered.
WHAT IF I AM UNHAPPY AND WANT TO SWITICH REALTORS®?
Let the first REALTOR® know that you are unhappy and the reasons why. See if you can work out the issues with them.
SUMMARY
When purchasing real estate, a REALTOR® can be an invaluable resource if you remember your responsibilities:
1. Work with just one REALTOR®
2. Make sure you tell your REALTOR® everything
3. Always tell other REALTORS® you are already working with a REALTOR®
4. Have a Buyer Representation Agreement signed
Selling your home
Preparing your home
STAGING
You can help get the results you want by staging your home. Staging is not about redecorating your entire home. It is about rearranging what you do have and making a few improvements to appeal to more buyers. It can pay for itself by helping sell your home quickly and for a better price.
CREATE GREAT CURB APPEAL
Make the first impression count. Clean up, paint front windows and doors, keep the lawn mowed and the bushes trimmed, plant or pot colourful flowers, clear the sidewalks.
MAKE THE HOUSE SHINE
A home in immaculate condition sells faster and for more money. Wash windows inside and out, make sure kitchen and bath features gleam, shampoo or replace carpeting, clean and dust throughout, and take care of any pet odors.
DE-PERSONALIZE
You want buyers to imagine themselves living in your home. Pack up those family heirlooms and personal photographs.
DE-CLUTTER
Less is more in creating home appeal. Keep counters free of personal items, pare furnishings down to the bare essentials, and pack up those cute knickknacks.
MAKE MINOR REPAIRS
Don’t let maintenance shortcomings affect the sale. Patch any holes in the walls. Consider painting them in a neutral colour. Replace cracked floor or countertops, fix leaky faucets and doors that don’t close properly and replace burnt-out light bulbs.
REMOVE FAVOURITE ITEMS
If buyers don’t see something, they won’t want it to be part of the deal. Remove fixtures or window coverings now if you’re going to take them with you.
REARRANGE CLOSETS AND CABINETS
Tidy, organized closets make a positive statement about your home. Keep medicines and other personal items out of sight, pack away much of your clothing, neatly arrange shoes and shelf items.
SHOW YOUR HOME IN THE
BEST LIGHT
Turn on the excitement by turning on all your lights in the evening. Lights add colour, warmth, and make prospects feel welcome.
WATCH YOUR PETS
Dogs and cats are great companions, but when showing your home, pets have a talent for getting underfoot. So do everyone a favour, keep Kitty and Spot outside, or at least out of the way.
BE ABSENT DURING SHOWINGS
Try to leave your home during showings to give potential buyers comfort when they are viewing your home.
THINK SAFETY
Homeowners learn to live with all kinds of self-set booby traps: roller skates on the stairs, extension cords, slippery throw rugs and low handing overhead lights. Make your residence as non-perilous as possible for uninitiated visitors.
DON’T APOLOGIZE
No matter how humble your abode, never apologize for its shortcomings. If a prospect volunteers a derogatory comment about your home’s appearance, let us handle the situation.
THINK VOLUME
Rock’n’Roll will never die. But it might kill a real estate transaction. When it’s time to show your home, it’s time to turn down the stereo or TV.
DEFER TO EXPERIENCE
When prospects want to talk price, terms or other real estate matters, let them speak to an expert.
BE PREPARED
You never know when your agent may need to show your home on a moment’s notice. So make your beds and tidy up each morning, just in case.
Determining market value
Before you put your home up for sale, you must set the price. Before you can do that, you must know what the house is worth. That doesn’t mean what you paid for it, or how you upgraded it. Determining worth is simply finding out what someone would pay for it.
The real estate market is in constant motion, not only as a whole, but in particular areas as well. Knowing what is going on in the overall and local real estate markets will help you understand how these conditions can affect the sale of your home.
Major factors affecting market value
• Price, supply and demand.
• Seasonal markets.
Mortgage rates.
• Condition of property.
• Location, location, location.
UNDERSTAND MARKET CONDITIONS
BUYER’S MARKET: The supply of homes on the market exceeds demand. Prices are stable or perhaps dropping.
SELLER’S MARKET: The number of potential buyers exceeds the supply of homes on the market. Homes sell quickly, prices usually increase.
BALANCED MARKET: The number of homes on the market is roughly equal to the demand.
ASKING PRICE
Once we have determined your home’s worth, you will determine the asking price. Our goal is a price that will attract a willing and able buyer, in a reasonable time, at the best price. The price should not exceed market value by more than 5%. If the price is set too high, it may deter prospective buyers. If the price is set too low, buyers may be skeptical and may offer less than asking price.
COMPETITIVE MARKET ANALYSIS
You receive a written estimate of value based on the analysis of:
SIMILAR HOMES FOR SALE NOW: This shows what homes we are competing against. Buyers compare your home to these homes.
SIMILAR HOMES RECENTLY SOLD: These tell what buyers are willing to pay for this kind of home, in this area, at this time.
EXPIRED LISTINGS AND SIMILAR HOMES UNSOLD FOR 90 DAYS OR MORE: Illustrates problems of overpricing.
Benefits to proper pricing
1. FASTER SALE
When your home sells faster, you save carrying costs, mortgage payments, and other ownership costs and it is less stressful on your family.
2. LESS INCONVENIENCE
If you have moved before, you know the energy it takes to prepare for showing: keep the home clean, make child care arrangements and alter your lifestyle. Proper pricing reduces this.
3. EXPOSURE TO MORE BUYERS
At market value, you open your home up to more people who can afford the price.
4. INCREASED REALTOR® RESPONSE
When REALTORS® are excited about a home and its price, they make special efforts to contact all their potential buyers.
5. BETTER RESPONSE FROM ADVERTISING
Ad calls and sign calls to REALTORS® turn into showings and sales when price is not a deterrent.
6. ATTRACTS HIGHER OFFERS
When a home is priced right, buyers are less likely to come in with a low offer.
7. MEANS MORE MONEY TO SELLERS
If a home is priced right, the excitement of the market produces higher sales prices. You benefit more, both in terms of actual sale price and in less carrying costs.
Marketing your property
FEATURE SHEETS
Individually prepared written information on your home enhances the market process. Buyers and other agents are made aware of the unique and sometimes hidden features of your home.
MULTIPLE LISTING SERVICE (MLS®)
We cooperate with all members of the local multiple listing associations. Your property is available to real estate sales people representing other firms. Total cooperation with all association members improves your market position.
PUBLIC OPEN HOUSES
Open houses are held when consistent with your marketing needs. This exposes your home to potential buyers who would not have otherwise seen the property. It guarantees immediate professional assistance to interested parties.
REALTOR® OPEN HOUSES
On predetermined days, all REALTORS® are invited to preview your home to become familiar with its features and benefits.
The offer presentation
WE PROVIDE THE FOLLOWING SERVICES:
• Assist in qualifying purchasers
• Help you make the appropriate response
• Assist in drafting counter-offers when necessary
• Negotiate top dollar for your home
• Handle all negotiations so you don’t have to
FINANCING
In today’s ever changing financial market, we know the best sources for real estate financing. A Meta Realty Group REALTOR® experience helps ensure financing is obtained.
EXTRAS
The buyers may request additional items be included in the sale of the home such as fixtures furnishings and appliances. You may be willing to negotiate these items depending on the price offered to you.
CONDITIONS
Most offers will have conditions attached to them. For example: Conditional Upon Financing, Conditional upon Home Inspection, etc. We will discuss these further when they arise.
HOME INSPECTION
The majority of agents stress to their Buyers that a home inspection is critical. Don’t be too concerned because no home is perfect. Small maintenance items found by the home inspector should NOT be part of any renegotiations by the Buyer. Larger issues will be discussed if and when they arise.
DISCLOSURES
You will have completed a Seller Property Information Statement prior to the offer presentation. This form will outline any material defects that may be present at your home. These material defects MUST be disclosed if known.
DEPOSIT MONEY
If all of the above goes well, the buyers will be putting up some money to show you they are sincere about purchasing your home. Your Meta Realty Group REALTOR® will give you guidelines for how much this should be.
CLOSING
The transaction is not complete until you receive full payment, the deed is delivered and the Buyer takes possession of the property.
• Expect thorough follow-up
• Depend on continuing communication
• Anticipate a satisfactory conclusion for all parties
From now until closing
TOP FIVE PRIORITIES
Moving Truck: Book it early
Lawyer: Do they have all the documents they need?
Bank/Mortgage Broker: Do they have all the documents they need?
Home Insurance Company: Obtain home insurance
Schools: Set up or change registration for children
NOTIFY OF ADDRESS CHANGE
Canada Post
• Car insurance
• Credit cards
• Magazine/newspaper subscriptions
• Child tax and/or tax credit program
• Banks
• Revenue Canada
Vehicle registration
• Doctor and dentist
• Health card
• Family and friends Pharmacy
TO SETUP OR DISCONNECT
Gas and/or oil
• Hydro
• Landline phone and/or cellular
• Internet Cable or satellite
• Alarm system
• Lawn care providers
Closing costs
Closing costs are a list of charges your lawyer presents to you on the closing date of your home. Many people are surprised at the additional costs over and above the price of the home. According to the CMHC and Genworth Financial you should have at least 1.5% of the purchase price for closing costs in addition to the down payment (have around 2.5% to be on the safe side). The costs vary among provinces and cities.
Below you will find a brief explanation of these costs. Please note these are some of the closing costs you may encounter depending on your specific situation. Use this as a guideline then talk with your lawyer who can provide a more realistic estimate for your situation.
APPRAISAL FEE GENERALLY REQUIRED WITH NEW HOMES
An appraisal provides the lender with a professional opinion of the market value of the property. This cost is normally the responsibility of the homeowner and it can cost between $100–$300.
HOME INSPECTION FEE GENERALLY REQUIRED WITH RESALE HOMES
A professional inspection of the home, top to bottom, is for the benefit of the buyer. A home inspection can cost anywhere from $300–$400 and is well worth the investment. When hiring a home inspector make sure the inspector has liability insurance just in case they overlook something.
FIRE INSURANCE
Mortgage lenders require a certificate of fire insurance to be in place from the time you take possession of the home. The amount required is generally the amount of the mortgage or the replacement cost of the home. This cost can vary on the property size, amount of coverage, the insurance company and the municipality. The cost can vary anywhere from $250–$600 annually for most properties.
PROVINCIAL SALES TAX ON MORTGAGE INSURANCE
If your mortgage is insured, (CMHC or Genworth Financial), you will be required to pay the applicable taxes on the insurance premium on closing. While the insurance premium can be added to the mortgage amount, the tax must be paid at closing.
LAND SURVEY FEE OR TITLE INSURANCE FEE
A recent survey of the property is usually required by lenders. If one is not available the cost can range between $600–$900 for a new survey. In lieu of the survey most lenders today will accept title insurance which can cost considerably less.
LEGAL COSTS AND DISBURSEMENTS
Lawyers and notaries charge fees for their services involved in drafting the title deed, preparing the mortgage, and conducting the various searches. Disbursements are out-of-pocket expenses incurred during the process such as registrations, searches, and supplies.
LAND TRANSFER TAX
Most provinces charge a land transfer tax payable by the purchaser. The amount varies depending on the province. Land transfer tax is based on the purchase price. First time home buyers purchasing a new or re-sale home may be entitled to a refund.
NEW HOME WARRANTY
In most provinces new homes are covered by a new home warranty program. The cost to the purchaser for this warranty is approximately $600 and should the builder default or fail to build to an agreed-upon standard the fund will finish or repair the deficiencies to a maximum amount. For more information on Ontario new home warranty visit https://www.tarion.com.
HST
HST is payable on the purchase of a newly constructed homes only. If you are purchasing a new home make sure you know who pays this, you or the builder. On the offer the purchase price will say “Plus HST” or “HST Included” and who gets any HST rebates. Many builders have included this cost into the purchase price so the buyer does not have to come up with it at closing.
CLOSING ADJUSTMENTS
An estimate should be made for closing adjustments for bills the seller has prepaid such as property taxes, utility bills, and other charges. Any bills after the closing date are the responsibility of the purchaser. A lawyer will let you know what they are once the various searches have been completed.
Moving checklist
A quick checklist to prepare you for the move.
TWO WEEKS TO MOVING DAY
• Arrange for disposal of anything not sold at your moving sale.
• Returned any borrowed items bracket including library books, and retrieve any loaned items.
• Cancel newspaper delivery. Transfer prescriptions and be sure you have an adequate supply of medications on hand.
• Assemble a file folder of information to leave for new owner of your home.
• Change your address – one week before your move, send change-of-address cards to everyone who will need to contact you.
• Pick up laundry.
• Pack up travel kit: put aside critical items like a checkbook, credit cards, personal phone book, ID, flashlight, keys, toiletries, tools, paper plates, cups, towels, travel alarm clock, aspirin, bandages and games for the kids. Also, pack a suitcase with clothing and other personal items.
ONE DAY PRIOR TO MOVING DAY
• Disconnect and prepare major appliances for the move.
• Set aside anything that will travel in your car so it will not be loaded onto the truck.
• Pack a book of items that will be needed first at the new house. Clearly marked this box quotations “load last.”
• Obtain cash or traveller checks for the trip and pay the movers. Confirm arrival time of your moving van/truck.
• If moving yourself, dismantle beds and other large furniture.
MOVING DAY
• If using a mover, be sure someone is at the old house to answer questions.
• Note all utility meter readings.
• Read your bill of loading and inventory carefully before signing. Keep this paperwork in a safe place.
DELIVERY DAY
• Check your belongings carefully and note on the inventory paperwork any damaged items. On an interstate move be prepared to pay the driver before your possessions are unlocked.
• Supervise uploading and unpacking.
• Be prepared to pay your mover with cash, certified check, or travellers checks unless other arrangements have been made in advance.
