Our Realtor Allan Todd

Buying or Selling a Home?

2009-10-27T23:25:00.000-07:00

Buying or selling a home is a big business transaction. That's why it's so important to select, in advance, an experienced team of experts and professionals you can trust.

These skilled and knowledgeable individuals can vary, but usually include the services of a REALTOR®, a lender, a lawyer, a home inspector and an insurance agent.

REALTOR®
In Ontario, a REALTOR® is a licensed real estate professional who is a member of a local real estate board as well as the Canadian Real Estate Association (CREA) and the Ontario Real Estate Association (OREA). This individual has successfully completed an intensive course of study and has skills, knowledge and experience that most buyers and sellers don't have. He or she must adhere to provincial law and abide by a National Code of Ethics, ensuring you a high level of service, honesty and integrity.

The REALTOR® you select should be someone that knows the neighborhood you live in or want to live in and who can provide you with sound, effective advice. A REALTOR® also acts as a mediator during the real estate transaction and can advice you on when to bring in the other experts or professionals.

Lender
Few people buy a home for cash. Most home buyers usually combine savings with money borrowed through a financial arrangement called a mortgage. Before looking for a lender, ask your REALTOR® to explain the many mortgage options available today.

When deciding which financial institution or lender to deal with, start with your own bank, credit union or trust company. They already know who you are. Then shop around and compare what different lenders have to offer. You should begin your search for a lender when you start your search for a home.

Lawyer
Whether you are buying or selling, a lawyer will represent your interests. It's a good idea to have one on stand by from the start. Documents such as the agreement for purchase and sale are complex and should be reviewed by an experienced lawyer. It's also a good idea to have a lawyer review an offer to purchase before signing anything.

When an agreement is reached, your lawyer will ensure you receive valid title to the property and that it is clear of any registered claims. He or she will also calculate any taxes and adjustments that will compensate the seller for money already paid on services and other matters related to the property.

Home Inspector
As a buyer, you can avoid expensive surprises by bringing in a home inspector as a condition of your offer to purchase. The older the home, the more likely there will be problems. Being aware of any structural defects, will help you decide whether to buy the property at all, or negotiate a lower price to compensate for anticipated major repairs.

Insurance Agent
Creditors and mortgage lenders, almost without exception, require insurance on the home you buy. This insurance must be in place before any purchase can be finalized. Although you may be able to negotiate a better rate using the same insurance company you have other policies with, it still pays to shop around.

Hints for choosing your team

• Interview a minimum of three individuals in each field of expertise before choosing the right one. Real estate is a very competitive market; you can afford to be selective.

• Check their qualifications and record by asking for references.

• Question them in detail about their experience and familiarity with the kind of real estate transaction you require their services for. Are they familiar with the neighborhood you are buying or selling in?

• Ask about their fees and how/when they expect to be paid. Can you afford their services? If their rate is too high for your budget, you may not use them as much as you need to because of the expense.

• Do you feel comfortable with these individuals. Are they friendly and approachable? Do they offer advice? If you feel uneasy, you may not use them as much as you should.

Questions? Call me.

REALTOR® is a registered trademark of REALTOR Canada Inc., a company owned equally by The Canadian Real Estate Association and the National Association of REALTORS® and refers to registered real estate practitioners who are members of The Canadian Real Estate Association. Used under license.

Source: OREA

Quick Ways To Spruce Up Your Home

2007-07-23T17:31:00.000-07:00

Sometimes, all it takes is a few simple fix-ups to improve the look of your home and make it more marketable. Even if you don’t plan to sell in the near future, a change of face can make your home more comfortable and appealing.

If your kitchen, bathroom and other rooms in your home look weary and tired but you can’t afford to tear everything out and start over again, here are a few cost-effective solutions to consider:

Re-surface cabinets and counter tops
This is the way to go if you’re happy with the layout of your kitchen, for example, and want to avoid a major renovation. Re-surfacing counters and cabinets will give you a whole new look for a lot less money.

Visit home improvement showrooms and see what products and styles are available. You can also ask a design consultant to come to your home and recommend different options. Sometimes, just painting the cabinets and changing the hardware can transform the look of a kitchen or bathroom overnight.

Update your floors
With today’s many flooring options, there’s no need to put up with worn carpets and tile floors. You can choose from install-it-yourself linoleum sheet and tiles to trickier hardwood applications. In addition to visual appeal, consider comfort, life span, cost and maintenance when considering re-doing your floors.

Sometimes, something as simple as adding a throw rug under a table or beneath chairs will add the warmth and colour you’re looking for. Just ensure they are easy to clean and don’t require a lot of upkeep.

Use light to brighten, set mood
Lighting creates atmosphere and mood in a room. Adding or changing existing ceiling fixtures, wall washers and pot lights can change the function of almost any room. For maximum flexibility, nothing works better than a floor or table lamp.

There are a huge number of options available when it comes to choosing the right lighting for any room. Is your kitchen really drab, or just too dark? Maybe all it needs is new track lighting that puts the spotlight where you want it. Under-cabinet task lighting makes work easier and safer and brightens those dark counter areas.

Whether used to highlight decor, set a mood, light work areas, or provide safety and security, new lighting is an easy and inexpensive way to make your home come alive.

Re-upholster your furnishings
Sometimes it takes more than a paint job and new floors or carpets to spruce up a room, especially if the fabric on your furniture looks tired and worn. If you are happy with the design of your furniture but crave new fabric colours and textures, re-upholstering can be less expensive than buying, for example, a whole new living or dining room set. Re-upholstering takes skill. Before attempting to re-upholster a furniture piece yourself, consider hiring a person who specializes in this craft.

While re-upholstering allows you to extend the life of an existing furniture piece, it isn’t cheap. So, first determine exactly which furniture pieces you want to keep. You may just want to re-upholster a favourite chair or you may want to change the colouring of all the furniture in your living room. Be sure to carefully match the colour, texture and design of the new fabrics with your carpet or wall colours.

Change your window treatment
When you are considering changing window coverings, there is no shortage of selection. Blinds, shutters, sheers, shades, valances and just plain naked windows are only a few of your options.

The window treatment is often the most eye-catching aspect of a room. That’s because windows serve as a visual link with the outside world. They are also the primary source of natural light in your home. Begin by deciding how important privacy is to you and whether you want your windows to admit air and light into the home.

If your windows reveal a pleasant view and privacy is not an issue, you may want to use minimal coverings that can be easily pulled back. Also, consider location. If your windows face north, you should aim to let in as much light as possible. If they face south or west, you may want to cut back on the amount of light.

Source: OREA

2007-07-10T12:51:00.000-07:00

The Listing Agreement

When you decide to sell your home with a REALTOR®, one of the most important forms you will encounter is the Listing Agreement. The Listing Agreement is the contract between you and the real estate brokerage authorizing the brokerage, including its brokers and salespeople, to market your property.

The Listing Agreement is such an important part of your real estate transaction that you’ll want to be sure it is as comprehensive and accurate as possible. Your REALTOR® will work with you to fill in all the details and leave nothing to chance.

Detailed information about your home is spelled out in the listing agreement which helps other REALTORS® respond to questions from potential buyers about your property. Also, the Listing Agreement forms the basis for any offers drafted on your home as well as any resulting negotiations involving the offer.

There are two types of listings – an “Exclusive” listing and a “Multiple” listing. An exclusive listing gives the brokerage the sole right to find a buyer for your home during a specific time period. You agree to pay a pre-established real estate commission to the broker once the sale is completed. The commission is payable to the broker regardless of whether someone else sells your home -- including yourself during the set period or even if your home sells at a future date to someone the broker introduced to the property.

A multiple listing is also an exclusive listing between you and the broker, but includes your authorization to allow the broker to market your home on the Multiple Listing Service (MLS) and have other REALTORS® help to find a buyer. In this case, you pay the agreed upon commission and it is shared between the listing broker and the REALTOR® who found the buyer.

Most often, a REALTOR® will recommend that you list your home through the MLS so that you receive maximum exposure in the shortest time possible. Many REALTORS® in Ontario use a standard listing agreement form such as the one published by the Ontario Real Estate Association.

Because the Listing Agreement is so vital to the whole real estate transaction, REALTORS® are well-trained to carefully include every last required detail. The agreement is divided into two sections – authority and property details.

The authority section establishes the legal relationship between you and the real estate broker, sets a time limit for that relationship, and describes the obligations of each party. The detail section provides information about the property being offered for sale and the ideal terms the seller would like to see in an offer. Your property will be completely identified by its full legal description, including street and house number, as well as to lot and plan number if the property is in a registered plan or subdivision.

Your property size and location, floor area, room sizes, style and number of rooms, zoning, building age and type of construction will all be spelled out on the Listing Agreement.
The listing price is specified along with any other clauses regarding price or terms. There is a specific reference to the commission that will be paid upon a successful sale, trade or exchange of the property.

Other details to be filled in on the Listing Agreement include mortgage information, how many days until closing after your home sells, and how your property will be shown. Your REALTOR® will also discuss with you what items you are willing to sell along with the home.

These items usually fall under one of two categories – fixtures or chattels. Fixtures are permanent improvements that normally stay with a property as part of the sale. Things like central air conditioning, built-in appliances and wall-to-wall carpeting are fixtures.

Chattels are usually movable pieces of personal property such as microwave ovens, blinds or washers and dryers. You may wish to include some of these “chattels” to sweeten the deal. These items will be clearly spelled out in the Listing Agreement.

Your home is probably the largest asset you will ever sell and you want to be sure you do it right. Selling your home is a complicated transaction involving many legal forms and procedures. Having a REALTOR® on your side will ensure the sale of your home goes smoothly.

Source: OREA