Buying a Home

First of all congratulations! You're taking the first steps towards what is likely to be one of the largest single investments of your lifetime. Unfortunately for many, it can also be one of the most stressful. This is why it's important to feel comfortable and confident with who you are choosing to worth with. When you choose to worth with ND Group, we guarantee sensitivity, professionalism and competence throughout your whole purchase journey. Below we have put together some basic information to help guide you through the process without overwhelming you! It will help you understand the journey from start to finish and understand all costs involved.

Step 1 - Mortgage Approval - Let's Get Pre Approved

Before we get started on our home search, you will need to understand your purchase budget, as well as understanding the approximate payments we will be putting towards the mortgage each month. On top of this, getting pre approved will allow you to secure an interest rate, through your lender, for a set period of time while we search for your new home.

Step 2 - Understanding Costs - What Costs Are Involved In The Purchasing Process?


  • STATUS CERTIFICATE (CONDO) - $100 - When purchasing a condo unit, a status certificate is requested from the condo corporation, to be reviewed by your lawyer. This provides essential information concerning the status of a unit and condominium corporation, and informs prospective owners of: monthly maintenance fees; any large maintenance fee increase that may come into effect; a special assessment that is being contemplated by the board; arrears/liens against a the unit of interest; any lawsuits involving the corporation.
  • LAWYER - $1500 - $2000 - At the time of closing real estate lawyer fees will be payable.
  • MORTGAGE APPLICATION AND APPRAISAL FEES - $250-$450 - Sometimes lenders need to determine the property's lending value (this may or may not be required by the lending institution). The Appraisal fee may range from $250 to $450 and is paid at the time of application.
  • PROPERTY SURVEY - $1000+  - If you require a survey and there is no existing survey on the property, this may be an added expense. The cost depends on the size and configuration of the property.
  • LAND TRANSFER TAX - Municipal and provincial taxes, calculated based on the purchase price. Municipal and provincial sales taxes are charged in Toronto. First time homebuyers will qualify for exemptions.
  • ADJUSTMENTS - Property taxes, fuel costs, etc. will be assigned to the seller and buyer at the time of closing. The buyer’s lawyer arranges for these adjustments with the seller’s lawyer as part of the closing process.
  • MOVING COST - $500 - $10'000+ depending on moving services offered
  • MONTHLY COSTS - Insurance, mortgage, property taxes, maintenance, condo/maintenance fees.
  • FURNITURE - Remember, if it is your first time buying, you may have to purchase furniture for your home also, so lets make sure you have some money saved to get the basics.
**PLEASE NOTE, THIS IS INTENDED TO BE A GUIDELINE ONLY, AND THIS DOES NOT ENCAPSULATE ALL EXPENSES THAT MAY BE INCURRED.


Step 3 - Wants and Needs


Lets determine what you want and what you must have in your new home.

LOCATION:
Urban, suburban, rural?
When determining neighbourhood, it is important to think about proximity to your day-to-day activities and obligations, such as work, school, family, friends, gym, etc.

HOME SIZE:
Square Footage? Number of bedrooms? Number of bathrooms?

WHAT FEATURES ARE NECESSITIES:
For example, a home office, parking, a balcony, an extra bedroom.

WHAT FEATURES WOULD BE NICE:
For example, large outdoor space

PROPERTY TYPE
What meets your lifestyle needs and finances? A condominium, house, townhouse.

Step 4 - The Home Search

Once we have determined your needs, wants and affordability, we can start the exciting process of looking for that dream home! We will:

• Provide access to both MLS listed properties and properties listed exclusively
• Send you listings of the properties that match your specific criteria
• Ensure you receive new listings as soon as they become available on the market
• Supply supplemental neighbourhood information to provide context - historical property values
for the area, cost of property taxes, available schools and public transportation
• Help you refine your home search criteria as required, keeping in mind market conditions
• Take you to see the properties that you are interested in viewing

Step 5 - Making An Offer

There are a number of considerations before preparing an offer for your home and we will be there to guide you through every step of the process. The steps involved are:

 1. Understanding elements that can impact on your offer, such as:
  • The price that comparable properties are selling for
  •  Current market conditions, and how can this impact your offer
  • Whether there are any other buyers interested in the same property
2. Conditions that should be included in the offer: for example, inspection, financing, status certificate

3. The benefits of investing in a qualified home inspector who can expose any property deficiencies,
and who may also provide you with an estimate for the cost of any repairs the home may need

4. Your Realtor will present your offer to the Seller or Seller’s representative on your behalf, manage
offers and counter offers ensuring your full understanding, and engage in the negotiation process to help you secure the best deal possible

Once we have an accepted offer:
5. Once we come to an agreement, the offer will be accepted. We will have 24 hours to produce the deposit. In some situations a deposit may be presented with an offer, for example in a bidding war/multiple offers situation

6. The offer may be conditional upon financing, inspection, status certificate, or certain other elements. If it is, we will have a set amount of time to fulfil each of these conditions, only once requirements and expectations are fulfilled

7. When necessary, you and/or your Realtor will communicate with your mortgage broker about the purchase or potential purchase of a home

8. When necessary, you and/or your Realtor will communicate with your solicitor regarding the purchase of your home

Step 6 - Closing Time

Your home purchase becomes a reality on closing day when ownership is officially transferred to you. before closing there is a number of tasks to complete. We of course offer support for all of these:
  • If you are renting, give notice to your landlord in writing
  • Confirm your home purchase with your mortgage lender and finalize mortgage details
  • Hire a real estate lawyer to represent your interests and manage closing documents
  • Obtain home insurance and notifying lawyer and mortgage lender of the details
  • Arrange for your move requirements, perhaps obtain estimates from reputable moving companies and book as far in advance as possible, booking elevators
  • Coordinate transfers, cancellations and change-of-address for medical, financial and contracted services (i.e. utilities, licenses, subscriptions, memberships) and personal mail
  • Organize the connection of services and utilities at your new home
  • Meet with your lawyer prior to closing day to sign required mortgage and property closing documents
  • On the day of closing, pay your lawyer associated balances and fees, and collect the keys to your new home!


Please Provide Your Buying Criteria

ND Group

Right at Home Realty Inc.

11 CAPREOL CRT  TORONTO,  ON  M5V3Z3 

Phone: 647-881-6231

danjbarbieri@gmail.com, nadiasaloojee@gmail.com