Lanz Real Estate

Buying a Home or Condo is always an exciting time. We put together this guide for you so you can get a better feel for what would be involved in buying a property.  

Click or tap each tab to learn more.


ARE YOU READY TO BUY


In many ways selling your home is sometimes easier then buying a new home. Once you decide to start looking for a new residence, you will find there are a lot of choices out there. When you narrow down all the particulars, it will get easier to focus on specific properties.

WHERE AND WHAT TO BUY


It is always an exciting time looking for a new house or Condo.

Do you know what neighbourhood you want to live in?  Sometimes you may have several areas that interest you depending on your budget.  What type and size of home do you want? Single-family detached, semi-detached, town-home, condominium or maybe even a loft?  

Then you have to consider all the features that are important to you. The “must haves” and the  “would be nice to have”.

DO YOU HAVE YOUR FINANCES IN PLACE


We always recommend buying what you can afford at this time in your life. Sounds obvious, but sometimes we all take on a little to much. Knowing your limit will help you stay focused on the right properties. It’s ok to have a price range and buy something within that range, but try not to go that much over unless you really can afford it.  

If you need assistance with crunching some numbers, go to our “Mortgage calculator” page under our Resources tab. You can get a good estimate by using this tool. However, we always recommend you speak with your banks Mortgage specialist or a Mortgage Broker who will guide you and make sure you will have the most accurate numbers available and get you pre-approved so you will be more prepared to make an offer  when the right property comes along.

If you are not sure who to use, we have several good mortgage brokers that we can recommend. 

FINDING THAT NEW HOME


Where you live has an impact on your lifestyle and it's also one of the most significant factors on the value of your home.  It's important to consider things like your commute to work, Schools, family, shopping and entertainment. It is always helpful to write down a list of all the most important things in your life at the moment and also consider a price range that you can afford. 

You can Search the live "MLS" (realtor .ca) system directly on our website and see what listings are currently available.  You can also go to our “Neighbourhoods” page to learn about many great Toronto neighbourhoods and get some of the latest market data.  

Each neighbourhood page will also show you what listings are available in that particular neighbourhood.  

If your not finding what you want, you can go to our "Off Market" page Here and let us know some information and we may be able to find you something not currently on the MLS system.


BUYING OFF MARKET


Quite often it is hard to find exactly what you want on the MLS system at any given time.  The Toronto Real Estate market is a very active market. In the last several years there continues to be a shortage of listings and many properties end up selling very fast. 

If you are not finding what you are looking for, we have had success in finding our clients many homes “Off Market” and through our “Exclusive listings system”. (Not on the MLS system, aka…Realtor.ca).  If you are willing to share a little information with us, we will do our best to find you that home. 

Go to our Off Market page Here and let us know what you are looking for.

MAKING AN OFFER


Once you decide you want to put an offer on any property, we will guide you through the process.

Before making an offer, we will do a comparative market analysis (CMA) of the properties that are currently on the market and have recently sold on that street or Condo and the surrounding Neighbourhood. This is very important so we have a good feel on how much to offer so you have a better chance in getting that property.

There are a lot of things to consider. The offer price, conditions, multiple offer situations, possible counter offers and the closing date.

CLOSING TIME


If your offer is accepted and any conditions (e.g. inspection,financing or other) have been satisfied or waived, then the offer becomes firm. Your Lawyer will receive a copy of the Agreement of Purchase and Sale and will begin preparing the closing documents.


Your Lawyer will do the following for you... 


• They will perform a Title search to make sure that the title will be free and clear on the closing date.

• Go over Title insurance with you (optional, but recommended)

• Will review the Status certificate (if you are purchasing a Condo)

• Make sure your property taxes, utilities and any other accounts are reconciled and up to date.

• That your mortgage lender is satisfied that your mortgage (If any) is secured against your new property.

• Calculate the Land Transfer Taxes (LTT) owing and submit it to the government on your behalf. 

• They will let you know ahead of time exactly how much money you will need in order to complete the transaction on closing day.

A few days before your closing date, your lawyer will have all the closing documents ready for you to review and sign. Once all of the above have been confirmed and all appropriate documents get signed, your lawyer will forward everything to the sellers lawyer for final confirmation and approval. You will now become the new legal owner of that property.   


Your Lawyer will arrange a time with you and present you with the keys and all documents relating to the purchase. 

PREPARING TO MOVE


After your Lawyer has taken care of the legal paperwork, you have to start thinking about planning the move. 

We don’t think there is an exact science to this. The move situation is different for everyone for various reasons. The list of things to do can seem overwhelming, but it’s not so bad as long as you plan properly.  

Here is a list of some of the main things you will need to do..

- Hire a mover (get a few estimates)

- Get boxes and packaging material. ( google "moving supplies Toronto". Home depot has some basics.)

- Schedule to transfer or close your services. ( Rogers, Bell, Hydro, Gas, Water, Gardner plus any others)

- Start getting rid of stuff you don't want anymore. ( Give away to charity, family, friends. Have a garage sale. You can also call one of the       Junk companies. (Google..."Junk Removal Toronto" There are lots of them out there and you can usually book them 24-48 hours before)

- Consider if you may need to put some things in Storage. ( Google.."Storage Units Toronto" Lots of places out there.)