Getting A Toronto Condo: How To Move
Buying a Toronto home or a condo can be one of the best personal experiences most of us ever have. Unfortunately, it’s also one of the most challenging ones – but only if we make it so.
If you’re buying for the first time, the process may seem somewhat overwhelming. But even if you’ve been through it several times, every move is difficult, and presents new challenges.
One huge advantage of enlisting the help of Elli Davis, an experienced Toronto real estate agent, is simply that you don’t have to go through the process all by yourself. Elli delivers peak level of performance amongst real estate services. Let her assist you with your search for your Toronto home or condo. She can:
* Help you establish what you can afford and help you identify your price scale.
* Help you determine the bells and whistles you will want to look for in your ideal Toronto home or condo.
* Let you know of the local Toronto real estate market conditions as you look for your Toronto home or condo.
* Assist you with major aspects of your offer to purchase.
* Assist you with any details involved in closing the sale.
Every home purchase is a huge step, disregard how often you move. It pays to be well informed so you’re in a better position to make your decision.
Making An Offer
When it comes time to make an offer, Elli can provide current market information and will assist you in drafting your offer. Elli can communicate your offer, often known as an Offer to Purchase*, to the prospective seller (the seller’s representative) on your behalf. Sometimes there can be more than a single offer on a property coming in at the same time. Elli can guide you through this process.
*Offer to Purchase: a legal document specifying the terms and conditions of your offer to purchase said home. The offer can be Conditional or Firm.
Accepting the Offer
Your Offer to Purchase will be presented ASAP. The seller may accept the offer, reject it, or propose a counter-offer. The counter-offer may refer to the price, the closing date, or any number of other variables. The offers can go back and forth until both parties have agreed or one of you ends the negotiations.
Making a Move
As soon as you can, book the movers. You can choose to have the movers pack everything, or just the breakables; with enough time and energy, you can even choose to lack yourself. If you rent your current home, it’s necessary to leave written notice to your landlord and make arrangements for the return of any funds you have on deposit. At your new home, arrange for the gas and electric utilities, water softener, telephone and cable TV to be connected on the day the sale closes.
General
Get “Change of Address” cards from the local post office and send out well before the moving day. Have your mail forwarded to the new address. Cancel any contracted services and pre-authorized cheques. Inform gardening, dry cleaning, garbage pick-up, newspapers, magazines, and other home services of your move. Obtain a letter of introduction from your current bank branch to help you establish new accounts. Also, transfer trust or bank accounts and securities. Cancel or transfer social, athletic, civic, religious or business affiliations and memberships. Arrange for transfer of medical, dental, prescription and optical records. Change the address on your driver’s license(s) effective the day of the move. Collect all items out for cleaning, repair or storage. e.g. fur coats, dry cleaning. Make special arrangements for the moving of perishables, such as plants; make special arrangements for the moving of your pets. Dispose of any and all flammable liquids, since it is illegal for movers to carry them.
Moving Costs - Vendor’s Costs
Legal Fees: Range from 1/2% to 1% of the sale price of the property plus disbursements. A Real Estate lawyer can give you more details.
Real Estate Commission + 7% GST on commission.
Discharge of Mortgage: There may be a penalty of three months’ interest, the interest difference between an old and new mortgage or a combination of the above. Check this with your lending institution if you are unsure.
Moving Costs - Purchaser’s Costs
Legal Fees: Range from 1/2% to 1% of the sale price of the property plus disbursements. A Real Estate lawyer will provide you with details.
Disbursements: Include City Tax Certificate, City Zoning Reports, City Engineering Report, Sheriff’s Certificate, Registry Office searches, deed registration, mortgage registration, copies, postage, long distance calls, etc.
Land Transfer Tax*:
If under $55,000 multiply by $5 per $1000 (e.g. $40,000 x $5 per $1000 = $200)
From $55,000 to $250,000, multiply by $10 per $1000 then subtract $275 (e.g. $200,000 x $10 per $1000 = $2000 - $275 = $1725)
From $250,000 to $400,000, multiply by $15 per $1000 then subtract $1525 (e.g. $400,000 x $15 per $1000 = $6000 - $1525 = $4475)
Over $400,000, multiply by $20 per $1000 then subtract $3525 (e.g. $500,000 x $20 per $1000 = $10,000 - $3525 = $6475)
*Special taxes apply to non-residents.
Additional Fees
Survey: If no recent survey is available, a new one can be prepared for approximately $700 - $1000. Fees for different properties vary.
Arranging the Mortgage: appraisal fee of about $200 plus administration fee of about $200 - $300. An up-to-date survey may be required.
Adjustments: Money owed pre-payment of taxes, gas, water, etc.
Home Inspection: Tends vary in cost from cca $250 to $400.
There. That should be all; I hope it helps. Let me know if there’s anything else I can help you with. Thank you for reading and best of luck,
Elli Davis
Rosedale houses
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