Category Archives: Buyer Videos

Condo Buyer Closing Costs: Toronto and Ontario Land Transfer Tax

YouTube responded to TubePress with an HTTP 410 - No longer available

When you purchase a condo in Cityplace or anyware in Toronto, you will be paying 2 Land Transfer Tax, the Cityp of Toronto and the Province of Ontario Tax.  If you are a first time condo buyer, this is not the end of the world, in fact depending on how much you spend, you might not pay that much tax at all.  For first timers, the Province of Ontario offers up to $2000 rebate and the City of Toronto offers up to $3725 rebate.  Basically with the $2000 credit, you only pay the provincial tax on any amount over appoximately $227,500 and with the Toroto credit of $$3725, you only pay on the amount over $400,000.  So for many first time buyers, you will likely only pay a small amount of provincal tax and depending if you go over $400,000 or not, you might not pay any city tax.

Steven

Subscribe to Updates by Email or RSS FEED

Request a list of Cityplace Condos For Sale on the MLS, sent to your in-box.

Condo Buyers, What Is A Status Certificate

YouTube responded to TubePress with an HTTP 410 - No longer available

When buying a condo, you want to make sure that your offer is conditional on your lawyer reviewing the buildings status certificate and supporting documents.  Basically a Status Certificate is a snap shot of the condo corporations financials at that moment in time.

This snap shot will tell you:

  • If the seller has paid their maintenance fee’s,
  • How much money is in the reserve fund,
  • If there are any pending lawsuits against the condo
  • What work is scheduled to be done
  • If there are any special assessments that would affect the sale.

Once the agreement of purchase and sale is accepted, the seller will order the status certificate from the property manager.  By law they have 10 business days to provide it.  Then depending on what your agreement is, your lawyer will have time to look over and review.

Steven

Subscribe to Updates by Email or RSS FEED

Request a list of Cityplace Condos For Sale on the MLS, sent to your in-box.

When Buying a Condo, A Bigger Deposit is Better.

YouTube responded to TubePress with an HTTP 410 - No longer available

When you are making an offer to purchase a condo, you have to offer a deposit.  A deposit is basically an amount of money that is offered to the seller, for accepting the purchase agreement.  Upon acceptance of the offer, the deposit is delivered by certified cheque to the listing brokerage.  The listing brokerage will then place this cheque in their “Trust Account”.  The deposit is then put towards the purchase price on closing.

The deposit is used as a tool to help improve your offer.  Basically you want to make your offer easy to accept, so by having a good size deposit you are giving the sellers a reason to accept your offer.  So when it comes to deposits, bigger is better.  I strongly recommend a deposit of 5 to 10%, otherwise, your offer might not be taken seriously.

Steven

Subscribe to Updates by Email or RSS FEED

Request a list of Cityplace Condos For Sale on the MLS, sent to your in-box.

First Step in Buying a Cityplace Condo, Get a Mortgage Pre-Approval

YouTube responded to TubePress with an HTTP 410 - No longer available

It’s great that you have begun your search to purchase a condo, before you actually go to unit, you need to get a mortgage pre-approval.

The worst thing you can do is to visit your dream condo and then find out you are not qualified to purchase it, being pre approved will remove this possibility, you will know what you can afford and have an idea of what your monthly costs will be.

Secondly, Sellers want to feel comfortable accepting your offer, by being pre-approved your offer is so much better, and will help sellers with their decision to accept your offer.

Subscribe to Updates by Email or RSS FEED

Request a list of Cityplace Condos For Sale on the MLS, sent to your in-box.