If you are thinking about investing in real estate in Toronto, then you there are certain questions that you may have. It is good to be knowledgeable before investing. Here are the most frequently asked questions about Toronto real estate.
What should I know about home inspections?
If you are looking for a home or you are listing, then there are two inspections that you will encounter. There are the pre-list inspection and home inspection where the inspector does for the inspection on your behalf.
When is it best to buy property in Toronto?
The best months to purchase a house are in January and December. In these months, you can get houses at cheaper costs. During this time, there are not many buyers who are looking for houses. Houses that are placed for sale in December are often overlooked because of the holiday season.
What is the average down payment on the property in Toronto?
No average down payment is required. It is all about what you can afford. If you have saved 20% of the mortgage, then you will not need insurance premiums. However, if your savings is less than 20%, then you will require insurance premiums.
What is the average time for home closing?
There are 30, 60 or 90 days. It all depends on people who are involved. Certain conditions like stats certificate, the inspection will delay the home closing process. You can talk to other real estate agents since they will help you sell the property fast.
Is it possible to buy a property without a real estate agent?
Yes, it is possible to buy a home without any real estate agent. You can get help from a lawyer. However, using a real estate agent will make the process easier. Hiring a real estate agent will help you save both time and money.
Who is responsible for paying the transfer tax?
It is the buyer who will pay the land transfer tax. In Toronto, buyers are also required to pay the municipal land transfer tax.
How much do the legal fees cost?
Legal fees are categorised into two types; disbursements and the amount you will be paying the lawyer. The amount paid to the lawyer depends on how complicated it is to clear the title. The disbursements are fees that the lawyer will pay on your behalf. Such fees are photocopying, courier, and land transfer fees.