555 Central Avenue Thunder Bay, ON
P7B 5R5
Ph # 623-8300
Email:
ajolin@norlink.net



 Market Guide   Buyer's Guide   Seller's Guide   Realtor's Guide

    

BUYER'S GUIDE

Finding a realtor, tips for buying a home, and other resources for the home shopper. 

WHAT IS A REALTOR?


The word "realtor" is a trademark identifying real estate licensees in Canada who are members of the Canadian Real Estate Association (CREA). The CREA places realtors under a stringent Code of Ethics & Standards of Business Practice.  A realtor's job is to make the transfer of property as easy as possible for the buyer and seller. A realtor:

  • draws up a listing agreement
  • explains the home selling process
  • provides comprehensive market analysis
  • offers advice on enhancing home's sales appeal
  • design and implement the marketing plan
  • screen and pre-approve potential buyers
  • schedule appointments & bring buyers through
  • negotiate offers to purchase and present counter offers
  • assist in completing the sale

 

FOR WHOM DOES A REALTOR WORK? (back to top)
Realtors may work for real estate brokerage firms or independently. They can represent you as a buyer, a seller, or both.  Realtors must disclose to you in writing who exactly he or she is representing in any real estate dealing you are involved in.  When a realtor represents sellers, they owe the client the duties of utmost care, integrity, confidentiality, and loyalty.  When dealing with buyers, they provide factual, accurate, and complete information and resources. They are regulated by the CREA, and therefore will always treat you fairly.

 
FINDING A REALTOR IN THUNDER BAY (back to top)
To find an up-to-date listing of the realtors in Thunder Bay, contact: 
 
        Thunder Bay Real Estate Board
        1135 Barton Street 
        Thunder Bay, ON, P7B 5N3 
        P (807)623-8422
        F (807)623-0375

 
BUYING A HOME (back to top)

Finding What You Need

In order to find a house that's suitable to your family's needs, you must determine what those needs are. Make a list of your criteria for selecting a house, your needs and wants, and reflect on it.  Some things to consider are family size, living requirements, what you will be bringing with you, how close is it to schools, shopping, and other services, the size of the down payment and the price range you can afford.  

A realtor or real estate professional can assist you in finding a house that's suitable for you. Also, the Canadian Mortgage & Housing Corporation (CMHC) has "AffordAbility" software that helps you ascertain a home price that you can afford.  Additional resources can be found at:

Buy New, Resale, or Condo (back to Top)

There are benefits to all types of homes.  When searching for a new home, you can consider the pros and cons of all.  Buying a new home may mean you can customize it to your tastes, choose from a variety of models and styles, and get a good value from the builder. A new home may come with a warranty and a new survey, but also requires the buyer to pay GST.

Resale homes are usually sold in more established communities and neighbourhoods, close to recreational, schools, and shopping centres, transportation links, and support services. The buyer can usually get a better value when appliances, floor and window coverings, and light fixtures are negotiated into the deal. Improvements like landscaping, fencing, and paved driveways automatically come with the purchase.

Condominiums are a form of land ownership. Buyers own a specific residential unit plus an interest in common elements, such as lobbies, elevators, hallways, grounds, and parking garages. Units are bought and sold separately. Owners are responsible for taxes and utilities as well as maintenance and repairs, plus a monthly fee to maintain common elements. 
 

Touring Homes (back to top)

There are two types of tours:  a public open house, and a personal tour with your realtor. In a public open house, members of the public are invited to walk through the home and take a look. A personal tour can be arranged by your realtor.

When touring homes at an open house or with your realtor, give the house a good inspection.  Check floorboards, baseboards, and stairs for signs of cracking or disrepair. Check the basement or lower level and exterior for signs of leaking, mildew, and water damage. The best time to check for leaks and drainage of the surrounding grounds is after a heavy rain. Also consider:

  • wiring types: circuit breakers or fuse?
  • heating system and costs
  • roof and foundations
  • plumbing 
  • power outlets: how many and what types?

Making an Offer (back to top)

When you have selected the house and decide to make an offer, you present the offer to the seller along with any conditions of sale. Be wary that if you make an offer and it is accepted, you can be legally bound to the offer.  It is a good idea to have a lawyer review your offer before you present it to the seller.  In an offer, you say: 

  • how much you are willing to pay
  • suggested closing date for transfer of ownership
  • proposed set of conditions
  • when the offer expires

Present your deposit when you make the offer.  After the offer is accepted and signed and the conditions are met, the offer becomes binding on both sides. If you walk away from the deal at this time, you can lose your deposit and even be sued for damages.
 

Setting Conditions for a Sale (back to top)

Conditions of sale are set when an offer is made and outline the responsibilities and obligations of each party prior to the offer being accepted. Once all conditions are met, the offer to purchase is valid and binding. Therefore, you should seek legal advice when making an offer to purchase.  Conditions may include:

  • you get a reasonable mortgage for the house
  • you sell your house
  • the seller provides a current "survey" of the land
  • the seller has title to the property (title search shows no liens or claims on the property)

Extra Expenses (back to top)

In Ontario, you must pay a land transfer tax, plus possibly:

  • mortgage broker fees and realtor fees
  • appraisal fees
  • surveying costs, provided seller does not provide one
  • high-ratio mortgage insurance premium
  • may have to reimburse seller for prepaid property taxes or utilities
  • legal fees

Buy or Sell First? (back to top)

When you have to sell your house and buy a new one, you have to coordinate your activities so you are not left homeless for a time or caught with the expense of two houses.  By selling your current home first, you can negotiate the purchase of your new home with more certainty. You'll know how much you've netted from the sale, and will be more qualified to determine the price range of your next home.  If you don't sell your current home first, make your offer to purchase a new home conditional on the sale of your current home. 

However, in a "Buyer's Market", many people sell first to limit risk. A buyer's market occurs when there are more houses on the market then potential buyers. In this situation, the buyer tends to be more selective in choosing a home.  

 
SEARCH LISTINGS (back to top)

 



 

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