Real estate terminology isn’t always clear and understandable. If you’re thinking of buying a condo or co-op, I strongly recommend working closely with a registered real estate salesperson who can answer your questions, and explain the meaning of certain terms. And when you find the right salesperson for you, make sure you’re open and honest about your budget and the dwelling or ownership model that’s the best fit for your lifestyle.
Whenever you buy a property, I strongly recommend performing your own due diligence (that may include getting a home inspection done), and working closely with your salesperson. That means talking openly about your needs and expectations and getting clarifications for any terms that you don’t fully understand.
Mortgage fraud involves tricking a financial institution into lending money when it otherwise wouldn’t. Sometimes, it involves individuals attempting to buy houses they can’t afford.
Moving doesn’t have to be stressful. Avoid the headaches of a poorly planned move with these tips!
When I hear the term “fixer-upper” I think about The Money Pit, the 1986 comedy starring Tom Hanks and Shelley Long as a yuppie couple who buy a beautiful-but-seriously-dilapidated old house that nearly ruins their relationship. It makes for a funny plot, but in real life there’s nothing funny about buying a home and discovering that the roof leaks, or the wiring hasn’t been upgraded in decades.
Buying a home is an exciting time. The more informed you are before you buy, the better things will be in the long run. It is important that you see past the design and decor and learn to look at the “bones” of the home. Understanding how well a home was built and maintained, can really reduce expensive repairs in the future.
At first glance, acronyms for organizations involved in real estate in Ontario may resemble a bowl of alphabet soup. It’s not necessarily easy to understand the roles these groups play, and the interests they represent.
There are several terms and concepts you will come across throughout the process of buying or selling a home, so it is wise that you are doing some homework before you begin your search.
The simple answer is no. Once sellers are presented with written offers they are free to choose one of them, reject all of them, or make counter offers.
“Rates were so low for so long, it was almost like money was free,” Forum Research president Lorne Bozinoff told the Financial Post. “Some may have overextended themselves during that time, thinking rates will never go up.”