Buyers Information
Your New Home Search  •  Personalized Email Program  •  Buyer Agency Agreement  •  Determining What You Can Afford
Viewing Potential Homes  •  Attributes to Consider  •  You're Ready to Make an Offer!  •  Negotiating Your Offer
Your Offer is Accepted!  •  One Time Costs  •  It's Closing Day  •  Before You Buy  •  Welcome Package
Moving Checklist  •  Find Your Dream Home Mortgage Pre-Approval  •  Mortgage Calculator  •  Fit To Buy Videos

Your New Home Search

As you begin the process of searching for your new home, the first step will be to meet with your Prior Team Sales Representative for a full consultation in order to determine what your needs are and gain a better understanding of the real estate market in Milton and surrounding area.

It will be important for you to identify your homeownership goals. This will include not only your purchase price range, but your preferences regarding location/neighbourhood, dwelling type and closing date. We'll also talk in great detail about more specific personal preferences related to property features, access to amenities and school support. Finally, we'll talk about what you can expect throughout the entire buying process, in simple, easy-to-understand language.

Personalized Email Program

We will set you up on an automatic email program to receive "real time" information on new listings that meet your search criteria for the Milton real estate market and beyond. This is the same information that we receive as Realtors. Access to this program gives you an advantage over those who may be relying on sites such as Realtor.ca, or simply checking the weekly newspaper. In a fast-paced real estate market like we have in Milton, it's critical to be educated and ready to act when the right property comes along.

Buyer Agency Agreement

We are here to act on behalf of you as our "Client". This is where a Buyer Agency Agreement will work to your advantage. Your Prior Team Sales Representative will discuss the process, including the role of Realtor, the agency relationship and the advantage of having a Buyer Agency Agreement, which includes acting in the Buyer's best interests with honesty and dedication.

Determining What You Can Afford

There are two types of costs associated with buying a home -- the cost of purchasing the home (which includes the downpayment and mortgage), as well as your monthly operating costs, so make sure you have all of the facts in advance.

You will need to speak with your lending institution, or if you don't have one, your Prior Team Representative can refer you to one of our Partners in Milton. It's a good idea to be pre-qualified for mortgage financing prior to beginning your new home search as this puts you in a favourable position in the offer negotiations.

To get you started, here's how you can calculate how much of a monthly payment you can afford. This is called the debt-service ratio. To calculate, list the following expenses that are incurred on a monthly basis:

  • All Loans: Car, Personal, Credit Card payments, Credit Lines
  • Current Rent or New Mortgage payment (including principal & interest)
  • Property Tax
Take this total and divide it by your gross monthly income. The total should not exceed approximately 40%.

Use our handy Mortgage Calculator tool, to calculate your potential monthly payment based on differing scenarios related to purchase price, interest rate and downpayment.

It's important to note that if you a downpayment that is less 20% of the purchase price, you will need CMHC (Canada Mortgage & Housing) insurance. Click here to learn more.

What to Expect when Viewing Homes

You may be venturing out with your Prior Team Sales Representative to view a multitude of properties in Milton, or only a couple. Regardless, there are a few simple things you should know:

Viewing Appointment

We typically book a 30-60 minute timeframe for appointments. Most homeowners request advance notice, some as much as 24 hours, however, we will always do our best to accommodate your schedule.

Removal of Shoes

Most homeowners request that you remove your shoes prior to viewing the home. This is a common courtesy that we would all expect. Try to wear footwear that is easy to take on and off.

Respect the Property

Avoid touching any personal items, moving furniture and if the children are along, please ensure that they aren't running around or playing on the furniture. (This happens more times than you would think)

Owner may be Home

The owner may be unable or unwilling to leave during the showing, so please be polite and refrain from any negative commentary during the showing.

You have the choice of driving in your own vehicle, or with your Prior Team Sales Representative. Make sure you bring your favourite drink and/or snack along, sit back, relax and let's enjoy this exciting experience together!

Key Attributes to Consider when Evaluating a Property

  • General Maintenance (Interior cleanliness, Exterior upkeep)
  • Windows & Doors (Operational, Drafts)
  • Structural Stability (Foundation cracks, Grout cracking)
  • Electrical (Air conditioning, Electrical outlets)
  • Water Damage (Staining, Wood rot, Drywall)
  • Plumbing (Toilets, Sinks, Taps)
  • Flooring (Stability, Creaking)
  • Layout (Does the home meet your needs)
  • Aesthetics (Colour scheme, Cabinetry, Flooring)
  • Affordability (Including construction & repair costs)

A few other things to consider...

When it comes to finding a property perfectly suited to you, be sure to consider what your future lifestyle might hold. Think about how long you plan to stay in your home for. Is there sufficient space for a growing family? Your teens may be leaving for university or college....will you need the extra space? Think carefully about parking needs. In many of today's new subdivisions, parking space is at a premium, will you consider moving to a more mature area of Town? You'll also need to consider the proximity to schools, shopping and public transportation. You may be considering a "fixer-upper". If this is the case, ensure that you are fully informed as to the condition of the property and any renovations that are required. For many, the challenge of renovation is an exciting one, but these types of properties can often present unforeseen problems. Before embarking on such an adventure, be sure to employ the services of a qualified home inspector. Your Prior Team Sales Representative has a network of resources that can assist you.

You're Ready to Make an Offer!

The process of preparing an Offer requires great attention to detail as well as taking the time to get all of the facts. Once you've found your ideal property, your Prior Team Sales Representative will review with you, current real estate market information, which may include recent comparable listing and sale information as well as current and/or historic market facts.

We'll need to investigate how motivated the seller is. The house may have been on the market for quite some time and the Seller may have other obligations. Dependent on market conditions, you may wish to make an initial offer that is lower that what you would actually be willing to pay. Or, you may find yourself in a situation where there are multiple offers on the same property.

Your offer may be Conditional or Firm. A Conditional Offer to Purchase typically means that you have placed one or more conditions on the purchase of the property. These may include "home inspection", "financing" or "sale of your home". `The property is not sold until all the conditions have been met.

A Firm Offer to Purchase is typically preferred by the Seller, as it means that you are prepared to purchase the property without any conditions. If the offer is accepted, then the home is yours.

Remember, our role is to ensure that we successfully negotiate an offer that meets your needs and to your satisfaction!

Negotiating Your Offer

Your Offer to Purchase will be presented by your Prior Team Sales Representative as soon as possible. Once the Seller has had the opportunity to review the offer, it may be accepted as is, rejected, or returned with a counter offer.

The counter-offer may be in reference to the price, the closing date or any number of variables. The offers can go back and forth until both parties have agreed or one ends the negotiations.

It is best to know your absolute upper limit before you begin negotiations, so that in the heat of the moment you don't end up with a home you really can't afford.

Your Offer is Accepted!

Typically, a deposit is required upon acceptance of an Offer. This shows your good faith and will be applied against the purchase of the home when the sale closes. Deposits are usually no more than 3-5%of the purchase price, but a larger deposit can show the vendor that you're serious. Your Prior Team Sales Representative will advise you on the appropriate amount.

Dependent on the conditions in your Offer, you may need to arrange a Home Inspection, confirm your Financing, or list your current home for sale. We will guide you throughout this process and leverage our referral program to provide you with the necessary resources. As a top-performing real estate Team in Milton, we have leverage in securing these resources with limited notice.

You can count on Scott Prior and his Team of professionals to make this a hassle-free experience, from start to finish!

One Time Costs Associated With Buying

Home Inspection

(optional)
  • Approximately $375 plus HST, due at time of inspection

Home Insurance

(required)
  • Approximately $500+

Legal Fees

  • Approximately $750-1000, dependent on scope of work required

Land Transfer Tax

(Residential Resale)
  • Due on closing (see below)

Miscellaneous:

  • Mortgage interest adjustment
  • Property Tax adjustment
  • Gas/Electricity connections
  • Telephone, Cable, Satellite, Internet connections
  • Moving expenses

Land Transfer Tax Calculation in Ontario

  • 0.5% of the value of the consideration up to and including $55,000,
  • 1% of the value of the consideration which exceeds $55,000 up to and including $250,000, and
  • 1.5% of the value of the consideration which exceeds $250,000, and
  • 2% of the amount by which the value of the consideration exceeds $400,000 for land that contains at least one and not more than two single family residences.
Click here to learn more about Ontario Land Transfer Tax.

NOTE:

In addition to Ontario's land transfer tax, transfers of land located in the City of Toronto may also be subject to the City of Toronto's own municipal land transfer tax. Click here to learn more.

Your Closing Day has Arrived!

Closing Day

This is the day on which all of the legal and financial promises in the offer are met. It's the day when you get the keys and begin a new phase in your life. Your Prior Team Sales Representative and your lawyer will give you all of the details on steps and timings. All of the small details will be taken care of ahead of time, so in most cases it will be just a day of waiting by the phone. Also, remember that this is a hectic day for the Seller, too! Very often its moving day and they're trying to gather all of their belongings to leave as the Buyer is trying to move in.

Here's brief summary of the tasks that must have been completed prior to, or on Closing day:


(1) A copy of the offer will have been forwarded to your lawyer.
(2) All conditions in the offer to purchase must be satisfied by the closing date.
(3) All financing details will have been finalized.
(4) A survey must be provided as required.
(5) Your lawyer will search the title of the property to ensure that you can purchase the home without any legal problems.
(6) You should have contacted all of the utility, cable/satellite, and phone companies to transfer service and billing to your name.
(7) Your lawyer will have prepared a statement of adjustments and reviewed with you. Your lending institution will draw up a certified cheque for your lawyer to hold in trust.
(8) Additional settlement charges will have to be paid: (Legal fees & disbursements, condo/coop fees, tax & utility adjustments, land transfer tax)
(9) Your homeowner's insurance policy must be in place and a copy of which must be provided to your lawyer prior to closing.

HELPFUL HINT

- You will likely receive the keys to your new home late in the day of closing, so plan accordingly!

Now it's time for you to settle in and enjoy your new home! You can have peace of mind knowing that Scott Prior and his Team of professionals will continue to be available for you, well after you have moved into your new home!