Buying Process Step-by-Step

1. Pre-Approval - The first step is finding out what price  range home you can comfortably afford. We can  recommend one of our key lending partners to assist you  in determining the amount of mortgage you qualify for.

2. Working with a Team Glasser Agent - We will work  with you to identify homes that match your house wish  list in your price range in areas of your preference.

3. Showing You Houses - We will arrange viewings of  the homes of your choice. We will offer our extensive  knowledge and experience to help you make the best  real estate decision. Tip: Wear shoes that are easy to  slip on and off.

4. Making an Offer to Purchase - When we find your  dream home, we will provide you with information  on comparable solds which are a good indicator of a  home’s current market value. As your representative  we have your best interest throughout the negotiating  process to get you the best price.

5. Condition Period - Your offer will be conditional to  arrange final mortgage approval, a home inspection and  any other conditions pertaining to your home purchase.  When all conditions have been fulfilled, you will sign  a waiver to remove the conditions, which makes the  transaction firm and binding.

6. Deposit with an Offer - When your offer on a house  is accepted by the seller you must provide a deposit.  During the conditional period, if financing, home  inspection or any other condition in the offer fall through  you will receive your deposit back in full.

7. Home Inspection - A home inspection identifies the  condition of the physical structure and mechanical  systems of the house to verify that they are in good  condition. A home inspection usually takes 2 to 3 hours.  You will be present at the inspection and guided through  the whole process. You will get a detailed report of the  inspection findings. We can recommend reputable home  inspectors to help you.

8. Closing the Purchase - You must retain a lawyer to  close your transaction. Choose a lawyer experienced in  Real Estate. Your lawyer searches title for the property,  prepares documents to complete the transaction,  pays fees on your behalf and registers ownership in  your name. Closing costs are typically 1% - 2% of  the purchase price. The major closing costs are Land  Transfer Tax, Lawyer Fees and Title Insurance.

9. What Happens Next

• Arrange insurance for your home
• Set up utilities
• Do change of address notifications
• Make arrangements for moving day

10. Celebrate! - You are now a proud new home owner!


Buying Closing Costs

1. Appraisal Fee - Your lender may request a property appraisal.

2. Property Taxes - Depending on your down payment, your  lending institution may decide to include your property taxes  in your monthly mortgage payments. If the property taxes  are not added to your monthly payments, your lender may  require annual proof that your taxes have been paid.

3. Property Survey Fee - When you purchase a resale home,  your lender may ask for an updated survey.

4. Property Insurance - Home insurance covers the replacement value of your home (structure and contents).  Your lending institution will request proof that you are insured  to protect their investment on the loan.

5. Service Charges - Any new utility services, such as telephone  or cable, may charge an installation fee to do the hookup.

6. Legal Fees - Even the simplest of home purchases should  have a lawyer involved to review all the paperwork. The  rates vary greatly depending on the complexity of the issues  and the experience of the lawyer.

7. Mortgage Loan Insurance Fee - Mortgage loan insurance is  required if you put down less than 20% of the purchase price.

8. Moving Costs - A professional mover can reduce a lot of  stress associated with the moving process.

9. Maintenance Fees - Condos charge monthly fees for  common area maintenance such as grounds keeping and  hallway carpet cleaning.

10. Land Transfer Tax - This tax is applied whenever a property  changes hands. The total Land Transfer Tax in Ontario  ranges between 1% - 2% depending on the purchase price.


Frequently Asked Questions

Do I have to pay my real estate agent?

The agents involved in the sale of a house are paid by the seller.

If I find a house I am interested in, what should I do?

Call us if you see a house no matter what company. We can  provide additional information and quickly arrange a showing  at a convenient time for you.

What is MLS®?

MLS® is the Multiple Listing Service for all real estate  properties. We have access to the full listing details on all  properties currently available and previously sold listings by  any real estate company.

Do we have to pay a fee to arrange a mortgage?

Mortgage professionals are paid by the lender.

Does HST affect the cost of my home purchase?

HST will result in tax on select new homes, legal fees, moving  costs, real estate commissions and home inspections.  However, there is an Ontario HST rebate available for new  homes.

What is a power of sale?

The lender has taken title of the property from the previous  owner for failure to make mortgage payments or failure to pay  property taxes.

How quickly after our offer is accepted can we close?

Most closings are 30 to 90 days. However, it is possible to  close in as little as 14 days.

How much are the annual taxes on a home?

The calculation for a typical residential house is a percentage  of the assessed value of the home.