Home buying and selling pitfalls
The real estate market can be complicated for first-time home buyers and sellers. There is a lot of information to navigate and decisions to make. Test your knowledge below and learn the facts and fiction about home buying and selling.
When choosing a real estate professional to work with, you can assume that everyone working in your area will offer the same types of services.
Fiction: Ontario has over 65,000 registered real estate professionals, with a broad range of approaches to the buying and selling process. Meet with a few representatives before settling on one, and make sure you feel comfortable with them and their approach to the process. Also be sure to get references to learn about others’ experiences with the salesperson.
Signing a buyer representation or listing agreement with a brokerage doesn’t stop you from working with another brokerage at the same time.
Fiction: When you sign a buyer representation or listing agreement with a brokerage, it is a legally binding contract that commits you to working with that brokerage, and no other brokerage, for an agreed amount of time. That’s why it’s important to make sure you understand and support all the details in your agreement, and that everything you have discussed verbally is put in writing.
Having an open house can come with risks if you’re not mindful.
Fact: Holding an open house is a great way to increase exposure to potential buyers. But the potential for theft or damage is there. Planning is vital. Communicate early and openly with your registered real estate professional about how the open house will work. Discuss having a sign-in sheet for visitors, and remove all medications, portable electronics, small valuables and identification from every room in your home.
When buying a home, all of the appliances, lighting fixtures and window coverings will be included in the sale.
Fiction: Don’t assume that what you see is what you will get. The seller may want to take the kitchen appliances with them, and the furnace might be under a rental contract that you’ll be required to take over. Before making an offer, detail all items (known as chattels) in writing. Your offer can also include a clause stating that the seller will pay out any outstanding leases on the home’s major systems.
A registered real estate professional can help you navigate between what’s fact and fiction in the real estate market. Making informed decisions will help you avoid problems later on. For more information, visit www.reco.on.ca.