Posted on: 13-05-07 21:43:47
Hi,
I am looking to purchase a new home in Ontario and I had some questions. I would really appreciate if the learned members of CD would help me out with this.
Price of the home
1) The new homes are listed on the MLS at a certain price. I was wondering if this price is negotiable (like the resale homes posted on MLS). If so, how much can I expect to negotiate?
At the time of signing the offer
I will be selecting a lot to build the home.
1) I assume that the lot plan and grading etc has to be approved by the municipality. Do I get a copy of the approved plan for the lot with dimensions of the home, grading plan etc?
2) What other documents should I be asking for ?
3) Financing - Do I need to put any money down when signing the offer?
THanks in advance.
Ash
Quote:
Originally posted by ash_canada
Hi,
I am looking to purchase a new home in Ontario and I had some questions. I would really appreciate if the learned members of CD would help me out with this.
Price of the home
1) The new homes are listed on the MLS at a certain price. I was wondering if this price is negotiable (like the resale homes posted on MLS). If so, how much can I expect to negotiate?
At the time of signing the offer
I will be selecting a lot to build the home.
1) I assume that the lot plan and grading etc has to be approved by the municipality. Do I get a copy of the approved plan for the lot with dimensions of the home, grading plan etc?
2) What other documents should I be asking for ?
3) Financing - Do I need to put any money down when signing the offer?
THanks in advance.
Ash
Hi Ash,
Here a few answers to your questions.
1) The properties listed on MLS are only the "listed" prices of the homes, not the final price. Usually a good Realtor (or yourself) may be able to negotiate the price down to a level where it matches comparable homes in the area. A Realtor can show you past sales figures and statistics in the area as well as what a realistic price of the home should be in today's market.
For New Homes:
1) You will get a copy of the survey of the home and the neighbourhood describing the lot size and dimensions. The survey is completed by a Licensed Ontario Land Surveyor.
2) When purchasing a new home there is considerable more paperwork involved when compared to purchasing a resale home. Usually builder's forms/contracts are made to their own specifications so it's highly advisable that you have a good Real Estate Lawyer to review the documents before signing anything.
3) Financing - Do I need to put any money down when signing the offer?
It depends on the builder but usually there is a deposit you would have to submit upon acceptance of the offer. The amount will vary according to the respective builder.
If you have any further questions feel free to ask anytime.
Regards,
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Vimal Patel, Realtor
Homelife Royalcorp Real Estate Inc., Brokerage
Cell: 416-887-3745
Office: 905-856-6611
Fax: 905-856-6232
vimal.patel@gmail.com
http://www.vimalpatel.ca" rel="nofollow">LINK
vimpatel - Thanks for your help
