Posted on: 12-03-05 14:40:31
Hey folks,
Firstly, Neat web site and great information here!! Thanx to those who put this together.
As a first time home buyer I did do some home work reading up on various web sites but real life experience and advice is hard to come by. So here are my questions :
1) How does one go about selecting a real estate agent who has access to the resale home market in Markham? Should one just pick up the yellow pages and call an agent in the Markham area?
2) Secondly what kind of binding agreement does one have to sign up with the agent when he starts locating houses for you?
3) Thirdly I am a new immigrant from the US. Been here since June last year and have been working since then in Canada, I do posses a credit card here in Canada (since July last year). Of course I have excellent credit history in the US.
How helpfull is that in negotiating a good rate for the Mortgage?
.... I do have more questions but I think Ill start with this....
Thanx Folks
Check out http://www.mls.ca" rel="nofollow">LINK ...very helpful site for real estate matters
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ani
Yep, I have been there and constantly look at them.... but is it compulsory that all the resale home are to be listed on that web site ?
.....Stilll that dosnt answer my question?? :-)
How woudl one go about picking a buyers agent who is familiar with the Markham resale market ?
Check out the testimonials and speak to people when selecting your agent. A buyer agent will even get you pre-approved for a mortgage loan. You may like to attend a home buyer session, conducted by CHMC or any local real estate office.
You are most welcome to contact me for the above home buyer interview at any Royal LePage local office near you, in the GTA.
As far buyer agency contract is concerned, it can be for one specific property or a geographic area and type of property. The time period is generally one-two months, because if one is good buyer agent, he/she would pre-screen the homes that will match their client's needs and show only those ones, saving client's valuable time. That is why, good agents always ask for a commitment of exclusivity; i.e. to work with one agent at a time (buyer agency contract).
A buyer agent is working for the buyer and NOT the seller of the property. Buyers seeking exclusive representation usually do so through an agency agreement. This relationship is the counterpart of seller agency with the same agency principles and practices applying.
Another thing to bear in mind when buying a home is that the seller’s agent ( the agent whose name is on the lawn sign) or the one's whose name is shown on the listing on MLS, always work for the best interest of his/her seller. Brokers have to disclose all relevant information they have on property defects to sellers. But brokers must tell buyers only about material defects that render the property dangerous or unfit for habitation, not necessarily all defects in a property. That's where a buyer's agent comes in handy, being free to talk about anything that can affect the buyer's interests.
This revolution in real estate sales began in 1983, with a classic study by the Federal Trade Commission in the United States. It found that 72 per cent of buyers believed the agent they worked with was representing their interests. Almost three out of four buyers were spilling their guts, disclosing confidential information about their goals, to agents who were legally representing the seller. Most states and provinces have brought in laws requiring real estate agents to disclose who they were working for in every situation.
In 1995, the Ontario government brought in buyer representation. This means you can sign a contract with a real estate agent, who's sworn to protect your interests. The Ontario Real Estate Association has developed a standard buyer agency agreement that brokers can use with clients. Any licensed real estate agent in Canada can legally act as a buyer's agent. A buyer's agent performs services for you that a seller's agent can't, such as showing you reasons not to buy a particular property. A good buyer agent will include contingencies in the contract that protect you, rather than the seller as in most standard contracts, and keep confidential any information that could hurt your bargaining position. A representative of the buyer must use professional negotiation skills, seek appropriate properties that meet the buyer’s needs, describe the merits and defects of any selected property, keep information confidential concerning the buyer, and generally act in the buyer’s best interests. The hallmarks of this relationship are good faith, full disclosure, competence, obedience, and accounting. The buyer and the brokerage will enter into a signed buyer agency agreement that details their relationship. The seller usually pays all commission to the listing brokerage who, in turn, forwards the appropriate portion to the buyer’s brokerage. Alternatively, the buyer’s brokerage can be paid directly by the buyer and, therefore, this amount does not form part of the sale proceeds. In most transactions, the commission to the buyer’s brokerage is paid via the listing brokerage from the proceeds of the sale. Payment procedures for the payment of commission will vary by provincial jurisdiction.
Come attend a First Time Home Buyer Interview, see what is covered:
http://www.realestate-ontario.com/firsttimebuyer.htm
Good luck,
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
Quote:
Orginally posted by hemzer
Hey folks,
Firstly, Neat web site and great information here!! Thanx to those who put this together.
As a first time home buyer I did do some home work reading up on various web sites but real life experience and advice is hard to come by. So here are my questions :
1) How does one go about selecting a real estate agent who has access to the resale home market in Markham? Should one just pick up the yellow pages and call an agent in the Markham area?
2) Secondly what kind of binding agreement does one have to sign up with the agent when he starts locating houses for you?
3) Thirdly I am a new immigrant from the US. Been here since June last year and have been working since then in Canada, I do posses a credit card here in Canada (since July last year). Of course I have excellent credit history in the US.
How helpfull is that in negotiating a good rate for the Mortgage?
.... I do have more questions but I think Ill start with this....
Thanx Folks
Hi Hemzer,
Amit has already replied to couple of your questions. However, as for as mortgage is concerned a new immigrant in Canada can buy a house without any credit if he is willing to put down up to 35% of the cost of the house as down payment. There are some institutions which might consider you on a down payment of 25% as well. However, if you qualify as per your income, then you can qualify for a high ratio mortgage as well.
For getting more information, you can read the article posted by me for the benefits of 'First Time Home Buyer' and you can also subscribe to free reports from my website to get more information as to how to chose a realtor, mortgage consultant and to know more about the closing costs and steps involved in house buying in Canada.
Should you need more information, you can either PM or email me or contact me over phone for a NO OBLIGATION assessement of your situation and I will guide/advise you accordingly.
Good Luck
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
I have a question with regards to Holdover period. Say its 30 days and the contract was for 1 day with a specific property mentioned
After a couple of days, I buy other properties that another real estate agent shows me - do I still have to pay the original agent (with whom the 30 days are still waiting to finish)??
Or does holdover period apply to 30 days for the properties that THEY SHOWED YOU?
Quote:
Originally posted by amit kalia
Check out the testimonials and speak to people when selecting your agent. A buyer agent will even get you pre-approved for a mortgage loan. You may like to attend a home buyer session, conducted by CHMC or any local real estate office.
You are most welcome to contact me for the above home buyer interview at any Royal LePage local office near you, in the GTA.
As far buyer agency contract is concerned, it can be for one specific property or a geographic area and type of property. The time period is generally one-two months, because if one is good buyer agent, he/she would pre-screen the homes that will match their client's needs and show only those ones, saving client's valuable time. That is why, good agents always ask for a commitment of exclusivity; i.e. to work with one agent at a time (buyer agency contract).
A buyer agent is working for the buyer and NOT the seller of the property. Buyers seeking exclusive representation usually do so through an agency agreement. This relationship is the counterpart of seller agency with the same agency principles and practices applying.
Another thing to bear in mind when buying a home is that the seller’s agent ( the agent whose name is on the lawn sign) or the one's whose name is shown on the listing on MLS, always work for the best interest of his/her seller. Brokers have to disclose all relevant information they have on property defects to sellers. But brokers must tell buyers only about material defects that render the property dangerous or unfit for habitation, not necessarily all defects in a property. That's where a buyer's agent comes in handy, being free to talk about anything that can affect the buyer's interests.
This revolution in real estate sales began in 1983, with a classic study by the Federal Trade Commission in the United States. It found that 72 per cent of buyers believed the agent they worked with was representing their interests. Almost three out of four buyers were spilling their guts, disclosing confidential information about their goals, to agents who were legally representing the seller. Most states and provinces have brought in laws requiring real estate agents to disclose who they were working for in every situation.
In 1995, the Ontario government brought in buyer representation. This means you can sign a contract with a real estate agent, who's sworn to protect your interests. The Ontario Real Estate Association has developed a standard buyer agency agreement that brokers can use with clients. Any licensed real estate agent in Canada can legally act as a buyer's agent. A buyer's agent performs services for you that a seller's agent can't, such as showing you reasons not to buy a particular property. A good buyer agent will include contingencies in the contract that protect you, rather than the seller as in most standard contracts, and keep confidential any information that could hurt your bargaining position. A representative of the buyer must use professional negotiation skills, seek appropriate properties that meet the buyer’s needs, describe the merits and defects of any selected property, keep information confidential concerning the buyer, and generally act in the buyer’s best interests. The hallmarks of this relationship are good faith, full disclosure, competence, obedience, and accounting. The buyer and the brokerage will enter into a signed buyer agency agreement that details their relationship. The seller usually pays all commission to the listing brokerage who, in turn, forwards the appropriate portion to the buyer’s brokerage. Alternatively, the buyer’s brokerage can be paid directly by the buyer and, therefore, this amount does not form part of the sale proceeds. In most transactions, the commission to the buyer’s brokerage is paid via the listing brokerage from the proceeds of the sale. Payment procedures for the payment of commission will vary by provincial jurisdiction.
Come attend a First Time Home Buyer Interview, see what is covered:
http://www.realestate-ontario.com/firsttimebuyer.htm
Good luck,
