What do YOU need to know when YOU decided to Buy/Sell Real Estate

Client or customer who’s in market for either to buy, sell or invest in real estate need to know and understand few topics in real estate.  As has been said knowledge is power.  Here’s list of topic that client and customer need to know. 

Select right property to meets you and your family needs.  Location is one of critical decision factor in determining where you want to live, work and enjoy life

Understand if Real Estate Representative represents YOU as a “Client” or as a “Customer”.  There are difference in duty of care and obligation between these two terms.

For Buyer - Take time to understand and ask question when signing OREA ”Form 300” Buyer’s Representation Agreement

For Seller – Take time to understand and ask question when signing OREA Form 200 “Listing  Agreement”

Ask your Real Estate Representative what’s term “Multiple Representation” mean and when will be used

Ask your Real Estate sale representative to explain to you all pre-printed clauses in Real Estate OREA Agreement of Purchase and Sale form 100

Financial Affordability – How much you can afford without breaking the bank, leverage mortgage calculator

Understand common closing expenses – These expense can range from Lawyer fee, Land transfer tax, Moving cost.  You need to budget around 1.5-2% of purchase price or between 8,000 to 10,000 dollars

Yearly maintenance expense – Keep your property in good shape this range from gardening, snow removal, repair and upgrade.  Good number is between 4,000 – 5,000 (depends on what you want to do)

Property Tax – There’s no escape from this.  Best option either setup monthly payment with city or budge for it on monthly basis