Critical Dates When Buying Real Estate

Important Dates in Real Estate
If you like a job with predictable hours, being a Realtor is probably not for you! One of the craziest deals I ever put together involved my sellers (one vacationing in Edmonton and her Husband skiing in Vancouver), the buyer (in Hong-Kong) and their Realtor (thankfully in Toronto). To make it happen I had to make myself available in 3 different time zones… after staying awake for nearly 24 hours, we somehow pulled it off!

As a buyer or seller, these crazy hours aren’t typical – but there are some critical dates that those in the real estate process should be familiar with!  For this reason, I’ve put together a list of times to be mindful when purchasing or selling

Closing Day

The most exciting day of them all! For Buyers, it’s when you finally get the keys to your new place and for Sellers, it’s when you get to take the cheque to the bank. Coming up with this date is usually determined during the negotiation process of when an offer is submitted.  Sellers will typically make known on the MLS listing the type of closing they’re looking for – typically 30, 60, or 90 days are requested.  Of course, everything is negotiable and I’ve personally done deals that have closed in 5 days or on the flip side, over 6 months.  The only thing that is NON NEGOTIABLE is closing on a Saturday, Sunday or Holiday.  The Land Registry offices are closed on these dates and therefore make it impossible for a real estate purchases to close as well! Also be mindful around the holidays as some lawyers may close up shop early!

Viewing Properties

When selling your home, expect purchasers to visit properties between the hours of 9 am to 9 pm.  Of course, it’s the sellers final decision on how flexible they’d like to be… but the more opportunity given for prospective buyers to view your home – the higher the chances of finding the right one to purchase it.  The actual visit is often booked in 60 minute windows, but it’s also common to cut that time down to 30!

Deposit Cheque Delivery

Once an agreement of Purchase and Sale has been accepted, buyers have only 24 hours (excluding Saturdays, Sundays and Holidays) to deliver their deposit cheque. To simplify things, I often advise my clients to have the deposit cheque prepared in advance of writing an offer to avoid any delays and ensuring on time delivery within the time limit!

Important Dates in Real Estate

Mortgage Financing

Purchasers will often ask for 3-5 days to get their financing confirmed from their lender. In hot markets, it’s common to see sellers request only 3 days for this to happen.  The best approach is to be pre-approved, and also to submit as much of the required qualifying paperwork well in advance to your lender.  If your lender has it all on file, it’s much easier for them to get a speedy approval!

Home Inspection

Generally speaking, it’s common to see buyers request a home inspection within 1-5 days after a conditionally accepted offer is reached. The inspection itself doesn’t take that long, but rather only 2-3 hours (depending on the size of the home). The inspectors I use all come equipped with camera’s and digital reports.  Almost instantly you’ll be able to access your homes report! I often suggest sellers get a pre-listing inspection report prepared and available to disclose any known issues in advance.

Review of Status Certificate (Condo Purchases Only)

For those purchasing a condo, it’s always advised to have the buildings Status Certificate reviewed by a Real Estate Lawyer! The document will give you a clear picture of the financial health of the condo along with any upcoming repairs or current lawsuits the corporation may be in.  In Ontario, condo corporations have 10 (business days) to prepare and deliver the docs. Some may speed up the process for an extra fee, but as a general rule – expect the full 10 days to pass before it is ready. In today’s market, it’s most realistic to ask for 24-36 hours for the buyers lawyer to review the docs!

Second Buyer Visits

It’s very common for buyers to request 2 or 3 visits, for them to come back and take room measurements of their newly purchased home! Have your realtor clarify requests on the agreement of purchase and sale to limit these visits to a max of 1 hour per visit.  Having it in writing makes everything clear and avoids any day long visits (yes, I’ve seen it happen).

Important Dates in Real Estate

For the most part, the above mention some of the more important dates in the Real Estate cycle! If you’re looking to find a home or condo in downtown Toronto, contact me… I’d love to help!

My Answer to Ratehub.ca's Homebuyer Jeopardy

There’s only a few days left to win $300 in Ratehub.ca’s Homebuyer Jeopardy!  A few weeks back I posted about the contest and how you can win:

From August 6-31, you could win $300 to put towards your house, your car, or that special trip to Hawaii. We need you to use your know-how to answer mortgage questions from our four home buyers

Every week, they’ll post a video of one of their home buyers with their question on their Facebook page. Just go over to the “contest” tab on their page or click here to watch the video and get the question. You’ll find all the answers on their site including rates, calculators, and everything you need to know about mortgages. Submit your answer using the app on our contest page to be entered in our draw.

Watch the video below for my answer to Matthew Slutsky‘s question:

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If you have any questions about the home buying process, feel free to leave them in the comment section!

Daniels Coming to River City?

Daniels at River City

I was at the River City sales office the other day getting some updates on availability of units…after chatting with the wonderful staff (I can truthfully say that from experience) I took a walk over to the see the progress at the site! To the average person it pretty much looks the same, but from what I saw back in October to how it looks now is quite substantial. For a project of this size, tons of parts must first be put in place before the actual project gets off the ground. In the coming days I’ll have some video footage showing some of the changes at the site….

BUT the bigggggest update I discovered was almost camouflaged by some graffiti on the hoarding. Posted towards the end of the construction wall was a white sign that read “Daniels”!!! I instantly got on my laptop and started searching to see if anyone had picked up on this! (As of writing this post, no one has)… before I go on, let me take a step back to explain why this finding is so HUGE!

Currently all that’s on the site is a ton of dirt and a bunch of construction workers getting ready to carve the River St extension. Once complete the street will run through the River City development (on the East side of the street. To the West of the extension will be a dedicated area for mixed use and affordable housing. Since the project launched back in November, I’ve been searching all over the City (and internet) for information on who will be building the housing. All that I was able to find was a short note reading “Toronto Community Housing Corporation is developing the first complex comprised of three buildings of affordable housing. Construction of the 243 unit development designed by Baird Sampson Neurt Architects will start in spring 2010 and occupancy is expected in early 2012.” from a March 10th Waterfront Toronto release. Even the Toronto Affordable Housing website lacked the details I’ve been looking for!

If my findings are true, and in fact Daniels is the developer selected to build at the site…this is great news for all! Daniels has an excellent reputation, already building AND selling out their One Cole project a few blocks away in Moss Park. They’re also the developers who practically sold out their Mississauga townhouse complex in several hours back in March. I couldn’t find anything on the Daniels website announcing their involvement in the River City project BUT if that little white sign is any indication of what’s to come, it’s should be a welcomed addition to the neighbourhood!

There are some great layouts available at River City! If you’re interested in calling River City home, give me a call or send me an email… I’d love to help!

Look for more video updates in the coming posts!

River City Mark Savel

What a 'Son Of A Broker' this guys is!

Chris Molder, Toronto Mortgage Broker, recently launched his newest blog appropriately named “SonOfABroker.com” The name came to be from the fact that he literally is the son of a mortgage broker. As Chris puts it: “Since 1975 my father has been sharing his wisdom and insights about mortgages with his clients and myself. The purpose of this blog is to share the knowledge and experience of over 30 years in the mortgage business with you!”

I’ve been following his work for the past few months and really like the approach he takes. I’m a firm believer that “the devil is in the details”, so it’s only natural for me to take a likening to Chris’ informed and educated approach when talking mortgages. Watch Chris in action as he explains ‘the 5 things everybody should know about their mortgage’ in the video below: [Read more…]

The Honey in the Hive

thehive

The busy bees at BuzzBuzzHome have whipped up another cool feature!  Keeping with the apidae theme (that’s nerd talk for bee) they’ve just launched the “Hive” .  It’s basically a forum for discussing preconstruction projects in the City and is also available in Calgary and Vancouver.  I think this is an amazing idea and a great middle ground for Developer, Consumer and Realtor to meet. It brings the 3 parties together in an informal way to discuss, demystify discover more about a particular project. As more people join in on the conversation, the story of the condo can be better documented from start to finish thanks to this evolution from BuzzBuzzHomes.

To access the Hive, click on your desired preconstruction condo and select “Enter the Hive.”  From there you’ll be able to view prices, unit sizes and even other developments in the area (plus a ton more).  To comment on the project, scroll down to the bottom and buzzzz away!  Here’s my thoughts on Casa Condo, by Cresford.  Being the shutter bug that I am, I naturally love the ability the site has to upload photos!

Once you’ve found that perfect project and are ready to take the next step give me a call…i’d love to help!

Sage Logo PNG copy Mark Savel - Sales Representative - Sage Real Estate LTD., Brokerage - 1820 Bayview Ave. Tor, Ont, M4G 4G7 - 416-483-8000