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faqs(frequently asked questions)

  • Can I avoid paying the dreaded Land Transfer Tax?
    Unfortunately, the Land Transfer Tax is a mandatory fee that is required by law in many provinces in Canada, including Ontario. However, there are a few exemptions and rebates that you may qualify for, depending on your circumstances. For example, first-time homebuyers in Ontario may be eligible for a rebate of up to $4,000 on the Land Transfer Tax. Additionally, if you are a Canadian citizen or permanent resident who has never owned a home anywhere in the world, you may be eligible for a further rebate of up to $4,000. To find out more about the Land Transfer Tax and how it applies to your situation, please contact us at Nextlevelhomes. We would be happy to help you navigate the complexities of the homebuying process and ensure that you are fully informed about all of the costs involved.
  • Do I need 20% downpayment to purchase in Toronto?
    No, you do not necessarily need a 20% downpayment to purchase a home in Toronto. The minimum downpayment required in Canada is 5% for homes up to $500,000, and 10% for homes between $500,000 and $1 million. For homes over $1 million, a downpayment of at least 20% is typically required. However, keep in mind that having a larger downpayment can help you secure a better mortgage rate and reduce your monthly mortgage payments. It is important to speak with a mortgage specialist to determine what downpayment and mortgage options are best for you.
  • Do I lose my deposit if I don't qualify as a 1st time home buyer but I thought I did?
    We understand that buying a home can be a complex process, and it's not uncommon for buyers to misunderstand their eligibility for certain programs or incentives. If you are unable to qualify as a first-time homebuyer, you may still be able to purchase a home with a larger down payment or through other financing options. However, if you are unable to secure financing within the agreed-upon timeline outlined in the purchase agreement, you may risk losing your deposit. It's important to consult with a qualified real estate professional and mortgage specialist to ensure you understand all of your options and eligibility requirements before making any commitments. If you have any questions or concerns about your deposit or eligibility, please don't hesitate to contact us. If for example; your offer is conditional on financing and you discover that you don’t qualify as a first-time buyer during the conditional period, then you may have a legitimate reason not to waive your financing condition. If you don’t waive your financing condition, you get your deposit back. If your offer is firm – meaning that there are no outstanding conditions, you are obligated to close on the transaction or risk losing your deposit and getting sued.
  • How much is a bank appraisal in Ontario?
    The cost of a bank appraisal in Ontario can vary depending on the type of property and location. Typically, the cost can range from $300 to $500, but it can be higher for larger or more complex properties. It's important to note that the appraisal fee is usually paid by the borrower and is a necessary part of the mortgage process. If you have any questions or concerns about bank appraisals, please don't hesitate to contact us at Nextlevelhomes. We are happy to help.
  • Do I need a realtor to buy a home in Ontario?
    While it is not a legal requirement to have a realtor when buying a home in Ontario, it is highly recommended. A realtor can offer valuable assistance throughout the home buying process, including: - Helping you navigate the complex process of buying a home - Providing access to a wider range of properties that may not be available to the public - Advising you on market conditions and pricing trends - Negotiating on your behalf to get the best deal possible - Handling all the paperwork and legal aspects of the transaction Additionally, using a realtor typically does not cost the buyer anything, as the seller usually pays the real estate commission. So, while you may not need a realtor to buy a home in Ontario, having one can make the process smoother and more successful. You’re about to make the biggest financial investment of your life, do it with someone who work in the real estate market every day.
  • Is there a government program to help first-time buyers in Toronto? Are there programs to help with closing costs?
    Yes, there are government programs available to help first-time buyers in Toronto. The most popular program is the First-Time Home Buyer Incentive, which offers a shared-equity mortgage with the Government of Canada. This program can help you reduce your monthly mortgage payments. Additionally, there are also programs available to help with closing costs such as the Land Transfer Tax Rebate program, which provides a rebate up to $4,000 for first-time buyers. Contact us to learn more about these programs and how to take advantage of them.
  • Can I avoid paying land transfer tax in Toronto?
    Unfortunately, the land transfer tax in Toronto is mandatory and cannot be avoided. This tax is applied to all properties sold or transferred within the city limits, and the amount varies depending on the value of the property. Next Level Homes does not have the authority to waive or reduce this tax, as it is collected by the municipal government. However, we can provide guidance and information on how to calculate the land transfer tax and incorporate it into your budget when purchasing a property in Toronto. If you have any further questions or concerns about land transfer tax, please don't hesitate to contact us.
  • If I waive the financial condition and then don't get financing, what will happen?
    If you waive the financial condition and are unable to obtain financing, you will still be obligated to proceed with the purchase of the property. This means that you will have to come up with the funds to complete the purchase, either through your own resources or by obtaining financing through other means. If you are unable to do so, you could potentially be in breach of the purchase agreement and be subject to legal consequences. For this reason, it is important to carefully consider your options and seek professional advice before waiving any conditions on a real estate purchase.
  • What happens if my home inspector missed something during the inspection?
    At Nextlevelhomes, we understand that home inspections are not always foolproof and there may be instances where something is missed during the inspection process. In such cases, we recommend that you contact your home inspector immediately and let them know about the issue. Most reputable home inspectors will have an errors and omissions insurance policy that will cover any damages resulting from an oversight during the inspection. You may be able to file a claim with their insurance company to get compensation for any damages or repairs that need to be made as a result of the missed issue. We also recommend that you read the inspection report carefully and ask any questions you may have before closing the deal on your new home. This will help you avoid any surprises down the road and give you peace of mind when it comes to the condition of your home. At Nextlevelhomes, we are committed to providing you with the best possible service and ensuring that your home buying experience is a positive one. If you have any questions or concerns about your home inspection, please don't hesitate to contact us and we'll be happy to help.
  • How do real estate agents get paid in Ontario?
    In Ontario, real estate agents are generally paid on a commission basis. This means that they receive a percentage of the sale price of the property they help to buy or sell. The commission rate is negotiable and typically ranges from 3% to 5% of the sale price. The commission is usually split between the buying and selling agents, with each receiving a percentage of the total commission. It's important to note that the commission is paid by the seller, not the buyer, and is typically deducted from the sale price of the property. Real estate agents don’t get paid a salary or for the hours they work. They don’t get paid if they’re sick or take a vacation; they don’t get paid overtime or for working on a statutory holiday; they don’t insurance benefits or qualify for EI or CPP. If a home doesn’t sell, the realtor doesn’t get paid.
  • Does a Buyer have to pay real estate commission in Ontario?
    No, the buyer does not typically pay the real estate commission in Ontario. The commission is usually negotiated between the seller and the listing agent, and is paid by the seller upon the successful sale of the property. However, it is important to note that the cost of the commission may be factored into the asking price of the property, ultimately affecting the price that the buyer pays. It is recommended that buyers speak with their real estate agent to understand how commission fees may impact their purchase. In recent years, as Toronto’s Multiple Listing Service (MLS) has been opened up to include For-Sale-By-Owner (FSBO) listings and other discount brokerage commission models, occasionally, a Buyer has to pay their agent directly.
  • I want my agent to be motivated to sell my home for as much money as possible. What can I do?
    At Nextlevelhomes, we understand the importance of having a motivated agent who is dedicated to getting you the best possible price for your home. Here are a few things you can do to help ensure your agent is motivated and focused on achieving your goals: 1. Choose an agent with a proven track record of success. Look for an agent who has a history of selling homes quickly and for top dollar. 2. Set clear expectations and goals. Make sure your agent knows what you're looking for in terms of price, timeline, and other important factors. 3. Stay involved in the process. Communicate regularly with your agent and stay up-to-date on the progress of your sale. 4. Be open to feedback and suggestions. Your agent may have ideas for how to improve your home's value or attract more buyers - be willing to listen and consider their recommendations. By working together with your agent and taking an active role in the selling process, you can help ensure that your home sells quickly and for the best possible price.
  • Do I pay less commission if my home sells quickly?
    Commission rates are based on the value of your home, not on the length of time it takes to sell. We believe in providing our clients with fair and transparent pricing, regardless of how quickly their home sells. Our commission rates are competitive and are designed to reflect the level of experience and expertise that our team brings to the table. We work hard to help you sell your home quickly and for the best possible price, and our commission rates are a reflection of the quality of service that we provide. If you have any questions about our commission rates or our services, please don't hesitate to contact us. We're always here to help you navigate the real estate market and achieve your goals.
  • When do I pay a REALTOR commission?
    You will only need to pay a REALTOR commission when you successfully sell or purchase a property with their assistance. The commission is typically a percentage of the sale price and is paid out of the proceeds of the sale. If you are a buyer, the commission is usually paid by the seller. If you are a seller, the commission will be taken out of the sale price before the remaining proceeds are distributed to you. At Next Level Homes, we strive to provide our clients with transparent and fair pricing, so you can trust that our commission rates are reasonable and competitive. If you have any additional questions about our commission structure or pricing, please don't hesitate to contact us.
  • How do real estate agents get paid in Ontario?
    In Ontario, real estate agents typically work on a commission-based system. This means that agents earn a percentage of the final sale price of a property, usually around 5%. The commission is split between the listing agent (the agent representing the seller) and the buyer's agent (the agent representing the buyer), with each agent receiving a portion of the commission. It's important to note that the commission is only paid once the sale of the property is complete, and the seller is responsible for paying the commission fees. However, some agents may also charge additional fees for services such as marketing or home staging. As a buyer or seller, it's important to discuss all fees and commissions with your agent before signing any contracts or agreements.
  • Are there any restrictions on how real estate commission is structured in Ontario?
    Yes, there are certain restrictions on how real estate commission is structured in Ontario. RECO, which stands for Real Estate Council of Ontario, regulates the real estate industry in Ontario and ensures that all real estate professionals follow ethical and professional standards. According to RECO, real estate commission can only be paid to a brokerage, not to individual sales representatives. The brokerage then pays the sales representatives based on the agreement between the brokerage and the representative. In addition, the amount of commission charged by a brokerage must be clearly stated in the Listing Agreement, which is the agreement between the seller and the brokerage. The amount of commission can be negotiated between the seller and the brokerage, but it must be disclosed to the buyer. It's important to work with a reputable brokerage that follows all RECO regulations to ensure a smooth and ethical real estate transaction. At Nextlevelhomes, we pride ourselves on being professional and transparent in all our dealings.
  • Is real estate commission negotiable?
    Yes, real estate commission is negotiable. Generally, commission rates range between 3% and 5%, with the average being around 4% depending on services and experience of the realtor. However, it is important to keep in mind that the commission is split between the buyer's agent and the seller's agent, and the seller usually pays the commission. It is always a good idea to discuss commission rates with your real estate agent and negotiate a rate that works for both parties. At Nextlevelhomes, we strive to provide transparent and fair commission rates for our clients. Contact us to learn more about our commission rates and how we can help you with your real estate needs.
  • Do I have to pay HST on commission in Ontario?
    Yes, according to the current tax laws in Ontario, you are required to pay HST (Harmonized Sales Tax) on the commission you pay to your real estate agent when you sell or purchase a property. The HST rate in Ontario is 13%. This means that if your agent's commission is $10,000, you will have to pay an additional $1,300 in HST. However, if you are purchasing a newly constructed home, the HST may be included in the purchase price. It is always best to consult with your real estate agent or a tax professional for more information on this topic.
  • Do I need a For Sale sign on my lawn in Toronto?
    No, it is not mandatory to have a For Sale sign on your lawn in Toronto. However, having a sign can help attract potential buyers who may be driving or walking by your property. If you choose to have a For Sale sign, be sure to follow any municipal bylaws and regulations regarding the size and placement of the sign. Additionally, some condominiums or townhouse complexes may have rules about displaying For Sale signs, so it's best to check with your property management or condo board before displaying a sign. Ultimately, the decision to have a For Sale sign on your lawn is up to you and your real estate agent.
  • How should I go about hiring a real estate agent to sell my house?
    Selling a house can be a daunting task, and hiring the right real estate agent can make all the difference. Here are a few tips on how to go about finding the right agent for you: 1. Do your research: Look up local real estate agents in your area and read reviews of their services. You can also ask friends and family if they have any recommendations. 2. Interview potential agents: Once you have a few agents in mind, schedule a meeting with them to discuss their experience, marketing strategies, and how they plan to sell your home. 3. Check their credentials: Make sure the agent you choose is licensed and a member of a reputable real estate association. 4. Compare commission rates: Commission rates can vary between agents, so make sure to compare rates and negotiate if necessary. 5. Trust your gut: Ultimately, you want to choose an agent that you feel comfortable working with and who understands your needs and goals. 6. Review their marketing plan: A good agent should have a comprehensive marketing plan to sell your home. Make sure you understand their strategy and how they plan to attract potential buyers. At Nextlevelhomes, we understand the importance of finding the right agent to sell your home. Our team of experienced agents is dedicated to providing exceptional service and achieving successful results for our clients. Contact us today to learn more about how we can help you sell your home.
  • Can I fire my real estate agent?
    Yes, you have the right to terminate your real estate agent. However, before taking this step, you should try to address any issues or concerns with your agent directly. Communication is key in any professional relationship, and your agent may be able to address your concerns and improve your overall experience. If you still wish to terminate your agent's services, you should review your agreement with the agent to understand the terms and conditions of termination. Some agreements may require a notice period or payment of a fee. It is important to note that terminating your agent does not necessarily mean you will receive a refund of any fees or commissions paid. Be sure to carefully review your agreement and discuss any concerns with your agent before making any decisions. At Nextlevelhomes, we strive to provide exceptional service to our clients. If you have any questions or concerns about our services, please do not hesitate to contact us.
  • Do open houses work?
    Open houses can be an effective marketing tool for selling a home. It allows potential buyers to view the property in person and get a better feel for the layout and features. It also allows the seller to showcase the home in its best light and generate interest among potential buyers. However, it is important to note that open houses are not always necessary and may not always lead to a sale. Some buyers prefer to schedule private showings instead. Ultimately, the decision to hold an open house should be based on the specific property, market conditions, and the seller's goals. Note that open houses for condos are somewhat less popular due to the similarities between condo units. It’s also important to note that many condos do not allow open houses for security reasons.
  • Is getting a pre-listing home inspection worth doing?
    Getting a pre-listing home inspection. This inspection is done before putting your home on the market and will help identify any potential issues that may need to be addressed before listing your home for sale. By getting a pre-listing home inspection, you can avoid any unpleasant surprises during the selling process. It also gives you the opportunity to make any necessary repairs or upgrades to your home, which can increase its value and make it more attractive to potential buyers. Additionally, a pre-listing home inspection can give buyers more confidence in the condition of your home, which can lead to a smoother and quicker sale. It can also help prevent any potential legal issues that may arise from undisclosed problems with the property. In short, getting a pre-listing home inspection is definitely worth doing and can save you time, money, and hassle in the long run. Contact Next Level Homes today to schedule your pre-listing home inspection and take the first step towards a successful home sale.
  • How much will it cost to stage my house?
    At Nextlevelhomes, we believe that every home has its unique style and character. Our professional staging services are tailored to bring out the best in your property, and the cost varies based on the size and scope of the project. To get an accurate estimate, we recommend contacting us for a consultation. During the consultation, we will assess your property and provide you with a detailed quote that outlines all the costs associated with staging your home. We understand that selling your home can be stressful, and we strive to make the staging process as smooth and hassle-free as possible. Our team of experts will work closely with you to create a customized plan that meets your needs and budget. Some agents include staging as a part of their Home selling strategy (if it is needed at all) for that home. Contact us today to schedule your consultation, and let us help you take your home to the next level
  • Can I sell my home privately off of the MLS?
    Yes, you can sell your home privately off of the MLS. However, keep in mind that the MLS is a powerful tool that can help you reach a wider audience of potential buyers. By listing your property on the MLS, you can tap into the network of real estate professionals who use the system to search for properties on behalf of their clients. This can help you sell your home faster and for a better price. If you choose to sell your home privately, you'll need to take on more of the marketing and administrative tasks yourself, such as arranging showings, negotiating with buyers, and preparing legal documents. It's important to weigh the pros and cons of each approach before making a decision.
  • How much are legal fees to buy a house in Toronto?
    Legal fees to buy a house in Toronto can vary depending on the complexity of the transaction and the lawyer you choose. On average, you can expect to pay between $1,500 to $2,500 for legal fees (all-in). This includes the lawyer's fee, disbursements, and taxes. It's important to note that legal fees are just one of the many costs associated with buying a house in Toronto. Other costs include land transfer tax, property tax adjustments, and home inspection fees. It's always a good idea to budget for these costs when planning to buy a house. At Nextlevelhomes, our experienced agents can help you navigate the home buying process and provide you with a comprehensive breakdown of all the costs involved.
  • Why isn't my home selling?
    It can be frustrating when your home doesn't sell as quickly as you had hoped. Here are some reasons why your home may not be selling: 1. Overpriced: One of the most common reasons why a home doesn't sell is because it is overpriced. If your home is priced too high, buyers may not even consider looking at it. Be sure to do your research and price your home competitively. 2. Poor condition: If your home is in poor condition, it may not appeal to buyers. Consider making repairs and updates to improve your home's condition and increase its value. 3. Poor marketing: If your home isn't marketed effectively, it may not reach the right buyers. Be sure to work with an experienced real estate agent who can market your home to the right audience. 4. Timing: The timing of your home sale can also impact how quickly it sells. If you're selling during a slow season or a buyer's market, it may take longer to find a buyer. If your home isn't selling, it's important to evaluate these factors and make adjustments as needed. Working with a knowledgeable real estate agent can help you navigate the process and find the right buyer for your home.
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