Getting into the market - reco.on.ca

1 Found the home of your dreams? Here s your to-do listWhat you need to know about depositsLooking to move? 4 must-do tips before you startHiring a home inspectorFound the home of your dreams? Here s your to-do listGettingmarket?intothe2 Bridal Edition | Reconnect3300 Bloor Street WestSuite 1200, West TowerToronto, Ontario M8X 2X2 Tel: 416-207-4800 1-800-245-6910 Fax: 416-207-4820Do you have any comments or inquiries about the Reconnect newsletter? Please send them to While RECO makes every effort to ensure that the information in this publication is current and accurate, RECO does not warrant or guarantee that it will be free of errors. The information contained in this publication is not intended to cover all situations. It is general information only and users/ readers are encouraged to seek their own independent advice for particular fact your first home ?

2 RECO is here to on the engagement! Marriage is a milestone event, just like buying your first home . There s no shortage of home buying information on the Internet, but finding the information that relates to you and your circumstances and what it means to you can be a real challenge. The Real Estate Council of Ontario (RECO) is here to from the Registrar // Joseph RicherFALL 2018 Providing practical advice and useful informationWhen you re ready to buy or sell a home , I strongly recommend working with a real estate salesperson or broker for a very good reason: they are trained to find the information that is relevant to you, interpret what it means for you and give you advice on how best to use the information. What you may not know is that salespeople and brokers must be registered with RECO, and follow the laws and Code of Ethics we enforce if they want to work in Ontario.

3 Overseeing the conduct of real estate salespeople and brokers is a big part of what we do, but one of our most important roles is to offer helpful advice to consumers: your rights and responsibilities as a buyer or seller, how to work with your representative, and some of the questions you need to ask. Looking out for consumers through three pillars of protectionWhen you work with a registered salesperson or broker, you can count on three pillars of protection from RECO: KnowledgeReal estate is an ever-changing industry. RECO requires salespeople and brokers to pass educational courses before they can enter their profession. And once they are in the business, they must complete additional courses every two years to keep their knowledge up to-date and their skills standardsRECO takes professional standards very seriously.

4 Brokers and salespeople are obligated to treat buyers and sellers with fairness, honesty and integrity, and they must follow the rules that protect consumers. In the rare instance that something goes wrong and you think your representative or their brokerage broke the rules or acted unprofessionally, you can submit a complaint with RECO. We ll investigate the matter, and if there s evidence, hold them accountable. InsuranceWhen you put down a deposit for your dream home , you need to know that it s safe. That s why RECO oversees an insurance program that includes deposit insurance. Deposit insurance provides you with peace of mind knowing that your hard-earned payment will be held in trust and insured against loss, insolvency or misappropriation. The more you know, the better you re protected When it comes to real estate transactions, the more you know, the better you re protected.

5 Understanding the process and knowing the right questions to ask can help you avoid hassles and frustrations. If you want to learn more, keep reading and check out the following resources: First-time buyer guide ( ) RECO s Facebook page ( ) RECO s YouTube channel ( ) RECO s Ask Joe column in the Toronto Star. You can find it in the Saturday Homes Edition | Reconnect 3 Here s your to-do listFinding a home that has the qualities you want and is within your budget is no easy feat. But there s lots more to do before you move you make an offerThese to-dos can be completed before or after you make an offer, but Getting ahead of the game is a good idea. Obtain a mortgage pre-approval to give you a good idea of how much you will be able to finance for your home . Hire a real estate lawyer in case you have legal questions and so you ll be ready when it s time to close the your offer is acceptedThese items should be added to your list once your offer has been accepted: Satisfy any conditions included with your offer, like conditional financing or a satisfactory home inspection.

6 Confirm financing by providing your lender with the signed Agreement of Purchase and Sale. Your lender may conduct an appraisal on the home . Ask your real estate representative, family or friends to recommend a home inspector . There are also associations for home inspectors that can refer you. When selecting a home inspector , ask about their training, experience, certifications and approach to the home inspection there is an issue with any of your conditions, you will need to speak with your real estate representative and your lawyer about your all the conditions are satisfied, you will have to sign documents stating that each of the conditions are either waived or fulfilled. The offer will then become firm. Once the deal is firm, your lawyer will help you close the transaction. You might need to prove you have home insurance before your lender will release the mortgage your move If you re renting, you ll need to provide notice to your landlord.

7 If you already own a home , it s a little more complicated. Ideally the move-in date for your new home will align with the date you move out of your current home . If not, you may need to get a storage locker and stay with friends or family, or rent temporarily while you re between homes. You might also need to talk to your lender about bridge financing if you will own both homes for a period of this process, your registered real estate representative is a great resource. Make the most of their expertise as you work through these to-dos. Just remember, at each step of the way, you re Getting a little bit closer to your dream the home of your dreams?4 Bridal Edition | ReconnectWhen you re buying or selling a home , the guidance of a real estate salesperson or broker can be invaluable. That s why it s important to discuss in detail your expectations and ask questions about the specific services the representative will provide before you sign a representation agreement with them.

8 It s also key to get everything you discussed in sometimes, not everything goes the way it should. If you re not happy with a real estate representative, here are the steps you can to do if you re not happy with your real estate representativeStep 1: Talk to the representativeMake it clear which expectations they aren t meeting. For example, do you need them to communicate more? Are you looking for more guidance about the market ? Being specific will make it easier to resolve the problem so you can work on a new plan going 2: Speak with their broker of recordIf you can t resolve the problem with the salesperson or broker, speak with their broker of record. The broker of record manages the brokerage s employees and ensures compliance with the rules and brokerage policies, so they should be receptive if you contact them about one of their staff.

9 It s also important to remember that your representation agreement is with the brokerage, and not your individual representative. The agreement is a legally binding contract that typically locks you into working with only one brokerage for a certain period of time. So, in order to fulfill the agreement, you may be assigned to another representative. Your agreement could also have a holdover clause, which may bind you to the brokerage for a certain period after the agreement has ended. You should avoid working with another brokerage while still under contract to the first brokerage, because there can be legal and financial consequences. If in doubt, talk to your real estate 3: File a complaint with RECOIf you have serious concerns related to the representative s professional conduct, and escalating the matter within the brokerage hasn t fixed things, then we want to hear about it.

10 File a complaint with RECO. We ll investigate and hold them accountable if rules have been broken. You can file a complaint online on RECO s website, Bridal Edition | Reconnect 5A home inspector will examine a property s features and components (such as the foundation, roofing, electrical and plumbing systems, etc.) and write a report based upon what they are able to and sellers hire home inspectors If you re buying a home , it might be a good idea to make your offer conditional upon the property passing a home inspection. And if you re selling, a home inspection can help you develop a game plan; if the inspector finds any problems with your home , you can either repair them before you list or inform your real estate salesperson so they can tell potential buyers. How do you find a qualified home inspector ?