Home Buyers Seminar Held for Scotia Bank Employees. Presented by: Carolyn Salib

1. HOME Buying Process CAROLYN SALIB AND PAUL LAPAS REMAX UNIQUE YORKVILLE

2. TOPICS OF DISCUSSION Why Purchase? $Cost$ The Wish List The Search Process The Offer Closing

3. Why Purchase? Finances Cost/Benefit Analysis Rent vs. Buy Reasons to Buy Live Investment (lease) Flip (Renovate) *Know your motivation!

4. Why Purchase? What are you investing in? Real Estate Market Constantly changing Factors to Consider Market Trends (inventory, development) Economy (inflation, unemployment) Interest Rates Utilize your Agent and do your research Prices have steadily increased since 1996.

5. $Costs$ Closing Costs Deposit/ Down Payment Mortgage Insurance (CMHC) Appraisal Fees Home Inspections Land Transfer Tax Property Tax Property Insurance Title Insurance Legal Fees CLOSING COSTS Approximately1.5% of the purchase price

6. $Cost$ HST Real Estate *5 The new housing rebate will be 75 per cent of the Ontario component of the HST, up to a maximum of $24,000. The rebate will ensure that buyers of homes priced up to $400,000 will, on average, pay no more tax than under the RST system. However, applicable RST on building supplies is embedded in the price of the home. *5A New homes purchased as primary residences, valued at $400,000 or more will be eligible for the maximum new housing rebate of $24,000.

7. The Wish List What is most important to you as a home buyer? $Affordability$ Location Needs/Wants Transportation Parking Locker Pets Square footage Outdoor space Balancing act between Affordability, Location, Needs/Wants

8. The Search Process 92% of homebuyers begin their search online Research Multiple Listing Service (M.L.S.) Finding An Agent Referral (be careful) Agent representation (full-time career) Research and knowledge Aggressive and active Constant communication Education and experience Trust

9. The Search Process Common Mistakes Call Listing Agent to view a property Multiple Representation Multiple Agents (no representation) Viewing properties outside of price range Viewing dozens of properties Emotional Decision (Staged Properties) Commission Who pays? Seller or Buyer?

10. The Offer Agency Relationship Client vs. Customer Dreaded Contract (beginning) Deposit Certified cheque Leverage negotiations Good faith Down payment

11. The Offer Negotiating Story (history) Sellers Motivation Days on market (D.O.M.) Listing History Land Registry (Owners) Comparative Market Analysis (C.M.A.)

12. The Offer Documents Working With A Realtor Buyers Representation Agreement FINTRAC Confirmation of Cooperation Agreement of Purchase and Sale Read all documents Toronto Real Estate Board (T.R.E.B.)

13. Closing Offer Accepted Produce Deposit (24hrs) Satisfy Conditions (Financing, Home Inspection, Status Certificate) Hire Real Estate Lawyer Home Insurance Utilities (hydro, gas) Moving Arrangements Closing Date = Closing Costs Pick up Keys

14. Welcome Home!

15. Background and Information Carolyn Salib Honours B.A. University of Toronto (Communications Information Technology) Consulting Background – Negotiations Canada and U.S. Paul Lapas Honours B.Sc. University of Toronto (Geographic Information Systems and Mapping) Consulting – Research Based Canada and U.S.

16. Background and Information Buying Agents First Time Home Buyers Social Media Connections Facebook Group/ Page: Think Unique LinkedIn: Think Unique Twitter: ThinkUniq