FAQ

I’m thinking about buying my first home. Where do I start?

The first step is to get pre-approved for a mortgage. A pre-approval establishes how much you can spend and locks you in at the current interest rate for 90 days or more, allowing you to shop with confidence. If you're unsure where to get help with this step, please contact Michael for a referral to a mortgage professional.

Do I need a real estate lawyer to buy or sell?

Yes. In Ontario, a real estate lawyer is required to manage the legal paperwork associated with buying, selling or mortgaging a property.

What's the difference between a deposit and a down payment?

These two terms are often used interchangeably, but they are actually two separate items:

• The deposit is money paid up front to secure, or commit to a property.

• The down payment is the money that you pay to the seller to be eligible for financing.

In most cases, the deposit may be applied toward the down payment on the property.

What other costs are associated with purchasing property?

There are a number of potential costs associated with purchasing a property, including:

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• Home Inspection

• Appraisal Fee

• Legal Fees

• Land Transfer Tax (LTT)