For most of us, real estate transactions are the
biggest financial transactions of our lives. So before you embark on the buying and selling process, here
are some tips to help get you started in an uncertain market.

  • Shop around: 

With more than 75,000 real estate representatives in Ontario, how
do you pick the one that is right for you? It’s always a good idea to meet with at least a few different real estate representatives before selecting who you will work with. Consider asking friends or family
to recommend a broker or salesperson. When you have your shortlist of representatives ready, consider asking these questions to find out which representative is right for you. It’s a great way to determine whether you and your rep will be on the same page.

1. Tell me about your real estate experience.

2. Tell me your general approach to buying or selling and how your approach would best suit my needs.

3. Tell me about the services you would provide and any different options or services that may or may not be included.

4. Tell me about the commission or fees I would pay.

5. Do you have references?

  • Look them up: 

Before hiring a salesperson or broker, look them up using the search tool at the top-right corner of RECO’s website. Confirm they’re registered and in good standing.

  • Read and understand everything before you sign:  

It can be tempting to speed the process along by signing forms that you haven’t read. After all, nobody really likes reading the fine print. But taking the time to understand what you’re signing can avoid a lot of problems later on.  

  • Know your tolerance for risk:  

If you’re buying a home, you may be tempted to submit an offer without any conditions attached so that you can get a leg up on the competition. But are you comfortable taking on that level of risk? Can you afford to fix an issue with the home that an inspection otherwise may have detected? Will you be OK should you lose your deposit if a lender denies you financing? Consider all outcomes before committing to a decision. 

  • Remember, you own the process:  

Your representative is a great source of information to offer guidance. But you’re in the driver seat. Don’t make a decision unless you are well informed and comfortable with it.


Looking for more information?
For more information on how RECO protects the public interest, please visit
www.reco.on.ca or
call 1-800-245-6910.

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Buying a home is a big decision – whether it’s your first home or a vacation home. To help you make smart decisions, it’s important to think with your head and not your heart. The Real Estate Council of Ontario (RECO) shares their tips for being home smart when you’re in the market to buy. 
 
Do your homework
Get informed about the buying process before it begins to save time, hassle and money.
 
Shop around
Don’t be tempted to hire the first real estate representative you meet. Make sure the fit is right, check their references and visit the RECO website (www.reco.on.ca) to confirm their registration.
 
Get it in writing
If your real estate representative offers you rebates or incentives, 
they should provide the details in writing.
 
Understand what you’re signing
Before you sign a buyer representation agreement, make sure you know what it means, how long it will be in effect and what the different clauses mean. Ask questions and seek independent legal advice if you’d like a second opinion.
 
Keep budget in mind:
  • Remember to include legal fees, land transfer tax, mortgage insurance and utility hookups in your total cost. 
  • Know the costs of a home inspection and home appraisal or survey. 
 
  • Moving costs can vary based on volume, distance and whether you hire a professional mover. Have wiggle room in your budget to cover the cost.
Protect yourself
Make your offer conditional on mortgage financing, a home inspection, the sale of your existing home, and/or other factors that are important to you. These conditions provide you important protection as a buyer.
 
Check what’s inside the walls
Ask your real estate representative to look into the age and condition of the home’s systems, such as the plumbing and electrical. Find out if proper permits were pulled for any renovations. Consider a home inspection to further examine the home and don’t hesitate to ask questions.
 
Be specific
Make your offer as detailed as possible. Outline what will be included with the sale (e.g., appliances and light fixtures) and be clear if certain renovations need to be completed, based on the home inspection.
 
Plan ahead
If you encounter a bidding war, enter with a strategy. Set ground rules in advance about what you want from a home, what you’re willing to spend and what conditions must be met. Once your rules are set, stick to them.
 
Competing offers
It can be tempting to waive your conditions, such as a home inspection. Think twice before 
doing this.
 
Expect the unexpected
Does your closing date on your new home align with when you need to move out of your existing home? Have a contingency plan in place in case the dates don’t match up.
Above all, working with a registered real estate professional will help you navigate the many steps and decisions involved in the home buying process.
 
looking for more information?
For more information on how RECO protects the public’s interest, please visit
www.reco.on.ca or call 1-800-245-6910.
...
Whether you’re moving to accommodate your growing family or looking for a smaller space to be your empty nest, selling your home is a big decision. To help you make smart decisions, it’s important to think with your head and not your heart. The Real Estate Council of Ontario (RECO) shares their tips for being home smart when you’re looking to make the sale. 
 
Shop around
Don’t be tempted to hire the first real estate representative you meet. Make sure the fit is right, check their references and visit the RECO website to confirm their registration.
 
Understand what you’re signing
Before you sign a listing agreement with the brokerage, ensure you know what it means, how long it will be in effect and what the different clauses mean. Ask questions and seek independent legal advice if you’d like a second opinion.
 
Show the facts
Include all your home’s details in the listing, from the square footage to recent renovations to items that are and aren’t included (water heater, appliances, drapery, etc).
 
Plan your open house wisely:
  • Be proactive and speak with your real estate representative before the open house to set ground rules and identify ways to protect yourself and your property.
  • Minimize risk by removing all valuables and securely store anything with your personal information, like credit card statements and receipts.  
 
 
Know your options
When reviewing offers on your home, the details of the offers will remain confidential between 
you and your real estate representative. You may get multiple offers, and your real estate representative is there to help you make the best choice.
 
Budget accordingly
Remember that there are closing costs associated with selling a home: real estate commissions, legal fees, moving expenses, and more.
 
Expect the unexpected
Does your closing date on the sale align with when you’ll be moving into your new home? 
Have a contingency plan in place in case the dates don’t match up. 
Above all, working with a registered real estate representative will help you navigate the many steps and decisions involved in the home buying process.
 
looking for more information?
 
For more information on how RECO protects the public’s interest, please visit
www.reco.on.ca or call 1-800-245-6910.
...