Global Exposure For Your Home

Real estate agents in Ontario get paid upon the successful completion of a real estate sale. Services, commission rates, and other fees vary from brokerage to brokerage and are negotiable. Brokerage commissions are typically a percentage of the sale price. While there is no standard commission rate, the average typically is in the range of 5% total commission. This commission is usually split 50/50 between the listing brokerage and the selling brokerage. Usually, real estate commissions are paid for by the Seller. The commission amount owing is deducted from the money received from the Buyer on closing and paid to the listing brokerage directly. Once received, the brokerage pays the listing agent and the buyer’s agent.  Like with most other professional services, HST must be paid on real estate commission. For a clear understanding of the specific commission structure, potential fees, and services provided, it’s advisable to have a detailed conversation with your chosen real estate agent before proceeding with the sale of your home.

Once an agreement of purchase and sale has been accepted, a Seller has committed to sell the property to the Buyer. Buyers confronted with a seller’s attempt to cancel the sale have two primary courses of action. First, they can take legal action to enforce the sale at the initially agreed-upon price.  In this scenario, there is a burden on the Buyer to demonstrate that the house is significantly unique and that they could not obtain a similar property. Alternatively, if they decide to purchase a similar property and incur a higher cost, they can sue the original seller for the financial losses incurred in the process. Apart from the possibility of a lawsuit, buyers’ lawyers could register a caution on the property’s title, preventing the seller from making any further sales – a substantial concern if the seller’s intent was to capitalize on a rising market. Sellers should recognize the risks they face in attempting to cancel an agreement and obtain professional legal guidance.

In Canada, Land Transfer Tax (LTT) is a tax imposed by both the provincial and some municipal governments when a property changes ownership. The buyer is responsible for paying this tax, which is calculated as a percentage of the property’s purchase price. Notably, Toronto has its own municipal Land Transfer Tax in addition to the provincial Land Transfer Tax. So, it’s important that buyers purchasing property in Toronto be aware and plan for paying two LTT amounts. First-time homebuyers of an eligible home may be eligible for a refund of all or part of both the provincial and municipal LTT. It’s prudent to allocate around 2% of your property’s value for Land Transfer Tax when budgeting, as it’s a one-time payment due at the time of closing and can’t be added to your mortgage. Unlike property taxes, LTT is paid only once, making it a crucial consideration in your home-buying financial planning. For further information, click the Land Transfer Tax calculator below. 

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Hiring a real estate agent to sell your house offers numerous benefits that make the process smoother and more successful! As experienced realtors we help in timing the market and provide objective perspective for pricing by considering location, and comprehensive insight on comparable sales. The more buyers know about your house, the better chances you have to get top dollar. Alex Irish & Associates deploys a strategic marketing plan; leveraging local, regional, and international marketing partners to maximize your property’s exposure, while ensuring quality photography and engaging videos resonate with potential buyers across all marketing platforms. Relying on our decades of experience, you can entrust us with your negotiation needs, ensuring favorable terms and price. We prioritize your interests and offer the highest level of customer service and results throughout the selling process. 

At Alex Irish and Associates, we employ a comprehensive set of strategies to effectively market your property, especially within the luxury real estate market. We recognize that presenting your property in the best light is crucial, which is why we use professional staging services, photography, and videography to ensure an impeccable presentation. Our commitment to a strong online presence extends to leveraging popular real estate websites, reaching a wide and discerning audience. Our carefully cultivated local and international marketing partnerships enhance the exposure of our listings to a broader pool of potential buyers. We excel at highlighting the distinctive features and advantages of your property and draw on our extensive network of buyers and industry contacts to find the right buyer. In addition to these strategies, we craft high-quality marketing materials and organize exclusive open houses and virtual tours that provide an immersive experience for potential buyers. With our unwavering dedication to delivering exceptional client service, you can trust us to be a reliable choice for selling your property.

Determining the market value of your property is a critical step in the real estate process. A local real estate agent can assist in this process by conducting a thorough Comparative Market Analysis (CMA). This involves assessing recently sold properties in the same area that share similarities in size, condition, and location. In addition to the CMA, market trends are considered, including factors such as supply and demand, prevailing interest rates, and economic conditions that might influence property values. The unique features, improvements, and overall condition of the property are also taken into account. While online tools can provide initial estimates, consulting a professional real estate agent with an in-depth understanding of your local market is highly recommended for the most accurate evaluation. This comprehensive approach ensures a realistic and competitive market value for your property.