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FAQs2020-04-02T23:23:21-04:00

Frequently asked questions

helping you is what we do

How do I find the right Agent for me?2020-02-15T20:45:19-05:00
  1. Compare real estate Agents by ratings, reviews and references: reading reviews, both good and bad, helps you to determine if he/she is suitable for your situation.
  2. Interview multiple real estate Agents: meet with at least three Agents; compare and contrast – ask each of the three Agents the same questions and compare their responses.
  3. Consider the following when considering potential candidates: 
  • Experience
  • Marketing plan (Sellers)
  • Qualifications and certifications
  • Market knowledge and familiarity 
  • Affiliations
What is the difference between a Realtor, listing Agent, and Buyer Agent?2020-02-15T20:46:03-05:00

The Listing Agent markets the property and represents the Seller. The Buyer Agent represents the Buyer. A real estate Agent is licensed to help consumers buy and sell commercial or residential property. But not all real estate Agents are Realtors. The word Realtor is a trademark referring to someone who’s an active member of The Canadian Real Estate Association (CREA). To be a member of CREA, an Agent is expected to: 

  • Be committed to the REALTOR® Code
  • Be actively continuing education
  • Have access (membership) to one or more Board MLS® Systems
Do I actually need a Realtor?2020-02-14T17:06:24-05:00

Finding the perfect place to call home or dealing with the legalities of selling your home can be confusing and time-consuming. The web has made it possible to do a lot of the legwork yourself, but there’s no substitute for an experienced professional. Having an expert negotiator who knows the market can save you time, money, and heartache by helping you make the right Offer and playing hardball when necessary.

What is a Brokerage?2020-02-14T17:06:42-05:00

Every real estate Agent or broker is required to work for a Brokerage. The Brokerage employs real estate Agents and brokers to perform the day-to-day listing and selling activities of trading in real estate. 

There are several different real estate companies in Canada. Examples include Royal LePage, ReMax, Keller Williams. Most brokerages are extensions of said real estate companies. For example, Royal LePage Realty Plus is a franchise of Royal LePage. Each brokerage may then have several satellite offices. Royal LePage Realty Plus has offices in Oakville, Mississauga, and Toronto.

How do real estate teams work?2020-02-14T17:06:59-05:00

You may have noticed that more and more Agents are working on teams or in groups. The individual members of a team or group are Agents or brokers belonging to the same brokerage (in most cases) who have decided that the effective efforts of a team are greater than any one individual Agent’s effects or capabilities.  

What is a “closing date”?2020-02-14T17:07:47-05:00

The day Title of the property is legally transferred from the Seller to the Buyer. Title is a legal term associated with the person who has legal ownership of the property. 

How do real estate commissions work?2020-02-14T17:08:23-05:00

In consideration of the Listing Brokerage listing the Property, the Seller agrees to pay the Listing Brokerage a total commission that is then distributed amongst the Agents and brokerages involved in the transaction. 

Real estate commission in Ontario varies by region. In Toronto, Halton and Peel regions, cooperating commission (the amount paid to the Agent who brings the Buyer, the Selling Agent) is almost always 2.5%. However, in the Niagara Region and Hamilton-Wentworth, the cooperating commission can range from 1.5-2.5%.

When a property is listed for lease, the total commission is always one month’s rent split between the Selling Agent and the Listing Agent.

Do I pay taxes on the commission?2020-02-14T17:09:10-05:00

Yes. HST applies to real estate commission. 

Are real estate commissions negotiable?2020-02-14T17:09:30-05:00

Each Realtor decides for him or herself if their fees are negotiable. At Storey Collective our realtors will help sell your home using a range of modern marketing tools to get you the highest price in the least amount of time, all while charging a fair rate.

When will potential Buyers be coming to my home?2020-02-14T17:09:48-05:00

Our Brokerage’s office will contact you to book and confirm incoming requests to view your property, in accordance with the showing instructions provided by you; i.e. the times and days you’ve determined work best for you. They will also notify you of cancelled or rescheduled appointments. Agents will show your property to their clients at their allotted, scheduled time.

How do I prepare for a showing?2020-02-14T17:10:05-05:00
  1. Try to accommodate all showing requests, provided they are at a reasonable time, with reasonable notice given.
  2. Arrange for pets to be elsewhere when your home is being shown.
  3. Add to the ambience and make a welcoming impression by leaving all the lights on, lighting the fireplace, and playing soft background music.
  4. The best thing that you can do to have a successful showing is to not be present. You’ll get better results when your visitors feel free to poke about, linger, and ask very direct questions of their Agent.
Do I get to know what potential Buyers think about my home?2020-02-14T17:10:26-05:00

When available, we will provide feedback to you from Agents who have shown your property to their clients.

How long does the selling process usually take?2020-02-14T17:10:44-05:00

The process is unique for every property based on your selling price and location. The total number of days is going to fluctuate depending on whether it is a Buyer’s or Seller’s market and if the property is priced accordingly. If the location isn’t as desirable or if there is an abundance of supply in an area, it may take longer to sell. At Storey Collective, we use a quick 6-step process to ensure you are completely ready and confident in selling your property. In order to determine how long it would take for your home to sell, the first step involves an assessment of current market conditions and a comparative market analysis of recently sold, similar properties in your neighbourhood. 

What is a Buyer Representation Agreement?2020-02-14T17:11:06-05:00

A Buyer Representation Agreement (BRA) is a contract that binds you to work exclusively with one real estate brokerage for an agreed-upon period of time when you’re in the market to buy a home. 

A BRA outlines the property types and geographic areas for your potential new home, lists the services that will be provided by the brokerage, determines the commission that will be paid to the brokerage, and sets a time commitment.

Do I have to sign a Buyer Representation Agreement (BRA)?2020-02-14T17:12:54-05:00

You don’t have to sign a BRA, and if you do, you’re under no obligation to actually purchase a home during the term of the agreement.

What is the difference between a down payment and a deposit?2020-02-14T17:13:10-05:00

A downpayment is the total amount you’re prepared to put towards your purchase. A deposit that counts towards your down payment is required when you make an Offer to Purchase. A deposit shows the Seller you’re serious and committed to buying their property. It signals that you have the financial means to make the purchase and you’re comfortable taking on some level of risk until the deal closes. 

When is the deposit due?2020-02-14T17:13:27-05:00

The deposit is due within 24 hours of acceptance of an Offer. The amount of the deposit depends on the purchase price but it is typically between three and five per cent. The down payment is due on the day you take possession. 

What are closing costs?2020-02-14T17:13:43-05:00

After purchasing your new home, there are some additional fees that need to be covered. These costs are dependent on multiple factors. Some of the closing costs you need to take into account are mortgage interest adjustments, provision sales tax on mortgage insurance, land transfer tax, title insurance, fire insurance, prepaid property tax, utility adjustments, legal fees, and disbursements. 

A good rule of thumb would be to set aside one to three per cent of the purchase price of the property for closing costs. In fact, some lenders require that you show 1.5 percent of the purchase price available in your bank account for closing costs (in addition to your deposit and down payment).

Can’t I just use the Seller’s listing Agent as my realtor?2020-02-14T17:14:04-05:00

You can, but then you’ll be at a loss. Because the Seller desires as high a sale price as possible for their property you should never depend on the Seller’s Agent to look out for your best interests. Storey Collective’s Buyer Agents will support your interests while helping you navigate the buying process.

How long does the buying process usually take?2020-02-14T17:14:21-05:00

The process is unique for every individual based on your needs and wants. On average, a homeBuyer can spend a few days to go through the initial pre-approval process, anywhere from a few weeks to a few months shopping for the right home, and 45 to 90 days to close the deal. At Storey Collective, we use a detailed 11-step process to ensure you are completely satisfied with your purchase. 

What if I want to purchase a property but I have some conditions?2020-02-14T17:14:46-05:00

Then you should do a Conditional Offer to purchase. This is an Offer that is dependent on one or more conditions, such as subject to home inspection, subject to financing, subject to sale of Buyer’s existing home.

I’m a first-time Buyer. Do I get any discounts or benefits?2020-02-14T17:15:07-05:00

Yes! As a first-time home Buyer, you will get a land transfer tax rebate, the benefit of a one-time withdrawal up to $35,000 from a Registered Retirement Savings Plan (RRSP), and a home Buyers’ tax credit of $750 to help recover some closing costs.

What is a Buyer Revisit?2020-02-14T17:15:28-05:00

Your Buyer’s Agent will often include a provision in the Offer that entitles you to one or more visits to the property before closing. A revisit allows you to do things like taking measurements or bring in contractors for estimates on renovations.

What is a Final Walk-through?2020-02-14T17:15:48-05:00

The last revisit is also known as the final walk-through. In this case, the Buyer visits the property to verify that all is in working order and the same as the last time they viewed it. This request usually arrives a few days before closing, or the day before closing.

What is a Firm Offer to Purchase?2020-02-15T20:50:49-05:00

An offer without any conditions attached

What is a Conditional Offer to purchase?2020-02-15T20:47:48-05:00

An offer that is dependent on one or more conditions, such as subject to home inspection, subject to financing, subject to sale of buyer’s existing home.

What is a preemptive or “Bully Offer”?2020-02-15T20:48:24-05:00

An offer made prior to the designated offer review date, in an attempt to avoid competing with multiple offers.

What is an Offer Review Date?2020-02-15T20:48:55-05:00

A predetermined date and time when the Seller and their Agent are going to meet to review offers.

What is a Multiple Offer?2020-02-15T20:49:24-05:00

When there is more than one offer pending on a property.

What is an Irrevocable Date?2020-02-15T20:49:45-05:00

The date and time an Offer will expire is known as the irrevocable date. The Offer is nullified if it is not accepted or countered by the stated time.

What is a Counter-Offer?2020-02-15T20:55:58-05:00

A Counter-Offer is started by the Seller once the Buyer makes an Offer to purchase the property. A Counter-Offer may be in reference to the price, closing date, or any number of other variables. Counter-Offers can volley between Buyer and Seller until both parties have agreed to terms or either side ends the negotiations.

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