What to expect when making an offer?
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The buying process looks different for everyone! Whether you’re just starting to think about it or ready to make a move, buying a property comes with a lot of questions. Our job is to answer those questions. First, we’ve created an overview of the entire process to help you prepare and get started. From here, your North Group Team Partner will work with you to build a customized plan based on your goals.

 GETTING PRE-APPROVED

Before you start looking for a home, you need to know how much you can spend. Getting your mortgage preapproval is the very first step in the process - and it’s never too early to start! It will strengthen your position when you’re ready to submit an offer and help you focus on opportunities in your price range. Consult with your bank and/or a mortgage specialist who will look at your current financial situation and preapprove you for a mortgage within your budget. This pre-approval will typically be valid for 120 days. 



TIPS FOR PRE-APPROVAL 

1. Be prepared with your documents

Tax records, income statements and IDs are just some of the items you will be required to provide

2. Consider all your sources of income 

Income from rent, monetary gifts from family, and more are all something to consider

3. Get your pre-approval in writing

4. Ask us for recommendations

If you don’t have someone to help, we would be happy to introduce you to one of our preferred partners. 


 

COSTS TO BE AWARE OF

It’s imperative to know and understand the costs to be aware of when buying a home as they can add up quickly (on top of your purchase price). Don’t worry! To ensure you are informed and prepared, we’ve broken down the common costs in detail for you here: 

DEPOSIT AND DOWN PAYMENT

Deposits in the Greater Toronto Area are typically 5% of the purchase price. This amount needs to be accessible in a bank account and ready to be paid within 24 hours of your offer acceptance. Deposits form part of your total down payment and are contributed towards your balance owing on the purchase price on closing.

CLOSING COSTS

Closing costs are typically 1-2% of your final purchase price. These are additional funds that you will need to have accessible for your closing (they are not included in your mortgage):

• Legal (lawyer) fees

• Land transfer tax

OTHER FEES

1. Home Inspections

2.  Appraisal fees

3. Mortgage Insurance


Always consult your Mortgage Broker/Lender and your North Group Team Partner to estimate your closing costs and fees.

CREATE YOUR WISH LIST

When creating your wishlist, there are a lot of factors to consider.  For example, these are the main topics our clients typically consider:

House, Condo or Investment

Affordability

Location

Timeline

Transit Access

Lifestyle

Amenities

Parking






THE SEARCH PROCESS 

Search in real time from any device using an exclusive tool called REALM™; an invite-only search tool that gives you direct access to the same MLS system used by us, as Realtors. Easily communicate with your North Group Team Partner to comment on listings or request showings. It’s user-friendly and instant; it looks a lot like your favourite social media tools where you can like, comment, save and share listings. 

Sleep is for those without access to REALM™.

This ground-breaking joint venture between Teranet Inc., Canada’s leader in land registry data and platform modernization, and technology specialists Stratus Data Systems, is delivering a revolutionary best–in–class, leading-edge, end-to-end Multi-List front end Platform (MLP); REALM™. This front-end MLP is powered by an expanded state of the art technology stack from Stratus and Teranet. 


PREVIEWING PROPERTIES

We know how busy life can get and your time is valuable! We’ll help streamline the best 5 to 8 properties to preview and ensure they meet your criteria so you aren’t wasting your time. You can preview these homes in person or virtually.

We’ll help you keep track of which homes you view and then discuss honest feedback on each. You’ll have a chance to rate each home on a scale from 1 to 10. Typically your ratings will have these results:

• 8-10 = submitting an offer 

• 7 = possible offer 

• 1-6 = no offer



MAKING AN OFFER 

When you find the right place, the next step is to submit an offer. In today’s market, there are a couple of different strategies Sellers will have to accept an offer. A lot of properties are sold in multiple offers (otherwise known as bidding wars; when there is more than one offer on the same property) or through pre-emptive offers (where an offer is submitted in advance of a specified offer date). A pre-emptive offer is also known as a “bully offer”. When you submit an offer (Agreement of Purchase and Sale), the main components for you to consider are:

OFFER PRICE

The amount you are willing to pay. This may be the final amount or the starting point of negotiations

CLAUSES

A clause is a term or terms necessary to include in your offer to protect you through the purchase process

CLOSING/COMPLETION DATE

The date that you pay for and take title/ownership of the property

DEPOSIT

This is typically 5% (or more) of the purchase price and is payable by bank draft or certified cheque within 24 hours of offer acceptance or in some cases, with the offer, depending on circumstances

CONDITIONS

A condition is a clause the Buyer needs to waive or fulfill by an agreed time in order for a sale to be finalized. The most common conditions are: financing, inspection, lawyer review and status certificate review

CHATTELS AND FIXTURES

Otherwise known as inclusions and exclusions; these are the items that you wish (or the Sellers wish) to be included or excluded from your offer.

OFFER ACCEPTANCE 

Once your offer has been successfully negotiated and accepted by all parties, you now have either a conditional or firm sale. Once firm (conditions have been fulfilled according to the agreement), your sale remains pending until the Closing/Completion Date. You will require a lawyer to facilitate the closing of your property. We recommend that you contact your lawyer a minimum of 1-2 weeks before your closing date to ensure that everything is in order and to confirm a date and time to sign all paperwork (this can be done virtually), where and when to pick up keys for your new home etc.* 

*If you do not have a lawyer, we will be pleased to recommend one of our preferred partners to you. 

CLOSING DAY

On closing day, your lawyer will advise you once the transaction has been successfully completed (i.e. funds have been transferred) which would mean that the title will be officially transferred and you’ll be given access to your new home! The Sellers typically have until 6:00pm to provide vacant possession, unless otherwise negotiated in your contract. 

Congratulations, homeowner! 

There are over 70,000 agents serving the Greater Toronto Area on the Toronto Regional Real Estate Board alone (and thousands more on local boards). As a Buyer, you have a plethora of options when it comes to selecting a Realtor to represent you through the buying process. So that begs the question, why choose North Group?

WE KNOW THE MARKET

Our educated team of experts eat, sleep and breathe real estate. We take our responsibility seriously to ensure you understand what is really happening in the current market (and why). We are committed to ensuring you feel knowledgeable and informed on real estate stats, trends and the entire buying process.



WE OPERATE FROM OUR CORE VALUES

Relationships first, always. This is at the centre of what matters most to us. We intend to earn (and keep) your trust through the entire buying process and our commitment to “relationships, first” extends far beyond your purchase. Within the industry, we also have a valued network of Realtors and affiliate relationships to ensure we are not limited in the scope of service we provide to you.

  YOU’LL ALWAYS KNOW WHAT HAPPENS NEXT

We’ve come to realize that one of the most important things we can do for our clients is always staying one step ahead to make sure you know what’s going to happen next. We make every effort to keep you updated and informed. While we might not always have the answer at our fingertips, we will let you know that we’re on it and will be getting back to you right away. When our professional opinion is warranted, you can trust that we will provide it. We will not only keep you updated on current market conditions or changes, we will provide honest feedback on a particular property or neighbourhood. This will ensure you’re well equipped when it comes to making your final purchase decision.

OUR SERVICES ARE FREE  

Did you know that there is absolutely no cost to you working with North Group to buy or invest in real estate? When you buy a property, we are compensated by the Sellers, not by you.







WE ARE EXPERT NEGOTIATORS

Our extensive real estate sales experience, combined with our commitment to education in both sales strategies and the market ensures we have the upper hand at every negotiation table. Many of our Team Partners have received the Certified Negotiation Expert designation. Today’s market requires a competitive edge. By hiring North Group, you have the best chance to get exactly what you are looking for at the right price and minimal stress .


YOU HAVE AN ENTIRE TEAM WORKING FOR YOU

When you choose North Group to represent you for your house, condo or investment purchase, you get our entire team working on your behalf, not just one solo agent. We are a large sales team of full-time agents (that’s a big deal, ask us why), with a strong track record in sales, negotiation and marketing. Combined, we have over 40 years of real estate experience with over half a billion dollars sold. In addition to our sales team, you’ll also receive support from our dedicated operations, client services and inside sales teams.

From your pre-approval and search process, to your accepted offer and moving day (plus everything in between), our team is dedicated to working hard for you. But wait! It doesn’t even stop there; we also work with an extensive network of service partners that are devoted to our clients and operate at the same level of excellence and expertise as we do (lawyers, mortgage brokers, inspectors and more. Just ask and we can provide our recommendations!).

WE ARE PAPERLESS AND DIGITAL 

We use industry-leading tools and technology to assist with your search process and manage your purchase. We can automate everything - you won’t have to print or scan a single thing. Through our paperless systems, our Buyers can sign documents in minutes from anywhere and on any device.

YOU’LL HAVE A REAL ESTATE EXPERIENCE WORTH TALKING ABOUT

Our job is to help ensure that your buying process is as easy and seamless as possible for you. We know it can be stressful, but with our help, it can also be really great too! We will do everything we can to make your real estate experience worth talking about. Over 80% of our business is referral based. That means our clients have had great experiences and recommend us or keep coming back. Our goal is to make sure you feel the exact same way.

PREFERRED PARTNERS

Throughout your purchase process, you may need additional services and resources at various times. If you have your own contacts, we would love to work alongside them for your purchases. However, if you want recommendations, we have vetted out expert providers in these categories:

Inspectors

Lawyers

Mortgage Brokers

Appraisers

Contractors 

Cleaners

Movers

And more

Don’t hesitate to ask your North Group Team Partner for these recommendations.  We will provide you with more than one in each category so that you can do your own research and due diligence before making a final decision.

Selling too?

Learn about the experience of selling your home with North Group. 


Learn More

Schedule a call

If you have questions about any part of the process, please reach out to us. We have a whole team eager to work with you!

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