Toronto real estate: Include conditions when you submit your offer
January 30, 2015
The Star recently published a good piece by Joseph Richer, registrar of the Real Estate Council of Ontario about the importance of including conditions when you submit your offer.
Sample conditions include financing (a less common condition in the Toronto housing market as most buyers have satisfied themselves with their financing abilities), home inspections or approval of the status certificate when purchasing a condo (this will show you if the condo corporation is financially healthy)…. these are all usual conditions found in an offer.
Home inspections are extremely important with Toronto’s housing stock, as many homes in the core are older than 100 years and the building codes have changed so many times. Living in a older home that has some character can be wonderful, but you can’t be swayed by a home’s charm, you want to know as best you can that the house is in good working order. If a home inspection shows any major deficiencies, a buyer can ask the seller to fix them before closing or deduct money from the cost of the home.
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