Homeownership | Evelyn Lopes Realty Team_Blog

Monday, October 16, 2023   /   by Evelyn Lopes

Buying a Home With Friends or Family | Joint Home Ownership: A Smart Move or a Risky Gamble?

 


In the highly competitive and costly real estate market of Toronto GTA, the dream of owning a home can often seem out of reach. With soaring home prices, many individuals and families are exploring alternative options to make homeownership a reality. One such option that has gained attention is joint home ownership, where friends or family members come together to purchase a property. Is this type of ownership a smart move in getting into the ever increasingly expensive real estate market or is it a risky gamble? More and more people are partnering with friends and more and more parents are helping their children get into the market by purchasing, lending or co-signing for a mortgage. Knowledge is key, Read on to learn more and determine if this is the right move for you. In an attempt to alleviate the entry into the high cost of real estate in the Toronto GTA area, including communities in Caledon, Orangeville, Erin, Mississauga, Brampton, Halton Hills, Alliston and Guel ...

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Monday, September 25, 2023   /   by Evelyn Lopes

From Agreement to closing- What happens after the agreement of purchase and sale is signed?

Ever wondered what happens after you sign the papers to buy a house? Buying a home is a big deal, and there are many steps to take before you get the keys. Let’s look at the process and break it all down into simple steps transitioning from accepted offer to the closing and move in day.
Step 1: Sign the Papers and Pay a Deposit
First, you and the seller will sign a contract called an "Agreement of Purchase and Sale." This document spells out in writing everything about the purchase of the house including, the legal description of the property, the agreed upon purchase price, the deposit amount, any conditions that are part of the agreement such as conditions on financing, home inspection, status review if it is a condo. Essentially, this paper says you agree to buy the house and how much you'll pay for it. It will also detail the closing date- or day on which you plan to move into or out of the home if you are the seller. After signing, you'll give some money as a deposit. ...

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Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2024 Last Updated April 17, 2024
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