Page 2 - MILONAS Buyers Guide HIGH

So, you have decided you want to buy a house or condo, but you’ve got a tonne of questions! This
booklet not only answers some of the questions you may have but also showcases a few of the
forms we will be signing.

Commission – The biggest question I get asked when helping buyers is “Who Pays the
Commission”. Don’t worry. Working with a Realtor to purchase a property is entirely free on the
buyer. The seller pays my commission and all fees associated.

Buyer’s Representation Agreement – The Buyers Representation Agreement (or BRA as it is most
commonly referred to) is our exclusive working agreement. (Form attached)

Deposit – In today’s market, an average deposit is roughly 5% of the list price. The deposit (either
certified cheque or bank draft) must be delivered to the listing brokerage no later than 24 hours
after the acceptance of an offer.

Multiple Offers – In occasion we will run into a situation where a home is being bid on by numerous
individuals. This is known as multiple offers. In this situation, it is best to present a strong offer.
Electronic Signatures – I know you’re busy. I know you don’t always have the time to meet with
me to sign your offer, which is why I use a program called DOCUSIGN. It is an electronic signature
platform that you authorize to create a digital signature that has you sign in the allocated slots.

Closing Costs – There are numerous costs associated with closing a property. Some of the more
common ones are listed below:

• HST. HST is always included in resale properties. In the case of new development, HST is in
addition to the purchase price.
• LTT. Depending on where you purchase, you will be subject to either 1 or 2 Land Transfer Taxes.
There is a provincial LTT and in Toronto there is the municipal LTT.
Follow this link to play with your purchase price numbers and see how much LTT you will be
responsible to pay.
http://www.trebhome.com/buying/ltt_calculator/ltt_calculator.htm
• Lawyers. The average cost of the legal fees to close on your purchase is roughly $1400-$1600.
These costs are not set in stone and vary by legal firm.
• Movers. Don’t promise your friends pop and pizza to move your home. Get a proper quote from
a moving company who will not only wrap your furniture properly but has insurance and takes
away the stress of moving day.
• Elevators. If you are moving into a condo, you will have to reserve a moving elevator. While there
is no cost associated in renting the elevator, the condo may require a security deposit cheque. A
bank draft of roughly $350 will secure your reservation, and upon completion the concierge will
inspect the elevator for damages and return your cheque to you.
• Utility Setup. Utility companies will often ask for new account set up fees. This is a case by case
scenario and costs vary by utility companies.

I hope the above information helps answer some of your questions and takes away some of the
stress with your upcoming home purchase.

I look forward to working with you!