Friday, 22 October 2010

  • Advice and Frequently Asked Questions - Part 3

    I have signed the agreement of purchase & sale but want to make some changes, is that allowed?

    Any variation to the contract made between you both is dependant of the type of agreement you signed. If there were conditions placed within the document signed or a cooling off period then there is a chance amendments can be sorted, otherwise it is up to you to negotiate with the seller. The law is on the side of the person selling the property if your offer hasn't been accepted with exceptions. As a last resort, if you and the property seller can't come to some compromise, then lawyers may need to be involved. Any cash you have paid, such as down payments and legal charges could be lost if you can't come to an agreement.

    For Bloor West Village, how much more do properties with finished basements sell for in contrast to properties with an unfinished or partially finished basements.

    There are lots of different circumstances which need to be taken into consideration with this question. There are lots of grades of a finished basement, from a professional adaptation with all the facilities of a self contained unit to a low ceiling, damp and dark room. Definitely any finished basement is going to be of benefit to a potential buyer, this village is a family neighbourhood and having that extra area is certainly a plus point. There is a not an exact science or dollar value as it can vary

    I've heard there are particular kinds of parking in relation to condominiums, what are they?

    Owned parking is simply what it says, you have purchased a parking space either with the property or condo or independently of your property purchase. It's yours to get rid of as you require. When you buy and sometimes rent a condo, there is frequently parking reserved for your personal only while you own or rent it and is defined as exclusive parking If your condominium doesn't have either of these amenities then you may be able to rent parking which is often coordinated through the property manager; rental parking is not just for people living in condos as house owners may want to rent added parking space as well, which could be done through a realtor or maybe an advertisement in the local paper. Some Toronto lofts are renown for potential problems with parking pads

    I have around 70 000 in cash, is there anywhere available in the GT area?

    A mortgage expert may be better suited to answer this query if you are using the money as a down payment, as you would need professional advice to work out what you can afford. If you do not know any mortgage advisors, feel free to e-mail us and we will be happy to recommend some brokers to you.
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