www.HousingToronto.com:FAQ

Q1. Process of Buying a Home in Ontario

A1. As one of the biggest investment or purchases in your life, buying a home can be a confusing process. That is why it's important to enlist the services of someone who can help guide you through your purchase - a REALTOR:

An Explanation of the Process
A REALTOR will not take it for granted that you know all the in's and out's of the buying/selling process. Instead, he/she will provide you wiht a full explanation of what to expect and what's important so you're not faced with any surprise along the way.
An Assessment of Your Needs
A REALTOR will explore the reason you want buying, time constraints you might have, your financial situation and any future plans.
A Plan to Find Your Dream Home
A REALTOR will help you identify what you want in your new residence. Separete Room to rent? Garage? A particular building design? What about the neighbourhood? Proximity to schools or works? A REALTOR will compare your needs, wants and budget with what is available on the market and make recommendation that save you time and effort.
He or she will also accompany you as you view houses and help you assess their suitability and price. As an expert on a property, a REALTOR can provide facts on the neighbourhoods, the cost of heating, the condition of the furnace, and so on.
Access to Properties for Sale
Multiple Listing Service or MLS is an exclusive service accessible only through a REALTOR and it can be a valuable tool. Through MLS, the details of a wide variety of listed properties are made avaible to the REALTOR you work with. That can save you a tremendous amount of time and effort in your hunt for the right home.
Choice of Financing Options
REALTORS have extensive knowledge of the financing choies available to home buyers and there are many of them. At your request, a REALTOR will assist in evaluating mortgage options and obtaining financing at the most attractive prevailing rates and terms.
Deal Negotiation
REALTORS are experienced in arranging fair deals. He or she will assist in negotiating an offer, acting as a mediator to head off potential conflict between you and the seller, and draw up a legallybinding agreement.
Agreement of Purchase and Sale(Form 101)
Agreement of Purchase and Sale(Form 101) is Ontario's legallybinding agreement of purchasing and selling a home, which you should sign when you get the deal with the seller. In this agreement, there are also the signatures of seller, the REALTORS of both sides and Lawyers of both sides.
Closing

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Q2. What you should expect from a REALTOR?

A2. Buying a home can be an exasperating and time consuming experience, but not if you enlist the services of a REALTOR. A real estate professional understands the market, knows exactly what is available and can match your needs and budget to your new home efficiently and effectively.

Honesty and Integrity
Most real estate professionals in our province are members of the Ontario Real Estate Association (OREA) and only members of OREA can call themselves REALTORS.
When you work with a REALTOR, you can expect not only strict adherence to provincial laws, but also adherence to a Code of Ethics. And that code is very important to you because it assures you will receive the highest level of service, honesty and integrity.
Highest Professional Standards
Before receiving a real estate license, candidates must successfully complete an extensive course of study developed by OREA on behalf of the Real Estate Council of Ontarion. That is only the beginning: in the first two years of practice, licencees are required to successfully complete three additional courses as part of their articling with an experienced broker. In addition, all licencees must continue to attend courses throughout their careers in order to maintain their licences.

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Q3. What is M.L.S?

A3. Multiple Listing Service or MLS is an exclusive service accessible only through a REALTOR and it can be a valuable tool. Through MLS, the details of a wide variety of listed properties are made avaible to the REALTOR you work with. That can save you a tremendous amount of time and effort in your hunt for the right home.

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Q4. Preferential Policy For the first time Home Buyers in Ontario.

A5. For first time buyers:

Land Transfer Fee:
Effective May 8, 1996, first time purchases of newly constructed homes were eligible for a refund of land trasfer tax.
Ontario Home Ownership Savings Plan (OHOSP):
Ontario Home Ownership Savings Plan (OHOSP) was established to help first-time buyers realize their dreams of homeownership. If you earn less than $40,000 (or if you and your spouse have a combined income of less than $80,000) then you are eligible to benefit from OHOSP.
RRSP
Every spouse(Including Common Law) family can take $20,000 from RRSP to pay Down Payment of your first home. Maximun amount of a family is $40,000, without Tax or Interest.

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Q5. What is Ontario Home Ownership Savings Plan?

A10. Ontario Home Ownership Savings Plan
If you family income is lower than $40000, and prepare to buy your start home in the following years, and never think about leave Canada later no permanently, you can think about this program. Otherwise please ignore it.
The Ontario Home Ownership Savings Plan (OHOSP) was established to help first-time buyers realize their dreams of homeownership. If you earn less than $40,000 (or if you and your spouse have a combined income of less than $80,000) then you are eligible to benefit from OHOSP. Other criteria include:

You must be 18 years of age or older;
You must be an Ontario resident;
You must have a social insurance number;
Neither you nor your spouse have ever owned an eligible home anywhere, whether or not it was owner-occupied; and You never previously held an OHOSP.
There is no limit to the amount of funds you may deposit in your OHOSP. However, you will only receive OHOSP tax credits on annual contributions of not more than $2,000 individually (or $4,000 per couple).
Depending on your annual income and the amount you invest in your OHOSP, you can earn up to $500 or $1,000 per couple in OHOSP tax credits. You are eligible for tax credits for five consecutive years. You must close the plan and use the funds to purchase a home by the end of the seventh year. Otherwise, you must repay your OHOSP tax credits with interest.
To qualify for a tax credit for the current taxation year, you must open a plan by December 31. A plan can be opened at any participating financial institution across the province. The funds you deposit into your OHOSP will earn interest at competitive rates.

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