For answers you want to know about purchasing property in Toronto

julieK By julieK, 12th Oct 2010 | Follow this author | RSS Feed | Short URL
Posted in Wikinut>Guides>Property & Real Estate>Buying A Home

Four vital answers you want to know, when purchasing property in Toronto. Second part.


If I change my mind about particular elements after I have signed an agreement of purchase & sale, can I still modify anything?

Any amendments to the agreement made between you both is dependant of the type of document you signed. Unless there is a cooling off period, with such as new condos and you have signed the no conditions offer, then there is no burden for the seller to agree to any changes. Bear in mind that if your contract is not conditional, the law is on their side. If you can't come to a compromise and you are still unhappy, unfortunately your and your seller's lawyer may have to be involved. Subsequently your retainer, legal fees and the like are at stake if both parties cannot agree.

Is there likely to be a big difference in the selling price for a home with an unfinished basement in contrast to a finished one at Bloor West Village?

Great question - that is of course determined on a lot of different scenarios. A finished basement can ooze quality, with its own bathroom, kitchen, separate entry way and completed to a very high standard down to a room that is cold, possibly damp and dark that may only be used as a storage area. Obviously any finished basement is going to be of benefit to a possible buyer, this village is a family neighbourhood and having that extra area is certainly a plus point. Without seeing the basement there is no definitive answer as the quality, size and finish of the basement can vary greatly.

Is exclusive parking another name for owned parking and can you explain is rental parking?

You can buy a parking space along with or completely separately from your condo unit or even a property purchase, this is known as owned parking. Subsequently once you own it, then with many purchases, it is yours to do with what you want. When you buy and sometimes rent a condo, there is frequently parking reserved for your private only while you own or rent it and is known as exclusive parking Rental parking is occasionally available for apartments that don't come with owned or exclusive parking - query this with the property manager! Some lofts in Toronto are known for potential troubles with parking lots

I have about 80 000 in dollars, is there anywhere available in the Greater Toronto area?

A mortgage broker 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.


Property, Toronto

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author avatar julieK
I am Toronto realtor and green enthusiast

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