Most buyers spend weeks choosing a home and less than an hour choosing who represents them. That one decision shapes the offer, the conditions and closing day. Three things catch buyers off guard most often: closing costs (land transfer tax alone is $10,475 on a $700,000 purchase in Ontario), the deadline to remove conditions, and the condo status certificate.
Buying a home in London soon, or know someone who is?
After 24 years as a Realtor and Broker in London, I hear about these three problems most often, and they can cost buyers the most if nobody warns them.
1. The closing costs nobody mentions.
On a $700,000 purchase in Ontario, land transfer tax alone is $10,475, based on the Province's published rates. First-time buyers can receive a rebate of up to $4,000. Everyone else pays the full amount, plus legal fees and adjustments. A closing cost breakdown should be in your hands before you go firm, not on closing day.
2. The deadline that decides everything.
Most offers include a financing condition and an inspection condition, each with a hard deadline. In my experience, that is usually five to ten business days. When the deadline arrives, you either remove the condition and go firm, or you walk away. Once you go firm, you are committed. A Realtor who hasn't explained that in plain language before the deadline is not protecting you.
3. The condo status certificate:
If you are buying a condo or townhome, your offer should give you time to review the status certificate. It shows whether the condo corporation is financially healthy, whether special assessments are coming, and what is in the reserve fund. In Ontario, reserve funds must be studied and projected at least 30 years ahead (source: Condo Authority of Ontario). A fund that is falling behind that plan is a warning sign before you buy.
HOW I HELP:
I walk every buyer through the whole process before we look at a single home, so nothing at the deadline surprises you. I read the inspection report with you, tell you what matters and what doesn't, and I will tell you when walking away is the right call.
Read the full walk-through, from the first conversation to the day you get the keys:
Planning to buy in the next 90 days? Call me directly at 519-435-1600, or send me your details through the form on that page. I respond personally within one business day.
