Welcome to the Buyer FAQs Page - Your Guide to Buying Real Estate with PureRealty!
At PureRealty, we understand that buying real estate is a significant decision and can often come with questions and uncertainties. That's why we've created this comprehensive FAQs page specifically tailored to address common queries and provide clarity for buyers like you.
Whether you're a first-time homebuyer or an experienced investor, our goal is to equip you with the knowledge and insights necessary to navigate the buying process confidently. We believe that well-informed buyers make better decisions and have a more rewarding experience throughout their real estate journey.
Should you have any additional questions or require personalized guidance, our team of dedicated Realtors® is just a phone call or email away. We are committed to providing you with "best in class" service and support, ensuring that your buying journey is as seamless and rewarding as possible.
Remember, knowledge is power when it comes to making informed real estate decisions. We're here to empower you with the information you need to make confident choices and find your dream home.
Frequently Asked Questions - Buying Real Estate in Ontario
Q: How are Realtors® paid in real estate transactions?
In most cases, sellers pay a Realtor® a percentage of the sale price to obtain an acceptable offer. This commission is payable at the closing of the deal when title transfers from the seller to the buyer. The listing brokerage receives the commission and shares a portion with the brokerage representing the buyer.
Q: Do buyers pay for the services of a Realtor®?
Buyers do not typically pay Realtors® directly for their services. However, it's important to note that the cost of the buyer's Realtor® is incorporated into the purchase price of the property. Buyers indirectly cover the Realtor's® services as part of the overall transaction.
Q: What options do real estate buyers have in Ontario?
Buyers in Ontario have three options when working with a Realtor®: Buyer Representation, Multiple Representation, and Customer Service. Regardless of the option chosen, Realtors® have an obligation to be fair and honest throughout the process.
Q: What is a Buyer Representation Agreement?
A Buyer Representation Agreement is a contract between a buyer and a real estate brokerage. It outlines the representation provided by the brokerage, the time period covered, the remuneration, and the responsibilities of both parties. The agreement ensures fiduciary duties are upheld, placing the buyer's interests as a top priority.
Q: What are the fiduciary duties of a Realtor®?
Fiduciary duties refer to the legal obligation of one party to act in the best interest of another. In real estate, when a Buyer Representation Agreement is signed, Realtors® owe the buyer duties of disclosure, loyalty, confidentiality, accountability, and obedience.
Q: What is Customer Service in real estate?
Customer Service agreements are utilized when buyers prefer not to enter into a contractual relationship with a brokerage. While no formal agreement is in place, Realtors® are still obligated to treat customers fairly and honestly.
Q: What is Multiple Representation in real estate?
Multiple Representation occurs when a brokerage represents both the buyer and seller in a transaction. It requires written agreement and disclosure of information shared between the parties involved.
Q: What is the Code of Ethics for Realtors®?
The Code of Ethics, part of the Real Estate and Business Brokers Act 2002, requires Realtors® to disclose in writing the nature of the services they provide and to enter into a written agency agreement with sellers or buyers they represent. It promotes transparency and ethical conduct in real estate transactions.
"As first-time homebuyers in a frenzied real estate market, finding an agent we could trust was paramount. Amy Gallant from PUREREALTY and her team had tremendous experience, cultivated networks, and tenacious loyalty guided us skillfully through unfamiliar terrain. In the end, we found our home ...and a new friend."
-Shawn & Danny
10 Steps to Buying a House: Your Ultimate Guide
Whether you're a first-time homebuyer or a seasoned homeowner looking for a new property, purchasing a home is a significant milestone. It's a decision that requires careful planning and organization to ensure a smooth and successful transaction. To help you navigate through the process, we've compiled a comprehensive guide of 10 essential steps to buying a house.
Get in touch with us!
Real Estate Pro Tips
