FREQUENTLY ASKED QUESTIONS


GALAXY GATE CANADA

GALAXY GATE CANADA

 

 

 

 

 

 

1. Are all the Galaxy Gate real estate agents legally certified?

Yes, all Galaxy Gate agents are licensed under the Rebba 2002 and RECO.


2. How does a real estate agent differ from a real estate broker?

Real estate brokers can work as agents but agents cannot work as a real estate brokers without a broker’s license.Agents who give real estate advice must have a real estate license. A real estate broker can work independently and / or hire real estate salespersons.

Agents are licensed salespersons. They are not real estate brokers. A real estate agent must work for an employing broker and cannot work independently.


3. I want to buy a home in Waterloo. The seller has his own agent. Should I consider hiring my own agent or go on negotiating with the seller’s agent?

Hire your own agent.

If you were being sued by someone, would you use the same attorney as the person suing you? Of course not.

The problem with the single-agent deal is that it makes it impossible for the agent to fulfill a fiduciary duty to both parties. If the buyer is working with the listing agent, be aware of the conflict of interest problem that exists.

4. I was thinking about selling my home without the agent. Do I still have to pay the agent’s commission to the agent that the buyer brought?

If a licensed real estate agent or broker brings a qualified buyer, they should be compensated for their professional services.


5. What should I look when inspecting a home?

Remember to look at the building itself as much as you look at things like the layout of the kitchen and whether or not there’s an en-suite. If you’re serious about buying the property it pays to be thorough and a few simple maintenance checks can sometimes make the difference between buying your dream house and stepping into a costly nightmare.

If you’re ever in doubt, contact a qualified building inspector to put your mind at rest.


6. Is it worthy to invest in private home inspection?

It absolutely is! For most people, a home is the largest investment they will ever make and protecting that investment by spending a few hundred dollars is well worth it. When you move into a new home you want to begin enjoying it, not begin repairing it. The private home inspector will provide you with a report of any repairs that need to be taken care of, suggestions on how to maintain your home, and most importantly, will provide you with peace of mind.


7. What makes up closing costs?

Closing costs are fees associated at the closing of a real estate transaction. The closing point is when the title of the property is transferred from the seller to the buyer. Closing costs are incurred by either the buyer or seller.


8. How is Pre-qualifying different from Pre-approval?

Getting pre-qualified is the initial step in the mortgage process, and it’s generally fairly simple. You supply a bank or lender with your overall financial picture, including your debt, income and assets. After evaluating this information, a lender can give you an idea of the mortgage amount for which you qualify.  There is usually no cost involved.

Getting pre-approved is the next step, and it tends to be much more involved. You’ll complete an official mortgage application (and usually pay an application fee), then supply the lender with the necessary documentation to perform an extensive check on your financial background and current credit rating.

9. What is the difference between the Leave, the Lease and the License agreement?

A leave and license agreement is very different from a lease or tenancy agreement; both have different implications and effects. One of the most obvious points of distinctions between a leave and license agreement and a lease agreement is that they are defined under two separate laws. The next and most important point of distinction is that in a lease there is a transfer of interest in the property while in the case of a license there is no such transfer although the licensee occupies only a personal right to occupy the property.


10. What part of amount can be claimed as a tax deduction while buying a home?

We recommend speaking with a qualified accountant and/ or your lawyer as they are experts in Tax Laws.


11. Is the price of the bank owned homes negotiable?

Yes they are, and remember to use terms and conditions (contingencies) in addition to price to position your offer properly among any others.Once a property becomes bank owned, the bank can sell it at a competitive market price, so it won’t necessarily be a bargain unless it’s been on the market for quite a while.


If you didn’t find anything here on which you want clarification, you are always welcome to contact us. Visit our Contact Us for more.