Real Estate FAQ

/Real Estate FAQ
Real Estate FAQ 2017-01-23T12:10:38+00:00
How much Down Payment do I make, & how does it impact Mortgage? 2017-10-03T08:57:40+00:00

Canadian residents and Permanent Residents who wants to buy a property in Canada without a down payment of at least 20 per cent of the purchase price is usually required to get mortgage loan insurance from the CMHC, which requires a smaller down payment of 5 per cent on a home worth up to $500,000.

A 10 per cent down payment is required for the portion of the price over $500,000, with $1 million being the maximum property value allowed.

Foreigners who want to buy properties need to come up with a down payment of at least 35% to 50%. There is a 15% foreigner buyer’s tax of buying price in the GTA. Mortgage rates are same as any other Canadian or PR person.

Does buying a property make sense over renting? 2016-03-14T09:59:46+00:00

If you have 5% down payment, a good credit and job, then yes, buying a property can make better sense over renting a freehold home or condo. You can read about more about Renting vs. Buying. I will help you make an informed decision and make the whole process much easier for you.

Can a tenant buy the landlord’s property at the end of lease? 2017-09-28T13:03:10+00:00

As long as both parties agree to this arrangement, it is possible for a tenant to buy the landlord’s property. Brokerage fees may be required to be paid by tenants living in rental homes or condos, if this was indicated in the original listing agreement for lease. A tenant may be able to purchase landlord’s property through the lease to buy option.

Can landlords evict a tenant? 2017-09-28T13:04:21+00:00

Landlords can evict a tenant renting for non payment of rent at any time. Landlords can also evict tenants at the end of their lease term if the landlord wants sell the place, or want the place for their own or for his/her immediate family or someone who will provide care services to the landlord or a member of the landlord’s immediate family, if the person who will be receiving the care services lives in the same building or complex. However, as of August 2017, new rental rules have come into effect whereby a landlord cannot evict a tenant on the pretext of own family use. In such a situation, if it is found that the landlord leased the property to another tenant within one year of lease termination with the previous tenant, he/ she can face up to $25,000 in fine.

What are the rental contract terms? 2015-02-27T21:20:48+00:00

The lease or rental contract terms are made to protect the landlords as well as the tenants in accordance with the laws of Ontario. They cover various elements of the rental property, like: responsibility for payment of utility bills, repairs, maintenance work, resident’s compliance with condominium building by-laws, unit and tenant’s content insurance, smoking and pet policy, rent increase, making the unit available for showings to the next tenants or buyers at the end of the lease term etc.

Do you help with landlord tenant issues during the term of the lease? 2017-09-28T13:07:10+00:00

Our job ends once the rental lease has been signed to everyone’s satisfaction, accepted and the landlord and tenant meet each other. If you are a landlord investing in a rental property with us, and would like to be hassle-free by not having to deal with any landlord/ tenant issues, you can make use of our property management services in Mississauga  and area (conditions apply).

How do you pre-qualify tenants? 2015-02-27T21:23:06+00:00

There is a whole process of due diligence that is followed, which includes : getting the tenant to fill out a rental application form, cross-checking on tenant’s credit history, verifying job or referrals of the prospective tenant. For newcomers or new immigrants, who have no job or credit history in Canada, the tenants are courteously asked to show a proof of available funds that will give landlords the confidence about receiving rent regularly. Newcomers are also asked to bring a reference letter from the previous bank from the last country of their residence. In some cases, tenants may also be required to provide a guarantor in Canada with a good job and credit history.

How do you find tenants? 2017-09-28T13:09:20+00:00

We keep an active database of prospective tenants. Team Amit Kalia pre-screens the tenants and these tenants gain the first opportunity to lease properties of my landlords. We additionally list the property for lease on the MLS Listing Service and other websites.

Do you charge any fees for renting? 2017-09-28T13:10:32+00:00

If you are a tenant looking to rent in Mississauga, you will not pay any fees to our brokerage. Landlords pay the renting fee as commission to the brokerage. If the lease is for one year, the standard commission is one month’s rent plus HST. The tenant has to pay first and last month’s rent in advance to the listing brokerage. The brokerage deducts one month’s rent with tax, and pays the balance to the landlord. On behalf of the landlord, we will also ask you as a tenant to give post-dated cheques for the balance term of the lease.

As a renter, do we sign a buyer agency contract? 2017-09-28T13:12:02+00:00

No. We work with qualified tenants only. Amit Kalia team member will show you few properties in a day and you will choose one of the properties from our shortlisted properties. So no buyer agency contract is necessary.

What’s an average monthly rent in Mississauga? 2017-09-28T13:13:13+00:00

On an average monthly rent of a 1 BR condo apartment is $1,700, 2 BR is $2,100 for up to 1,000 sq. ft., 3 BR is $2,600 for up to 1200 sq ft. A 3BR townhouse or a semi rents rent for $2,300 per month and a 4 BR detached home of 2,500 sq. ft. rents for $2,800 per month. Estimate some $100 per month in hydro bills for a condo apartment and $300 per month for utility bills for a townhouse, a semi or a detached home of up to 2000 sq. ft.

What do landlords look for when renting their property? 2015-02-27T11:09:49+00:00

Landlords look out for a good credit score, income proof, past landlord references and other references.

Which markets you work in? 2017-09-28T13:14:40+00:00

At this moment, we offer tenant service in the City of Mississauga only. On the other hand, we do represent landlords (not tenants) outside Mississauga.

How many landlords you already represent? 2017-09-28T13:16:04+00:00

Currently we represent more than 100 landlords and this number is growing with each day.

Do you also offer renting and property management services? 2017-09-28T13:17:52+00:00

Absolutely, that’s a major part of real estate investment business. We offer a la carte rental property management service.

What other your services can you offer? 2017-09-28T13:18:38+00:00

Our job involves assisting you with bank approval process, property selection, lawyer’s due diligence, financial due diligence and property management services.

How much down payment one needs to buy an investment property? 2017-09-28T13:20:07+00:00

It depends on the property value and how much banks want to lend you. In general, residential investment properties can be bought for as little as 20 percent down, as long as banks qualify you based on income and your debt to equity ratio. For vacant land, you are looking at full cash down. If you are buying a business for sale, you may be required to pay 35% to 40% down payment. Plus, you can be asked to pay your own cash towards the goodwill money. We work with lenders who might also fund 50% of goodwill money, based on the type of business, cash-flow and other financial analysis.

What kind of investment properties you offer? 2017-09-28T13:21:33+00:00

We can offer you residential and investment properties. These include: freehold homes, condo apartments, townhouses, and builder new construction.

Can we cancel listing at any time? 2017-09-28T13:22:18+00:00

Certainly! You’re under no obligation to us. You can cancel your listing on any justifiable ground. End of the day, your success and satisfaction is responsible for our success and satisfaction.

Do you offer special commission to both sell and buy a property ? 2015-02-25T19:06:39+00:00

Sure, we can discuss more in detail when we meet.

Can we get in touch with some of your clients for references? 2017-09-28T13:24:19+00:00

Sure, with pleasure! Feel free to also read up on my testimonials online; check us out on Google, YP.ca, 411.ca and other Internet websites. We believe that the more you know about Team Amit Kalia, the more confidence you will have in our services.

Why should we list property with you? 2017-09-28T13:28:17+00:00
  • RE/MAX sells one-third of all homes in Canada. Can there be a bigger or better reason to put your faith and trust in us to list your property with an award winning Re/Max Realtor?
  • We deliver Results! 2016 and 2017 (to date) TREB statistics put Amit Kalia amongst top 1% Realtors in Mississauga and also in postal code L5B, based on number of transactions
  • When you list property with us, your home will receive superior marketing & home staging services, astute negotiating skills & years of local experience.
  • More reasons to list property-Our web savvy marketing includes top search engines ranking, YouTube video marketing, social media engagement, and effective sales strategies through an impressive, highly responsive website helps in selling your home for top dollars.
  • Our excellent relationship with hundreds of fellow Realtors helps in cutting good deals and creating a win-win situation for all parties.
  • We maintain a huge database of buyers. In 2016, more than 50% of our Team’s transactions came from people living in Square One condo buildings who refer their friends and family to us.
How long is the listing contract for? 2015-02-25T18:47:46+00:00

The listing contract is usually for 90 days. A lot depends on the condition of your home, the asking price and time period to sell your home. The listing contract may last for over 6 months.

Do you offer free home evaluation? 2015-04-27T15:55:18+00:00

Yes, I offer free home evaluation service at no obligation to you. This service is available to sellers who absolutely have to sell their home.

What is your commission for selling my property? 2017-09-28T15:13:16+00:00

Let me answer that with another question:

What is more important to you? A higher selling- price for your home or saving a few points off our commission? Coming back to your question, the standard commission to sell a property when Amit Kalia started out in 2003 was 5% of the price it was sold at. Over the years, commission rates have dropped.

To help you understand better, let us explain that there are two parts to real estate commissions.

The first part is paid to the buyer’s brokerage. This commission is roughly 2.5% of the sold price. Almost 99% of sellers pay this amount in order to stay competitive with other sellers in the market.

The second part is paid to the listing brokerage or what goes into our brokerage’s pocket. This can be usually negotiated, depending on factors like the condition of your home, how quickly you want to sell etc. For more details, we are happy to meet, evaluate your property and continue with our discussion.

Team Amit Kalia’s services guarantee hassle-free home selling, superior marketing & home staging services, astute negotiating skills & years of local experience.

Do you specialize in freehold homes or condominiums sales? 2017-09-28T14:50:59+00:00

We sell both types of properties. We have helped many young families buy or rent condos in their initial days of settling in. As their families and incomes grew, we have helped them upgrade to bigger freehold properties. We have clients who use our guidance to sell their current homes and upsize or downsize into other homes or condos because of lifestyle changes as well.

Which neighbourhoods do you mostly list your properties in? 2017-09-28T14:52:37+00:00

Our property listings cover West and North Mississauga, Downtown Mississauga City Centre Area, Churchill Meadows, East Credit, Meadowvale, Erin Mills, Creditview, Cooksville, Hurontario, Mississauga Valleys and Lisgar. We also list properties in other parts of the GTA including Toronto, Brampton, Oakville, Milton and Burlington. Over all, about 95% of our seller’s homes are sold through our powerful MLS Listing Services of the Toronto Real Estate Board. We can also list properties outside GTA, West of Mississauga, as our offices are strategically located along the 401 corridor.

What can buyers expect from you as their Realtor? 2017-09-28T14:53:56+00:00

Apart from the general advantage of dealing with the reliable backing of RE/MAX (#1 Real Estate Company in Canada), the first thing you can expect from our team is TOP RESULTS!
We address your queries with patience and attention to your needs and give you valuable information about real estate and negotiate top dollars on your home’s buying price. We are fortunate to have over 60% of our business come from repeat clients and their referrals. This speaks of our quality service and dedication to our work.

We will also put you in touch with other home related service providers such as lenders, home inspectors, lawyers, handymen, painters etc. to make moving homes an exciting, enjoyable and hassle-free experience for you and your family.

When it comes to buying a property in a multiple bid situation, we give great importance to make your home more safe and secure. Take for example, “Full Home Systems Warranty” and up to $25,000 “Home Closing Protection” program. These insurance products (optional) guard you against home systems and appliances breakdown expenses, plus cost and damages due to failed closings. Thus giving you complete protection even in the most adverse situations.

Do we need to sign a buyer agency contract? 2017-09-28T14:54:48+00:00

Yes, that would be a necessity! Feel free to browse through our client reviews online for further information on us and our premium services.

If you’re a previous client, we are happy to defer signing the buyer agency contract for later. Trust is the foundation for business with our repeat clients.

Do you offer free consultation? 2017-09-28T15:10:46+00:00

Yes, we offer about 30 to 45 minutes consultation absolutely free. Feel free to contact Team Amit Kalia today. We can meet at our RE/MAX office that’s conveniently located in Mississauga City Centre, near the SQ ONE mall.

How much do you charge from buyers? 2017-09-28T14:57:24+00:00

Please remember that buyers do not pay any fee; only sellers pay real estate commission. Sometimes, buyers pay a fee to my brokerage when they hire our services to invest in a “sale by owner property”. Buyers rely on us for many reasons: for accurate price analysis; negotiating the best price, preparing an agreement of sale; preparing legal clauses and getting a lawyer’s approval before signing the deal.

We feel that most private sale properties can be overpriced. Many private sellers aim to have their cake and eat it too by avoiding agent-commissions but adding savings-commission over their asking price.

What is the average price of a home in the GTA? 2017-09-28T14:58:48+00:00

The average price of detached home in Mississauga as per TREB’s Aug 2017 stats is $1,066,015. Average Price of a Condo Apartment is $381,154 (Aug 2017). See Toronto Real Estate Board’s report. Prices are higher in downtown Toronto. Prices also depend on location and type of property. Freehold homes are more expensive than condos in general. Apartments are usually cheaper than townhouses. We will help you go over your affordability, budget, choice of property and neighbourhood preferences in detail when you meet us.

What is the minimum down payment to buy a property in GTA? 2015-02-26T21:21:58+00:00

If you are working in Canada and have good credit history, you can buy with as low as 5% down payment. If you are working outside Canada, have a good credit rating and relationship with a reliable bank that has a strong presence in Canada, you might be sanctioned 20% or more.

Do you specialize in buying freehold homes or condominiums? 2017-09-28T15:00:00+00:00

We have been buying and selling both types of properties since 2003.We have helped many young families buy or rent condos in their initial days of settling in. As their families and incomes grew, we have helped them upgrade to bigger freehold properties. We have clients who use our guidance to sell their current homes and up size or downsize into other homes or condos because of life style changes as well. Call us for an in depth discussions on condos & freehold properties. We will discuss affordability, define your lifestyle choices & neighbourhood preference, all of which will help you make an informed choice between freehold properties or condos.

Do you help in buying residential or commercial properties? 2017-09-28T15:01:13+00:00

We deal more with the residential side of the real estate business. This includes resale homes and condos, under-construction and builder pre-construction condos (many of which are offered to us the exclusive VIP pricing). Most of our buyers have graduated to become real estate investors over a period of time. So can you!

If you are looking for commercial investment opportunities, we can put you in touch with seasoned Commercial Realtors at our Brokerage.

Which markets do you cover? 2017-09-28T15:02:31+00:00

We specialize in condos at Square One Mississauga City Centre, Downtown Mississauga. We also deal in all residential properties in Mississauga, Toronto, Brampton, Oakville, Milton, Hamilton and Burlington. Our RE/MAX offices are located all the above cities and towns including the rest of Canada. We will be able to refer you one the most powerful teams in the niche market you are planning to buy or sell.

What kind of properties do you sell? 2017-09-28T15:03:42+00:00

We sell residential properties that include freehold and condominium, builder new construction, under construction and assignment sale (flipping).

What kind of properties you rent? 2017-09-28T15:05:30+00:00

We typically work with our landlords to lease their homes and condos for a minimum of one-year lease contract only. We do not offer rental of basements or other short-term accommodation as these listings are mostly handled by landlords directly.