Pat Kapoor

Real Estate FAQ

Are you confused about something? Well, scan through the questions below and see if the question in your mind is there, for more info email me

Should I buy or rent?

Is now a good time to buy? What do you think the market will do?

What does it mean when a property is listed as Exclusive?

What?s the difference between an Offer and a Purchase & Sale?

What?s the difference between the assessed and appraised value of a property?

What is a covenant?

What is a listing agreement?

What is a public open house?

If I get an offer, should I accept it?

Why should I list with a realtor?

Once the offer is signed, if I change my mind, can I get out of it?

What if I?m asked to give the buyer a current survey? Do I need to?

Why Choose Remax?

Should I buy or rent?

Some people buy a vacation home with the idea of turning it into a permanent retirement home down the road. Others like the tax benefits or wish to expand or diversify their investment portfolio. Owning brings the benefit of having your own place, becoming part of the community, blending into the daily fabric of the island, and living in all its seasons. Ownership brings great benefits, but also the responsibilities of home management and maintenance.

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Is now a good time to buy? What do you think the market will do?

Although the Fall of 2001 saw significant changes in our economy, the real estate market is still experiencing an active market. Pricing has adjusted somewhat to current market conditions, resulting in a moderate softening of prices. There is a slight increase in the number of available listings, providing potential buyers with greater choice of properties from which to select. Additionally, interest rates are at, or near, 20-year lows. These factors combine to make this a great time to buy with Pat Kapoor.

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What does it mean when a property is listed as Exclusive?

Listing properties with Pat Kapoor varies from most other agents, in that a seller may list their home one of three ways. An Exclusive Listing, is when the property is contracted with one agency who works to find buyers, and oversees advertising and promotions. With Shared Listings two agencies offer the same home for sale, which may result in the same property being advertised slightly differently by two different firms. With a Tri-Listing three different agencies market the property simultaneously.

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What?s the difference between an Offer and a Purchase & Sale?

The Offer is the legal document, which is signed by both parties when a buyer and seller agree on the initial terms of the sale. The Purchase and Sale is a more detailed, lengthy legal document, which is often executed after certain contingencies (such as inspection) have been completed. When either document is signed by both the buyer and seller, they constitute a legally binding agreement. Be sure to consult with your attorney before signing any legal documents.

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What?s the difference between the assessed and appraised value of a property?

State law requires that all real estate is assessed at full market value, and all properties are re-appraised at least every three years. Generally, professionals are employed to make these appraisals, basing assessments on actual sales 2-years preceding to establish values as of January 1 of the re-appraisal year. The assessed value of a property is used to determine town taxes.

The appraised value of a property is the current market value of the property as determined by a professional appraiser and reflects sales prices of comparable properties within the prior six-month period.

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What is a covenant?

Properties which are in historic districts or that are part of neighborhood associations, may be subject to certain covenants. These are restrictions which must be adhered to by all residents of the area and may include, use or building restrictions, siting or sizing guidelines, and behaviors which have been agreed upon by the association or commission. Covenants help to maintain a consistency within an area and protect its? value.

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What is a listing agreement?

The process of selling a home with a REALTOR starts with the Listing Agreement. It's a contract between you and the brokerage company that the agent represents. It is a framework for subsequent forms and negotiations. It's important the agreement accurately reflects your property details and clearly spells out the rights and obligations of all parties. Both you and the listing agent sign the listing agreement and each receive a copy. The agreement binds both parties to its terms and conditions.

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What is a public open house?

The second type of open house is a public open house, where members of the public are invited to walk through your home and have a look. It's an efficient way to show your home to many potential buyers at once. The listing agent will act as host, answering any questions.

You and your listing agent will pick the time and date for an open house. In order to give the agent access to your home, you may wish to keep a key at his or her office, or in a lockbox. It's also a good idea to ensure that any valuables are put away in a safe location, then leave while the open house is underway. If you do stay, be sure to keep out of the way, and turn off any TVs or radios to let the agent and the buyer talk in peace.

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If I get an offer, should I accept it?

Once a buyer is found, you'll be receiving an offer that will detail how much, specify any conditions that may apply or be attached by the buyer, say when the buyer would like to take possession, and when the offer expires. As an act of good faith, the buyer will make a deposit with the offer.

You don't have to accept the offer as is. You may wish to make a counter offer that comes part-way to meeting the offer's conditions. The counter offer is one more step along the way to negotiating the final terms and conditions of the sale.

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Why should I list with a realtor?

One advantage of listing with a REALTOR is that only a REALTOR is able to place your listing on the MLS? or Multiple Listing Service ?, which is the co-operative listing system operated by local real estate boards.

When your listing is placed on the Multiple Listing Service?, the information about your property is shared with all other REALTORS accessing MLS?, and all REALTORS have the opportunity to sell your property. This type of cooperative effort will result in the listing agent offering compensation to the selling agent. Your property gains more exposure, because it reaches the majority of the real estate professionals in your community.

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Once the offer is signed, if I change my mind, can I get out of it?

The offer, once signed by everyone, is a binding contract. Make sure you understand and agree to all of the terms in the document. You may want to have it reviewed by your lawyer before signing.

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What if I?m asked to give the buyer a current survey? Do I need to?

Before closing, especially if the buyer makes it a condition of sale, you may be asked to provide a current survey, or a "real property report," showing the location of the house is on the property owned by you and that there are no encroachments. You may also have to prove that you have title to the property (the buyer's lawyer will check this out when he or she conducts a title search to see if there are any liens on the property, easements, rights of way or height restrictions). Especially in rural areas, you may also be asked to provide a certificate for a well or septic system, stating the system meets local standards.

The buyer may also make the purchase conditional on an inspection by a qualified engineer or inspector.

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Why Choose Remax?

Choose Remax Because:

They are Canada's #1 negotiators.

And not to mention that it has 32.2% Market Share in Greater Toronto Area.

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