Frequently Asked Questions by Home Buyers
How long is a typical subject period? Anywhere from 5-7 days.
How long is the listing agreement? A listing agreement can be no shorter than 60 days as per MLS rules. Depending on the market and your home, your Realtor may recommend a short or a long listing agreement.
How much is a typical deposit? 5% is average, though a higher deposit can be attractive to the sellers in certain situations.
What are the completion, possession and adjustment dates? This is the date when the Buyer’s money is transferred to the Seller and ownership of the property transfers to the Buyer. This the date which a lawyer or notary will use to adjust the property taxes paid and owing between the buyer and seller. It is usually the same date as the Possession Date. The Possession day is move in day! This is date when the Buyer is officially allowed to move in. This date is often day or a couple of days after the Completion Date, but it can be any date the Buyer and Seller agree on. Most of the time the Buyer takes possession of the property at 12 Noon, but this is negotiable.
What is a Subject to Sale Offer? An offer that is subject to the buyer selling their home before removing all subjects on their purchase to buy your home.
What is FINTRAC? The Financial Transactions and Reports Analysis Centre of Canada For more information click here.
What items are included with the sale of a home? Any fixture is included with the sale of a home unless otherwise specified in writing on the contract of purchase and sale. A fixture is something securely fixed in place. Typically buyers will ask sellers to include the appliances and window coverings in the contract.
Why does my property need to be scanned for an oil tank? Visit our Oil Tank information page.
When do I have to pay GST? You pay GST on the purchase of a newly constructed home.
When is the deposit due & how is it payable? Your deposit is due usually within 24 or 48 hours of subject removal and payable to the Buyer’s realtor’s brokerage’s trust account; however, these can both vary depending on what is written in the contract.