Before Buying a London Ontario Condominium, Be Aware Of What You Are Signing

Before buying a condominium in London Ontario, be aware of what you are signing!

Signing buyer agency in London Ontario

 

Why is That?

Most real estate agents may want you to sign a Buyer Agency Agreement because without a written agreement; there are no guarantees the Realtor who finds you your new home will get paid.

Most agency agreements say, in effect, that the Realtor will help you find a place, and you agree not to work with other real estate agents during your search. That’s like someone asking you to get married, and you haven’t even had your first date yet!

Now, after reading this, hopefully, you will know enough to maybe go out with this Realtor on at least one date (viewing a few homes).  Still, you may feel uncomfortable signing a contract that obligates you to this Realtor until you buy or die.

How can you handle it?

In Ontario, licensing laws require that you acknowledge receipt of a copy of The Buyer Agency Agreement which explains what you are signing.  Who represents whom in the transaction?

It is imperative that you understand what it is that you sign, and  keep in mind, this form is from our licensing body RECO (Real Estate Council of Ontario), and there is a lot of language in there to ensure that when you buy a home, that Realtor will get paid, either by you or by the seller.

Also, keep in mind that you are free to negotiate a change to any of the boilerplate language if there are terms or conditions you can’t live with

working with a Realtor in London Ontario

Here are some of the major issues it will include:

  • How much does the broker charge and how is that paid?

In Ontario, the sellers usually pay the brokerage fees, and I’ve even heard Realtor’s telling people that their services to buyers are “free.”  Not quite.  If the listing company has negotiated a payment from the seller (called a “co-op” commission) to your Realtor of less than the amount of the fee he or she charges, the agreement may say that you must make up the difference.  In other words, if your contract calls for a 3% payment, and the co-op commission is only 2.5%, you may have to write a cheque for the difference at settlement.

  • Does the buyer broker charge an up-front contingency fee?  If so, how much is it?  Is it refundable under any circumstances?  Is it credited back to you at closing toward your down payment and closing costs?  An upfront fee is one way that a Realtor can help weed out real buyers from tire kickers, and it’s becoming more customary.
  • How long is the term of the agreement?  If you are not sure you want to enter into something long-term, and if the Realtor insists that you have to sign something, make it a week or so.  You can extend your contract at the end of that time – assuming the Realtor is doing a good job and you both want to continue the relationship.
  • What geographical area does it cover?
  • What type of property?
  • Is it possible for you to break up once you’ve signed on the dotted line?  If it turned out that you’ve made a mistake and didn’t want to work with that Realtor after all, how do you get out of it?  Most brokerages will let you out, but they don’t have to make it easy for you unless you have included language that lets you terminate.

Make every word count

When a good Realtor enters into a buyer-brokerage agreement with a new client, they know that they have to earn the trust and loyalty that the agency agreement represents.  But the deal has got to be more than a piece of paper.

 Some questions to ask

Searching For London Ontario Condos To Get The Right One

As another way of helping past clients, they said that learning about how they went about searching for London Ontario condos, helped them make  wise decisions and a good financial choice.

Would it be of benefit to you to if you could get what I call ‘market education’, (to look at 3-4 properties that are similar to  what you are looking for,  not to make an offer or buy  on any of those 4, but to learn a little about the market?

take my car

Then, when you are ready, you will know what to expect and to better clarify your wants & needs.

As well, I will leave you with a 40 page in-depth buyer manual loaded with tips and ideas, from the just looking stage to the day you move in.

There is no obligation on your part, no signing anything, just an old fashion face to face meeting that again, past clients said really helped them.

Again, we see 3 or 4 places, the idea is not to buy these but to get to know what you can buy for your money.

Again, let’s go look at a few and keep your cheque book at home!!!!!

PS:

  • No signing anything
  • No blah blah blah stuff , such as ,”we’re #1, we sell gazillions of homes, 
  • No, “I’m a miracle worker and can find your dream home for 1/2 price
  • No begging ,” Please buy from me or they are going to take away my house, kids and Mercedes!
  • No  BS 
  • No coffee, tea or lunch (if you are not bringing your chequebook, I’m not buying either!)

Searching For a Condo In London Ontario With No Luck?

Are you spending countless hours searching the MLS, real estate magazines, weekend classified ads and real estate websites looking for the ideal condo in London Ontario & area, be it an apartment in a high rise, a two storey townhouse or a detached town home , that is within your price range and in a good neighbourhood in London Ontario?

searching for a condo in London Ontario

Going to Open Houses? Going To Builder’s Models?

Have you missed out on some because they already have an offer or were sold before you even knew about it being for sale?

You may be missing out on some great condos that sell in a day or two or one that was priced so   agressively that it sells as soon as it comes on the market or in a specific area?

Is all that searching working for you  or is that you wish to avoid a pesky or bothersome real estate person (don’t blame you)?

Or, perhaps you are curious or you are in the ‘just thinking stage’ of real estate. Perhaps to purchase or sell.

Regardless, like fashion, real estate changes fast, people change, neighbourhoods change, real estate markets change and the motivation of buyers and sellers change.

So how do I, as a real estate professional, as a Broker of Record and Owner keep you, the curious, the maybe, the must have by the end of the month, the retiree, the downsizer, the upsizer, the DINK’s (double incomes,no kids), the tire kicker, deal maker, bread winner or just plain ready to move informed about real estate in London Ontario?

My asociates and I view a lot of houses and condos every week. We do loads of searches daily for clients, we are constantly researching properties, even For Sale By Owners.

we find houses in London Ontario

As professional house hunters in London we know the jungle, the alleys, the streets, avenues, crescents  and can guide you on the right path to ensure your purchase is wise & financially sensible.

You won’t have to jump off any cliffs, scale any mountains, wrestle a crocodile, put up with a pushy real estate salesperson, cross-eyed lawyers, impotent mortgage lenders, near sighted home inspectors, all you have to do is put up with us!

  These folks did and they are still with us!

Frustrated Finding London Ontario Condos?

Are you spending countless hours searching the MLS, real estate magazines, weekend classified ads and real estate websites looking for the ideal condo, be it an apartment in a high rise, a two storey townhouse or a detached town home , that is within your price range and in a good neighbourhood in London Ontario?

searching for a condo in London Ontario

Going to Open Houses? Going To Builder’s Models?

Have you missed out on some because they already have an offer or were sold before you even knew about it being for sale?

You may be missing out on some great condos that sell in a day or two or one that was priced so   agressively that it sells as soon as it comes on the market or in a specific area?

Is all that searching working for you  or is that you wish to avoid a pesky or bothersome real estate person (don’t blame you)?

Or, perhaps you are curious or you are in the ‘just thinking stage’ of real estate. Perhaps to purchase or sell.

Regardless, like fashion, real estate changes fast, people change, neighbourhoods change, real estate markets change and the motivation of buyers and sellers change.

So how do I, as a real estate professional, as a Broker of Record and Owner keep you, the curious, the maybe, the must have by the end of the month, the retiree, the downsizer, the upsizer, the DINK’s (double incomes,no kids), the tire kicker, deal maker, bread winner or just plain ready to move informed about real estate in London Ontario?

My asociates and I view a lot of houses and condos every week. We do loads of searches daily for clients, we are constantly researching properties, even For Sale By Owners.

we find houses in London Ontario

As professional house hunters in London we know the jungle, the alleys, the streets, avenues, crescents  and can guide you on the right path to ensure your purchase is wise & financially sensible.

You won’t have to jump off any cliffs, scale any mountains, wrestle a crocodile, put up with a pushy real estate salesperson, cross-eyed lawyers, impotent mortgage lenders, near sighted home inspectors, all you have to do is put up with us!

  These folks did and they are still with us!

Townhouse London Ontario, Town Home London Ontario

Townhouse condo , town home condo, freehold condo, aren’t they all the same? There seems to be some confusion about the differences between the three and to make the confusion more befuddled, if you google all three,  you will see what I mean.

Information Condos in Lonon Ontario

So, in London Ontario and area, Realtors, builders and lawyers generally define them as the following:

  • Townhouse Condo: Can be attached or detached, single floor or a two or three storey
  • Town Home Condo : Usually detached, more upscale and freehold or a general condominium corporation
  • Free Hold Condo: Detached, you own the land and are responsible for your roof, windows, doors and you pay a nominal fee to the condo corporation for road maintenance and common grounds.

Now, before anyone wants to nit pick me on the above descriptions , I have helped hundreds of buyers and sellers of condos in London and these 3 definitions worked for them. As well, at the end of the day, your lawyer and the status certificate of the condo corporation and the property you are buying or selling is defined quite clearly in all documents and ownership is defined.

A professional Realtor will have already verified that for you , but then, what do we know, we are out seeing condos every day!

Meeting your lawyer condo in London buying

                                           Where To Start?

Most start off by going to MLS and picking up all the real estate magazines they can get their hands on & going to open houses or model homes

Thats a good way to get a feel for price and style. But then what? What about certain condo rules, fees and financial stability of the condo corporation, amenities and other questions that should be very important for you to know?

Looking for condos in London Ontario to buy

Another alternative is to take advantage of our knowledge and experience with condos & houses in London Ontario and area.  Daily, our associates  view quite a few condos in London and area & are quite familiar with price, quality, safe areas  and know the better run condo corporations and some to stay away from.

Do you use up a tank of gas or spend hours on MLS going through hundreds of listings?

What about if you could first know what you can get in your price range, learn about the styles, even locations!

Even some common sense ideas of what to look out for.

 Below is a snapshot of condos for sale in London Ontario & area on MLS

 Townhouse Condos For Sale on MLS London Ontario      Detached Condos For Sale on MLS in London Ontario      Apartment Condos For Sale on MLS in London Ontario 

Oh, and by the way, are you  wondering what your payments will be?

Condo Mortgage Calculator

Here is a fabulous 4 in 1 mortgage calculator that will guide you to know your costs.

Below are links to some but not all townhouse condo complexes (townhomes, attached and detached, one floor and more) in London Ontario by price range.

Included are prices last year, what units sold for compared to the asking price, how long they took to sell, some buyer & seller tips and at times, a blunt discourse on being prudent when buying or selling a condo .

Under $150,000

$150,000 to $250,000

$250,000 to $400,000

400,000 to $500,000

Over $500,000

Plan & Plan & Plan Before Buying a Condo in London Ontario

Buying a condo in London can be an emotional experience. It can also be time consuming and comes with a myriad of details. Some buyers, (and their agents), however, caught up in the excitement of buying a condo, tend to overlook some items.

Buying a condo in London the right way

These errors generally fall into three areas:

  • Paying too much
  • Losing a dream condo to another buyer
  • Buying the wrong condo

When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors.

Bidding without sufficient information

Buying the wrong condo for you

Unclear title

Inaccurate Survey

Unexpected repairs

Not getting Mortgage pre-approval

Hidden costs

Rushing the closing

Why do we know this? We assist home buyers every day, 7 days a week and from many years of experience, we understand what it takes to guide,  find, select, negotiate and follow all the steps necessary to make good decisions.

That must be the reasons we have repeat buyers and are referred to every day or do you think it just because we have a fancy website, are Realtors and are ugly looking?

Upscale Town Homes London Ontario

There are quite a few upscale quality town homes in London Ontario and here is one of enclaves in North London.

181 Skyline Avenue London Ontario is an enclave of 36 freehold town homes in North Uplands in London Ontario. Named “The Residences of Stoneybrook” these high end quality homes were first started by “The Z Group” and finished by the quality builder “Premium Homes”.

181 Skyline Avenue London Ontario

In 2017, 5 of these detached town homes sold on MLS, from as low as $415,000 and as high as $650,000, they took about 43 days to sell and for about 97.34% of the asking price.

I have prepared a breakdown of the 5 sales with prices, days on the market and amenities plus a few wise ideas if you were either a seller or a buyer. After reading this report, hopefully you will see that having accurate numbers when buying or selling real estate can make a huge difference to your bank account! You can get these reports here.

 Uplands is a relatively newer area of London with a great cross section of executive style homes, one floor bungalows and a great selection of one floor condo homes, both attached and detached.

Living in Uplands is convenient to a major shopping area in the Masonville Mall area , churches, schools, dining, golf courses and other recreation venues and attractions.

  All Condos in London Ontario For Sale on MLS

 Google Map

Some Of The Best London Ontario Townhouses At Fiddlers Green

Some of the best London Ontario townhouses for size, price and locations are at the 4 townhouse enclaves on Fiddlers Green

These one floor condominium townhouses at Fiddlers Green are Sifton built and were one of the first adult style developements in South West London, between Oxford Street West and Hyde Park Road.

A short walk to one of the better grocery stores in London is Remark and across the road is Loblaw’s. There are two drugstores,  a few restaurants, banks, medical & professional offices and two bus routes make this a great and convenient neighbourhood.

50, 55, 60 and 65 Fiddlers Green is located in Oakridge in London Ontario.  and by following that link, you can find  area prices, trends and more information.

There are 4 enclaves of units:

With the so called information age being a window for knowledge, buyers and sellers of real estate should be aware of the misinformation age, be it embellished numbers, unbridled enthusiasm or false perceptions.

Always ask: “Is it true?”

One of the principles I have enforced in my career as a professional Realtor is that facts and the brutal truth about a value of a house, the market and the activity are in the best interests of our clients.

                               65 Fiddlers Green London Ontario

All Condos in London Ontario For Sale on MLS

London Ontario Townhouses 70 Sunnyside Drive

This London Ontario townhouse neighbourhood at 70  Sunnyside Drive is right across from Masonville Mall and about 5 minutes to The University of Western Ontario and London Health Science Centre.

There are 3 parks nearby  which are Medway Valley Heritage Forest, Carriage Hill Park and Ross Park.

Some of the best schools in London are close by as well. Grocery stores such as Loblaw’s is just a short walk, the Big Box stores, 9 dining areas , plus fast food , Cinema and on 3 bus routes.

There are 60 condo townhouse units in this well-kept enclave with various choices in size and layouts. (two sizes and 3 styles).

 In 2017, 5 townhouse condos at 70 Sunnyside were sold through our MLS system for 103.2% of the asking price and these took about 21 days to sell!

I have prepared a 22 page report showing the price activity for 2017, along with what was included, plus some very helpful information to prepare either a seller or a buyer before you make any real estate decisions, you can get these reports below.
All Condos in London Ontario For Sale on MLS

  • 2016 average price $278,663
  • 2015 average price $261,167
  • Google Map

70 Sunnyside Drive  London Ontario

340 Ambleside Drive London Ontario Townhouse Prices

340 Ambleside Drive in  London Ontario is an enclave of 38 condo townhouses near The University of  Western Ontario with easy access to Masonville Mall, hospitals and the big box stores in Hyde Park. An added bonus is the bus stops out front of the street!

340 Ambleside Drive London Ontario

This north west London neighbourhood of London is called Medway Meadows and schools are nearby as well!

  • In 2017, 3 townhouses at 340 Ambleside were sold through our MLS system for 99.5% of the asking price and these took about 35 days to sell.
  • I have prepared a 24 page analysis of these sales, the prices, the days on the market and the differences between the selling prices of $231,000 and the $300,000 price. You can get your report below.
  • 2016 average sale $234,375

Google Map

 All Condos in London Ontario For Sale on MLS