Toronto Realty Blog

JULY 10, 2025

This entered my mailbox last week: Hi David, I was hoping you could dedicate a future blog post to so called “escape clauses” in real estate agreements. 2023: Sold Conditional On The Sale Of Buyers’ Property I suppose I’ve written a blog on just about every real estate topic out there, at one time or another.

Purchase and sale agreement

Redfin

JULY 17, 2025

However, the IRS may scrutinize the sale, especially if it’s below market value. To avoid tax issues, document the sale properly, follow fair market pricing, and treat the process like a typical real estate transaction. This ensures the sale is priced appropriately and helps prevent tax issues related to under-market transfers.

Purchase and sale agreement

Redfin

JUNE 11, 2025

In real estate, contingencies are conditions included in a purchase agreement that must be met for the transaction to move forward. Home inspection contingency This is one of the most frequently used contingencies in real estate. If financing falls through, buyers can withdraw and get their earnest money back.

Purchase and sale agreement

Redfin

JULY 14, 2025

It’s designed to show the seller they’re serious about the purchase and typically ranges from 1% to 3% of the purchase price. If a buyer acts outside the bounds of that agreement, even unintentionally, and the deal falls through as a result, it can be considered a breach of contract.

Earnest money deposit

Redfin

JULY 2, 2025

A question that rattles both sellers’ nerves and real estate professionals’ phones: What happens when a buyer backs out of a home sale? Every real estate transaction carries this tension, and knowing your rights and options is important for a successful sale. Financing: Even with pre-approval, buyers might fail to secure a mortgage.

Purchase and sale agreement

Redfin

JULY 10, 2025

Earnest money is a refundable deposit held in escrow to show your serious intent to buy, while due diligence fees are usually non-refundable payments made directly to the seller to secure time for inspections and evaluations. of the purchase price, negotiated between the buyer and seller What is earnest money? Is it refundable?

Due diligence

Marco Santarelli

NOVEMBER 23, 2024

A clear understanding of your financial situation will help you determine how much you can invest in a new property and whether you need to explore financing options. Conducting due diligence is essential before committing to a purchase. Cons: Time-consuming: It can take time to accumulate enough profits to purchase another property.

Hard money loan

Redfin

JUNE 23, 2025

You can schedule inspections, review the title, secure an appraisal, and check for any red flags that could affect your decision to buy. This timeframe grants the buyer permission to thoroughly inspect the property. It’s typically refundable if the buyer backs out for a valid reason like inspection or financing issues.

Due diligence

Redfin

JULY 2, 2025

Can a seller back out of a sale before closing? Yes, a seller can back out of a home sale, but only with a valid legal or contractual reason. Know your contract Once both parties sign a purchase agreement , it becomes legally binding. When can a seller back out of a home sale?

Purchase and sale agreement

Redfin

JULY 30, 2025

Key takeaways: A cash offer on a house means the buyer pays the full purchase price upfront without relying on mortgage financing. Even without liquid funds, buyers can explore bridge loans, private lenders, or creative financing to structure a cash-like offer. Both parties sign closing documents, finalizing the sale.

Purchase and sale agreement

Redfin

JULY 16, 2025

Key takeaway: Once a home is under contract, the seller is legally bound to the agreement and cannot accept another offer – unless specific clauses or contingencies allow it. Once both parties have signed a legally binding purchase agreement , the seller is obligated to uphold its terms. Generally, no.

Backup offer

HomeLight

JULY 23, 2025

An as-is home sale means the seller isn’t planning to make repairs or offer credits for issues the buyer might find. The buyer understands they’re purchasing the property in its current condition. This type of sale often signals that things like an aging roof or a worn-out appliance may not be fully functional or have much life left.

As-is

Redfin

MARCH 4, 2025

15 documents to have before listing your home Collect paperwork that highlights your homes selling points for an accurate pricing strategy, additional documentation to pass on to the new owners and other real estate forms required for the sale. Particularly youll need the original purchase agreement and deed.

Purchase and sale agreement

Redfin

JULY 9, 2025

Whether you’re purchasing your first home or need a refresher, understanding each step in the home buying process timeline can help you avoid surprises and feel more confident along the way. It’s also a good time to check your finances. Are you looking at homes for sale in Juneau, AK or Miami, FL ?

Pre-approval

Redfin

JUNE 27, 2025

Don’t skip critical steps like the home inspection or negotiating closing costs. These can greatly affect both the quality of your purchase and your bottom-line expense. Whether you’re purchasing your first home in Phoenix, AZ or in Trenton, NJ , here’s what you need to know before starting the homebuying process.

Pre-approval

Redfin

JUNE 5, 2025

This can give you a real edge, potentially helping you secure a property even when others are putting in higher offers that rely on financing. home purchases were made in cash in 2024. Essential closing costs beyond the purchase price Even without a lender, you’ll encounter several categories of closing costs.

Closing costs

Rochester Real Estate

NOVEMBER 5, 2015

What To Expect From Your Listing Agent Why For Sale By Owners (FSBOs) Fail Blog Featured Articles Home Buying Home Selling LOCAL Rochester NY Articles Earnest Money and House Deposits Explained Kyle Hiscock Kyle Hiscock | Greater Rochester NY Real Estate | Pittsford NY Realtor at RE/MAX Realty Group Have questions about buying or selling a home?

Earnest money deposit

Redfin

JULY 11, 2025

This good-faith payment, typically 1% to 3% of the purchase price, is held in escrow and applied to your down payment or closing costs if the sale goes through. That means if the sale is completed, the money is not refunded – it’s credited toward what you owe.

Earnest money deposit

Redfin

MARCH 18, 2025

When buying a home, youll likely come across the term earnest money – a deposit that shows the seller youre serious about the purchase. This deposit is usually between 1% and 3% of the homes purchase price, but the amount can vary based on the local market and the agreement between you and the seller. Do you get it back?

Closing

AAOA

MAY 22, 2025

Understanding What Youre Really Buying When youre buying an apartment building , youre not just purchasing property, youre acquiring a business. Step 2: Get Pre-Approved or Prepare to Raise Capital Before you make offers, get your finances in order. Purchase Price Apartment complexes vary widely in price. Talk to lenders.

Due diligence

Rochester Real Estate

NOVEMBER 5, 2015

Are your finances ready to buy a home, or will you be better off renting for a few more years? Your Housing Budget The purchase price of the home shouldn’t be your only consideration. If your offer is accepted, you will sign a purchase agreement and pay an earnest money deposit.

Purchase and sale agreement

Rochester Real Estate

NOVEMBER 5, 2015

What To Expect From Your Listing Agent Why For Sale By Owners (FSBOs) Fail Blog Featured Articles Home Buying Home Selling LOCAL Rochester NY Articles How to Buy a House in New York Kyle Hiscock Kyle Hiscock | Greater Rochester NY Real Estate | Pittsford NY Realtor at RE/MAX Realty Group Have questions about buying or selling a home?

Purchase and sale agreement

Rochester Real Estate

NOVEMBER 5, 2015

Here are the top frequently asked questions that home sellers ask before listing a home for sale, questions relating to home value & pricing, questions relating to contracts, and questions relating to purchase offers. Frequently Asked Questions Before Listing Their Home For Sale When is the best time to sell my home?

Purchase and sale agreement

Redfin

JUNE 17, 2025

Selling a house can be a long process, and it makes sense that the seller would want to know when the seller gets money after closing – especially if those funds are being used to purchase a new home. What needs to be done before settlement It typically takes between 30-60 days from accepting an offer on your home to closing a sale.

Closing

Redfin

JUNE 27, 2025

These concessions are negotiated during the offer process and help make the purchase more affordable for the buyer, without reducing the home’s sale price. Be prepared to justify the request with your financing needs or inspection findings. What can seller concessions cover? Are they negotiable?

Seller concession

Redfin

JUNE 23, 2025

In simple terms, an option contract is an agreement that gives one party the right, but not the obligation, to buy or sell an asset at a specific price within a particular timeframe. This right is not an obligation, meaning the buyer has the choice to proceed with the purchase or walk away. How does an option contract work?

Purchase and sale agreement

Rochester Real Estate

NOVEMBER 5, 2015

This process involves transferring the property to a buyer with available funds, eliminating the need for mortgage financing. Understanding the cash sale process, weighing the pros and cons, finding a reputable cash home buyer, and preparing your house for a cash sale are all essential steps to ensure a successful transaction.

As-is

Redfin

JULY 21, 2025

The best and least complicated time to walk away from a home purchase is before signing the purchase agreement. If you’re having doubts, want to reassess your finances, or simply change your mind, doing so before any paperwork is signed allows for a clean exit without risking earnest money or triggering legal consequences.

Earnest money deposit

Redfin

JUNE 9, 2025

Because lenders base loan amounts on the appraisal—not the purchase price— buyers are typically responsible for covering this difference out-of-pocket. Prices increasing fast: Prices rise quickly in hot markets but appraisals rely on older sales data that may not reflect the latest trends.

Purchase and sale agreement

Redfin

JULY 31, 2025

Check with your state’s housing finance agency for options. Fannie Mae’s HomePath Ready Buyer Program : This offers up to 3% in closing cost assistance when purchasing a HomePath property and completing a homeownership course. Avoid new credit: Don’t open new credit accounts or make large purchases before applying for a mortgage.

Purchase and sale agreement

Redfin

JUNE 17, 2025

Don’t skip a discussion about important details like inspections or financials. A gift of equity is the difference between the fair market value and the sale price. On a $400,000 sale, that could mean saving about $20,000 in closing costs. Be sure to get all agreements in writing.

Purchase and sale agreement

Redfin

JUNE 30, 2025

Key takeaways: In most home purchases, the buyer’s agent delivers the offer to the seller’s agent, who then presents it to the seller If you don’t have an agent, you must submit the offer yourself—ideally with help from a real estate attorney. Clean terms, proof of financing, and flexibility can help your offer get noticed—even as a backup.

Earnest money deposit

Redfin

JANUARY 28, 2025

Instead of applying for a new home loan with todays mortgage rates and terms, the buyer steps into the seller’s position as the borrower and continues making payments under the original loan agreement. This is typically reflected in the sale price of the property.

Loans

Redfin

JULY 16, 2025

Understand how solar agreements may affect financing and insurance requirements. The value of the panels is usually factored into the sale price. If the panels are leased, you may be required to take over the lease agreement. This could affect your financing or debt-to-income ratio.

Purchase and sale agreement

Redfin

JUNE 23, 2025

This could mean the homeowner skipped pulling building permits , didn’t schedule inspections, or simply didn’t know they needed permission in the first place. It may be a quick DIY project they want to complete before selling, avoiding delays or fees from inspections and paperwork.

Seller disclosure

Rochester Real Estate

NOVEMBER 5, 2015

What To Expect From Your Listing Agent Why For Sale By Owners (FSBOs) Fail Blog Featured Articles Home Buying Home Selling LOCAL Rochester NY Articles How To Set A Home Renovation Budget Kyle Hiscock Kyle Hiscock | Greater Rochester NY Real Estate | Pittsford NY Realtor at RE/MAX Realty Group Have questions about buying or selling a home?

Renovation

Redfin

JUNE 26, 2025

As a buyer, you can negotiate a lower sale price to account for cost of remediation and get a better deal on a home. So if you’ve found the perfect property on Redfin —great location, within budget, it checks all the boxes, and then the inspection reveals mold in the basement—don’t panic just yet. However, they can refuse to pay it.

Purchase and sale agreement