Virtual networks and real estate

A short time ago someone I know said to me "If you are not on Facebook, you fundamentally don't even exist." I am now beginning to believe those who say it. Social network sites give you an awarenes into what your friends and work mates are doing. It is just about unachievable to keep in communication otherwise.

Still, staying informed about the life of your friends and acquaintances surely is not the only purpose of such websites. Another point of social websites is promoting yourself and bringing in business especially if you are a real estate agent. The times when a billboard or a little advertisement in a newspaper was enough for propagation of one's work or business are long disappeared and they will not come back. The way to the future is now the internet and computers. On-line, (what a coincidence) you can come across lots of articles with instructions and working tips on how to use the phenomenon of social networking.

For older people who were not brought up with computers, it's tough to get used to operating computers and to find their way round websites. Youngsters go on computers from a young age, so are fluent with them, while we, from the older generation, are taking a while to work things out. Regardless of the issue we still have a go. Those ideas, I venture, are not just felt by me, but by many realtors out there.

After working all day its not surprising we come home tired, so it's hard to sum up the energy to find interesting things to talk about on blogs or make posts on social websites such as facebook and twitter. Our daily routine now involves just that sort of input. Settling down now means going on-line to get our social networking chore done. Is there members of the public out there that are fascinated in our posts? Do people, other than fellow realtors, actually look at the articles we write? I think we will never know for sure, will we?

Personally because the reports are of interest to me, I do peruse and look at the websites of my fellow real estate associates. But who knows whether their features also attract ordinary people (I don't mean this in a negative way, of course), the job of whom is not involved with real estate at all. By reading colleagues blogs and posts, it doesn't matter how often I get together with them, I am always up to date with their lives. So I may not have spoken to someone for a long time, but I can honestly say I have learnt alot about them, and this is thanks to social networking. What a awesome thing social networking is.

In my professional life I sell Toronto condos, and I consider social networking to be one of the key ways of success. Hopefully this short article was of any help for you!

You Won Your Dreamhouse: And Now What..?

Even after your bid for the property you decided to buy has been accepted by the seller, there's plenty left to do before you can rightfully move in. In the following article, as an experienced realtor from Toronto I can familiarize you with the most important steps of the process.

After your offer has been accepted, the next thing to do is to meet with your legal adviser and have her/him explain you all your responsibilities following from the contract. Your solicitor should help you to understand all the costs related to the closing procedures, including Land Transfer Tax, disbursements and legal fees.

UTILITIES

It is also necessary to verify the absence of any arrears or outstanding charges, such as gas, water or hydro expenses. Your legal adviser does this by sending letters to the municipal or regional utility departments. Another purpose of these letters is to find out if the equipment on the property is rented or owned, and also to inform the utility departments about the scheduled closing date, the new owner's name and the name of the seller's legal adviser. Information about the billing type and whether the billing is metered, all this is also demanded by these letters.

TAXES

Taxes is another serious topic. You will have to provide a Tax Certificate, which will verify the amount of the current year's taxes and any arrears and outstanding charges for the current year and any previous years.

BUILDING & ZONING

The Building and Zoning Department will need to get involved as to the particulars of zoning by-laws and restrictions relating to the distance from the street and side and rear lines, type of construction, lot areas and building areas, lot frontage and depth requirements and permitted uses. Another letter is sent by your legal adviser to this department, together with a copy of the survey to reveal all this.

TITLE & EXECUTION SEARCH

The appropriate division of the Land Registry Office will start a Search of title to the property in order to establish whether or not the seller is the owner of the property and whether or not he has the legal right to convey the property. The search also reveals if the property is not a subject to any encumbrances, encroachments, easements, liens, agreements or mortgages that were not disclosed in the Agreement or Purchase and Sale. Also an execution search is done in the appropriate Sheriff's Office to ensure that there are no executions against the seller or previous owners of the property that would affect your title.

FINANCING

While your legal adviser is completing his initial searches, it is your responsibility to make necessary arrangements for financing. The amount of financing you will qualify for and the amount you will need to finish the transaction should be clear already before you have signed the Agreement of Purchase and Sale. On the day of closing, you might not be aware of all the fees related to mortgage financing. Your legal adviser can advise you of these fees when the financial institution that you chose provides you with a Mortgage Commitment Letter.

BEFORE THE DAY OF CLOSING

A few days before the closing, you will need to come to your legal adviser's office to sign all the necessary documents and to produce a certified cheque to confirm the balance of closing funds.

CLOSING DAY

Your legal adviser will agree to meet with the vendor's legal adviser at a mutually convenient time at the appropriate Land Registry Office where he will sub-search title and complete final execution searches. They will exchange documents, keys and cheques and your legal adviser will make sure all the necessary documents are registered. As soon as this has been completed, you can get the keys and the seller will get the finances.

AFTER CLOSING

Now your legal adviser will provide you with a reporting letter that acknowledges your title and explains all the transaction details. Then you are finally free to move in to your new house! Just make sure to check that all items that should be included in the purchase price, as described in the Agreement of Purchase and Sale, are left on the property by the seller. Let your legal adviser know without any delay if you think something is missing.

(picture by azhure)