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So you have decided you would like to get a rental apartment in a nice Toronto condo.  What is your plan?  How do you plan on finding the right condo for you?  In Toronto there are lots of condo buildings.  There is well over a thousand, likely closer to 3-4 thousand in the GTA. 

Select Your Neighbourhood

The first step would be to pick what area you would like to live in.  Maybe you want to be on the subway line or close to TTC, Close to your work or family.  Pick the area you want to live in. 

Chose your REALTOR® 

Once you have chosen your area, you need to choose a REALTOR® who works in that area.  Your Realtor should know the current inventory available for rent and what rate the condo apartments have been leasing for.  If your REALTOR® doesn’t know the inventory or the area very well, you might want to interview more than one before you decide which you want to use. 

Letter of Employment 

Before you start to look at available condo apartments, you need to get a letter of employment from your employer.  How long you have worked there and your current salary will help you in the offer stage.

Credit Report.

You will need to have a recent credit report.  You can get it instantly on-line via www.equifax.ca. or via www.transunion.ca.

Rental Application

Most rentals on the MLS require a letter of employment, credit check and a rental application.  The rental application is a standard OREA (Ontario Real Estate Association) form.  Have it prepared with your information on it.  The rental unit can be added once chosen. 

View Available and Pick Your Condo Apartments. 

Once you have everything prepared, your REALTOR® can take you out to see several available units in your desired area.  View as many as needed to find the desired rental unit.  At this point your REALTOR will prepare and present your offer to the listing vendor. 

After Accepted Offer 

Once you have got your accepted offer you will be required to pay first and last months rent, and give 10 post dated cheques.  After that, all that is left is to move in on or after closing day.

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When you decide to sell your home with a REALTOR® in the Toronto Real Estate market, one of the most important forms you will encounter is the Listing Agreement. The Listing Agreement is the contract between you and the real estate brokerage authorizing the brokerage, including its brokers and salespeople, to market your property.

The Listing Agreement is such an important part of your real estate transaction that you’ll want to be sure it is as comprehensive and accurate as possible. Your REALTOR® will work with you to fill in all the details and leave nothing to chance.

Detailed information about your home is spelled out in the listing agreement which helps other REALTORS® respond to questions from potential buyers about your property. Also, the Listing Agreement forms the basis for any offers drafted on your home as well as any resulting negotiations involving the offer.

There are two types of listings – an “Exclusive” listing and a “Multiple” listing. An exclusive listing gives the brokerage the sole right to find a buyer for your home during a specific time period. You agree to pay a pre-established real estate commission to the broker once the sale is completed. The commission is payable to the broker regardless of whether someone else sells your home — including yourself during the set period or even if your home sells at a future date to someone the broker introduced to the property.

A multiple listing is also an exclusive listing between you and the broker, but includes your authorization to allow the broker to market your home on the Multiple Listing Service (MLS) and have other REALTORS® help to find a buyer. In this case, you pay the agreed upon commission and it is shared between the listing broker and the REALTOR® who found the buyer.

Most often, a REALTOR® will recommend that you list your home through the MLS so that you receive maximum exposure in the shortest time possible. Many REALTORS® in Ontario use a standard listing agreement form such as the one published by the Ontario Real Estate Association.

Because the Listing Agreement is so vital to the whole real estate transaction, REALTORS® are well-trained to carefully include every last required detail. The agreement is divided into two sections – authority and property details.

The authority section establishes the legal relationship between you and the real estate broker, sets a time limit for that relationship, and describes the obligations of each party. The detail section provides information about the property being offered for sale and the ideal terms the seller would like to see in an offer. Your property will be completely identified by its full legal description, including street and house number, as well as to lot and plan number if the property is in a registered plan or subdivision.

Your property size and location, floor area, room sizes, style and number of rooms, zoning, building age and type of construction will all be spelled out on the Listing Agreement.
The listing price is specified along with any other clauses regarding price or terms. There is a specific reference to the commission that will be paid upon a successful sale, trade or exchange of the property.

Other details to be filled in on the Listing Agreement include mortgage information, how many days until closing after your home sells, and how your property will be shown. Your REALTOR® will also discuss with you what items you are willing to sell along with the home. These items usually fall under one of two categories – fixtures or chattels. Fixtures are permanent improvements that normally stay with a property as part of the sale. Things like central air conditioning, built-in appliances and wall-to-wall carpeting are fixtures.
Chattels are usually movable pieces of personal property such as microwave ovens, blinds or washers and dryers. You may wish to include some of these “chattels” to sweeten the deal. These items will be clearly spelled out in the Listing Agreement.

Your home is probably the largest asset you will ever sell and you want to be sure you do it right. Selling your home is a complicated transaction involving many legal forms and procedures. Having a REALTOR® on your side will ensure the sale of your home goes smoothly.

Source: OREA (Ontario Real Estate Association)

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