Real Estate in Orillia. In Canada and the US, real estate broker, real estate agent or realtor is a party who acts as an intermediary between sellers and buyers of real estate and endeavors to find property sellers who wish to sell and buyers who wish to buy. In the Canada, the relationship was originally established by reference to the English common law of agency, with the broker having a fiduciary relationship with his clients.
The Real Estate market has broadened widely with the advent of new technology. Globalization has had an immediate and powerful impact on real estate markets, making them an international working place. The rapid growth of the Internet has made the international market accessible to millions of consumers. A look at recent changes in homeownership rates illustrates this. Minority homeownership jumped by 4.4 million during the 1990s, reaching 12.5 million in 2000, according to the Fannie Mae Foundation. Foreign direct investment in U.S. real estate has increased sharply from $38 billion in 1997 more than $50 billion in 2002 according to U.S. 2000 Census data.
In consideration of the brokerage successfully finding a satisfactory buyer for the property, a broker anticipates receiving a commission for the services the brokerage has provided. Usually, the payment of a commission to the brokerage is contingent upon finding a satisfactory buyer for the real estate for sale, the successful negotiation of a purchase contract between a satisfactory buyer and seller, or the settlement of the transaction and the exchange of money between buyer and seller.
The median real estate commission charged to the seller by the listing (seller’s) agent is 6% of the purchase price. Typically, this commission is split evenly between the seller’s and buyer’s agents, with the buyer’s agent generally receiving a commission of 3% of the purchase price of the home sold.
In North America commissions on real estate transactions are negotiable. Local real estate sales activity usually dictates the amount of commission agreed to. Real estate commission is typically paid by the seller at the closing of the transaction as detailed in the listing agreement.
Flat Fee MLS generally refers to the practice in the real estate industry of a seller entering into an ” la carte service agreement” with a real estate broker who accepts a flat fee rather than a percentage of the sale price for the listing side of the transaction. The buyer’s broker is still typically offered a percentage though that could be a flat fee as well. A Flat Fee MLS brokerage typically unbundles the services a traditional real estate brokerage offers and lists the property for sale in the local Multiple Listing Service (MLS) la carte without requiring the seller to use its services for valuation assistance, negotiating, transaction management and showing accompaniment.
Title Insurance has become a product that has changed the way property is transferred in Canada. Title is at the very heart of every real estate transaction. A purchaser needs proof that the property being bought is free and clear of liens, that the seller really owns it, and can sell it. To do this the buyer must “search title”. This can be a long, complicated process. Lawyers (or their assistants) sometimes spend hours at the registry office going through books and then checking with various authorities for liens etc. Often, they have to search back 40 years before they can give their “opinion of title”, which is still not a guarantee – just an opinion.
Home inspection in Canada requires the services of a qualified and experienced professional. When selecting a Canadian home inspector cost should not be the only determining factor. It is vital that you know as much about a property as possible before you make the commitment to purchase it, so be sure to choose a home inspector that can perform a reliable inspection service. I would always recommend using the home inspector who places first in Google rankings for the area you are looking to purchase. Being first in Google is a good indication that he is a professional and will be the “go to person” in that area.
When buying property in the Innisfil Ontario area choose your agent from the www.innisfilrealestateagents.info site to get a professional agent who will provide you with personalized service and ensure your buying or selling experience is a pleasant experience with no surprises.
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