Part 3 of Toronto Real Estate - Some Vital Facts

If I change my mind about some elements after I have signed an agreement of purchase & sale, can I still modify anything?

That depends on what you have signed! If the firm (no conditions) offer has been accepted by the seller, and is not a special circumstance (as in with new apartment construction for example, where you may be granted a cooling-off period) you can try to discuss changes with the sellers. The law is on the side of the person selling if your agreement hasn't been accepted with provisions to modify. In the long run both of your lawyers may have to be involved. Subsequently your retainer, legal costs and the like are at stake if both parties cannot agree.

For Bloor West Village, how much more do houses with finished basements sell for compared to houses with an unfinished or partially finished basements.

Good question - that is of course based on a lot of different situations. As a finished basement can range from dug out professionally carried out, with bathroom, perhaps a kitchen, fully wired for sound/stereo, spacious laundry, bedroom and separate side entrance, all the way to an old panelled room that is low ceiling height, potentially damp etc. Obviously any finished basement is going to be of benefit to a possible buyer, this village is a family neighbourhood and having that extra space is certainly a plus point. As previously pointed out, there are many variables and degrees of quality in a finished basement therefore its not possible to pre-empt the cash advantages.

I've heard there are different sorts of parking in relation to condominiums, what are they?
You can buy a parking space along with or completely separately from your apartment unit or even a property purchase, this is classed as owned parking. Subsequently once you own it, then with the majority of things you buy, it is yours to do with what you want. When you buy and sometimes rent a condo, there is frequently parking reserved for your use only while you own or rent it and is classed as exclusive parking If there is no exclusive parking for your unit or you can't buy parking, it may be possible to rent space; your property manager should have the details on this facility. Some lofts in Toronto are famous because of potential troubles with parking pads

What would 80,000 is money give me in the GTA area?

A mortgage expert will be able to help you sort out what you can afford if you are using the cash as a down payment on a property. There are lots of mortgage brokers in Toronto, but if you contact us via e-mail then we would be pleased to pass on some recommendations to you.

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