FREQUENTLY ASKED QUESTIONS

Do I have to pay my real estate agent?
No. There is no cost to our service to you the buyer. Real Estate agents are paid by the selling party once a deal is closed.
Do I need a REALTOR?
In Ontario all that is required is a lawyer to complete a real estate transaction however, Realtors work in your favour protecting your interest and helping you navigate the real estate market. Team Garry Rai ensures that in every transaction due diligence is done.

For example: when purchasing a condo we check for signs of major instances that may raise maintenance fees. Water leaks are a big culprit and can have you spending more than you need to!

We’re also negotiating experts, why over spend when you don’t need to? We assess comparable properties daily ensuring that the offer input is below or at fair market value for the property. We also make sure there is no ambiguous language in your contract and that financing conditions are in place to help protect you.
Should I talk to my bank before shopping for a new home?
It is always helpful to talk to a bank and get pre-approved before looking at homes, this will help with budgeting and narrowing a home that will leave you comfortable and happy. During our consultation a member of the Zumin Financial Centre team can help assess your finances and your stability in getting you pre-approved for a mortgage or getting you into one of our programs that will get you qualified.
Can I do renovations to my home before moving in?
Yes! Team Garry Rai in conjunction with Zumin Home Centre enable home buyers to customize their home prior to moving in. We have many programs which allow home buyers to build the home of their dreams. We’re the only real estate team in all of Ontario to offer such a process which is of no additional cost to you, the home buyer.
Should I buy or continue to rent?
Buying a home is an investment to your future – especially if it is your first owned home. For some, renting can be a better option under certain circumstances however our goal is to get you into a home that is equal or lesser to the cost of renting. With our free consultation, we will help assess which option is best for you and your family.
Are there rent-to-own properties?
There are solutions on the market that provide a rent to own solution. During our meeting we’ll be able to narrow down the best options based on your needs.
I own a home, should I buy another before selling my current home?
There are pro’s and con’s to buying a home before selling your current home. There are many factors that come in to play. If you are unable to purchase a new home without needing to sell your current home, your purchase offer is going to be contingent upon sale and transfer of title of your current home.If your current home does not sell within your time frame, this can lead to you getting “bumped” by a non-contingent buyer and you losing out on the home you’re looking to purchase.

However the Zumin Financial Centre has many different solutions for this and we can aid in getting you a bridge loan or another solution so that you’re able to get the home of your dreams.

As your representative our goal is to make your dreams a reality, because we have access to many different services in house creating a solution that is best suited to your needs is our top priority.
Are there government programs to help me as a first time home buyer?
Many programs exist to help first time home buyers. The Home Buyer’s Program allows individuals to take out upto $25,000 tax-free from their RRSP to purchase a home; additionally there is a Land Transfer Tax Refund for First Time Home Buyers providing a refund on closing for upto $2,000 on Ontario Land Transfer Tax and upto $3,725 on Toronto Land Transfer Tax. The government also provides a tax credit of $750 to help with closing costs. (That’s almost like getting your legal fees for free!)
Are there government programs to help me as a first time home buyer?
Many programs exist to help first time home buyers. The Home Buyer’s Program allows individuals to take out upto $25,000 tax-free from their RRSP to purchase a home; additionally there is a Land Transfer Tax Refund for First Time Home Buyers providing a refund on closing for upto $2,000 on Ontario Land Transfer Tax and upto $3,725 on Toronto Land Transfer Tax. The government also provides a tax credit of $750 to help with closing costs. (That’s almost like getting your legal fees for free!)
If I purchase a pre construction property do I have to pay land transfer tax?
Whenever purchasing a property you are obligated to pay land transfer tax. If you own land in Ontario, you have to pay tax on it!
What is the minimum down payment required?
In Ontario the minimum down payment for a first-time home buyer is 5% though the banks will require you to obtain insurance through CHMC (Canada Mortgage and Housing Corporation) which is required for any mortgage with a down payment of less than 20%.
How much is a bank appraisal?
Fees for appraisals range from $350 – $500 however many lenders and banks will cover the fee.
Can I buy a house if I have bad or no credit?
This question is tricky because the answer is maybe. I’d recommend we sit down to discuss your options as we’d have to look at your finances, any assets you have and what options are available to you. There are many companies willing to finance mortgages however the riskier the borrower the higher the interest rate, in this instance it may be more beneficial to wait and have one of our experts plan a solution for your future.
What is Zumin?
Zumin is a collective of businesses aimed to make home buying and selling easier. Zumin has 3 branches; Zumin Home Centre the renovation and custom home division, Zumin Financial Centre which deals with mortgages and financing and Zumin Real Estate Centre which focuses on everything real estate. Together they are able to bring a one-stop shop ultimately saving you time and money. No more chasing handy men or contractors to get the last minute fixes for your home and no more endlessly calling your mortgage agent hoping to get an answer back. We cover all of your needs from A-Z.
Vinny Kalsi Zumin Real Estate Centre

Vinny Kalsi

Real Estate Sales Representative

9055990219

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