When it comes to buying or selling a property, a vast majority of people happen to find the entire process pretty much challenging. Hence, it’s imperative for such individuals to look for reliable neighborhood realtors for outsourcing their requirements. Therefore, to be able to properly identify the top, real estate agents for investors in Toronto (or wherever may applicable), every potential client should test the domain knowledge of such professionals by asking them a battery of technical questions discussed in today’s blog. Note that we’ve also included their respective answers for the convenience of our readers.
4 Questions That Help You Evaluate and Recruit the Best Real Estate Agents for Investors
The property market, similar to any other trade, is full of both competent and incompetent practitioners. Hence, it’s essential for you to ask the following technical questions to your interviewees for zeroing in on only the crème de la crème of real estate advisors in the vicinity.
- What are the primary areas of expenditure that a seller can expect to spend in a property transaction?
The expenses that a seller can expect to pay are as follows.
- The service charge or the commission of the realtor
- Provincial transfer tax, wherever applicable
- Title insurance, wherever applicable
- Occupancy escrow, wherever applicable
- Water escrow, wherever applicable
- Settlement of any existing liens or mortgages on the property in question
If your potential broker is able to offer a satisfactory answer to the above question, then you can choose to continue the discussion further ahead with the following set of technical questions. Give yourself ample time when trying to choose only the highest performing, real estate agents for investors in Toronto.
- What are the different kinds of real estate consultancy?
There are several forms of agency relationships that exist between the client and the realtor, such as dual agent, transaction coordinator, seller’s agent, and buyer’s agent, to name a few.
- What’s known as the title insurance and who’s liable to pay for it?
There are two major types of title insurance that exist in any typical real estate transaction, namely, the owner’s policy and the lender’s policy, where the former is provided by the seller for the buyer and the latter is provided and prepaid by the buyer for the lender. The seller and the buyer are responsible for the payment of the owner’s policy and the lender’s policy respectively.
If your potential agent has been successful in answering all the questions listed above, then you can choose to continue the discussion and ask 1 more, core technical question mentioned below. Make a point to take enough time when searching for a real estate agent.
- What are the major forms of title policies?
When it comes to title policies, the most standard type is known as a title policy with the standard exception. A superior kind of the same is known as a title policy without standard exception, and the most vital difference between these two is that the latter alternative generally offers assurances for mechanic’s liens and boundary disputes but the former one doesn’t.
If you’re planning to employ a handpicked team of seasoned, competent, and trustworthy, real estate agents for investors in Toronto anytime soon, you can consider getting in touch with Babak Mehrabi.