Property in Toronto? - Part 3 of Information and FAQs

I have signed the contract of purchase & sale but want to make some modifications, is that possible?

Any variation to the agreement made between you both is dependant of the type of contract you signed. If there were conditions placed within the agreement signed or a cooling off period then there is a chance modifications can be sorted, otherwise it is up to you to negotiate with the seller. When no provisions have been incorporated into the contract, then the law is on the side of the seller and they do not have to take your wishes into account. In the long run both of your lawyers may have to get involved. Any cash you have paid, such as deposits and legal charges could be lost if you can't come to an agreement.

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

There are lots of different circumstances which need to be taken into deliberation with this question. A finished basement can ooze quality, with its own bathroom, kitchen, independent entrance and finished to a very high standard down to a room that is cold, maybe damp and dark that may only be used as a storage area. Having a finished basement, even if not fabulous is a definite plus point, especially if appealing to a family, as that is where the toys get put, or relatives stay. Without seeing the basement there is no exact answer as the quality, size and finish of the room can vary considerably.

What is the distinctions between owned parking, exclusive parking and rental parking?

You can purchase a parking space along with or completely separately from your apartment unit or even a property purchase, this is classed as owned parking. It's yours to get rid of as you please. Exclusive parking is considerably different, as the space is only yours while you own the property and is often assigned to you on purchase. Rental parking is sometimes available for condos that don't come with owned or exclusive parking - query this with the property manager! Older condos in Toronto are famous because of potential troubles with parking lots

What would 80,000 is cash give me in the GT area?

A mortgage expert may be better suited to answer this query if you are using the money as a down payment, as you would need professional advice to work out what you can afford. If you do not know any mortgage experts, feel free to contact us and we will be happy to advise you on some brokers to you.