What is the difference between a deposit and a down payment?
The deposit is typically paid under the purchase agreement and credited toward the price on closing. The down payment is the buyer-funded portion of the purchase price.
BUYING & SELLING / TORONTO & GTA
Your guide to buying & selling real estate.
Clear steps, useful resources and practical planning tools to help you move with confidence.
01 / BUYING
Find the right home. Make an informed decision.
Whether purchasing your first home, moving to a new neighbourhood or expanding your portfolio, a successful purchase starts with careful planning.
01
Understand Your Budget
Review finances, mortgage options and purchasing costs.
02
Explore Properties
Consider neighbourhoods, property types and priorities.
03
Make an Offer
Review price, deposit, conditions and closing terms.
04
Complete Due Diligence
Arrange applicable financing, inspections and legal review.
05
Prepare for Closing
Coordinate with your lawyer, lender and insurer.
02 / SELLING
A thoughtful strategy for a successful sale.
Pricing, presentation, marketing and timing all help position your property competitively and attract qualified buyers.
01
Property Evaluation
Assess comparable sales and current market conditions.
02
Prepare the Property
Plan presentation, repairs, staging and photography.
03
Marketing & Exposure
Reach qualified buyers with a tailored marketing plan.
04
Review Offers
Compare price, conditions and closing timelines.
05
Complete the Sale
Coordinate documents and closing with your lawyer.
03 / COSTS
Plan beyond the purchase price.
The purchase price is only one part of the transaction. Understand the expenses that may arise before closing.
| Land Transfer Tax | Ontario land transfer tax generally applies; Toronto also charges municipal land transfer tax. |
|---|---|
| Legal Fees & Disbursements | Lawyer fees, title searches, registration and closing documents. |
| Title Insurance | Coverage for specified title-related risks, often arranged by your lawyer. |
| Home Inspection | An optional or agreement-dependent assessment of property condition. |
| Adjustments | Property taxes and certain prepaid expenses may be adjusted on closing. |
| Mortgage Costs | Appraisal, default insurance and lender-specific charges may apply. |
04 / PLANNING TOOLS
Make the numbers clearer.
Mortgage Payment Estimator
Explore how purchase price, down payment, interest rate and amortization may affect monthly payments.
Estimated monthly payment—
Illustrative Canadian semi-annual compounding. Excludes default insurance, property taxes, utilities and other costs. Not a financing approval or affordability assessment.
Land Transfer Tax Estimator
Estimate Ontario and Toronto residential land transfer taxes before buying.
Estimated total land transfer tax—
Standard residential estimate; does not include NRST, MNRST or special exemptions. Toronto high-value brackets apply to qualifying residential properties. Confirm category and rebates with your lawyer.
05 / CLOSING
Prepare for closing day.
Once an offer is accepted, coordinate with your lawyer, lender and insurer to prepare for ownership transfer.
Before closing
Confirm financing and outstanding conditions; review legal documents; arrange insurance and utilities; prepare closing funds.
After closing
Confirm services, update your address, review tax or condo payment arrangements and retain closing documents.
06 / COMMON QUESTIONS
Frequently asked questions.
What closing costs should I budget for?
Consider land transfer taxes, legal fees, title insurance, adjustments and transaction-specific expenses.
Do I need a lawyer?
A real estate lawyer handles title, registration and other legal requirements for closing.
How long does a transaction take?
Timelines vary based on market conditions, financing, negotiations and the agreed closing date.
Your next move starts with the right guidance.
Explore your options with Raymond Chen.
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