Common Buying Questions

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  • ✅ Get pre-approved for a mortgage. It gives you a clear budget and shows sellers you’re serious.

  • 🏦 In Canada, it starts at 5% for homes under $500,000. For homes over that, it’s 5% on the first $500K and 10% on the rest.

  • 💬 Pre-qualification is a quick estimate. Pre-approval is more official—it includes a credit check and written confirmation from a lender.

  • 🧾 Budget 1.5%–4% of the home’s price for legal fees, land transfer taxes, and other costs. We’ll walk you through it.

  • ⏳ Typically 30–90 days from offer to possession. But we move at your pace.

  • 👩‍💼 No—but it helps. Agents represent your interests, help negotiate, and handle the paperwork. With PropZap, we pair you with vetted pros.

  • 🏘️ If you're planning to stay put for 3+ years, buying could make more sense—especially with equity growth and rental prices climbing.

  • 💡 Yes, but you’ll need mortgage default insurance through CMHC or another provider.

  • 🔒 If your down payment is under 20%, you’re required to protect your lender in case you default.

  • 🇨🇦 It’s a shared equity program from the Government of Canada that helps reduce your mortgage payments by up to 10%.

  • 📍Yes, except in Alberta and some other provinces. First-time buyers in Ontario and BC may qualify for rebates.

  • 🧾 Title insurance protects you (and your lender) against issues like fraud or mistakes in public records.

  • 🏷️ It’s a home that’s publicly listed through a licensed real estate board. PropZap’s platform includes MLS and exclusive listings.

  • 💳 A lender reviews your credit, income, and debts to tell you how much you can borrow—and locks in a rate for 90–120 days.

  • 🔐 Fixed stays the same for your term; variable can fluctuate with the market.

  • 🏦 Not necessarily. You can use a credit union, private lender, or mortgage broker—whichever gives you the best deal.

  • 🌍 Yes, if you’re a permanent resident or certain visa holders. Foreign buyers face restrictions in some provinces.

  • 💰 A mortgage pre-approval + budget planner will help. PropZap walks you through this in your onboarding.

  • 🏙️ Depends on your lifestyle, budget, and future plans. Condos mean less maintenance, houses mean more space.

  • 📦 You get the keys once the funds are transferred and documents are registered. It’s move-in time!

Common Selling Questions

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  • 📊 We run a Comparative Market Analysis (CMA) to compare your home with similar recent sales.

  • 🌸 Spring and early summer tend to see more buyers—but the best time is when you're ready.

  • 🛠️ Not always. Small updates and staging often go further than full renovations.

  • 🧾 Expect to pay your agent’s commission, the buyer’s agent’s commission plus legal fees and potential mortgage penalties.

  • 🔁 It depends. Selling first reduces risk, but buying first can give you more control—especially in a hot market.

  • 🧍Yes (FSBO), but it’s a lot of work. Most sellers use an agent or PropZap’s marketing team to get better exposure and pricing.

  • 📸 Marketing, photos, signage, staging, negotiation support, MLS input, and more. Full-service, no guesswork.

  • 🧹 Nope. We recommend leaving so buyers can look around comfortably.

  • 🛑 If conditions weren’t waived yet, they can walk away. If they were waived, they may forfeit their deposit and there may be other legal repercussions.

  • 🇨🇦 Your principal residence is tax-free in most cases. Investment properties may trigger capital gains tax.

  • ⏱️ That depends on price, location, and market. Our average is 21–45 days.

  • 🧾 You’re required to share known material defects. Honesty helps avoid legal issues later.

  • 🏠 Yes, but there are rules—especially in Alberta, BC, and Ontario. We’ll guide you through notice periods and timelines.

  • 📷 Absolutely. Listings with great visuals get more traffic and sell faster. We include this with all listings.

  • 💼 Yes, the mortgage is paid off from the sale proceeds at closing.

  • ✍️ It’s an offer that only becomes firm if certain conditions (like financing or inspection) are met.

  • 📊 We use real-time market data and comparable sales to set a strategy—not guesswork.

  • 📅 Yes, the possession date is negotiated with the buyer.

  • 🧽 A broom-clean condition is standard—but a deep clean makes a better impression.

  • 💬 We’ll review the strategy, adjust the price or marketing, and explore alternate paths like renting or rent-to-own.