Spoken Language: English
Business: Agents and Agencies, Real Estate
To trace the growth and success of Sutton, is to trace the development and transition of the entire real estate service industry. The Sutton story is about people and a proven system. This system, founded on '4 pillars of success', is allowing over 7000 real estate professionals across Canada to enjoy unlimited freedom and opportunities.
Accelerating changes taking place in the real estate industry, brought on by re-engineering, competition and rapid advances in technology, is what lead to our new style of business back in 1983. And from that day forward, Sutton's simple 'fee-for-service' concept has changed the face of real estate, maximizing profits and lowering costs to all.
Our vision, as a real estate leader, is "to be the premier delivery organization of value added goods and services to the consumer." The reality is Sutton's strength, solid reputation and leading edge technology will get us there! Sutton has been an innovator in the real estate industry since 1983 by means of:
- A Lean Corporate Structure
- Affordable Fees
- Pioneering Technology
One of the most innovative aspects of this website is a members-only section (HomeBase) which features free marketing tools, online classes, free email and free homepages which may be updated at any time. An important cost-saving feature of Sutton is Franchise Updater, which allows all franchises to update rosters and contact information in real time. A strong brand:
Sutton is a well-recognized and trusted brand. This positive company image makes it easier for agents to connect with clients. Sutton is continuously developing "branded" products and services such as Sutton Mortgage Programs, the Sutton Fonecard and an extensive line of promotional merchandise.
Sutton real estate services<
Choosing a REALTOR®<
As a seller, your relationship with a REALTOR® is vital so meet with several before making a final decision. A good place to start is right in your neighbourhood. Check FOR SALE signs to see which REALTORS® are doing business in your area. Ask them about their track record, their knowledge of neighbourhood selling prices and other reasons why you should list with them. Choose a REALTOR® you feel comfortable with; one who will handle the sale of your home as if it were his or her own.
What to Expect
Your REALTOR® will help you understand the selling process. He or she will provide you with a full explanation of what to expect so you are not faced with any surprises along the way.
Getting to know you
One of the first things your REALTOR® will ask is, why are you selling your house? Your REALTOR® will also explore any time constraints you may have, your financial situation and any future plans. It's all part of getting to know you so the sale will be handled to your complete satisfaction.
Setting the Price
Arriving at an accurate estimate of value for your home is one of your REALTORS® prime tasks. It involves analyzing your home and comparing it to other, similar houses for sale or recently sold in the neighbourhood. It may also include a broader market survey, using sales statistics available only to qualified REALTORS®. In the end, you will be sure the price you set reflects the true value of your home under current market conditions.
Pricing Your Property<
The single most important decision you will make with your Real Estate Professional is determining the right asking price for your property.
Once you've achieved a realistic sales price, you can count on your property being professionally marketed and promoted to bring more buyers to your door. You can also expect to sell your home for the best possible price in the lease amount of time. The Benefits of Pricing Right
- Your property sells faster, because it is exposed to more qualified buyers.
- Your home doesn't lose its "marketability."
- The closer to market value, the higher the offers.
- A well-priced property can generate competing offers.
- Real Estate Professionals will be enthusiastic about presenting your property to buyers.
The time over which all regular payments would pay off the mortgage. This is usually 25 years for a new mortgage, however can be greater, up to a maximum of 40 years.
The process of determining the value of property, usually for lending purposes. This value may or may not be the same as the purchase price of the home.
A type of financing arrangement in which the outstanding mortgage and its terms can be transfered from the current owner to a buyer. By assuming the previous owner's remaining debt, the buyer can avoid having to obtain his or her own mortgage.
Payments consisting of both a principal and an interest component, paid on a regular basis (e.g. weekly, biweekly, monthly) during the term of the mortgage. The principal portion of payment increases, while the interest portion decreases over the term of the mortgage, but the total regular payment usually does not change.
Canadian Mortgage and Housing Corporation - CMHC
A division of the Government of Canada that acts as Canada's national housing agency. The CMHC's mandate is to help Canadians access a variety of affordable housing options. It also researches housing and real estate trends in Canada and around the world, providing research to consumers, businesses and other government divisions. The major activity of the CMHC, and the one for which it is best known, is mortgage loan insurance, which insures approved lenders (such as Canada's chartered banks) against borrower default. Mortgage loan insurance provides approved borrowers access to low-cost mortgage rates. CMHC approved buyers may purchase property with as little as 5% down payment.
Certificate of Search or Abstract of Title
A document setting out instruments registered against the title to the property, e.g. deed, mortgages, etc.
A mortgage agreement that cannot be prepaid, renegotiated or refinanced before maturity, except according to its terms.
Properties or assets that are offered to secure a loan or other credit. Collateral becomes subject to seizure on default.
A mortgage that does not exceed 80% of the purchase price of the home. Mortgages that exceed this limit must be insured against default, and are referred to as high-ratio mortgages.
The percentage of the borrower's gross income that will be used for monthly payments of principal, interest, taxes, heating costs and condominium fees.
High Ratio Mortgage
If you don't have 20% of the lesser of the purchase price or appraised value of the property, your mortgage must be insured against payment default by a Mortgage Insurer, such as CMHC.
Interest Rate Ceiling
The absolute maximum rate of interest that a financial institution can charge for an adjustable rate mortgage or loan.
A debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses wishing to make large value purchases of real estate without paying the entire value of the purchase up front. Mortgages are also known as liens against property, or claims on property.
A company, individual or institution that originates, sells and services mortgage loans.
The matchmaker between a home buyer and a lender whose goal is to originate a mortgage loan. The broker draws from a pool of various lenders to find the right match.
An entity that lends money to a borrower for the purpose of purchasing a piece of real property. By accepting a mortgage on the real property, the lender creates security in the full repayment of the loan in the future.
An individual or company who borrows money to purchase a piece of real property. By granting the lender an interest in the property, which allows it to lend the funds with an accurate assessment of risk, the mortgagor provides the lender with a guarantee for the full repayment of the loan. Also known as a "chargor".
Total Debt Service (TDS) Ratio
The percentage of gross income needed to cover monthly payments for housing and all other debts and financing obligations. The total should generally not exceed 40% of gross monthly income.
When working with a REALTOR®, it is important to understand who the REALTOR® works for, and to whom is the REALTOR® legally obligated. The Canadian Real Estate Association (CREA) requires REALTORS® to disclose Agency Relationship to a potential client at the earliest time possible.
Buyers Relationship to REALTORS®
A Buyer has a choice of two relationships with a REALTOR®. As a Client, a real estate company acting as a Buyers Agent must do what is best for the buyer. A written contract, called a Buyer Agency Agreement, establishes buyer agency. It also explains services the company will provide, establishes a fee arrangement for the REALTORs® services and specifies what obligations a buyer may have.
Under such agency, a buyer will be obliged to work with that company for a period of time. In return, confidence a buyer shares with that company will be kept confidential. The REALTOR® is also required to offer professional advice, negotiate the best price for the buyer and provide the buyer with as much information required to make the right decision.
As a Customer the buyer can expect to be treated fairly and honestly. It is important for the buyer to realize that under such a relationship the REALTOR® is technically a sub-agent of the seller so that duties are owed to that seller.
However, the buyer can expect the REALTOR® to disclose all pertinent information about a property, not to misrepresent any facts, and to honestly answer all questions about the property. Under such relationship with the buyer, the REALTOR® must not imply that they shall negotiate a price for the buyer as that would be a direct conflict with the REALTORs® sub-agency relationship with the seller and a violation of our rules and regulations.
Sellers Relationship to REALTORS®
A real estate company must do what is best for the seller of a property. A written contract, called a Listing Agreement, establishes sellers agency. It also explains services the company will provide, establishes a fee arrangement for the REALTORs® services and specifies what obligations a seller must have.
Confidence a seller shares with their REALTOR® must be kept confidential from potential buyers and others. That REALTOR® must tell the seller anything known about the buyer. For instance, if the REALTOR® knows that a buyer is willing to offer more for a property, that information must be shared with the seller.
A seller must understand that a REALTOR® working with a buyer as a sub-agent is ultimately working with the sellers best interest in mind. A REALTOR® working with a buyer, as a Buyer Agent, is working for the buyers best interest mind, but may still be compensated by the seller through provisions made to the Listing Agent.
Occasionally a real estate company will be the agent for both the buyer and the seller. The buyer and seller must consent to this arrangement in their listing and buyer agency agreements. Under this multiple representation arrangement, the company must do what is best for both the buyer and seller.
Since the company's loyalty is divided between the buyer and seller who have conflicting interest, it is absolutely essential that a multiple representation relationship be established in a written agency agreement. This agreement specifically describes the rights and duties of everyone involved and any limitations to those rights and duties.
How a Credit Score Affects Your Interest Rate?<
Each year thousands of prospective homeowners are shocked to discover their credit history will hold back their ability to own their dream home.
The very first thing that your loan officer checks when you apply for a mortgage or any kind of credit is your credit score. You are rated in terms of the score, which in most cases influences the amount you can borrow. Understanding your credit score in a better way enhances your chances to develop a higher score and thus benefit from loans at better terms and conditions. A credit score consists of many factors:
- your payment history
- your credit card balances
- bank accounts (including savings and checking accounts)
- any other form of credit (including all outstanding personal loans, mortgage loans, store credit cards, etc.)
Credit scores are calculated from many different forms of credit data in your credit report. Each credit reporting bureau has their own standards and formulas that they use for the purpose of calculating a consumer’s credit score. The following is a generalized classification of a credit score rating:
- Excellent credit rating: No late payments, no collection notices, no bankruptcies or repossessions.
- Good credit rating: May contain a late payment within the last two years.
- Fair credit rating: More than one late payment. May or may not have a bankruptcy or repossession in the last two to three years.
- Poor credit rating: Recent collection attempts, late payments within the last year, bankruptcies and/or repossessions within the last two to three years.
The reason why a credit score is important is that it will determine your eligibility for a loan. A low credit score may hinder approval, and it will also impact the interest rate you will have to pay for the money that you borrow.
Since individuals with less than perfect credit traditionally present more of a risk of defaulting on a loan. Lenders are able to justify charging more interest to those consumers. The extra interest the lender earns on the loan is intended to compensate the lending agency in the event the consumer defaults on the loan. Over the course of a 15 or 30 year mortgage, those extra interest points can add up to an astounding amount of money.
Your credit score is the indication of your financial health. You should do your best to avoid damaging your credit history with late or missing payments, too many outstanding loans or too many loan requests. Watching your credit score closely especially before you make any major purchases will help you avoid unwanted surprises.