Real Estate

Buying unit I am renting - do I need a realtor?

  • Last Updated:
  • Feb 12th, 2020 3:32 pm
[OP]
Newbie
Feb 9, 2020
13 posts
2 upvotes

Buying unit I am renting - do I need a realtor?

So, landlord is selling the unit I am renting and I am interested in buying it.
I thought we could keep it a private sale, but surprisingly the landlord engaged a realtor for the sale.
That's done now, so nothing to do about it.
But should I get a realtor myself now?
What are the pros and cons? Do I have to pay realtor fees in this case?
2 replies
Deal Fanatic
Jul 4, 2004
5708 posts
1769 upvotes
Ottawa
If it's listed with a realtor, it's likely that you don't have any choice at this point (unless the landlord got the realtor to exclude some buyers (i.e. you) from his contract and he (landlord) can still deal with you directly). The much more likely scenario is that you are buying it using your realtor or you are using your landlord's realtor (which is likely not to your benefit).
Deal Guru
User avatar
Mar 23, 2008
11500 posts
7786 upvotes
Edmonton
This is your third thread in two days on the same subject. It will be easier for people to give proper/informed advice if you keep it all in one, I'd think...

You don't HAVE to get a realtor, but you can. The realtor fees come put of the buyer's money, so you wouldn't have to come up with those in addition to the purchase price. If you don't get your own realtor, the seller's agent will likely take care of both sides of the transaction, which means you won't really save any money. And keep in mind that the agent knows who's signing his cheque...

Also keep in mind that condos are different than houses, when it comes to the finances. A poorly managed condo can have significant long term financial implications. You'll want to retain a lawyer and make sure you fully understand the condo strata's current status. The condo I lived in last, for example, was hit with a $17,000 special assessment to deal with the underground parking waterproofing. And the condo was only worth around $300,000. To make it more fun for the owner (I was renting), once they got hit with the special assessment, a bunch of owners decided to ditch their property, which lead to a glut of units available in the building and further damage to the value.

On the plus side, you know the building and unit in terms of soundproofing, which is a common issue with people buying a condo.

C

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