Buyer playbook & glossary

Your path, step by step

1. 1. Get your finances ready

   Know your number before you fall in love with a home. A pre-approval makes your offers credible.

   • ☐Get a mortgage pre-approval and lock a rate hold.
   • ☐Use the affordability tool to set a realistic price range.
   • ☐Budget for closing costs (land transfer tax, legal, inspection), not just the down payment.
   • ☐Set aside your deposit — it's due within days of an accepted offer.

2. 2. Line up your representation

   On matchclose, agents bid rebates to represent you. Compare the offers, then choose — you're in control.

   • ☐Publish your buyer listing and let agents compete for it.
   • ☐Compare bids on rebate, terms, and verified licence with the decision board.
   • ☐Ask each agent the structured pre-questions before you accept.
   • ☐Get the rebate written into your buyer-representation agreement.

3. 3. Search and shortlist

   Tour homes, compare them honestly against your must-haves, and keep emotion in check.

   • ☐Separate must-haves from nice-to-haves and stick to the list.
   • ☐Revisit your top choice at a different time of day.
   • ☐Check recent comparable sales so your offer isn't a guess.

4. 4. Make an offer

   An offer is price plus conditions plus a deposit. Conditions protect you; a deposit shows you're serious.

   • ☐Decide your price from comparable sales, not the asking price.
   • ☐Include conditions that protect you (financing, inspection) where the market allows.
   • ☐Set a deposit amount and an offer expiry with your agent.
   • ☐Expect to counter — few offers are accepted exactly as written.

5. 5. Home inspection

   An inspection tells you what you're really buying. Budget surprises before you remove conditions.

   • ☐Hire a licensed inspector and attend the inspection yourself.
   • ☐Focus on big-ticket items: roof, foundation, electrical, plumbing, HVAC.
   • ☐Use findings to renegotiate, request repairs, or walk away if a condition allows.

6. 6. Financing and appraisal

   Your lender confirms the mortgage and may appraise the home. A low appraisal can change your cash needs.

   • ☐Finalize your mortgage and satisfy the financing condition in writing.
   • ☐Understand that if the appraisal comes in low, you may need more cash to close.
   • ☐Confirm your default-insurance premium (if your down payment is under 20%).

7. 7. Lawyer, title, and closing

   A lawyer handles title and registration. On closing day, money and keys change hands.

   • ☐Retain a real-estate lawyer early and send them the agreement.
   • ☐Arrange title insurance and a final walk-through before closing.
   • ☐Bring certified funds for the balance, land transfer tax, and legal fees.
   • ☐Get the keys, change the locks, and update your address.

Glossary

Appraisal

A lender's independent estimate of a home's value, used to confirm the mortgage. If it comes in below your offer, you may need more cash to close.

Buyer-representation agreement

The contract between you and your agent. It sets the term, exclusivity, and — on matchclose — the rebate the agent bid. Read it before you sign.

Closing costs

One-time costs to complete the purchase beyond the down payment: land transfer tax, legal fees, title insurance, inspection, and more. Budget 1.5–4% of the price.

CMHC / default insurance

Mortgage insurance required when your down payment is under 20%. The premium is added to your mortgage; in Ontario the PST on it is payable in cash at closing.

Commission

The fee paid to the agents in a sale, usually a percentage of the price. Your buyer-agent's share is what a rebate is paid out of.

Condition (contingency)

A clause that must be satisfied for the deal to firm up — common ones are financing and inspection. Conditions are your off-ramp before you're committed.

Deposit

Money you put down with an accepted offer to show you're serious. It's held in trust and applied to your purchase — or at risk if you back out without a condition.

Firm vs conditional offer

A conditional offer can still fall through until its conditions are met; a firm offer has none and is binding. Firm offers win competitions but carry more risk.

GDS / TDS ratios

Lender affordability limits. GDS (gross debt service) caps housing costs as a share of income; TDS adds your other debts. They set the ceiling on what you can borrow.

Land transfer tax

A tax on buying property, scaled to the price (Toronto adds a second municipal one). First-time buyers may qualify for a rebate.

Pre-approval

A lender's conditional commitment to a mortgage amount and rate. It tells you your budget and makes your offers credible to sellers.

Rebate

Money your buyer-agent gives back to you out of their commission. On matchclose, agents compete by bidding rebates — more competition means a bigger rebate.

Title insurance

A one-time policy protecting you and your lender against title defects, fraud, and survey issues. Usually arranged by your lawyer at closing.

Unlock

On matchclose, the step where an agent whose bid you accepted pays to reveal your contact details. Your name and contact stay hidden until you accept and they pay.