The survey, published by the Real Estate Council of Ontario (RECO), also found that 26 per cent of investors wished they had a better grasp of the buying process, 21 per cent wished they had looked at more properties and 14 per cent wished they had a better understanding of the contracts involved.
Other findings include:
- 43 per cent said there were sections of the real estate contract when they bought or sold a home that they did not fully understand.
- 36 per cent mistakenly think that after a real estate contract is signed, a buyer or seller has a trial period during which they can cancel it, and an additional 33 per cent said they do not know.
- 55 per cent incorrectly believe that if you place a conditional offer on a home and the deal doesn't proceed, you automatically get your deposit back.
"Signing your name on the dotted line is not something to be taken lightly when you're dealing with binding contracts for significant values, so we encourage home buyers and sellers to be comfortable with the details before they sign anything,” says Joseph Richer, RECO registrar.
It is a cardinal sin for investors not to be prepared or knowledgeable about the home buying process, but new figures point out that a third (32 per cent) of first-time investors admit to just that.