Condo Purchase Process

Condo Purchase Process

Prior to Visiting a Property

  1. Have a meeting with myself to identify your affordability and help you understand the costs involved.
  2. BEFORE THE NEXT STEP WE MUST IDENTIFY YOUR FINANCING/BUDGET TO DETERMINE HOW MUCH YOU CAN AFFORD.
  3. Identify search criteria.
  4. Search for properties.

Visiting the Properties

  1. After I setup appointments, we will view the properties.
  2. You will select a property to offer on, please be straight forward and frank about what you like and don’t like.
  3. If you like a property then it is preferable to submit an offer soon to avoid a multiple offer situation, it is not mandatory, however, if you like a property, then definitely others will like it too.
  4. Once offer is given, they will have about 24hr to accept it or sign back with changes.
  5. Once there is a mutual agreement then it will be SOLD CONDITIONAL.
  6. After sold conditional you will have exactly 24hr after the final signing time to submit the deposit at the listing brokerage, which will stay in trust till the deal closes, or cancels and deposit returned.
  7. When you submit the deposit, you will get a deposit receipt.

After Deposit Submission

  1. After sold conditional we have 5 days for inspections, 5 days for financing, and 10 days for status certificate review, or whatever days were agreed to.
  2. Status certificate (SC) is the entire profile of the condo in terms of reserve funds, expenses, legal cases against building or unit itself to mention a few. This SC is 100 pages +/- which will be reviewed by a lawyer of your choice, if you prefer, we can use my lawyer. This costs roughly $200.
  3. The lawyer will take about 2-3 days to review the SC, once reviewed they will send us a document of their findings and advise us regarding the transaction.
  4. Simultaneously, we will have 5 days to confirm financing.
  5. Once the financing is confirmed and the status certificate is reviewed with positive feedback then will submit a waiver for these two conditions.
  6. We will then proceed to property inspection. An inspection of a condo apartment building may not be so critical, because it is covered in the SC review, however you can still go ahead with it. However, it will still be good idea in any non-building condo, i.e. a stacked townhouse, or townhouse condo complex..
  7. Once we have completed the inspection and the last condition, we will submit a waiver for this as well. Once all conditions are waived, the deal will be considered SOLD FIRM.

After Sold Firm

  1. Once sold firm we will wait till the closing date for the keys to be released.
  2. In the meantime, while you wait you will need to complete the following:
    a. Inform the property management and obtain resident/tenant registration forms, which you will likely need to submit by hand because they would like to meet you as well.
    b. Book the elevator and movers in advance, elevator reservation on Sundays is never allowed in any building.
    c. Obtain tenant insurance.
    d. Transfer names to water, hydro, gas utilities accounts (if lawyers don’t do this).
  3. We will send all the docs to the lawyer who will complete various background work, including title search usually 10 days before the closing and division of certain expenses such as property taxes and utilities up to the time of closing.
  4. Few days before the closing you will meet with the lawyer for signing.
  5. On the day of the closing you will make all moving preparations and wait for the lawyer to give the green light that the deal has closed. After which you will meet the lawyer to get the keys in a resale. In a pre-construction condo, you will get the keys much before the actual closing which is called interim closing.

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