Buying a Condo

Buying a condo is a big decision that requires careful planning and execution. From identifying your budget to navigating inspections and closing, the process involves several key steps. This overview is brief and generic, as each transaction has its own unique circumstances.

Pre-Visit Steps

• Before viewing properties, we will meet to confirm financing, define your budget, search criteria, and research potential neighborhoods to narrow down your options.

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Property Viewing, Offers & Deposits

• Viewings: After scheduling appointments and visiting properties, you may realize your preferences and need to narrow them down. Once we find a suitable property we must promptly submit an offer. It's advisable to act quickly to avoid multiple offers, as properties of interest to you likely appeal to others as well.

  
  

• Acceptance: Once you submit an offer, the seller typically has around 24 hrs to accept it or propose changes.

  
  

• Sold Conditional: Upon mutual agreement on the terms, the deal becomes "sold conditional."

  
  

• Deposit in 24hrs: After the conditional sale, you have exactly 24 hours from the final signing to submit the deposit to the listing brokerage. This deposit remains in trust until the deal closes,

  
  

• Deposit Receipt: When you submit the deposit, the listing brokerage will issue you a deposit receipt

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After Deposit Submission

After submitting the deposit, the process proceeds as follows:

1. Condition Timelines: Upon the conditional sale, there are specific timelines:

   1. i. 5 days for inspections,

   2. ii. 5 days for financing approval, and

   3. iii. 10 days for reviewing the status certificate (SC), or as agreed upon.

      
      

2. Status Certificate (SC) Review: The SC provides a comprehensive profile of the condo, covering reserve funds, expenses, legal issues related to the building or unit, among other aspects. Typically around 100 pages, this document will be reviewed by a lawyer of your choice, or the seller's lawyer if preferred, at an approximate cost of $200. The lawyer will take 2-3 days to assess the SC and provide a report on their findings, advising on the transaction.

   
   

3. Financing Confirmation and SC Review: Concurrently, there's a 5-day period to confirm financing. Once financing is secured and the SC review yields positive feedback, a waiver will be submitted to waive these two conditions.

   
   

4. Property Inspection: Following the waiver submission for financing and SC review, a property inspection will be conducted on the house. While less critical for condo apartments due to SC coverage, it remains advisable, especially for non-building condos like stacked townhouses or townhouse complexes.

   
   

5. Final Conditions and Waiver: Upon completion of the inspection and satisfaction of all conditions, a waiver will be submitted to finalize the deal. Once all conditions are waived, the sale becomes Sold Firm and binding.

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After Sold Firm

Once the sale is firm:

• Await the closing date for the keys to be released.

  
  

• Complete the following tasks during this period:

  • Inform property management and obtain resident/tenant registration forms, often requiring in-person submission.

  • Book elevator and movers in advance; Sunday elevator reservations are universally prohibited.

  • Obtain tenant insurance.

    
    

• Transfer utility accounts (if not handled by lawyers).

• Provide all necessary documents to the lawyer, who will conduct background tasks like title searches about 10 days before closing, and manage expenses division such as property taxes and utilities up to the closing date.

• A few days before closing, meet with the lawyer to sign final documents.

• On the closing day, prepare for moving and await confirmation from the lawyer that the deal has closed. Then the keys will be released from your lawyer in resale transactions. In pre-construction condos, keys are typically received earlier during interim closings.

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Condo Buying Guide

Buying a condo is a complex but rewarding journey. By understanding the key steps, from pre-visit preparations to closing, you can navigate the process smoothly and confidently.