PURCHASE PROCESS:
Dylan can help you connect with a mortgage agent to get pre-approved and to find out what you can afford to spend
Inform Dylan of your budget and housing needs. With this info applicable listings will be provided and showings can commence
Once the right property is found, an offer to purchase is written up, presented and negotiated. If accepted, any conditions need to be met and waived within the allotted time
Prior to the closing date (date of possession), the Buyer's lawyer will review the agreement, check the status certificate, ensure the title is clear and all taxes and utilities are setup and paid
On closing day the Buyer will get keys from title company
Q + A
CONDO AGE? It is important to find out how old condo is. Will it need repairs soon? Pending future renovations should appear on the status certificate
CONDO AMENITIES? New larger condos typically have modern recreational facilities for the enjoyment of its residents
- swimming pool
- gym/exercise room
- billiards
- running track
- basketball court
- party room
- library
- tennis court
- green space
CONDO SECURITY? Many modern condos have 24 hour security, concierge, or video cameras. Some older buildings may not have these levels of security
PETS? Each condo has its own rules and regulations. Companion animals are typically allowed, however there may be restrictions on quantity and size
VISITOR PARKING? If you plan to have guests come to visit you, it is important to find out if the condo provides visitors parking. Some buildings have limited availability. Find out how many spots are reserved for guests, and what are the restrictions (time, size, etc)
GLOSSARY OF TERMS
CONDO MAINTENANCE FEES
condo maintenance fees vary between buildings. They are calculated based upon the square footage of the suite and the operating costs of the condo (inc. amenities, maintenance of the property, security, etc)
DEPOSIT
acts as a security and often accompanies an offer to purchase.
DOWN PAYMENT
the remaining balance of the purchase price (minus deposit and mortgage amount) i.e. personal savings
HOME INSPECTION
is recommended when determining the condition of the property and relay any areas of concern. Typically costs between $350-$500
INSURANCE - MORTGAGE LOAN
(optional) If a Buyer cannot afford to put down 20% of the purchase price. Premiums vary
INSURANCE - PROPERTY
mortgage lenders require the property be insured on closing
INSURANCE - TITLE
highly recommended to ensure that the property's title is free and clear on the date of possession. Contact your lawyer for full details
LENDER APPRAISAL FEE
your mortgage lender may request to appraise the property. Costs typically $250-$350 (may be waived)
STATUS CERTIFICATE
The status certificate is a document prepared by the condo corporation which contains all info regarding the financial health of the corporation.