12 Basic Steps for the Purchase of a Condo
- Speak to your agent
- Get pre-approved for financing -- to find out what your monthly mortgage payment will be and what price range you should be looking in
- Start searching: choose the neighbourhood that you can afford: your agent will email/telephone appropriate condos within the price range that you have been approved for and the area that you have selected
- Visits: when you have selected a condo that you wish to make your home, you will want to visit it at least once before submitting an offer
- Make an offer: when you find the suite you wish to live in, your agent will find comparables that have recently sold and will prepare your offer with appropriate conditions, i.e. STATUS CERTIFICATE, FINANCING, INSPECTION
- Condo Inspection:your agent will refer you to a qualified inspector
- Appraisal: your mortgage lender will order an appraisal to be done as soon as possible
- Offer accepted: your agent will deliver the paperwork to your mortgage lender & lawyer
- Condo Insurance: you need to arrange condo insurance prior to taking possession of your condo & inform your mortgage lender and lawyer of the binder #
- Set Up Utilities: contact hydro, TV, internet, telephone etc to have in place for closing
- Walk Through: this is the final visit usually the day before closing
- Closing: your mortgage lender will deliver the funds to your lawyer and you will deliver the balance of the down payment & any other information required to close. Then you will visit your lawyer the day prior to or the day set for closing to sign papers. Your lawyer will finalize the closing and will have the keys to your suite ready for you to pick up.
Call me now to start the process!
Patricia: 416.879.2094
Patricia Katz, Broker
Sutton Group-Associates Realty Inc., Brokerage
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