A decision has been made. You have decided that you are going to buy a resale condo. But being a first time buyer, you are a bit apprehensive of all the rates going on in the market. No worries. Here is a list of all the process simplified down into 8 easy steps for first time buyers interested in resale condos.
1- Before going out into the market. You should find the best realtor who specializes in the resale condo deals and is the perfect for you. The first thing you need to keep in mind is that the realty agent should not cost any money. The seller party is the one who is responsible for the commission to the realty agents. The other thing you should make sure is that the realtor you are choosing should always be working with a real estate lawyer. While making your selection for the realtor, you should make sure that the realtor you are choosing knows the area around perfectly and specializes in the neighborhood. You might want to ask him a few questions about his realty status and inquire a bit about the kind of area he specializes in, the number of buyers he has completed deals with, why should you choose him and all such kinds to know the agent perfectly. Some very often mistakes made by the first time buyers is that they often use their friend as their realty agent instead of a realty agent who specializes in the area you want to buy yourself a resale condo. Though you are more comfortable with your friend and consider that he will work the best out for you that may not always be the case. One should always go for the expert before finalizing such deals and so you should also find a realty agent specializing in the kind of deals you want. That realty agent might also end up saving you some money and thus give you the best deal.
2- Once you are done with finalizing up the realty agent. The next important step that comes is the mortgage. It takes almost 45-90 days before it gets approved and thus you might want to apply in advance. You should take some time and visit the mortgage broker, sit down with him/her and ask them to explain the whole mortgage process to you and ask them to find the best interest rates for you.
3- Going condo hunting is the next step that comes to you. This is one of the most interesting and exciting steps of the whole process. You should get together with your realty agent. Tell them your interests and the kind of things you are expecting from your condo, what basic needs you have and ask him to book the best listings according to your wants and needs. On a broad basis, the price range, the number of bedrooms, the area, floor premiums, and neighbourhood are the kind of needs you should describe. You should also ask him to recommend you the builder reputation, the reputation of the area, location of the condo and the financial stability of the condominium.
4- Though it is sometimes quite challenging to find the perfect condo sometimes. A hurdle in the form of price or area or something always comes up. Ask your realty agent to pull up an analysis of the market known as comparative Market Analysis (CMA): Recently sold, recently expired, etc properties to choose from. This can help you narrow down your list of choices. With the analysis you can also know if you are indeed getting the best price, how much negotiation can be done for the price and how much the condonium has been doing for the past years.
5- So you have scouted the various condos across the city and have finalized one that suits all your needs and requirements. Now the next step is making the offer. It is a big step in the buying process. The offers consider all the details regarding the price, financing and inspection. While making the offer, you should consider the lending officers and lawyers asking them to go over everything considered in the offer and make sure that everything is in order. You should also familiarize yourself with the rules of the condoniums like whether pets are allowed or whether you are given two parking spots or one and etc. Once you are satisfied with the offer, you may go ahead and make the deal.
6- After making the deal, if it gets firm. Everything is reviewed one more time by everyone concerned. The builder, the lawyer, you yourself, the real estate agent. They will make sure that everything is in order and that everything is ready, and that no last minute complications arise and that you can move in on the closing day.
7- Once the reviewing day and only a week or so before the closing day, you may want to once more check in with the real estate agent and the lawyer regarding the deal and that everything is in order. This is also the perfect time to register you with the condo management.
8- On the closing day, meet your lawyer, obtain the necessary documents along with the keys of your new home and move in. Congratulations on your new home.
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The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.
Information is deemed reliable but is not guaranteed accurate by TREB.
Toronto Real Estate Board - IDX Last Updated: 5/22/2019 8:48:38 AM