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Condo Process

STEP 1: Choosing a Condo


Toronto and the GTA has an array of condos to choose from...whether is be pre-construction, resale, or a unique loft space...I can help you decide by providing you with the information you'll need. My vast experience can help you get there.

The Buying Process

Purchasers, first-time home buyers especially, generally lack the knowledge to determine what they can afford when it comes to buying real estate and how the purchasing process actually works. Here is a step by step list on how the condo purchase process works:


1.  Start by getting pre-approved by your bank or a mortgage broker. Knowing what you can truly afford gives you a starting point and a price point to search within. After all, it would be very disappointing to find a home you love only to find out it is not within your financial means.


2.  Find a Realtor (that's ME). This is very important as you will be sharing personal information about yourself with them. Talk to your Realtor about what you are and are not looking for in a property.


3.  Now the fun begins. Once you’ve been pre-approved for a mortgage ...we can get started!  I will then begin showing you properties of interest.


4.  While on the showings, scrutinize each unit. Think about the location, building amenities, the potential future value, the unit layout and of course the price.


5.  Once you’ve found the unit you would like to purchase I will research what the unit is actually worth and carry out their due diligence.


6.  Now its time to make up the offer. I will go through the offer with you. You may also want to have a lawyer review it.


7.  I will then submit the offer to the Listing (Selling) Realtor who will then contact the seller to review the offer. The other party has a set time period, called the irrevocable date, to either sign back or accept the offer. Within this irrevocable time, the buyer is held to the agreement. If the irrevocable date passes without contact from the seller, the deal dies and neither party is held to the agreement.


8. Once the buyer and seller have come to an agreement regarding the price and conditions the deal is now either sold firm ( no conditions) or sold conditionally ( usually conditional upon arranging financing or lawyers review of the status certificate). If sold conditionally, the buyer then has a certain time frame, as set out in the agreement of purchase and sale to waive the conditions. Once the conditions have been met, the buyer signs a waiver which then makes the deal firm.


9.  On occupancy is when the buyer and seller meet with their respective lawyers to exchange the property keys for payment. The title of the property is then switched over from the seller to the buyer and the buyer is then given entry and ownership to the property.


Buying real estate is an exciting process. It can also a stressful and complicated process so it’s important to hire a Realtor you trust. After all, buying real estate is one of the largest investments you will make.

STEP 2: Mortgage Approval


Well before start condo shopping, it would be prudent to obtain a pre-approval from a qualified mortgage broker and secure what YOU can comfortably afford. Having a pre-approved mortgage from a trusted lender will help reinforce your offer. Most of all, it gives your peace of mind. Once you have found a condo that you love, you will be able to get the financing you need to close the deal. In addition,  being pre-approved allows you to concentrate on the condos within your budget, saving valuable time for both you and your Realtor. 


No mortgage broker?  We have the right one!

My goal is to provide my clients with the sound advice so that they get the mortgage that best suits their needs.  While it is important to lock down a competitive interest rate, mortgage brokers work hard to help  clients understand the implications of the many other factors that define a mortgage, and to ensure it is the best possible fit. 

STEP 3: Understanding Pre-Construction Developments


Ever drive by a long line up thinking it was a movie premier, only to realize it was a new condo open house? New developments have become the "cats meow" within the condo landscape. I can help you determine which building is right for you!





Pre-Construction Developments

One of the most common questions raised when looking to purchase a pre-construction condo is whether to use the expertise of a realtor. Sales representatives at new home sales offices are indeed licensed realtors but as a buyer should you have your own representative.


It is in my opinion that using "me" as  your realtor is beneficial. The sales representatives within the new home sales office works for the builder, which is where their true loyalty lies. By having me as your representative, you will receive honest and non-biased advice as I will have your best interest in mind. There are many benefits to using me as your realtor such as the following:

1.  As mentioned above, I work for you not the builder, therefore your best interest is at heart.

2.  I recieve invitationsl to VIP events which gives me access to the best floor plans and prices per square foot before being released to the general public.

3.  I have vast experience in pre-construction and will ask the right questions regarding construction financing status, assignments, occupancy and so forth.

4.  I will be able to negotiate the agreement in your best interest. As price is usually not negotiable, certain fees (education, park levies) can be taken out or capped within your agreement.

5.  I have access to the MLS system which can provide you with prices and useful information of comparable properties in the area.

6.  I can keep you updated on the project. Questions concerning construction and occupancy can be easily answered.

7.  If you are looking to assign your unit, I can help you find a buyer as certain types of advertising is not permissible by the project builder.


The most important benefit of using me as your Realtor is that I have your best interest at heart. I will represent you honestly and ethically and will assist you in making the best decision for your needs.


NOTE: If you are considering purchasing a pre-construction condo and are working with a Realtor, do not register online at the project’s website or walk in the sales office without representation. Once registered, the builder will not co-operate  with your Realtor. Have your Realtor schedule an appointment with the sales staff at the new home sales office.

STEP 4: Pre-Construction Developments Basics


The 10 Day Cooling Period and Basic Fees

Suppose after you’ve signed the Agreement of Purchase and sale for a newly built condo, you then have a change of heart… what options do you have?

The Condominium Act protects buyers of new condos. It gives the purchaser 10 days to rescind on a concluded agreement to purchase a new condo. (This does not apply to resale units.)

However your option to “back out” isn’t carte blanche – there are criteria. The rescission must take place before you accept the deed or transfer of title to the unit. The 10-day period starts on the date you receive the developer’s Disclosure Statement or the date that you receive a copy of  the signed Agreement of Purchase and Sale, whichever is later. The purchaser must give written notice to the vendor of his intention to rescind within this 10-day period.

What if you have a change of heart after the 10-day period? The Act also allows for rescission if there has been a material change to the project, or where there is material change to the information in the Disclosure Statement.

The Developer has an obligation to give all purchasers notice of a change to the project…in the appropriate legal manner. Purchasers must receive said notice within a reasonable time after the change occurs, not later than 10 days before the deed is delivered.

In these scenarios, the purchaser has the right to rescind within 10 days of the later of: (1) the date he received the revised Disclosure Statement that reflected the change (or received notice from the developer); and (2) the date on which he became aware of the change. To trigger your right to rescind the change must be “material” in nature – a change that a reasonable buyer would objectively regard as being sufficiently important to affect the buying decision.



Condo fees are typically calculated from the operating annual cost of the condominium and divided by the percentage of your contribution to the common elements (your unit factor), as outlined in the condominium’s governing documents.

Your condo fees generally include:

• Day-to-day care and upkeep of the common property elements (e.g, snow removal, landscaping, cleaning pf common elements including carpets and exterior windows, heating/cooling system maintenance)

•Contributions to the reserve  fund, which is used to pay for major repairs to (and replacement of) common building systems to ensure the condominium is kept in good repair over the life of the building.

•Property management fees.

•Building repair and maintenance.

•Salaries of condominium employees (e.g., superintendent, security guards, concierge)

•Amenities (e.g., use of pool, recreational facilities, party room)

To determine exactly what is included in a specific condominium’s common element fees, you need to review the corporation’s status certificate.

If the Board overestimates the common expenses, the surplus is wholly applied either to future common expenses or is paid into the reserve fund. Refunds are not given to unit owners. If a unit owner sells a unit before the end of the condominium’s fiscal year, the owner cannot obtain a refund for common expenses but may add it to the unit’s purchase price.

Did you know that you have a 10 day cooling period when you purchase a pre-construction condo?... or know what condo fees include? I can verify everything detail and connect you with the right lawyer to protect your purchase.





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