Process of Buying a Condo

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 (Real Estate Sales Representative) you trust! 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 and you’ve found your trusty realtor, your realtor 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 have you Realtor research what the unit is actually worth and carry out their due diligence.

6) Now its time to make up the offer. Have your Realtor go through the offer with you. You may also want to have a lawyer review it.

7) Your Realtor 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. For all your real estate needs, contact The Condo Chicks!

SOLD: 270 Wellington: $334,500

The Condo Chicks recently sold their 1 bedroom plus den listing with both parking and locker in The Icon. As the market is softer, it took a bit more "creative selling" to get this unit sold for our client. At the end of the day, our client is very happy! Listed at $334,500, The Condo Chicks got just shy of asking! 

If you are looking to sell or to buy a unit in The Icon, contact The Condo Chicks!

Multiple Offers

With the current real estate market in Toronto steady, the presence of multiple offer situations is still common. Sellers are looking to generate multiple offers in order to sell their property at very high numbers. When entering a multiple offer situation buyers have to remember that looking at comparable properties is a very important step when determining what number to go into. A lot of listing agents are holding off offers in order to hopefully generate multiple offers. We always make sure to tell our buyers to choose a number that they are comfortable with and stick to it when entering into a bidding war. Too many times, we have seen buyers represented by other agents end up paying way too much for a property which is generally attributed to emotions, not facts. In the long run, it is not worth it.




Recently we were in a situation where the listing agent had listed a property above market value, hoping to create a multiple offer situation. After reviewing the comparables with our clients, we came up with a number that we felt was fair for the property. Unfortunately, we did not win the property, nor did any of the other offers that were submitted. Ironically, the listing was terminated the following day due to the fact that nobody was willing to over pay for the property. It will be interesting to see if the property comes back on the market at a more reasonable price.



Our advice to you when entering a multiple offer situation is to review all the comparable properties, and determine what the property is worth to you.

1+1 with Parking and Locker now $334 500

Furniture is negotiable! Contact the Condo Chicks for a showing! http://www.condochicks.com/