The post Conditions of purchase and sale offer first appeared on Ahmed Amin Real Estate Broker.
]]>Before presenting Purchase and sale offer to a seller you must be sure that all inclusions and conditions are reflecting your best interest. Make sure to follow all recommendations of your real estate agent in Toronto. The most important conditions are listed below however more conditions can be added if you wish or if your real estate agent suggests adding in order to avoid any complications at later stage. Each condition states time limit to be waved otherwise the offer will be null & void and the deposit will be returned in full to the buyer.
Main conditions are usually related to the financing, home inspection and property title clearance. Some additional important conditions are various based on type of property. For offers to buy houses in Toronto, recent land survey and conforming to zoning by laws conditions are main requirements. As for condominiums in Toronto, a status certificate for the condo corporation checked by your lawyer is a must, especially if you consider one of the condominiums downtown Toronto.
A closing date or transaction date is a part of the purchase and sale offer inclusions, but considered as a condition. This is the date when funds are transferred from the buyer financing company to the seller, final contracts are exchanged between lawyers, and buyers’ name is registered to property title as the owner. The closing date can be very important negotiating factor. Sometimes sellers accept offers with lower price because of the fixable closing date, in case seller needs time i.e. to buy a new property and to move in there or for any other reason. However, there are situations when the owner needs to close the deal as soon as possible, and so he or she is willing to accept the offer with matching closing date even if the offered price is much lower than the property asked price.
There is a common conditions recently added to an offer of purchase and sale. If the owner wants to buy another property, selling of the subject property will be conditional to buying a new one. Or if the buyer wish to sell his current property before buying a new one, his offer for the new property will be conditional upon selling his old one. This is a legitimate condition and you may see it in your offer.
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]]>The post Buying a condominium in Toronto and GTA area Part “2” first appeared on Ahmed Amin Real Estate Broker.
]]>We mentioned before the initial factors that you need to consider while choosing condominiums in Toronto to own. They are simply regarding the interior and exterior unit shape. This is your personal evaluation, not much of assistant required and totally up to you. The next step is required both your Toronto Real estate agent and your lawyer assistant to reach correct decision
The maintenance fees is monthly payment set by the condo management corporation, Mainly this amount represent your unite share in the maintenance cost of the entire building. There are special measurements to determine that share mainly the size but other factors might influence the amount each unite pays like floor, parking and locker. Some corporations include utilities like hydro, heating, water etc in the condo fees, knowing what is included in the monthly payments and what you will pay directly is important for a fare comparison. A small portion of each monthly payment is also set to be reserved funds to cover any sudden or unexpected cost other than the corporation planed budget
One of the main conditions that purchase agreements contracts are subject to, and must be reviewed by your lawyer for a legal opinion before waving that condition. The status certificate is a comprehensive financial statement of the condo corporation showing all details of the building, example; operational costs, utility bills, insurance, expected condo fees per each square foot. And the most important part in the status certificate is regarding reserved funds amount held by that corporation for future use. With reviewing the status certificate you will know answers to such questions like: how much is monthly condominium fees? How often increases occurred? Are they significant or slight increases? Is the overall financial status of the corporation clear? Enough reserved funds? This certificate usually provided to potential buyer after putting an offer, so you must be sure that your purchase and sale offer is conditional to sound status certificate also such certificate is not for first time occupation unites but only for resale condos in Toronto
The last step before considering buying condominiums downtown Toronto for some people is to know who is living next door. Please remember that, this might be the biggest invest of your life, some people just knock on the doors to meet the neighbor’s or visit the unit in different times to know the level of noise expected specially if you are surrounded by constant party couples. Age can be good point to consider specially if you are the party people and our neighbors are seniors.
Further if you are ready financially (pre approved for mortgage amount to cover the purchase) you can give your Real Estate Agent in Toronto green light to go ahead and negotiate closing price.
The post Buying a condominium in Toronto and GTA area Part “2” first appeared on Ahmed Amin Real Estate Broker.
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