As for any single home, you will have to write a promise to purchase to acquire the condo you wish to buy. Although the content of both forms is similar, the promise to purchase for condominiums includes some particularities. It is in your best interest to know them well.
In the case of a divided co-ownership property, the promise to purchase includes:
- the cadastral description of your private portion;
- if the parking lot and storage space are also private portions;
- the cadastral designations of the parking lot and storage space;
- the share and cadastral description of the common portions; and,
- whether the parking lot and storage space are private portions, common portions for restricted use or other; and,
- the area of the condo’s private portion described in the certificate of location.
Spring is fast approaching. That means many buyers will be looking for their desired home. Sellers, on the other hand, will try to make their property look as alluring as possible. Where to start? With the exterior, of course.
Most sellers will instinctively renovate their home’s interior. However, the buyer’s first visual contact is with the exterior, either directly or through pictures on social media sites.
Most buyers will contact the seller or their real estate broker if they see a picture of a property they like. If the facade and landscaping are unattractive, the buyer may move to the next picture, unless the pictures inside are incredible. If the buyer is physically facing the house, he or she will keep on going and move on to the next property. Continue reading
Anyone who wishes to buy a condo should analyze these two issues very carefully before taking action: the monthly fees, and the general condition of the building, including the private and the common spaces. Need advice?
Before looking at the monthly fees, let us review the importance of the condo inspection. Many of us believe it is useless to have a condo unit inspected since it is more like an apartment than a single house. Plus, no one has an apartment inspected before renting it. Bad idea!
Specialists in the field know all too well that it is best to have a condo inspected before buying it. Not only the private area but also the common grounds: hallways, staircases, exterior walls, roof, foundations, land, etc. Just like a home purchase, you can demand the right to have the condo inspected in your offer to purchase. Continue reading
What do you think is the ultimate goal when negotiating a property purchase? Is it that the buyer does everything in his or her power to get the lowest possible price? Or, is it that the seller gives his or her maximum effort to get the highest possible price? Or, is it none of these answers?
One day, a retired multimillionaire businessman told us what he missed the most about negotiating. His greatest satisfaction was to conclude an agreement where both parties were content. That is exactly what property buyers and sellers should aim for: closing a win-win negotiation.
It is useless for buyers to push sellers against the wall and force them to give up their property for an unsuitable price. This attitude rarely leads to good results. Conscientious buyers not only think about their own interests, but they also think about the sellers’ satisfaction. Continue reading
Sometimes, buyers are faced with a difficult decision. They have already crossed out a large number of properties on their list, but two or three are still remaining. Now for the final elimination round. Which property will it be? Need some advice?
- Ask your real estate broker. If your home search process was rather long, your savvy broker was able to identify your needs and personality because he or she has gotten to know you.
- You would be willing to live with some constraints. Others, not at all! They would make your everyday life miserable. Learn to recognize them. Be honest with yourself.