The last article of our series on buying a condo focuses on additional information the buyer should know before signing the ultimate contract: services, property taxes, new home warranty program, developer, and insurance.
Ask the condo manager about the municipal taxes and the services offered: garbage pickup, road repairs, snow removal, etc. Are the general services included in the monthly fees? Some co-owners pay independent contractors through an additional condo service charge.
To get an idea of the property tax amount you will have to pay, contact the municipality if the building is new. In the case of a resale condo, ask the property manager to provide you with a copy of the most recent property assessment and most recent tax statement. The real estate broker may also have this information on hand. Continue reading
You’re planning on buying your very first home in the near future. You have heard of a promise to purchase (formerly known as an offer to purchase) and you are wondering what its purpose is. Here are the main details.
The promise to purchase is the result of a series of exchanges and promises between the future home buyer and the current homeowner. All the details are written down in this document. The promise to purchase is an agreement, which defines the ground rules between the two parties. If conditions are set forth, the deadlines should be clearly stated and the parties undertake to fulfill them.
The promise to purchase is an important document because, as the title states, you commit to buy the property, but under certain conditions set forth on either side. These conditions are laid down in writing in this document.
The promise to purchase is the step that comes right before the deed of sale, which is the famous contract that officially declares you the owner of the coveted house. Just about every detail written down in the promise to purchase will be found in the deed of sale. The content is very similar. Continue reading