New Home Buyer’s Guide
That’s it! You have found the condo or townhouse that suits your lifestyle, needs and budget, and you are ready to take the plunge! While buying a new condo is exciting, it also comes with its share of anxieties and concerns. To guide you through the process, we have concocted a detailed Buyer’s Guide, an essential reading for the purchase of a new home.
1 – Mortgage Preapproval
To ensure the odds are in your favour and speed up your condo buying process, we recommend getting mortgage preapproval. This will give you a clear picture of your budget.
While it is not required, getting pre-approved for a mortgage also offers the advantage of a guaranteed rate for 30 to 180 days. This is the perfect way to lock in a rate in case of rising interest rates. On the contrary, if rates go down, you can negotiate a better one.
2 – The Preliminary Contract
At a meeting with the sales director, you will sign the preliminary contract. This contract confirms your intent to purchase a condo and reserves the unit you have chosen.
It is conditional on proof of mortgage approval from your bank. Upon signing of the preliminary contract, a percentage of your unit’s down payment is required. Should your mortgage be refused, this amount will be refunded.
3 – Mortgage Approval
If you did not get pre-approved for a mortgage, you will have three weeks following the signing of the contract to provide proof of your mortgage approval.
Your mortgage approval must include a lock rate valid until your new home’s delivery date.
4 – Choosing The Finishes
Choosing your finishes is an exciting step as this is when your new home really starts to take shape. Les Cours Bellerive offers a range of unique finishes, which will allow you to personalize your condo. Meeting with our interior designers at our sales office will provide an opportunity to discuss the floor, cabinet, countertops and tile options available. In addition, you will be able to see and touch the products, and mix and match the different combinations that inspire you.
Before this meeting, you should also take the time to think about how you will arrange your furniture. Consulting the measurements, you can then review the architectural, kitchen, and electric plans. At this stage, you can decide where you will want to install light switches and power outlets, and whether certain walls will need to be reinforced for a television or wall shelves.
5 – Visiting The Construction Site
Once the site is deemed safe, you will be invited to make an appointment to visit your future apartment. At this stage, the walls and windows will have been installed. A few months later, when the kitchen is ready to be installed you will once again be invited to visit. You will only be able to visit the fully finished apartment when you take possession.
6 – Before Taking Possession
About two months before delivery, you will receive a guide detailing all the steps required to take possession of your condo or townhouse. You will also receive an adjustment sheet detailing the balance owed on your condo as well as any additional costs, including condo fees and working capital costs. These must be paid when you go to the notary to sign the deed of sale.
You must then make an appointment with the site superintendent to have your unit inspected, followed by an appointment with your notary. These appointments must take place on the same day. Remember: All financing with your bank must be finalized beforehand, leaving enough time for the bank to exchange paperwork with your notary as well as send their evaluator to inspect your unit.
7 – The Inspection
On D-day, i.e. the day your unit is delivered, the site superintendent will give you a full tour of your condo and building, including all common areas. This is your opportunity to ensure that the countertops, cabinets, floors, windows, and appliances are all in good condition. Any issues will be noted and fixed as quickly as possible.
8 – Signing The Deed And Taking
Possession Of Your Condo
Following this inspection, you will head to the notary to sign all documents and receive the keys to your condo. You are officially a homeowner now!
We recommend that you not move on the same day you take possession of your condo, as the inspection and notary visit will take up a large part of your day.
9 – Home Warranty
After you take possession of your home, you will have 45 days to fill in a form asking you to detail any corrections that need to be made to your unit. The after-sales service commits to making any corrections on the list within the first year (365 days). Any defective or poorly installed equipment is guaranteed for one year. If a problem occurs due to a hidden defect (for example, plumbing in the wall), the guarantee will extend to three years. Major hidden defects (for example, the building structure) are guaranteed for five years. If you have a list for us or an item to bring to our attention, our customer service team will be able to help you.
The condo buying process may seem complex: it can be difficult to navigate through all the information provided to future owners. The important thing is to surround yourself with the right people. Les Cours Bellerive Team has all the knowledge required to properly guide you through the entire process.
Do not hesitate to contact us, we will be happy to answer your questions.