Shangri-La Condos Buying Guide

BUYING GUIDE

The excitement associated with owning your own condominium and looking at potential properties often distracts you from some essential questions and the finer details of the whole process. Consulting a Buyer’s Guide, like the one provided below, is a great place to start if you’re thinking about home ownership.

From assessing your readiness to take on the financial and personal responsibilities of home ownership, to understanding the additional costs of the complete purchasing process and knowing what to expect through negotiations down to the closing day, the Buying Guide will help answer many of the questions you may have.

The first step once you’ve seen a property you are interested in is making an offer to purchase that property.

 

Placing an Offer

Your agent will submit an offer on your behalf to the seller’s agent. This offer will contain a purchase price, conditions relating to the purchase of the property, a potential closing date, and any other terms you want laid out in the agreement. Once your agent has presented the offer to the sellers and their agent, negotiations begin.

After considering your offer, the sellers will either accept your offer or provide a counter offer which reflects their best interests.

The negotiations continue until you and the sellers are satisfied and a tentative agreement is reached. If there are multiple offers on the property, your agent will advise you to decide on a best and final offer. The sellers will consider all the offers and decide which is best suited to their expectations and continue negotiations with that party.

When an offer is accepted, it means that both parties have agreed to the price, terms and closing date which are stated in the agreement.

 

Conditional Sale

Once the offer is accepted, you enter the contract stage of the buying process.

Following the review of the contract of sale, you will sign the contract and present a deposit, which is an agreed upon per cent of the sale price. The documents are then sent to obtain the seller’s signatures.

During this time the conditional terms of the contract are to be met. For example, you will need to obtain the appropriate financing, have the home inspection done, and have your lawyer review the status certificate so that those conditions are met.

 

Closing

The closing consists of signing the final documents and receiving the keys to your new home. Your agent will schedule a final walk-through inspection of the property for you, immediately prior to the closing.