Purchasing process of a new condo made easy - special COVID-19 edition
Publish on May 15th, 2020

Even though there are multiple steps involved in buying a condo, think of it as a series of simple tasks that are part of your purchase. And, during the COVID-19 pandemic, we have the tools to make the process both exciting and safe. Let’s go over each step together to help you feel more at ease with the process.

Signing the preliminary contract

Fell in love with a unit you like? Once you select your condo, you’ll meet with our sales director remotely to sign the preliminary contract. This meeting can be held over the telephone or by videoconference, at your convenience. Furthermore, the contact can be signed electronically. The preliminary contract confirms your intent to purchase a condo and reserves the unit you’ve chosen. This contract is conditional on proof of a mortgage approval from your bank. When you sign the contract, we will ask for a payment of 15% to 20% of your total unit price. This amount will be refunded if your mortgage application is refused.

Obtaining mortgage approval

To keep the process streamlined and simple, Prével recommends getting your mortgage from the same bank that’s financing the project. Banks have also adapted to the situation and you can schedule a virtual meeting from the safety of your home. You will have three weeks following the signing of the preliminary contract to provide proof of your mortgage approval.

Selecting your condo finishes

Now your condo is really starting to take shape! An interior designer will be in touch regarding your choice of materials for countertops, cabinets, and floors. Keep in mind that all selections are final. During the health crisis, we recommend meeting via Skype. In-person meetings will resume once we are authorized to do so, and so long as social distancing and sample handling rules are respected. Ideally, you will already have taken the time beforehand to browse the finishes available and thought about the layout of your furniture so you can decide the best places for sockets and light switches.

Learn more about our selection of finishes > here

Before taking possession of your condo

About two months before delivery, you will receive a guide detailing all the steps required to take possession of your condo. You’ll 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. Both our team and notaries have implemented measures to limit contact.
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.

Attending the inspection

On 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 (if applicable) are all in good condition. The inspector will note any issues and Prével will fix these as quickly as possible.

Signing the deed of sale 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’re officially a homeowner now! Once again, measures have been implemented at this stage to limit contact. Some of these steps can also be done by videoconference or by telephone.

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. Depending on how many other owners are taking possession of condos, you will be able to plan your move accordingly.

Receiving your 45- and 365-day follow-up forms

You will receive follow-up forms 45 days as well as 365 days after you’ve taken possession of your condo. These enable you to notify us of any corrections to be made to your unit. Should you require additional work, the After Sales team will contact you to set up an appointment.

Want to learn more about Esplanade Cartier project ? Contact our sales team