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. Let’s go over each one 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 to sign the preliminary contract, which 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. Upon signing of the preliminary contract, a down payment of 5% to 20% of the total price of the unit is required. Should your mortgage be refused, this amount will be refunded.
Obtaining mortgage approval
To keep the process streamlined and simple, Prével recommends getting your mortgage from the same bank that’s financing the project. 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. Be sure to take the time beforehand to browse the finishes available at our Sales Office. Yo should also have an idea of the layout of your furniture so you can decide the best places for sockets and light switches.
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.
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!
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 each step in the purchasing process?