You’ve found that perfect house! What do you do now? Your Sales Representative will prepare and Agreement of Purchase and Sale, including any custom clauses you may require. Most Buyers will make an offer provided certain conditions are met. These may include:
Even if you have been pre-approved for a mortgage, the property will require an appraisal to assure the lender that the price you are paying falls within accepted market value. Once your financing has been approved you are required to provide written notice to the Seller in the form of a waiver of
amendment before the expiry of the condition.
CONDOMINIUM STATUS CERTIFICATE
This condition applies only to the purchase of a condominium. It allows your solicitor to review the condominium’s documents to ensure the corporation is financially sound and meets all the requirements of the Condominium Act. Under the Condominium Act, the property management company has up to 10 days to prepare the Status Certificate and can charge a maximum of $100 for the service.
This condition provides an opportunity to have the property inspected by a qualified person who will look for any major defects in the building prior to your entering into a firm agreement. Many Buyers choose to have a termite inspection done as well.
FINTRAC (THE FINANCIAL TRANSACTIONS AND REPORTS ANALYSIS CENTRE OF CANADA)
As of June 23, 2008 for every Purchase and Sale in real estate, the Brokerage must obtain an Individual Client Information Record. This record sets out the Buyer/Seller name and address, and the nature of your principal business/occupation and date of birth. You will need to show a piece of identification that you confirm your identity. For example birth certificate, driver’s license, passport. For more information go to www.fintrac.ca