Buyers
Sellers
Property Managers
Investors
Buying a Condo?
Congratulations on making the decision to purchase a condominium apartment. Condo living is a lifestyle choice, and it's growing in demand.
When buying a condo there are 3 reoccuring costs each month:
- Monthly Mortgage Payment (assuming you have a mortgage)
- Monthly Maintenance Fee + all utilities not covered through the condo fee
- Property Taxes
Other cost that may occur every month include Hydro, Cable TV, Internet services and Telephone. What is included in the condo fee varies from building to building.
Things to consider when buying a condo:
- What size of mortgage do I qualify for?
- How much money do I have for a downpayment?
- Will I have to pay mortgage insurance premiums (CMHC or GE Capital)?
- How should I choose a realtor?
- What, if any, amenities are important to me?
Closing cost when purchasing a condo apartment:
A closing cost will take the following items into account. Do you know what your closing cost will be?
- Legal Fees
- Mortgage Registration
- Title Registration
- Title Insurance
- Land transfer tax
Condominium Status Certificate:
Once you have decided to purchase a unit you or your lawyer will have
the right to review the condominium corporation status certificate. The
status certificate includes the condominium bylaws, insurance policy,
property management contact information, the current balance sheet
and income statement of the corporation, the reserve
fund study and more. Within these document the parking
spot, locker locations, exact maintenance fee
and what is included will will be verified.
Receive a FREE personalized list of condo suites for sale.
|