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The Buying Process

Over the course of the new home buying process, from your first sales office visit through after-sales service, customer satisfaction is Prével’s number one priority.  To that end, our experts will follow up with you to ensure your full satisfaction, and will be more than happy to answer any questions you may have.

1. Planning your visit +
2. Visiting the sales office +
3. Choosing a project +
4. Choosing a unit +
5. Signing the preliminary contract +
6. Getting approved for a mortgage +
7. Personalizing your unit +
8. Approaching the date of delivery +
9. Inspection +
10. Signing the deed of sale +
11. Moving in +
12. 45- and 365-day follow-up forms +

1. Planning your visit

Your hunt for the perfect condo starts with surfing the internet to explore your options by visiting the websites of different condo projects and developers.  Decide on which neighbourhood(s) you want to live in, the type of unit that suits you best (number of rooms, floor plan, amenities, etc.), and the price you’re prepared to pay, and educate yourself thoroughly on the reputation and credibility of the developer.  Take note of the opening hours of the sales offices of the projects you’re interested in.  Please note that all our sales offices are closed on Fridays.

 

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Visit the sales office and the model units within.  Collect relevant information such as brochures, floor plans, prices, etc.  Don’t hesitate to consult our sales representatives regarding any questions you might have.  Our experts will present the project in its entirety and provide you with plans, as well as detailed information on inclusions.

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Take some time to carefully consider everything about the projects you visited so that you make an informed decision, and decide which condo project will best fit your lifestyle.  You’re welcome to visit the sales office again and again should you have any questions or require additional information, to take another tour of the model units, or just to have a cup of coffee and chat with a member of our team!

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Once you’ve selected a project, compare the floor plans of the units that appeal to you most and decide which one is right for you.  If you wish, a sales representative will gladly help you draw up a detailed budget for one or more units to help finalize your decision.  The budget will also show the periodic deposits required for the purchase, and will help prepare you for your meeting with a mortgage consultant who will guide you through the process of financing your new property.

Once you’ve decided on a unit, schedule a meeting with the sales manager to sign the preliminary contract.  The amount of the first deposit and any additional payments to be made prior to delivery of your unit will also be determined with the sales manager at this meeting.

 

 

Prével will refer you to a financial institution in order to secure a mortgage approval.  You have three weeks after the date you signed the purchase contract to finalize the mortgage and present a letter of approval.  The preliminary contract is contingent on obtaining the mortgage approval for the amount specified in the contract.

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When the time comes to select your finishes, a finishing specialist will contact you to guide you through the process of selecting everything from countertops, cabinets, and flooring to where to place the power outlets and phone and internet jacks.  This is also the time to consider any extras you might want.  Just remember that once you’ve made the final decision on your finishes, they can’t be modified from that point on.  We also highly recommend you examine all available finishes, which you can view at any time in our sales office, and carefully consider your options before meeting with the finishing specialist.

About two months before your unit is delivered, you will receive an adjustment sheet in the mail indicating the amount that must be paid at the closing of the sale, plus any additional costs including condo fees and the contribution to the condo’s working capital fund, all of which amounts must be paid to the notary at the time of the signature of the deed of sale.

When you receive this document, we strongly recommend that you arrange to meet with the construction site superintendent to conduct an inspection of your unit, and with the notary to schedule the closing.  Plan your meeting with the superintendent prior to meeting with the notary.  Both meetings should take place the same day, and you must meet with the superintendent before meeting with the notary.  The delivery guide you will receive together with your adjustment sheet will list all the steps involved before taking possession of your unit.

It’s very important not to delay when it comes to securing financing from your financial institution so that there is enough time for the bank and the notary to exchange and process the necessary paperwork, and for the bank’s appraiser to visit the property to perform an inspection.  The closing meeting with the notary cannot occur until he or she has received the required documents from the bank.  Therefore it is critical you provide your bank with the adjustment sheet as quickly as possible so they can communicate with the notary.

If your down payment is less than 20% of the cost of your condo, you must obtain mortgage loan insurance.  Your bank will facilitate this process with the Canada Mortgage and Housing Corporation.

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The day your unit is delivered, you will meet with the construction site superintendent who will explain the various systems and features of your new home and how they work, as well as how to maintain them.  He or she will also show you where to find your storage locker and parking space, the garbage chute, the boiler room, etc.  Check to be sure the counter, cabinets, floors, windows, and appliances are all in good condition.  If there are any defects, Prével will remedy them as quickly as possible.

A few days before signing the deed of sale, the notary will advise you of the amount you must pay to the notary, in trust, by bank draft.  This bank draft will be held in trust by the notary and will be transferred to Prével at the time you take possession of your condo.  You must also provide the notary with proof you have obtained personal property insurance.  After completing all the necessary documentation, the notary will hand over the keys and you’ll be the official owner of your new condo!

 

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Moving in on your delivery date is not recommended because most of the day will be taken up by the inspection and the signing of the deed of sale.  Feel free to move in anytime after whenever it’s convenient for you.

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Upon delivery of your condo, you will receive two forms to be filled out and returned to Prével - one 45 days after, and the other 365 days after, the date of occupancy.  Take note of repairs or adjustments that must be made to your unit, if any.  An after-sales representative will contact you to set up a date to remedy any defects.