Our Buyer’s Guide, helping you every step of the way.
With its particular language and procedures, buying a condo can seem like a complex process. However, once you master the key steps, you realize it isn’t rocket science. To help you understand the process better, we have explained it in more detail below.
Here are some basic principles of condo life to help get you started.
Is condo life for you?
Does living in a condo appeal to you? Do you wonder if the condo lifestyle will suit you? By definition, living in a co-ownership means sharing repair and maintenance costs with other owners. But it also means enjoying the benefits of common areas (terraces, pools, reception rooms, etc.) as well as other collective perks (social activities, services, etc.).
Condo life does require some compromise, however, it is an ideal lifestyle for first-time buyers, or individual owners or families who do not want the responsibility of managing a building or maintaining a property (snow removal, landscaping, renovations, and so on) on their own.
Determining your needs and budget.
In addition to preference, your borrowing capacity will play a role in determining which condo you choose. When calculating what you can afford, do not forget that there are other expenses on top of your mortgage. These include: condo fees, the down payment, mortgage loan insurance if your down payment is less than 20% of the condo’s price, notary fees, and welcome tax.
Choosing your project and unit.
Choosing to live in a condo is a lifestyle choice. Hence the importance of taking the time to reflect on your needs and desires. Establish which neighbourhoods interest you, the type of condo you are looking for (number of bedrooms, storeys, services offered, etc.) and the price you are ready to pay. Other factors to consider may include proximity to public transit, walking distance from your place of work, parking, proximity to shops, or the quality of the common areas.
Signing the preliminary contract and paying the deposit.
Did you fall in love with a unit? Once you select your condo, you will meet with our sales director to sign the preliminary contract, which confirms your intent to purchase and reserves the unit. This contract is conditional on proof of financing, such as mortgage pre-approval by the 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 streamline the process, Prével recommends applying for a mortgage at the same financial institution financing the project. You will have three weeks following the signing of the preliminary contract to provide us with proof of your mortgage approval.
Personalizing your unit.
Now comes the exciting part: watching your new home take shape! An interior designer will contact you to choose the materials for countertops, cabinets and floors. Keep in mind that all selections are final and cannot be modified. Ideally, you should browse the finishes available at our sales office beforehand. You should also think about the layout of your furniture and decide on electrical outlet and light switch locations.
Following the construction process.
Buying a condo off plan implies deferring the possession date until construction of the building and the unit is complete. During this period, you can stay up to date on the progress of the construction by contacting our sales office, speaking with our sales representatives or following the project on Facebook and Instagram.
Receiving and paying your adjustment fees.
About two months before delivery, you will receive a guide detailing all the steps required to take possession of your condo. You will 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.
Making appointments with the site superintendent and notary.
After receiving your adjustment sheet, you must 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.
Finalizing financing with the bank.
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. This is when you will pay the down payment’s final instalment and any additional costs, such as extras on your choice of finishes.
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 the 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.
Filling in the 45- and 365-day follow-up forms.
You will receive follow-up forms 45 days as well as 365 days after you have taken possession of your condo. These enable you to notify us of any corrections to be made to your unit. The forms must be sent to the Customer Service and Relations Department. Should you require additional work, the After Sales team will contact you to set up an appointment.