How do you buy a condo in Montreal?
If you’re looking to purchase a condo, you’ve come to the right spot. Although purchasing a condo is similar to buying a single-family house, there are still some dissimilarities you should be mindful of.
Keeping that in mind, we’ve put together all the major steps involved in buying a condo in Montreal, from contracting the mortgage advisor to visiting the condos and signing the final paperwork of your newly owned condo in Montreal.
1- Setting up your budget
If you’re presently renting and looking to purchase a condo for the first time, then it’s crucial to assess what you can afford and set up a budget accordingly before moving forward.
Considering the median condominium’s average selling price is $385,000, as per the latest housing market report summary. The down payment you’ll be paying for the condo can be somewhere between 5% to 20%.
So, you’ll at least require $19,250 as a downpayment to buy a condo in Montreal, excluding other expenses like closing fees.
2- Get a preapproval
Now that you’ve decided on the budget, you should initiate the preapproval process. Research the different mortgage providers and get preapproval for your condo from mortgage lenders or mortgage brokers.
Getting a pre-approval will allow you to know the maximum amount of mortgage you can secure, the estimate of your mortgage payments and the locked interest rate for 30 to 130 days. You can Contact Alp Perez so he can refer you to one of the mortgage brokers he is working with.
3- Find a real estate broker experienced with buyers
After getting a preapproval now, you should find a local broker experienced with first-time buyers and preferably someone who does not receive any commission from the buyer.
For instance, ALP PEREZ is a professional realtor in Montreal who does not charge a commission from the buyer and can help you with MLS listings so you can check different condos in Montreal within your budget as per your needs.
4- Start visiting
After viewing the MLS listings, ask your realtor to schedule the property visits. People usually contact the developer for the new condos directly and visit the property. However, having an experienced agent by your side is essential whether you’re buying a resale or new condominium.
A skilled agent can help save buyers time and energy while also providing essential advice about what to include in the purchase offer–ultimately securing your interests.
5- Get the inspection
Whether you’re buying a new or resale condo, it’s vital to conduct the final inspection with your realtor before finalizing the deal. Any adjustments that need to be made will be noted and taken care of before you sign with the notary.
6- Obtain mortgage
After finalizing the condo of your choice and accepting an offer, it’s time to apply for a mortgage and fulfill the lender’s documentation requirements. Here a professional mortgage advisor can be very useful for you in terms of taking the right steps and fastening the process.
Furthermore, If you meet certain requirements, you may be able to take advantage of the homeownership program available to Montrealers. This program can provide financial assistance, a refund of the welcome tax, renovation credits and more.
7- Sign the legal documents and take possession of your condominium
Lastly, after processing the down payment and mortgage, it’s time to sign the sale deed. For that, simply take assistance from a notary who will make all the important adjustments related to taxes and fees. The notary will provide you the sale deed with the copy of the certificate of location and co-ownership declaration
Once done, congratulations! You are now the proud owner of a quality condo in Montreal.