January 25, 2022
Buying a Condo? Here are the main steps to remember
Buying a condo can be a confusing task, especially if this is your first time. But fear not, we've made this list of steps to make things easier for you. This list is by no means exhaustive, but these are some essential steps you ought to keep in mind if you're buying a condo.
If you want to make it easier to get a condo, you may want to get a buyer’s agent. A buyer’s agent assists the buyer and the seller in smoothly making the sale of the condo. Getting an agent helps negotiate a better deal, helping you find the condo you want for less money. If you choose to go with the listing agent for the condo you like, remember that the listing agent’s job is to sell that condo, preferably getting the owner the best deal. So they may not necessarily have your best interests at the top of their priority list.
Condos come in such a wide variety, and there is something for everyone, so it’s important to know what you need. You may want lots of amenities like tennis or swimming pools, or it might not be a priority. You may be looking for ample space for friends and family or a compact size with the basics. You may also be looking for a certain kind of neighborhood. What layout will suit you the best? These are questions you will have to ask yourself before you seal the deal. You'll also need to balance your needs with your budget to come to the best conclusion.
Read more: Negotiating a Condo Deal: Buyers Edition
Once you’ve decided on the condo you would like to have; it’s time to make an offer. Ask your agent to write it up, including:
- Terms and conditions
- Earnest payment
- Closing Date
Any other details of the purchase might be a negotiation on the price with the seller. The critical thing to remember is that you make the earnest payment once both parties are in agreement regarding the terms of the sale.
Now that you've come to a mutual agreement with the seller over the terms of the sale, it would be a nice idea to set up a home inspection. A home inspection is a crucial step because it ensures that the condo is in good condition. The home inspection team will typically check for details like the walls, roofs, attic, etc., and report on their findings. Once you get the report, you may accept it or ask for the necessary repairs or replacements.
The transaction enters the pending stage after the home inspection report comes through. Now the final steps will be taken to seal the deal. This stage involves the finalization of documents and carrying out any paperwork. If you have requested any repairs or replacements, the seller will carry them out. Typically, the seller signs the
agreement first, followed by the buyer. After the property transaction has been recorded at the county level, the keys are transferred to the buyer. Congratulations, you’ve just bought a new condo! Time to celebrate. You’ve earned it!