How to buy a condo in Downtown Vancouver.
Congratulations you have decided to buy a condo in one of the best cities in the world to live in, not only that, you went all the way and decided to get a cool Condo in the exciting and cosmopolitan Downtown Vancouver. Buying a condo is very straight forward process.
1- You have to know how much you can afford; a mortgage specialist will give you a very detailed number.
2- Decide where in Downtown you want to live. In Vancouver there are different neighbourhood to choose from, each one with its unique characteristics such as:
· Yaletown
· False Creek North
· West End
· Gastown
· Coal Harbour
3- Look for a Realtor that works in the area that you want to buy, the reason is simple; he/she knows very well the area and the buildings.
4- Decide on the following factors, remember that all of these factor will affect the price:
· how much space do you need
· Do you want a certain type of views like mountains, water or city
· What kind of services or amenities you would like to have such as: pool, concierge, games room, TV/movie room, party room, lounge
· Do you want an older building or a newer building
· Rentals or pets restrictions
5- Review the list of wants/needs with your Realtor.
6- Your Realtor should present you with a list of options.
7- Go with your Realtor to tour the condominiums that are most appealing from the list that your Realtor has generated for you.
8- If you find a property that you like, don’t be shy and make an offer, remember that Vancouver is a fast moving market and you may lose an apartment in a matter of hours or if you wait you may be faced with multiple offers and then you have to compete to get the apartment.
9- Once you have an accepted offer, you will have between one or two weeks to remove subjects (this time was previously negotiated in the offer), in this time there hasn’t been any money exchange. This grace period is made so that you can set up your mortgage, you and your Realtor attend a building inspection and review the following documents:
· Review of all Council Meeting Minutes (up to two years)
· Review of all General Meeting Minutes (up to two years)
· Analysis of the Audited (or non-audited) Current Financial Statement
· Analysis of the Current Operating Budget
· Review of the Information Certificate (Form B)
· Review of the Certificate of Insurance
· Review Bylaws & any Amendments including Rules
· Review of the Property Condition Disclosure Statement (PDS)
· Review Rental Disclosure Statement
· Review of Registered Strata Plan
· Review of Professional Reports, if any
10- If everything that was mentioned above is to your satisfaction and your have received your loan then it’s time to remove subjects, at this time you have to give to your realtor a “Bank Draft in Trust”, the amount of the draft was previously discussed in the offer. It ranges from 5 to 10% of the purchase price; this money is a down payment and will be deducted from the final amount. After this the money is sent to the bank, the documents to the respective lawyer or notary.
11- Possession day is when you finally get the keys of your place and you can move in, the date was stipulated on the contract. This day you can go out and celebrate.
As you can see it is a very straight forward process, but at the same time it involves many steps, if you have any questions about buying or selling a Condo in Vancouver, feel free to give me a call 604-728-9510 or send me an email: info@propertiesbymanny.comand I’ll be happy to explain you with more details the process of buying and selling in Vancouver.