Important Steps for Buying a Home (Resale home or condominium) in Ontario:
- Agreement of Purchase and Sale is signed by the buyer and the seller.
- Agreement of Purchase and Sale to be final has certain conditions which are for the benefit of the buyer. For example, Agreement is conditional upon buyer obtaining financing or conditional upon buyer obtaining home inspection to his satisfaction. If you are buying a condo, then the agreement is conditional upon review of the Status Certificate by the buyer’s solicitor. Status certificate can be obtained from the property management of the condominium.
- Once the conditions of financing, home inspection and review of status certificate is complete within the time limit specified by the Agreement, a waiver must be signedby the buyer and the seller stating that the conditions have either been complied with or waived , pursuant to which the Agreement becomes final.
Having completed these steps, you as a buyer should inform and send the executed Agreement of Purchase and Sale alongwith any amendments and the waivers to your lawyer
The buyer’s lawyer will then communicate with the seller’s lawyer and the buyer’s lender from the start to end, prepare all the necessary documents required for the completion of the real estate transaction.