Freehold Property - Condominium
For Buyers
Freehold Property
Steps in the Real Estate Purchase Process
1. Determine budget and obtain mortgage pre-approval.
2. Define preferred area, type of property, and must-have features.
3. Hire a licensed real estate agent.
4. Start viewing properties and attend open houses.
5. Make an offer to purchase (Agreement of Purchase and Sale).
6. Provide deposit (held in brokerage trust account).
7. Conduct home inspection (optional but recommended).
8. Fulfill conditions (financing, inspection, status certificate if condo, etc.).
9. Lawyer reviews agreement and performs title search.
10. Arrange property insurance and finalize mortgage approval.
11. Closing day: Pay remaining funds and receive keys.
Self-Check
Questionnaire
✔ Do I know my maximum budget and monthly affordability?
✔ Am I pre-approved for a mortgage?
✔ Do I understand land transfer tax and closing costs?
✔ Am I ready to make a deposit (usually 5%)?
✔ Have I considered resale value of the property?
Condominium
Steps in the Real Estate Purchase Process
1. Get mortgage pre-approval.
2. Decide on location, type of condo (apartment/stacked/townhouse).
3. Hire a licensed real estate agent.
4. View condo units and compare amenities/fees.
5. Make an offer to purchase with deposit.
6. Review the Status Certificate (financial health of condo corporation).
7. Fulfill financing and inspection conditions.
8. Lawyer conducts review and title search.
9. Arrange condo insurance and finalize mortgage approval.
10. Closing day: Lawyer transfers funds and you receive keys.
Self-Check
Questionnaire
✔ Do I know my mortgage limits and monthly budget?
✔ Am I aware of monthly maintenance (condo) fees?
✔ Did I or my lawyer review the Status Certificate?
✔ Do I understand condo rules and restrictions?
✔ Do I know additional costs (parking, locker, utilities)?
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© 2025. Ignite Realty All rights reserved. Information is deemed reliable but not guaranteed. Sourced in part from the Toronto Regional Real Estate Board (TRREB). Provided solely for consumers with a bona fide interest in the purchase, sale, or lease of real estate. Unauthorized use, reproduction, or distribution is strictly prohibited.