How to Buy a Winnipeg Condo - Step by Step

  • Step 1- Identifying Your Needs

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    The first step is to answer some questions for yourself, to better understand what you need.

    • How close do you want to live to your place of work?
    • Would you like to live close to other family?
    • Is it important that you live close to a school (college, university)?
    • Would you rather a modern, new construction or an older building with character
    • Do you want to live closer to: restaurants, shopping, arts, cinema, transit, etc.
    • What kind of floorplan are you looking for? Will you need a dining room if you are the type to entertain or simply a breakfast bar with stools?
    • Would you require 1 bedroom, 2 bedroom or loft style?
  • Step 2 - Financing

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    Prior to searching for the right condo, it is important to get preapproved by a mortgage specialist so that you know the maximum amount of mortgage you can afford. This is based on your income, debt, credit rating, etc. This amount isn't necessarily what you should be buying at - you should consider allowing some extra room for other monthly expenses.

    They will also provide you with details on what your mortgage payments will be and the different options to repay the mortgage (Monthly, Bi-Weekly, Weekly, or Accelerated).

  • Step 3- Reserve the Unit

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    Once you have been approved for financing, the next steps are to shop competitors, gain experience in the market, and identify a unit that you would like to purchase.

    Putting a reserve allows you to put a hold on the unit you want, and gives you some time to get your financing approved and contact a lawyer.

  • Step 4 - Complete the Agreement to Purchase

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    Once you've found your dream condo, you'll want to write an agreement to purchase before someone else does! The builders sales agent will write this with you, and take you through it step by step.

  • Step 5 - Acceptance

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    If the agreement is firm - with no conditions, and both parties are pleased then, you have an accepted offer. If the agreement is conditional - those conditions must be satisfied in order for the agreement to be binding.

    Unlike a residential agreement, as a condo purchaser you are entitled by law to a 7 day "cooling off period." This time is your legal opportunity to review all your documents. If you are unsatisfied during this period, you are able to void your agreement without penalty.

  • Step 6 - Design Centre

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    At Qualico's Design Center, with over 3500 sf to explore, we'll introduce you to a wide range of options to fit any style and budget. We carry everything from flooring, cabinetry, countertops, backsplash and more. Our design consultant helps you build your dream home!

    If you purchase your home early (prior to construction being complete), you will have an opportunity to meet with StreetSide's talented Design Consultant, Tammie Bennett. During a 2 hour consultation, Tammie will take you through our design center, and you will embark on an exciting & creative journey. We are here to help you make your vision a reality To get a sneak peek of our Design Centre, click here.

  • Step 7 - Closing

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    The lawyers meet; funds are exchanged for the title and keys to the property. The transaction is recorded at the registry office. Once this has occurred, the property is yours. At this time you have taken possession (ownership) of the property.

    1. Before the Date of Closing

      Your lawyer will tell you how much money you will have to bring by way of a certified cheque, since all funds are coordinated through your lawyer. the signing of final documents is done at the lawyer's office. You will also have a scheduled walk through of your unit with the builder to determine if anything needs to be touched up prior to your move in date, and to get more information about your unit and how everything operates.

    2. On the Date of Closing

      Both lawyers will have staff attend the land titles office for the purchaser's lawyer to update the title search, and for both sides to exchange documents and register them. Most lawyers now do this online.

  • Step 8 - Possession Day

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    You should check to ensure that all items listed in the offer are left on the property. If there are any problems, you should contact your sales agent. Later, your lawyer will send you a reporting letter, along with copies of various documents that you have signed. These should be kept in a safe place. Now, all that is left is to enjoy your new home!

    Congratulations!