Here are the most frequently asked questions we’ve received about selling real estate.
- Price: This is what the buyer is offering to pay.
- Deposit: This is the amount of money that demonstrates the buyer’s good faith to conclude the deal. It can be all or part of their down payment.
- Closing Date: This is the date when money changes hands and the buyer takes possession.
- Conditions: Freehold and condominium conditions vary. They also vary by individual property and are put in place to protect your interests. Typical conditions include the necessity of a home inspection, status certificate, and financing specifics.
The seller is typically responsible for ordering the status certificate and will have ten business days to provide the document to the buyer’s representative. Once received, the buyer’s lawyer will have three days to review it. Your lawyer will then report on the findings. If all is in good standing, i.e. the building reserve fund is strong, there are no assessments planned and the building is in good health overall, the lawyer will advise you to proceed with the deal.