Conditions are back in offers! If you’re buying a home, let’s go over the basic conditions below to familiarize you with them. Of course, every offer is unique, and we will consider all of the options at the time, but these are the fundamentals.
Finance Condition
Most people need financing to purchase a home, so we need about ten business days to allow your lender to confirm that they can give you a mortgage for that amount on that particular home. This is assuming that you have already been through the mortgage pre-approval process before looking at houses and we are working within your budget. (Side note: Remember, this is not the time to be making large purchases or changing your financial habits.)
Inspection Condition
You want to bring in a professional home inspector to go over the property and make sure that the main systems of the house are functioning the way that they should be and report on defects. If there are issues, we want to make sure that there are no showstopper issues. We have a list of local home inspectors that our clients have used in the past if you’re looking for guidance there. This one can be 5 business days as Home Inspectors are generally pretty quick to book.
Insurance Condition
Give yourself a bit of time to call around a few insurance companies to ensure the home is insurable for a reasonable price. Note: If you can’t insure the house, you can’t get a mortgage on it!
Condos Only: Review of the Status Certificate
If you’re looking at a condo, make sure that your real estate lawyer has time to look at the status certificate and ensure that everything’s in order and that no significant expenses are coming up. Your lawyer will likely just review the finances, but this also gives you time to go over all of the rules and regulations of the condo, shared costs, pets, renter/owner ratio, and all kinds of good stuff. This condition is 10 business days if the Status Certificate for that particular condo has not already been ordered from the property management company. Don’t have a lawyer yet? We have a short list of local real estate lawyers whom our clients have used in the past.
If you are looking for a house in Kingston and Area, contact us. We’ve got you covered!
Watch the video below
