Conditions - Financing, Home Inspections and Condominium Documents
What are some typical conditions when submitting an Offer to Purchase?
Regardless of whether or not a pre-approval has been completed, the vast majority of buyers include a financing condition as final approval is affected by the property to be purchased.
A home inspection is a standard condition of sale typically requested by most buyers. I highly recommend an inspection and will request you to sign a disclosure if you do not wish to complete an inspection. A home inspection is completed by a qualified home inspector who is licensed by the Province. A home inspection is typically paid for by the buyer.
When a home inspection is scheduled the seller will typically not attend. I will attend your inspection with the inspector for the duration and highly recommend that you attend to learn about the home and ask any questions you may have. An inspection typically takes 2-3 hours and the main purpose is to review major items in the home such as structural, electrical, plumbing, foundation and roof. It is not intended to review for cosmetic items.
Should major issues arise at the inspection we will work together to find resolution and an arrangement agreeable to both buyer and seller.
Reviewing Condominium Documents
When purchasing a condominium a buyer will be provided with a long list of documents to review as part of the process. As a buyer you are purchasing into the corporation of the building as well as the unit itself. It is important to review these documents. They can be complicated and it is recommended that buyers utilize the services of condo review companies to understand the financial details and any financial risk.
Other conditions can include review of property use for future development, title review, pet approval from a condo board or any other requirement you may have to complete the purchase.