Closing A Condo In Calgary
My team and I at RE/MAX Wealth Builders review everything you need to know about the legal and financial considerations involved in closing a property in Calgary. We are joined by Erin Leslie from Chestermere Law who provides expert advice to avoid the most common problems she sees.
Click on the view below to watch the entire webinar.
When it comes to purchasing property, especially in pre-construction projects, being proactive can make all the difference. Here are some key pieces of advice to ensure a smooth process leading up to the final closing:
Get Pre-Approved Early: Even if it's not required by the developer, obtaining a pre-approval from a mortgage broker or specialist at your bank is crucial. This gives you a clear understanding of your financial standing and what you can afford, ensuring that the purchase is feasible for you.
Stay in Constant Communication: Keep everyone involved in the process informed, including your realtor, lawyer, and mortgage broker. Any significant financial changes or updates should be discussed with your mortgage broker to assess their impact on the closing process.
Stay Informed About Construction Updates: Some developers provide periodic updates on construction progress, but it's essential to keep track of the timeline yourself. Knowing the estimated completion date helps you plan ahead for the closing process.
Start the Mortgage Approval Process Early: Aim to begin the mortgage approval process three to four months before the anticipated closing date. Even without a confirmed closing date, you can still complete most of the process, ensuring that you're prepared well in advance.
Choose the Right Legal Representation: Not all real estate lawyers are experienced in pre-construction transactions. Interview lawyers to ensure they have the necessary expertise and understand the nuances of working with developers.
Rely on Experience and Relationships: Work with professionals who have experience in pre-construction projects and have established relationships with builders. This ensures that they understand the intricacies of the process and can navigate any challenges effectively.
By following these proactive steps, you can streamline the property purchase process and minimize any potential setbacks or delays. Remember, preparation is key to a successful closing.
If you have any questions, get in touch - I’m happy to help!
