Condo Warranty: Fill & Download for Free

In the East Coast of the United States it is conventional to hire real estate attorneys to represent buyer and seller in a real estate transactions. In the West Coast it is more typical for each party to hire their own real estate agent and use a title company for the escrow process. Unless there is something particularly unique about the property or the transaction, a competent agent is more than capable of explaining, representing, negotiating, knowing what to look for, making sure the closing is smooth, etc., in places where that is the norm — you wouldn’t normally need an attorney.Sometimes, sophisticated parties can agree to hire a single agent or attorney for both sides of the transaction. I wouldn’t do this as a first-time buyer.As others have said, definitely get an inspection. Those are often perfunctory but they can still uncover defects, maintenance that needs to be done, and other conditions and issues. If the inspection company is agreeable, it’s good to walk around with the inspector when they do their job because they might point out stuff in person that would be harder to pick up on the report. If there’s a problem found from the inspection or title search you can demand that it gets fixed or get an allowance on the price, assuming it’s not a complete seller’s market. Another trick, see if you can meet the neighbors and ask them about their experience living there — did they think they got a fair deal? Is the HOA functional? Are there disputes and lawsuits, or construction defects? What’s the community like? If at all possible, never accept a condo in “as-is” condition. There should be a warranty, either a new condo warranty from the developer or a purchased warranty. If it’s a brand new condo or renovation you may also be able to negotiate a “punch list” of final details to finish.Wether you have a lawyer, realtor, or both, it’s good to be a smart buyer. So read up as much as you can about home values, warranties, loans, homeowner associations, closing process, inspections, and everything else. There are lots and lots of sources, online and in bookstores, probably some presentations and classes, and Quora too!

I was packing up my recently deceased mother condo and was in need of some packing supplies. Not being familiar with the smallish town, I thought my best bet was to try Staples. I managed to snag a big box of bubble wrap there and took it to the young cashier working at the till. She scanned it then asked me if I would like to buy the warranty for a few extra bucks. I thought their computer system must be configured in a way that the cashiers were prompted to always ask the customer about purchasing a warranty any time the purchase was over a certain amount. I smiled and parted the box and said “It's Bubble Wrap”. There was a bit of a pause and she tried again “ The warranty only costs $5 extra". Thinking she must not have heard me, I said in a louder voice “It's Bubble Wrap!” . There was another long pause as she thought this over and finally said “ So, does that mean No?#Cashier Of TheYear!

Buying and owning real estate is an exciting investment strategy, that can be both satisfying and lucrative. Unlike stock and bond investors, prospective real estate owners can use leverage to buy a property by paying a portion of the total cost up front, then paying off the balance, plus interest, over time. While a traditional mortgage generally requires a 20% to 25% down payment, in some cases, a 5% down payment is all it takes to purchase an entire property.But what if you could buy a future property at today’s prices? Let’s say you are looking to invest in real estate today, but are not ready to deal with any of the hassles real estate investment comes with, like neighbors, or renters, or maintenance and repairs. Pre-construction condo investing probably sounds like a good solution. Is it risky? Yes, anything not done with proper research and data is a sure risk but if you do your research and work on it the reward is worth it.What is Pre-construction condo InvestingPre-construction condos are cheaper because the developer is still fundraising and would like to get as much money as possible before breaking ground. You also may be able to have a say in your actual floor-plan, effectively designing your own home, which you can’t get with a finished property.When you invest during the pre-construction phase, all you have to do is wait a couple of years, and the value of your condo will have gone up significantly. And you won’t have any property related expenses during that time.Of course, there are many things you have to take into consideration, and you should certainly not rush into this kind of a decision. As we said earlier, pre-construction condo investing can be risky, but a lot of research can eliminate most of the risks, living you with a fantastic reward.BenefitsIf you are patient and there is no hurry to move right away, the pre-construction condo is the best opportunity for you.Early investors are also more likely to be offered options on splitting deposits. So, rather than paying the full 20% up front, there are more likely to be options for paying 5% quarterly, depending on the developer. That leaves you more money in the bank to keep earning interest, which is a useful benefit for smaller or first time investors.Other than the possibility to design your own floor plan, you should also be able to get the upgrades you always wanted, turning this property into your dream home. A dream home that someone else will build for you.As an early investor, you are more likely to get a pick of the premium units with the best views or access to facilities. Those little extras will help sway or help you have a more competitive rent when it comes to tenants if you plan on renting it out later. It will also help increase the value of your property if you plan on selling.FactsHere is a Fact that might be something you are looking for.According to the Toronto Real Estate Board, the average price of a Condo in Toronto in 2015 was $366,939. In 2018, the average price rise to almost $900 to $100 per square foot depending upon the location. This means the same Condos will now be priced between $630,000 to $700,000. This means the Condo prices in Toronto increased by about 55 percent in the last four years.Every market is different, of course, not all the condos in every city increase at the same rate, but condos in a big city will likely appreciate at a fairly steady rate.Also, with pre-construction condos, your buying price is lesser than the current price of finished condos, which means that your condo will be ready to make you quite a bit of money once it’s actually completed.Consider these ThingsThere are some cost and important things need to be considered before making a buying decision. Here are some of the things you need to knowWaitIt is not uncommon for targeted move-in dates to be extended several times and by many months, as a builder could legally cite "unavoidable delay" situations, such as building-trade problems.Mortgage Lock for a longer timeBuilders tend to work with preferred mortgage providers, who, if you qualify, would give you a special interest rate locked in over an extended period, compared to what a lender not associated with the builder would allow. Check whether the expiry date for the locked-in rate has a chance of being extended if your home's completion is extended. You also do not have to stick with the lender preferred by the builder.HSTIn the case of new condos, HST is applied. If you’re going to live in the unit yourself, you’ll likely qualify for an HST rebate. If you’re an investor, there is a similar (but different) rebate, but you’re only eligible if you rent the condo out for at least a year, If not, you may have to pay thousands of dollars in HST upon closing. Get the legal advice about whether you qualify for the HST rebate before you buy a condo.Closing CostYour real estate, legal and mortgage professionals can help you determine how much extra you will be paying in closing costs – which are on top of what you are paying for the home itself. Roughly, these extra costs can add from 1 to 3 percent or more to the price of your home, and typically include legal fees, enrolling in the provincial warranty program, title insurance, property tax adjustments, and land-transfer taxesRent before OwnIn the case of a pre-construction condo, you do not officially own it until the building is registered – which happens when it is mostly all lived in and passes conditions set out by the provincial land registry office. The registration process can take three months or longer, after which the title of your condo will be transferred to you – and that is when any mortgage or other payments you make are put towards ownership. While awaiting registration, you will be able to move in – during this "interim occupancy" period, you must pay monthly "occupancy fees"There are risks in everything but if proper research is done you can easily avoid these risks and get the benefit of one of the most rewarding investments.Read EverythingMake sure you read and understand the contract. Make sure you understand the payment plan. Make sure you look for any additional costs, outside of the contract. Also, research the developer, their previous project, and read all you can find about them. Make sure they’ve been successful in the past, with their previous developments.Ask QuestionsYou are an investor in a construction project, which means the developer should be going out of their way to accommodate you and your questions. Take advantage of this, and ask anything you think will be useful for your research. Also, look into finding people who have invested in projects with the same builder, and who have already moved into their condos. Their advice will be invaluable.ChangesYou are picking floor plans, and views, and kitchen counters ahead of time, but be prepared for one or more of these things not to turn out exactly the way you wanted them. This happens a lot in construction.DelaysIt is likely that there will be delays. Add a year or two to your expectations, and you should be fine. That’s just another year or two your property will be appreciated without any additional investment.Get Professional HelpMake sure a lawyer looks at the contracts, and you may even want to hire an intermediary company to deal with the developer for you. They are likely to already know all the best developers, their reputation, and can negotiate for you.ConclusionAnything will be a profitable investment if proper research is done. Investing in Pre-construction condos is one of the best and safest forms of investments. While the condos are constructed they appreciate their price and in some markets reach beyond your expectation. It is one of the best and safest ways for new investors to start their investing venture.