King West Condo

Michael Camber
(Sales Representative)

Royal Lepage
Real Estate Services Ltd.,
Brokerage
Downtown Branch,
905 King St. W, Toronto

Tel.: (416) 205-0355
info@kingwestcondo.com

“ Not only was Michael extremely knowledgeable, professional, and a pleasure to deal with, he helped sell our home within a week of listing, and at 99% of the asking price! ”
- Laz Ioannou

Purchasing your first home can be a very intimidating and stressful experience. What follows are my recommendations to anyone thinking of purchasing a condo for the first time.

Be definitive and make sure you have really decided to buy.

Pre-qualify yourself for a mortgage. It is essential that you know what you can afford and what you are comfortable buying.

Educate yourself.It can be a slow and difficult process. Ensure that you spend the required amount of time to become an expert or hire one. Your Realtor can provide a personalized crash course in mere hours. It's a free service as Buyers do NOT pay a fee to their Realtor. The Seller of the purchased property pays the fee.

Know what your purchase will cost you. When buying a resale condo, be aware of closing costs. The following is a list of common closing costs:

	Land transfer tax		High-Ratio mortgage insurance fees

	Bank appraisal fees		Pre-paid tax adjustments

	Mortgage Broker or application fees		Pre-paid condo fee adjustments

	Legal fees

Remember,your first mortgage payment is due one month after your purchase closes. Condo fees are always due on the first of every month. Property Taxes are due in installments (usually 4 per year) or can be transferred by your bank on a monthly basis.

When buying a New Development you should prepare for the following expenses:

	Education levy		Park levies

	Development charges		Discharge of the Developers mortgage fees

	Law Society of Ontario fee		Heat pump fees

	2 months of condo fees		Pre-paid Occupancy fees

Remember, when buying a new condo from floor plans, your first closing is when you occupy the unit. At this stage, you do not actually own the unit, rather, you are considered an Occupant. You will pay the Developer an "occupancy fee" until the building registers with the City of Toronto.

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