Who to See First when Shopping for a Condo for Sale in Montreal? A Notary, Real Estate Broker or Bank?
Many who are considering buying a condo far sale in Montreal may assume the bank should be their first stop, as obtaining financing can be the key to deciding which condos are in their price range. Others think they should first visit a real estate broker to get a better idea of what properties are currently on the market.
Notaries are often left last in this process, under the assumption that their job simply involves processing papers. However, if you’re serious about purchasing a condo and want to ensure you’re making the right decision, visiting a notary should be your first step in the process. Read on to learn more about the importance of notaries when looking for a condo for sale in Montreal.
Why Visit a Notary First when shopping for a condo for sale in Montreal?
Notaries are tasked with helping you understand your legal rights and responsibilities. They have an obligation to protect your best interests, and their advice and guidance is provided with this in mind. Banks and real estate brokers may have a different focus than yours when it comes to financing a new condo or making a purchase offer.
By visiting a notary before you arrange for financing or enlist a real estate broker to help you browse the condo units available in Montreal, you’ll be able to have a much better idea of the questions you should ask and the facts you should gather before you make an offer. Getting personalized advice from a notary can also save you time and money by ensuring you understand how various factors can affect your unique situation.
What Can Notaries Do to Help During the Condo Purchasing Process?
Notaries play a key role for anyone wishing to purchase a condo. By outlining the process, along with your legal rights, a notary can give you insight into some of the important questions you’ll want to ask your bank and real estate broker while browsing each condo.
For example, some condo units may have hidden costs that aren’t apparent to the first-time purchaser. The last thing you want to do is discover that what you thought would be a $1,000 per month mortgage payment is actually closer to $1,500 per month because of co-ownership fees, special assessments, or other add-ons. Even if you discover this pricing discrepancy before you sign a purchase agreement, you could wind up losing your earnest money or other non-refundable deposits.
Notaries can also guide you through the entire condo process by assisting with any documentation or legal paperwork you need along the way. In a quickly-moving real estate market like Montreal, it can be even more important to be armed with all possible information early in the process so that you can quickly make an offer on a condo unit that catches your eye. By establishing a relationship with a notary as your first step when purchasing a condo, you’ll be able to rest assured that any purchasing decision you make is made with the benefit of all available information.