Thinking of buying a condo? The idea of owning your very own luxury condo unit is incredibly appealing. That is, until you get to the actual buying process. Suddenly, it gets pretty intimidating.
Buying a condo appears daunting, but then again, buying any type of real estate usually is. But if you have a solid idea of what the process is, you’ll know what to expect and you can prepare accordingly. Preparing what you can ahead of time already eliminates any additional stress.
The condo-buying process is actually pretty simple once you have everything you need prepared. Here are the basic steps in the condo-buying process to guide you:
1. Prepare your documents.
When you reserve a unit, it’s best that you have the necessary documents already prepared. You’ll be needing at least (2) valid Ids, a checking account, a utility or credit card bill in your name, a recent Income Tax Return, to start with. For special circumstances, you may need other documents like a Special Power of Attorney, and so on. To be sure, ask your broker for the requirements you need.
2. Reserve the unit.
Make sure that you’ve clearly communicated with your broker regarding your preferred unit location, orientation, and other specifics. Also, make sure that you’re up to speed on the necessary computations. You’ll be asked to fill up a reservation form, a registration fee, and pay the reservation fee.
3. Submit requirements for the processing of the Notice of Approval.
For the processing of the Notice of Approval (NOA), you’ll need the documents mentioned in Step 1, plus the reservation form, a copy of the provisional receipt for the reservation fee, as well as the computation sheet signed by you and your broker.
4. Submit requirements for contract preparation.
After the NOA is released, the contract is ready to be prepared. For this process, you’ll need the reservation forms, valid Ids, proof of billing, a copy of the signed computation sheet, proof of TIN, and a copy of your marriage certificate if you’re married.
5. Submit all documents within 30 days from your reservation date.
For this step, you’ll need the signed contract, as well as the complete post dated checks.
Be sure to work with your buyer on the requirements you need. Don’t hesitate to ask questions, especially if something is unclear to you. This way, you’ll be able to purchase your condo unit without the unnecessary stress!