5 Steps to a Successful Real Estate Project

3. Make an offer to buy

Once you’ve found a property that meets your expectations, you must submit a purchase offer to the seller—preferably in writing—specifying the purchase price you’re offering. The seller, for their part, will have the option to accept, decline, or make a counteroffer to your proposal. Once you’ve agreed on the price of the property, you can finalize your purchase by proceeding to thestage of the preliminary sales agreement, keeping in mind that you have a 10-day cooling-off period during which you can, if necessary, look into credit options for your financing.

4. Signing the preliminary sales agreement

This is a preliminary contract that clearly sets forth the terms of the sale between the seller and the buyer, particularly regarding the conditions precedent when taking out a loan, which can be done private document, but most often at the notary of your choice.

The preliminary sales agreement is a binding commitment to the seller. It is customary at this stage to pay the notary a deposit of 5 to 10 percent of the sale price, in case the buyer withdraws from the sale without valid cause after the withdrawal period has expired. The conditions precedent include a timeframe allowing the buyer to secure a loan and provide proof of financing. The preliminary sales agreement also sets the deadline for the final signing of the sale, once the conditions precedent have been satisfied.

5. Signing of the notarized deed of sale

Before proceeding to the signing of the bill of sale, known as signing of the notarized deed, which must take place at a notary’s office, it is recommended that you revisit the property you intend to purchase to ensure that no issues have arisen since the preliminary sales agreement was signed. When you use a real estate agency for your purchase, your transaction advisor will assist you during the preliminary sales agreement and on the day the final deed of sale is signed. To ensure the deed is signed on the scheduled date, you will be asked to provide the notary with the full purchase price—either directly or, in the case of a mortgage, through the lending bank—which may take a few days and requires advance planning. You should also be prepared to provide the notary with proof of insurance for your future home.
You therefore become the actual owner of the property on the day the notarized deed is signed, after the seller has handed over all the keys.

Now all you have to do is find the apartment of your dreams!

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