One of the first things to do when looking for a property is to get a mortgage preapproval from a financial institution. The goal is to determine borrowing capacity, and as a result, the price range to be looking in.
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The steps involved in buying a property
Could this property be “the one”? Here’s an overview of the steps involved in becoming the owner. These steps and the legal implications remain the same whether the property is purchased from an individual or through a broker.
The property suits the budget and needs? Time to submit an offer to purchase! This document sets out the price, the elements included in the sale, the possession date, the conditions of purchase and all other information relevant to the sale.
Need the form?
The offer to purchase generally includes conditions. The most common are the property passing an inspection, the buyer providing proof of financing and the buyer selling their own property. Once the listed conditions are met, the property is considered sold.
The last step is to see a notary, who is generally chosen by the buyer. This real estate professional drafts the deed of sale and ensures that the interests of all parties involved are respected.
Once the deed of sale is notarized, the new owner gets the keys to the home. All that’s left is to move in!
See our All about buying section.
Owners’ comments
Superbe triplex built in 2006 in Hull, Revenus 56,760$/year (25k grant from city for reno)
Located in the hear of Hull just a few minutes walk from the Byward in Ottawa in quiete a dead end street.
Apartments:
-One bedroom apt with huge balcony: rented 1095$/month
-Three bedroom apt: rented 1535$/month
-Two storey apartment with two bedrooms with superb balcony: rented 1800$/month untill december 2023. For rent at 2100$/month but will be vacant for now for owner occupancy. Kitchen recently renovated and photos in the add taken prior to renos.
All tenants pay their own hydro bill.
Three new water tank in 2023
Transferable 25k subvention from city of Gatineau possible in next two years (property registered for the PRQ program in 2021).
Visit of the top appartment possible before an accepted offer. Visit of the other apartments after an accepted offer.