For Buyers – Freehold Property
Steps of the Process
1. Determine budget and obtain mortgage pre-approval.
2. Define preferred area, type of property, and must-have features.
3. Hire a licensed real estate agent.
4. Start viewing properties and attend open houses.
5. Make an offer to purchase (Agreement of Purchase and Sale).
6. Provide deposit (held in brokerage trust account).
7. Conduct home inspection (optional but recommended).
8. Fulfill conditions (financing, inspection, status certificate if condo, etc.).
9. Lawyer reviews agreement and performs title search.
10. Arrange property insurance and finalize mortgage approval.
11. Closing day: Pay remaining funds and receive keys.
Self-Check Questionnaire
✔ Do I know my maximum budget and monthly affordability?
✔ Am I pre-approved for a mortgage?
✔ Do I understand land transfer tax and closing costs?
✔ Am I ready to make a deposit (usually 5%)?
✔ Have I considered resale value of the property?
For Buyers – Condominium
Steps of the Process
1. Get mortgage pre-approval.
2. Decide on location, type of condo (apartment/stacked/townhouse).
3. Hire a licensed real estate agent.
4. View condo units and compare amenities/fees.
5. Make an offer to purchase with deposit.
6. Review the Status Certificate (financial health of condo corporation).
7. Fulfill financing and inspection conditions.
8. Lawyer conducts review and title search.
9. Arrange condo insurance and finalize mortgage approval.
10. Closing day: Lawyer transfers funds and you receive keys.
Self-Check Questionnaire
✔ Do I know my mortgage limits and monthly budget?
✔ Am I aware of monthly maintenance (condo) fees?
✔ Did I or my lawyer review the Status Certificate?
✔ Do I understand condo rules and restrictions?
✔ Do I know additional costs (parking, locker, utilities)?
For Sellers – Freehold Property
Steps of the Process
1. Research market value and consult a licensed real estate agent.
2. Prepare the home: repairs, staging, professional photos.
3. List property on MLS with marketing strategy.
4. Schedule showings and open houses.
5. Receive offers and review with your agent.
6. Negotiate terms and accept the best offer.
7. Lawyer reviews agreement and prepares closing documents.
8. Fulfill agreed conditions (repairs, inclusions, etc.).
9. Provide utility account info and property tax adjustments.
10. Closing day: Receive remaining balance after mortgage payout.
Self-Check Questionnaire
✔ Do I know the current market value of my home?
✔ Am I prepared for staging and showings?
✔ Do I understand costs (agent commission, lawyer fees)?
✔ Am I clear on inclusions/exclusions (appliances, fixtures)?
✔ Do I know my mortgage payout amount?
For Sellers – Condominium
Steps of the Process
1. Consult a licensed real estate agent and determine condo value.
2. Prepare unit: decluttering, staging, cleaning.
3. Obtain Status Certificate from condo management.
4. List property on MLS with professional photos and marketing.
5. Allow showings and open houses.
6. Review offers and negotiate terms.
7. Lawyer prepares documents and reviews agreement.
8. Provide disclosure of maintenance fees and special assessments.
9. Complete adjustments for condo fees, utilities, and taxes.
10. Closing day: Receive funds after lawyer settles payouts.
Self-Check Questionnaire
✔ Do I know the fair market value of my condo?
✔ Am I ready to order and provide the Status Certificate?
✔ Do I understand all condo fees and assessments?
✔ Am I prepared for staging and marketing?
✔ Do I know my mortgage balance and legal costs?
Solstice Homes All rights reserved. Information is deemed reliable but not guaranteed. Sourced in part from the Toronto Regional Real Estate Board (TRREB). Provided solely for consumers with a bona fide interest in the purchase, sale, or lease of real estate. Unauthorized use, reproduction, or distribution is strictly prohibited.