Real Estate Process - Bestway Realty

Real Estate Process Guide – Ontario (GTA)

Determine Your Budget & Get Pre-Approved
Understand your financial limits and secure a mortgage pre-approval before beginning your search.
Define Your Needs & Preferences
Choose your preferred area, property type, and must-have features.
Hire a Licensed Real Estate Agent
Work with a professional who can guide you through listings, negotiations, and paperwork.
Start Viewing Properties
Attend showings and open houses to compare options and refine your choices.
Make an Offer to Purchase
Submit your offer through an Agreement of Purchase and Sale.
Provide a Deposit
Typically around 5%, held securely in the brokerage trust account.
Conduct a Home Inspection
Optional but highly recommended to ensure the property is in good condition.
Fulfill All Conditions
This includes financing, inspection, and status certificate review (if buying a condo).
Legal Review & Title Search
Your lawyer ensures all legal documents are accurate and the title is clear.
Finalize Mortgage & Insurance
Arrange home insurance and confirm your mortgage approval.
Closing Day
Transfer the remaining funds, complete final paperwork, and receive your keys — congratulations, you’re a homeowner! 🎉

✔ Do I know my maximum budget and monthly affordability?

✔ Am I pre-approved for a mortgage?

✔ Do I understand land transfer taxes and closing costs?

✔ Am I ready to make a deposit (usually 5%)?

✔ Have I considered the resale value of the property?

Get Mortgage Pre-Approval
Determine your affordability before exploring options.
Choose Location & Type
Decide on a condo style — apartment, stacked, or townhouse — and the community that fits your lifestyle.
Hire a Licensed Real Estate Agent
Gain expert advice on available units, pricing, and negotiation.
View Units & Compare Amenities
Consider maintenance fees, building features, and overall management quality.
Make an Offer with Deposit
Include your deposit (typically 5%) when submitting your offer.
Review the Status Certificate
This document outlines the condo corporation’s financial health and any ongoing issues.
Fulfill Financing & Inspection Conditions
Confirm your mortgage approval and conduct a professional inspection if needed.
Legal Review & Title Search
Your lawyer ensures the property’s legal standing is clear.
Arrange Condo Insurance
Protect your investment with the right insurance coverage.
Closing Day
Your lawyer transfers funds, finalizes documents, and hands over the keys to your new condo.

✔ Do I know my mortgage limits and monthly budget?

✔ Am I aware of condo fees and what they include?

✔ Have I or my lawyer reviewed the Status Certificate?

✔ Do I understand the condo rules and restrictions?

Research Market Value & Consult an Agent
Start by understanding your home’s value and meet with a licensed real estate agent for professional guidance.
Prepare Your Home for Sale
Complete necessary repairs, declutter, stage the home, and invest in professional photography to make a great first impression.
List Your Property on MLS
Your agent will create a strategic listing and marketing plan to attract the right buyers.
Host Showings & Open Houses
Allow potential buyers to explore your home through scheduled viewings and open house events.
Review & Negotiate Offers
Work with your agent to evaluate all offers, negotiate terms, and select the one that best meets your goals.
Legal Review & Documentation
Your lawyer will review the purchase agreement, handle necessary paperwork, and prepare closing documents.
Fulfill Agreed Conditions
Complete any agreed-upon repairs, inclusions, or conditions from the offer.
Provide Utility & Tax Information
Share details of utility accounts and coordinate property tax adjustments for closing.
Closing Day
Finalize the sale, your lawyer handles the transaction, and you receive the remaining balance after any mortgage payout.

✔ Do I know the current market value of my property?

✔ Am I prepared for staging and showings?

✔ Do I understand all costs (agent commission, legal fees, closing costs)?

✔ Am I clear on what’s included or excluded (appliances, fixtures, etc.)?

✔ Do I know my mortgage payout amount?

Consult an Agent & Determine Value
Meet with a licensed real estate agent to assess your condo’s fair market value.
Prepare the Unit for Sale
Clean, declutter, and stage your space to highlight its best features.
Obtain the Status Certificate
Request the Status Certificate from your condo management—it provides buyers with key financial and legal details.
List Your Condo on MLS
Your agent will craft a listing supported by professional photos and a tailored marketing plan.
Host Showings & Open Houses
Allow prospective buyers to view the unit and explore the building’s amenities.
Review & Negotiate Offers
Carefully consider offers with your agent and negotiate terms that best fit your timeline and price expectations.
Legal Preparation & Review
Your lawyer prepares and reviews all sale-related documents to ensure a smooth closing.
Provide Required Disclosures
Disclose maintenance fees, special assessments, and any upcoming condo-related expenses.
Complete Adjustments
Settle final condo fees, utility bills, and tax adjustments before closing.
Closing Day
The sale is finalized, and your lawyer disburses funds after all necessary payouts are completed.

✔ Do I know the fair market value of my condo?

✔ Have I ordered and reviewed the Status Certificate?

✔ Do I fully understand monthly fees and special assessments?

✔ Am I ready for staging and marketing?

✔ Do I know my mortgage balance and legal costs?