Condos are not the same as apartments although there are many similarities. Condos can be bought while apartments are not up for sale. Condos are usually owned by a homeowners association and can be bought from the unit owner themselves. However, apartments are always in large buildings which is overall owned by one entity. This entity is almost always a corporation, or one wealthy individual. Each condo unit could have different owners this you’re dealing with one person despite different condos with different owners surrounding the property you’re interested in. The process of renting an apartment is very easy. All you need to do is be accepted by the estate agent after meeting their requirements, they will give you a contract to sign and once that is done, you can move in on the agreed date. The process to rent a condo is exactly the same, but buying a condo is not so straight forward. There are some things you need to do that go beyond simple financial background checks. Make sure you are ready for this purchase, because it is comparable to how you would buy a house.
Credit is very important
Apartment real estate agents are not concerned with you credit score. They simply want proof of income and sometimes just a bank statement of this will do. They are much more flexible to different kinds of people with varying financial circumstances. However when it comes to buying your own condo, the checks regarding this issue do come into play. Your credit score has to be above a certain level which the condo owner will determine themselves. They will choose what kind of level they are comfortable with and have you provide them with a credit score report. If you are unable to provide them this, they may not want to sell you the property. So make sure you are prepared to show them your credit score if they ask.
They want to know you’re serious
Every country has it’s own way of doing things regarding the buying and selling or property. Some cultures rely on the importance of the contract while others need you to show them you are serious before anything can go any further. Take for example this real estate website where it shows you the process of buying a condo in the great city-state of Singapore. You will need to give the developer, landlord or real estate agent an unsigned cheque. This is to firstly show you have the money and secondly to make a serious showing of your interest. The property market in Singapore is so competitive, that they would like anyone who is interested to make the first move in this way. After this is done, you will be called for a viewing which you can use to determine if the condo is to your liking.
Playing the waiting game
Some condos will need you to wait until they are built. The condo market is so hot right now, that property developers are selling condos even before they have been completed. This is a two way street as more and more buyers want to have their properties all but signed and sealed ready for them to take ownership and move in. However, if you are one of the people who have bought a condo that is yet to be completed, you will need to wait until it is ready. If you are paying in cash then this will need to be done via your accountant and bank. This could take a long time as such a large movement of money in the real world, i.e. cash will be fraught with obvious dangers. However if you are wiring the money to the seller, this can be done within a week or so.
Receive the notice
Once the condo is ready for you to move in and the contract comes into effect, you and your solicitor will get an electronic or written notice. Upon receiving this, you will need to come and collect the keys to the property, in person. Remember to bring your ID with you so proper verification can be made. The real estate agent might want to take some evidence that they have given you the keys in the way of a signed form. Once this is done, everything is set and you can move in as and when you wish.
There are always going to be financial and legal hurdles to jump over when it comes to buying property. Buying a condo is no different to buying a house. You will be dealing with a sole owner who may need you to give them an unsigned cheque with the amount asked for before they take your intentions seriously.