For Sale: a Desirable One Bedroom/One bathroom condo apartment on a higher floor in Liberty Village with unobstructed views. The suite is remarkable due its functional layout with a large walk-in closet, a special kitchen pantry and two walk-outs to the balcony, and a separate owned storage locker. The Eat-In L-Shaped kitchen adjoins the living and dining room with a breakfast bar, and has its own breakfast nook. It’s finished with stylish white cabinetry, stainless steel appliances, and granite counter tops with undermount sink. The spacious four piece bathroom is a semi-ensuite and has a marble countertop. The flooring is laminate throughout, with ceramic tile in the bathroom. The size is approximately 570 sq ft.
The building is currently under construction and will be ready for move-in the third week of October, 2013. Asking price: $305,000.
Starting at the end of October 2013 when the suite is completed, the buyer will gain occupancy and will then pay approximately $900 per month in interim occupancy fees from late October until March 2014. In March 2014, the condo building will be finally registered, title would be transferred to the buyer, and the mortgage would come into effect. At the final registration the buyer would pay any applicable land transfer tax and also begin paying the monthly maintenance fees, estimated at $285 per month.
Special Seller Financing Offer: The seller is prepared to offer financing on closing with only 10% down payment. The mortgage interest rate will be 3% for a 1 or 2 year term. The mortgage will be done through the seller’s mortgage broker so it would be set up like a conventional mortgage. This mortgage offer will apply to buyers that take first title on the unit upon final closing & registration. (An admin fee will apply for processing the mortgage of $1,500 for qualified buyers.)
There are advantages to using seller financing instead of going through an outside lender. First, the buyer pays no CMHC fees. By comparison, if you financed this through the bank with a CMHC backed mortgage, and 10% down payment, the CMHC fee alone would be $5,490. (i.e. you save $4000 in mortgage fees right off the bat!) Second, with the seller providing the financing it keeps things very simple in terms of qualifying for and obtaining a mortgage.
Co-operating with real estate agents at 2.5%.
Email Heikki Walden at [email protected] for more information.