C O N D O B U Y E R S
C H E C K L I S T |
| It seems like there's a construction site on every road these days in Toronto as builders try to keep up with the never ending condominium boom. | | | | For people considering purchasing one of these units, it's important to know the differences in ownership compared to a typical home purchase. | | | | Kathleen Water, a specialist in real estate law and vice-president, TitlePLUS, offers this checklist for condo buyers: | | | | CONDOMINIUM CERTIFICATE | | | | In many provinces your real estate lawyer will normally obtain a certificate from the condo corporation, which may include important details such as monthly-shared expenses and pending legal actions. The certificate may also show how much in reserve funds the condo has, which could affect future fees. | | | | LIFESTYLE ISSUES | | | | Condo rules can have an impact on lifestyle issues, such as whether you can have a pet in your unit or a barbecue on your patio/terrace. Your real estate lawyer can help you review the rules to make sure your lifestyle fits the bill. If you can, it is good to decide this with your lawyer before you sign an agreement to purchase. | | | | PROPERTY RIGHTS | | | | Your real estate lawyer can also explain what property rights you will have. For instance, will you actually own your storage locker or parking space, or will you just have exclusive use of them? | | | | SPEICAL ISSUES FOR NEW DEVELOPMENTS | | | | For those buying a just-built condo, it's important to be aware of whether there will be phasing, which means developers will build more units on the same site. This can result in delay in the availability of shared amenities. | | | | TITLE INSURANCE | | | | This can protect homebuyers from costs and complications in the even tthat something does go wrong with a legal matter related to their new home. Many of the claims from condominium owners relate to financial matters, some of which could not have been detected before closing. | | | | A useful resource for people looking to buy a home is the TitlePLUS Real Simple Real Estate Guide, available for free at www.lawpro.ca. The guide provides important information on the role of a real estate lawyer and also offers useful calculators, a glossary of terms and a locate-a-lawyer tool. | | | | |
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