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Special Considerations when Purchasing a Condominium
Given the special considerations that apply to buying a condominium, it is important to retain a lawyer with significant experience with condo purchases.
If you are considering purchasing a condo, it is imperative that you obtain and carefully review the condominium status certificate. This certificate sets out critical information such as:
- how the condo is organized and operated;
- the condominium corporation’s financial status;
- the state of the reserve fund (the fund that is created to cover repair and
- maintenance costs);
- any upcoming special assessments that will be levied against condo owners;
- the rules that apply to the building, such as restrictions on pets;
- what constitutes your property and what is shared space; and
- what proportion of the building you own, which determines how much you pay in monthly maintenance fees and may determine your voting rights.
As status certificates are often lengthy and complex, having an experienced real estate lawyer review them and explain them to you can prove invaluable.
Purchasing a New Condominium
If you seek legal assistance prior to signing an Agreement of Purchase and Sale for a new condominium, your real estate lawyer can ensure that the specifications for your unit are accurately described and that the Agreement sets out a completion date and clearly indicates under what conditions the developer can change this date.
Your real estate lawyer can also explain the process through which new condominiums are registered and familiarize you with concepts such as occupancy fees, a.k.a. “phantom rent,” that are payable to the developer between the time you move in and the time you obtain title to your condo unit.
Purchasing a Resale Condominium
When considering purchasing a resale condominium, you and your lawyer should carefully review the condo corporation’s annual operating budget, financial statements and status certificate to ensure that you are making a good investment.
Contact Our Oakville Real Estate Lawyers for assistance with your Condo Purchase
Sweatman Law Firm will guide you through the extensive documentation associated with purchasing a condo and provide you with the information necessary to make a good decision. We have extensive experience assisting clients with condo purchases throughout Ontario. Contact Sweatman Law Firm online to schedule an appointment with one of our knowledgeable real estate lawyers located in Oakville, Milton, and Georgetown.