The dream of home ownership isn’t the same for every prospective home buyer. Some want a yard to mow, a garden to tend, and all the trappings that come with a house. Others may wish to forgo that and choose a housing situation more suited to their lifestyle and personality such as a condominium.
If you are considering the purchase of a home, and you think a condo may be the right fit for you, reach out to your Legal Sherpa® at Yeti Law. Involving a lawyer early in the purchase of any real estate transaction is always advisable to ensure your interests as the purchaser are protected. Our Legal Sherpa® team is committed to working with you, and providing whatever guidance we can to ensure you will be happy with the choices you make.
Is a Condo Right for You?
For many, a condo offers a very appealing lifestyle due to the simplicity of maintenance. Some condos can be every bit as spacious and luxurious as a house, but located in much more exciting and convenient locations. And let’s not forget the view.
But slow down, not everyone is well-suited for condo living. Avail yourself of your Legal Sherpa® at Yeti Law in Toronto to learn about the pros and cons of living in a condominium. You should expect closer contact with neighbours, more communal living, more rules, and more regulations. You may encounter restrictions on pets or age restrictions. You may encounter restrictions on renting or subletting. You may be freed from maintenance and upkeep, but that comes at a cost, in the form of condominium fees. You may also be paying for parking and a storage locker that you may or may not need.
The Status Certificate
If you are considering the purchase of a condo, it is important that you carefully review the condominium status certificate with an experienced real estate lawyer. The status certificate sets out critical information that will give you insight into how the condo is being managed, whether there are sufficient funds in reserve to cover maintenance and future improvements and details about your voting rights. Status certificates are often lengthy and complex but your Legal Sherpa® will ensure you understand all of your legal rights and responsibilities so you can make a fully informed decision.
New Condo Build and Interim Occupancy Fees
If you are purchasing a new condominium, you may be purchasing it based solely on floor plans. In this respect, it is similar to buying a house from a builder but there are differences, the most notable being interim occupancy fees.
Occupancy fees come as the result of land registry issues in Ontario. Until the land is legally registered, you cannot technically take ownership, even if you take up residence. The occupancy period is usually somewhere around 6 months, but there is no way to be sure precisely how long it will be.