Buying a condominium is a very complex procedure, specially when you buy a residential condo from a builder.
In order to protect yourself, you need to have at least a basic knowledge about this complex process and consult with an experienced real estate lawyer prior to signing any document.
as a matter of fact, there are lots of elements in a pre-sale condominium purchase that need to be checked in order to make sure you are making a wise decision.
Authorities have also created some tools for condo buyes in order to help them understand their rights and liabilities.
Condominium Authority of Ontario (CAO) has recently created a Residential Condominium Buyer`s Guide for buyers of Pre-construction and new units which has abeen approved by the Minister of Government and Consumer services.
as of January 2021, all developers or persons acting on their behalf, are required to provide this Condo Guide to all purchasers of new or pre-sale condominiums.
the Residential Condominium Buyer`s Guide contains lots of valuable information for condo buyers which should be studied before making a decision regarding buying a residential condominium. even resale condominium buyers are encouraged to review this guide in order to obtain some useful information about their rights and responsibilities once buying a condo.
keep in mind that reviewing the condo buyer guide is strongly recommended but it does not substitute legal advice of a real estate Lawyer who is specialized in real estate transactions.
you are strongly recommended to let your real estate lawyer review your pre-sale or new condominium purchase documents before signing the documents.
in order to review the Residential Condominium Buyer`s Guide please click here.
you can contact our office by sending an email to: info@zangenehlaw.ca in order to get professional advice.
