Buying a condominium is different from a freehold property. You own your unit and share ownership of common elements like hallways, lobbies, and parking.
Status Certificate: Your Key to Informed Buying
A status certificate provides details about the condo corporation’s:
- Financial health
- Monthly fees and possible increases
- Legal issues or disputes
- Reserve fund and rules
Your lawyer should review it carefully to avoid unexpected costs.
Condo Fees and Special Assessments
Monthly fees cover maintenance and operations, but special assessments may arise if the reserve fund is insufficient. Knowing these risks before buying is essential.
Parking and Locker Units
Parking and locker units may be owned, rented, or exclusive-use. Confirm how your spaces are designated in your agreement to avoid disputes.
New vs. Resale Condos and New Builds
- New builds come with Tarion protection and sometimes a 10-day cooling-off period.
- Resale condominiums don’t have a cooling-off period, so legal review is even more critical.
- Both types require careful examination of agreements and disclosures by a real estate lawyer.
Why Legal Review Is Essential
Whether buying a condominium or a new build, a lawyer ensures:
- Agreements are fair and protect your interests
- Deposits and fees are properly handled
- Deadlines are met and the title is clear
- Tarion or condo protections are verified
Frequently Asked Questions
1. What is a status certificate, and why is it important?
It provides transparency about the condo corporation’s finances, bylaws, and legal matters.
2. How do parking spaces and locker units work in condos?
They may be owned, rented, or exclusive-use. Legal designation should be confirmed before purchase.
3. What happens if I cannot close on the day of closing for a new build or condo?
Penalties or loss of deposit may occur. Contact your lawyer immediately to negotiate extensions or resolve issues.
4. Do I need a lawyer to buy a condo or new build home in Ontario?
Yes. Lawyers protect your investment, review contracts, and ensure the transaction is legally sound.
Final Thoughts
Buying a condominium in Ontario requires careful legal planning. Understanding builder agreements, status certificates, condo fees, and warranty protections is crucial.
Working with experienced real estate lawyers in Barrie helps you navigate these complexities and ensures your investment is protected.
Contact Chapman Steffler LLP for expert guidance on your real estate transaction.
