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 Gratefully, G.& L. W.
Thornhill, Ontario |
| Dear Dan: This note is to thank you for your excellent service on the purchase of our new home. Your timely advice read more... |
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Buying a Condominium
New condominium agreements have additional concerns for buyers. In addition to the application of the rules under the Ontario New Homes Warranties Plan Act and the delayed closing rules, we will explain to purchasers how the two-stage closing process works. The interim, or occupancy closing, is the date on which the purchaser can move into his unit. The final closing date is the date that the purchaser acquires his title and gets his deed to the unit. We always recommend that our clients meet with us within the ten day cooling off period available for new condominium buyers. This allows us to review these agreements with them, giving them the opportunity to cancel them if they decide after speaking with us that there are clauses in the agreements that they can't accept.
Purchasers of resale condominiums should make their offers conditional upon their lawyers reviewing a status certificate to ensure that the monthly maintenance fees are up-to-date and no other problems exist relating to the management of the condominium. Purchasers should also understand the difference between owning their parking and/or locker units and having the exclusive use of them.
All purchasers need to remember when negotiating the price of any type of real estate, to make allowances for things such as land transfer tax, insurance, legal fees and adjustments for taxes and the builder's charges referred to previously. First-time buyers are able to claim a rebate on the first $2,000 of land transfer tax. We will prepare the paperwork for you so that you can claim this rebate.
Other Real Estate Topics
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