Buying a condo is a significant step when entering the real estate market. However, it is one that can come with several processes, rules and extra costs. Before buying, it’s important to research all the elements related to owning one, such as the building, the rules and the condo corporation. The more you know, the better off you always are!
If buying a condo is your first interaction with real estate, it can seem overwhelming and confusing. To combat this, the Ontario Government launched a new Residential Condominium Buyers’ Guide to help people make precise and calculated purchasing decisions. The new guide includes up-to-date information on the following:
- The condo purchasing procedure
- Moving into a pre-construction residential unit
- Condominium living and governance
- Resolving issues within the condo
As Lisa Thompson, the Minister of Government and Consumer Services states, “We are committed to making sure condo purchasers have the information they need to make the right decision for themselves and their families”. This plain-language guide is a way for first-time buyers especially, to make informed and educated decisions when deciding where to buy.
The guide is broken down into three key parts: pre-construction residential units, resale residential units, and general information for condominium owners. Included are also important tips when purchasing a condo such as carefully reviewing the condo corporation’s governing documents, the full disclosure statement, budget statement, and agreement of purchase and sale.
At the end of this 37-page guide, there is also a very helpful glossary of key terms used throughout the document. We would highly suggest first-time buyers look closely at it before beginning reading.
As of January 1st, 2021 all developers in Ontario are required to provide purchasers of new or pre-construction condos a copy of this guide, and you can also find it available to read here.
Happy condo hunting!
At Knowledge Broker, our goal is to create an open-source of information for all our clients. We want to ensure that, at the end of the day, they get exactly what they want and what they need. If you know someone who could use our help or services please put them in touch with us or send us their details using the contact information below.