Category: Homeownership Tips

Know your Unit Boundaries: Understanding Your Rights and Responsibilities in a Condominium Community

by | Dec 7, 2024 | , , , , | 0 |

Living in a condominium comes with unique perks and responsibilities. To maintain harmony in your condo community, it’s essential to understand the boundaries between your private unit and shared common areas. These divisions impact everything from decorating your door to managing condo maintenance fees. By reviewing your condo’s declaration and respecting community rules, you can enjoy a smooth and balanced living experience while contributing to a pleasant environment for everyone. Discover how understanding your space can help you make the most of condo living!

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11 Risks you Need to Know of Purchasing a Pre-Construction Condomium

11 Risks you Need to Know of Purchasing a Pre-Construction Condomium

by | Jul 3, 2024 | , | 0 |

Investing in a preconstruction condo can be an exciting opportunity, but it comes with its share of risks. The risks could be: 1. Paying premium pricing, a hike of management fee after 2 years, uncapped development charges, occupancy fee and limited control during interim occupancy, completion delay, change of floor plans and projected amenities, deficiencies of construction and prolonged remedy, HST implications, ongoing construction in the buildings and possible financial loss due to developer bankruptcy and project cancellaion

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11 Risks to know before Buying a Pre-construction Condominium

11 Risks to know before Buying a Pre-construction Condominium

by | Apr 25, 2024 | , | 0 |

Thinking about buying a pre-construction condominium in Ontario? Be sure to consider the risks before making a decision. While these properties can offer potential benefits, it’s important to be aware of the potential downsides. Here are 10 risks to know before buying a pre-construction condominium: 1) More expensive than re-sale condos; 2) Increasing condo management fee 3) Suprise of developmet charge; 4) Potential high occupancy fee before final closing; 5) Delay of construct completion; 6) Change of floor plans and design; 7) Change to building amenities 8) Construction Defects; 9) HST Charges; 10) Lack of amenities and services during the construction phase; 11) Potential for developer bankruptcy or insolvency; Ensure you thoroughly research and understand these risks to make an informed decision about your pre-construction condominium investment.

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When if you see “Special Assessment” on condo’s status certificate?

When if you see “Special Assessment” on condo’s status certificate?

by | Apr 16, 2024 | , | 0 |

Are you a condo owner or thinking of becoming one? Understanding Special Assessments is crucial when it comes to your finances. Find out what they are, who decides on them, and why they are levied. Discover how your share is calculated and the potential consequences of non-payment. While Special Assessments may have a negative impact on property value, you can avoid them through sound financial management. Review the condo status certificate thoroughly before making a purchase decision and ensure your financial well-being.

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Why Status Certificate should be your best friend when buying Resale Condos in Ontario?

Why Status Certificate should be your best friend when buying Resale Condos in Ontario?

by | Dec 11, 2023 | , , | 0 |

Discover the undeniable significance of a status certificate when investing in resale condos. A status certificate acts as your trusted ally, providing essential information about the property’s financial health, legal matters, and overall condition. With its comprehensive details, you can make informed decisions, ensuring a smooth and worry-free purchasing process. Don’t overlook the power of a status certificate—unveil the hidden truths and embark on your condo journey with confidence.

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Types of Condos

Types of Condos

by | Nov 16, 2023 | , | 0 |

There are two types of ownership of condos: Freehold and Leasehold, with Freehold accounting for a significant majority. Freehold condos can be divided into four types: Standard Condos, Common Element Condos, Phased Condos, and Vacant Land Condos. Standard condos have common elements and individual units, with owners responsible for their units and the condo responsible for common element repairs and maintenance. Common Element condos only consist of common elements, and owners acquire a parcel of tied land instead of purchasing a unit. Phased condos are developed in multiple phases, and once all phases are registered, they become standard condos. Vacant Land condos are registered before construction is completed, allowing buyers to customize their lot/unit.

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What to Do with Unexpected Construction Delays in Pre-Con Condos

What to Do with Unexpected Construction Delays in Pre-Con Condos

by | Nov 16, 2023 | , , , , | 0 |

Due to the pandemic and rising costs, pre-construction projects are facing delays or cancellations. Here’s what buyers can do to protect themselves. First, check your Tarion Critical Days. For pre-construction condos, there should be a Tentative Occupancy Form or a Firm Occupancy Form. The developer can change the tentative occupancy dates as long as they provide advanced notices that meet Tarion’s requirements. The Firm Occupancy date should be the final delivery date for the property. If possession cannot be completed by this date, buyers can request delayed occupancy compensation of up to $7,500 per unit. The Outside Occupancy Date is the final deadline for possession. If the unit cannot be occupied, buyers can terminate the transaction within the next 30 days with fully refunded deposits, interest, and delayed occupancy compensation. Keep in mind that some delays may be unavoidable, and not all delays will be compensated. Second, bring your Agreement of Purchase and Sale (APS) to your lawyer for legal advice. Clauses that may cause delays should be reviewed to protect your interests and avoid confusion. Your lawyer should also ensure that the developer complies with the APS and Tarion rules.

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