In many ways, buying a condominium is the same as buying any other type of property. However, some aspects are unique to condominiums, and that can be confusing to those involved in a new construction condo purchase.
Our Markham real estate lawyer can help you understand these differences and answer all of your questions. As part of our services, we will:
- Discuss which parts of the condo property are considered yours and which are held in common with other members of the condo corporation
- Explain what your monthly condo fees will cover in terms of maintenance work, such as snow shoveling or gardening of common areas
- Obtain any necessary certificates before purchase or sale
- Discuss common expenses and maintenance fees
- Do searches on the property, including title and taxes
- Communicate with the condo’s lawyers if necessary
- Help you with mortgage issues
- Review the Status Certificate
- Pay out all necessary fees and costs
We will also review the disclosure documents. If this is a new condo development in the Greater Toronto Area, we will review with you legal and practical issues pertaining to preconstruction condos.
Our lawyer will also work with your real estate agent to make sure he or she explains the features of your condo and reviews the financial statements of the condo corporation, which include the condo budget and may show how well the condo is run. This, plus a review of the condominium bylaws, can be vital in terms of protecting you against future liability if anything goes wrong with your condo purchase.