Purchasing a condominium suite is exciting. Once you decide on a location, building and the perfect layout, you’re ready to sign on the dotted line. There’s the Agreement of Purchase & Sale, plus disclosure statements, reciprocal agreements, one-year operating budget, and more. This is a lot different from buying a low-rise home. The Ontario Condominium Act is complicated, and as the buyer, it is your responsibility to ask questions and understand what you are signing.
One of the first things you will want to do is find a lawyer who is well versed in condominium law. Once you purchase, you have to supply the developer with your lawyer’s name and contact information. This is a decision that should be made with careful forethought.
Word of mouth referral is one way to find a lawyer who can help. Ask friends and family members who own condominiums. Check websites and ask the sales team at the condominium. You want someone who knows condominium law well to look over the contracts and various documents for you.
When it comes to a condominium purchase, clarity is key. Read what you’re signing, and seek the advice of a lawyer in the know. Condo living is well worth the effort.