If an individual is thinking to purchase condominium in the Great Toronto Area then that individual will be one of those residents who are recognizing the various benefits associated with this type of property ownership. One in every three resale home transactions in the GTA is now represented by condominiums and it offers affordability, proximity to desirable areas and limited maintenance.
Before moving further in the purchase one should understand that how condominium living is different from freehold ownership. The best rule while purchasing a condo is to get all the terms and conditions in writing.
It is expected to receive a disclosure statement if an individual is buying a new unit. Following will be included in it
- Description of the project’s most important features,
- Bylaws that govern the corporation,
- Rules that regulate owners’ living environment and
- The condominium corporation’s budget for the first year after registration
The condo corporations must undertake reserve fund studies, performance and turnover audits during the first year after registration. The difference must be paid by the developer if the cost for such common expenses is underestimated.
If it is planned by an individual to buy a resale condominium then a status certificate is requested which will offer similar information and it will also confirm that the owner is current with common expenses. The cost of the certificate is $100 and it shall be delivered within 10 days of the request.