Also, the declaration will allow you to know whether the development is strictly residential or if it will also contain commercial and business units (mixed-use condos). ) Above all, the disclosure statement and the declaration contain items that will have to be shared by all owners via their condo fees later (and for many years), thus increasing their fees.These items may not be mentioned by the sales staff and do not appear in the ads.For instance, what are exclusive-use common elements in some condos are fully owned in others, such as parking areas or in-suite heating/cooling systems.(Click here for Who Is Responsible for Maintenance, Repairs & Alterations?A condo is big business: It is in owners' best interest to pay close attention to what is happening concerning their property.At the very least, attendance at the Annual General Meetings or AGM is a must.A good example would be rules prohibiting dogs when the purchaser has just acquired a pooch. In Ontario, at least, prospective owners and their agent should make sure that alterations made in a unit (including on balconies and patios) by a previous owner had been approved by the board of directors.Some red flags which should lead prospective buyers to check on this situation are: hard wood or laminate floorings, additional A/C systems, tiles on balconies or patios that no one else has, jacuzzis, a wall that has been eliminated or added.
Others will tell you that the party room is sound proofed, or that owners of penthouses will have first pick when time comes to choosing a locker, or that your parking space will be on the first level. There is a 10-day cooling off period during which purchasers can change their mind at no cost when buying a new condo.
It also provides some information specific to resident owners versus investors, as well as townhouse condos and condos in resort areas.
When buying a new condo from a building or development company, whether from floor plans or as it is just being completed, purchasers should make sure that the real estate lawyer carefully examines the agreement of purchase and sale, the disclosure statement, and the condo declaration.
The condo’s declaration should be examined to make certain that the property is as advertised.
In fact, retaining a copy of the floor plan is essential: You have to make sure that the unit you get is the one you bought and is located at the same place you wanted.) The declaration of townhouse developments will indicate whether patios and backyards are exclusive-use common elements or freehold—that is, individually owned.