12 essential Tips when buying a new Ontario condominium
You have set your sights on that pre-construction Condominium development in Toronto. Here are 15 critical purchase / negotiation tips to remember prior to making a firm commitment to buy:
- Ensure you review the Agreement of Purchase and Sale with an experienced condominium lawyer to ensure you really understand what you are buying.
- Make sure you understand all the hidden extra charges that are contained in a significant number of new condominium agreements of purchase and sale.
- Request a list of all extra charges provided for in the Agreement of purchase and sale from the builder.
- Get your Lawyer to negotiate a limit or “cap” on these charges to limit your exposure at the time of closing possibly years later.
- Ensure that any verbal promises by sales staff is accurately reflected in the Agreement of purchase and sale.
- It is critical that you ensure your real estate Lawyer reviews the Condominium Disclosure Statement. The disclosure Statement is one of the most important documents you will receive.
- When you are purchasing a new condominium, you have a 10-day “cooling off” period once you receive the disclosure statement. It is critical that within this 10-day period your Lawyer reviews the agreement and if you decide, you can deliver written cancellation notice to your builder.
- Review the Delayed Occupancy Warranty at the time the purchase agreement is signed. Through this warranty your builder is guaranteeing that your condominium unit will be completed by a mutually agreed upon Occupancy Date, or by an Occupancy Date that has been properly extended.
- Ask when you will be contacted to make selections for interior and exterior finishes. Each builder has a different policy for finalizing selections so that construction is not delayed.
- Ask your builder who to contact about scheduling your pre-delivery inspection (PDI) and when it will take place.
- Ask about the builder’s after sales service policy and who to contact should an issue arise. Ask who to contact in emergencies, too.
- Understand the warranty that comes with your new home and what to do if you think you have a claim.
Let our voice of experience be your guide 905-487-6333
