I have nothing to add to this article, which features advice from excellent condo lawyer Chris Jaglowitz. If you're looking to buy a condo, keep all of this in mind.
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Condos
Are you ready for communal living?
I have many people who buy condos because they are affordable. A very important consideration, however, is whether you can handle the condo lifestyle. I have a client who recently put an offer on a condo. Fortunately, he had me review the status certificate and...
Should you skip a home inspection in a competitive market?
The short answer: no. The long answer: In Ontario, if you had the option of a home inspection and chose not to have one, the seller is not responsible for anything a home inspector could have found. Simply because a home is popular doesn’t mean that it is in good...
Does your lifestyle suit condo living?
I have a lot of clients who purchase condos, often in towers. Buying a condo can be a great way to enter the real estate market – they are often less expensive than houses, even townhouses or semi-detached homes, and can be easier to care for. However, there are...
Another use of Powers of Attorney
I’ve written before about using powers of attorney to sign documents if you will be away for a closing. Here’s another good use: dealing with your condo while you are away. Often people choose condo living because of a high-travel lifestyle. Condos can be complicated,...
The importance of the status certificate
If you are buying a condo, you are always given the option of getting a status certificate before your offer becomes firm; usually, this is paired with a condition of your lawyer reviewing that status certificate. The status certificate itself is only a small...
Some concrete consequences of the tightening of the mortgage rules
There have been a lot of casualties of the tighter mortgage regulations, but the hardest hit have probably been those who purchased condos pre-construction as much as five years ago, and are trying to close on them now. Several years ago, you could buy a condo with...
Buying a condo? Start here.
The Canada Mortgage and Housing Corporation is Canada’s national housing agency. The primary reason the average person would come into contact with CMHC is because they offer mortgage insurance on many high-ratio mortgages for Canadians; if you are buying a house with...
How low should you go?
Condo fees are a big part of the cost of owning a condo. If they are too high, they can make monthly expenses unaffordable, and can affect your resale value. What happens if they are too low? I was reading this great post over on the Toronto Realty Blog about how low...
Fees, fees and more fees
Buying a condo? Then you should be extra careful about what the monthly fees will be. Generally, the status certificate will show what the current fees are. It will also state whether the condo board anticipates any special assessments in the near future. Most...