Rachel in Condo Buying, Legal
If you are currently or have ever considered buying a condo, you should check out this site. It belongs to the Canadian Alliance for Condominium Owners Rights. This is a great resource, and even if the issues presented in their articles are not relevant to you right now, they certainly will be (or at least they should) once you sign that agreement to purchase a unit.
The articles are interesting and cover a broad range of topics
relating to condominium ownership. As a future unit owner, you would
do well to consider the issues raised.
As part of your due diligence in your search for the perfect nest, I
would recommend trying to interview owners that presently live in a
project done by the developer you are considering. How do they like
the property management company? How is the board run? Is it run to
the satisfaction of the owners in general? I am not encouraging you to
do anything creepy, but casually stopping someone and telling them you
are considering buying from their developer will usually garner you a
response.
Although the content is heavily weighted towards helping consumers
who are currently facing difficulties, take a look at the site so that
you realize the kinds of issues that you may potentially face in the
future as a unit owner.
Rachel Loizos is an associate lawyer at Sotos LLP in Toronto. She practices in the area of real estate law.
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