Condominium living can come with a lot of rules. Ontario residents may wonder whether some of those rules are legal under condominium law. For instance, there are rules that stipulate what paint colours can be used in a unit or the colour of window coverings, and what pets can and can't share the space. But do condo boards have the right to impose these rules?
When a purchaser buys a newly constructed condominium unit, the builder will often allow them to move in prior to being able to transfer legal title to the property. This occurs in almost all new build condominiums since the legal process required to declare a condominium building requires a survey of the finished product. This is also known as "interim occupancy", when an occupancy permit is available.
For our final post in our series on closing costs for new build condos, we will take a look at more complex costs that are payable upon closing. In previous weeks, we looked at the down payment and legal fees, as well as applicable taxes. This week we'll look at Tarion, development charges and utilities.
One way to help facilitate a smooth closing after you have purchased a condo is to budget for the closing costs. Every closing as specific expenses that relate to the purchase of the property, including applicable taxes and legal fees.
When you first purchase a new build home, it can be both an exciting and confusing time. For condominiums, it can be even more so, especially when it comes to closing costs. There are several different fees and expenses to settle when closing a condo deal.
For most residential real estate purchases - both houses and condos - there is a grace period where you may retract your offer before it is accepted. But once that offer is accepted - barring any conditions that are not met - the deal is generally done.
There has been a noticeable decline in mortgage activity amongst Canadians. Generally speaking, younger individuals - ages 38 and younger - seem to be struggling to break into the residential real estate market. While overall home sales have been down year after year, the areas that have seen activity are from individuals aged 54 and higher.
Owning a condo unit is different than owning a detached house. Certain privileges that house-owners enjoy can differ in a condo because of the shared living areas and shared expenses. Instead of having a private backyard, you may share a common outdoor terrace. Instead of talking loudly with a friend on the porch of your house, you may have to keep noise to a minimum in certain shared areas in a condo.
Purchasing a condo can be a very busy time for homeowners. Sometimes certain details can be forgotten as more and more information is absorbed. A topic that may be confusing to some condo owners is the type of personal property you can keep on your balcony or other external facilities.
The Cannabis Act has been passed, and legislation is set to take effect starting October 17, 2018. But are you aware of what that means for you as a home owner? How will this legislation affect what you do in the privacy of your condo unit?