Buying a Resale Condo

Buying a Condominium on the Resale Condo Market

If you are considering buying a condominium, it may be one of your largest financial investments so please make sure you research before signing on the dotted line says Linda Pinizzotto, Registered Real Estate Sales Representative and Founder President CEO of the Condo Owners Association.

Linda has provided COA with this extensive portfolio of information for your protection and has recently launched her Radio Show “Condo Xpert”.     She is an Award Winning Realtor,  Government Relations Chair and Director of a local Real Estate Board.

Do you Know the Differences when Buying  a Condo

If you are buying a condominium on the resale market, you should take the time to revi e w a number of concerns. We highly recommended that all Condominium Buyers enlist the ser vices of a Residential Resale Real Estate Sales Representative who has a vast amount of knowledge relating to Condominiums, Condo Documents, By-Laws and Rules and Regulations of a Condominium.   This licensed professional should have all of the knowledge listed below.

Considerations when Purchasing

  • Review the location of the Building and the direction the unit is facing
  • Note any vacant land and/or parking lots – old buildings next door for possible tear down
  • Review Layout and Design, both living space, balcony or terrace
  • Check kitchens and Bathroom for water leakage under sink and around taps
  • Check toilet;  note if energy savings and/or dual flush
  • Check all appliances
  • Check caulking around windows (ie moisture)
  • Confirm the Maintenance Fees
  • Review the proximity of the elevators and garbage chute
  • Check if the building has energy features and tri-sector garbage chutes
  • Check if the building has sub metering for heat and/or hydro
  • Check light fixtures ie capped in ceiling and/or wall switches
  • Ask about the amounts of keys, fobs and mail box keys provided with purchase
  • While you walk through building keep an eye for cleanliness and condition
  • Note condition of elevators and license date (in every elevator)
  • Keep an eye for Management Notices to see whats going on in building

Agreement of Purchase and Sale

  • Have the Sales Representative explain the Agreement of Purchase and Sale
  • Ask If this is an Assignment – buying before the Building is registered
  • Ask Agent to explain Schedule A for Terms of the Agreement of Purchase and Sale
  • Determine closing date and chattels /extras included in price
  • Ask Sales Representative to include a clause that all appliances will be in working order
  • Check parking space and/or locker spot if included in Agreement
  • The Agreement of Purchase and Sale should be conditional upon your Lawyer reviewing the Status Certificate (see below)

Condominium Documents

Have your Solicitor Review during 10 Day period

  • You will be provided with the Status Certificate – Condo Documents of the Building (approx 150-200 pages), By-Laws and/or Rules and Regulations, Building Financials, Building Insurance Policy and accompanying letter signed by Board Member
  • Note:  According to the Condo Act, Property Management has 10 banking days to provide Status Certificate
  • Have your Lawyer Review these Documents within time frame as per your Agreement of Purchase and Sale – generally 2-3 banking days.  If your lawyer approves you will be waiving the condition of review of Status
  • Ask if there is any restrictions in the Documents relating to  ie. Pets, Barbecues
  • Ask about Short Term Rentals and if they are time sensitive or unlimited
  • Ask if the Corporation includes any affordable Housing units
  • Ask if there are any leasing equipment  ie. boilers, communication room etc.
  • Ask if the full Parking Garage is Owned by the Corporation
  • Your lawyer should be able to check all information noted above

Sale Finalized – Lawyer Reviews Documents

  • Once the sale is finalized and the conditions are removed
  • Book your Elevator with Property Management – may require a deposit
  • Register as new Owner with Property Management

After you Move In

  • Bring your new Fob transmitters to Property Management to program for you
  • Remember Go to your Annual General Meetings
  • Stay involved with your Condominium Building – Know your Directors

Remember this is only the beginning

Please keep informed by registering with COA once you have purchased

http://www.coaontario.com/register-with-coa