Condo Owners Association COA

Buying a Resale Condo

 

Buying a Condominium in the Resale Condo Market

Buyers must understand condominiums before buying!  "Condos are a complicated purchase, first you must learn about the financial implications of the Condo" says Linda Pinizzotto, Sutton Group Realtor and Founder | President of COA the Condo Owners Association.   It's time to invest in Real Estate but make sure you understand condominiums and work with a specialist.  

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Buying  a Condo 

Condominium Buyers must have knowledge relating to Condominiums, Condo Documents, By-Laws and Rules and Regulations of a Condominium.    

Considerations when Purchasing

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

Agreement of Purchase and Sale

  1. Have the Sales Representative explain the Agreement of Purchase and Sale
  2. Ask If this is an Assignment - buying before the Building is registered
  3. Ask Agent to explain Schedule A for Terms of the Agreement of Purchase and Sale
  4. Determine closing date and chattels /extras included in price
  5. Ask Sales Representative to include a clause that all appliances will be in working order
  6. Check parking space and/or locker spot if included in Agreement
  7. 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 2-3 Day conditional period

  1. Your Offer to Purchase will include a condition relating to obtain a Status Certificate which includes the Buildings Condo Documents ie Declaration, By-Laws , Rules and Regulations, Financials, Building Insurance Policy and letter signed by a Board Member
  2. Note:  According to the Condo Act, Property Management has 10 banking days to provide Status Certificate
  3. Your Offer will also include a clause stating that the Offer to Purchase is conditional upon your Lawyer's review of these Documents, generally 2-3 banking days.  If your lawyer approves you will be waiving the condition of review of Status
    Questions to ask your Lawyer  
    1. Ask if there is any restrictions in the Documents relating to  ie. Pets, Barbecues
    2. Ask about Short Term Rentals and if they are time sensitive or unlimited
    3. Ask if the Corporation includes any affordable Housing units
    4. Ask if there are any leasing equipment  ie. boilers, communication room etc.
    5. Ask if the full Parking Garage is Owned by the Corporation
    6. Your lawyer should be able to check all information noted above  

Sale Finalized - Lawyer Reviews Documents

  1. Once the sale is finalized and the conditions are removed
  2. Book your Elevator with Property Management - may require a deposit
  3. Register as new Owner with Property Management  

After you Move In

  1. Bring your new Fob transmitters to Property Management to program for you
  2. Remember Go to your Annual General Meetings
  3. Stay involved with your Condominium Building - Know your Directors  
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