Having a real estate attorney can make your condominium sale smoother and faster. The inclusion of vague terms in the agreement may cause problems in the future in the event of a violation of condominium rules or other prescribed legal procedures. If there is no clear agreement, the seller may be required to pay multiple brokers whether the sale is happens or not.
The seller’s rights can be protected if his or her Real Estate Attorney discusses the rights to withdraw from the market or fails to provide a valid title deed for sale.
Purchasing Condominium Property
Buying a condominium is different from buying a regular house. Whether you are a first-time buyer or not, you need to pay attention to the different aspects of buying a condominium. There are many questions you need to ask yourself to protect yourself before making this life-changing decision.
Our real estate attorney at Law Wise can elaborate the type of rights you will have. For aninstance, do you own your own locker for storage or parking space, or do you have the right to use them exclusive as part of your common elements?
The condominium corporation always manages condominium and land. The owners of the units elect the Board of Directors to oversee the decisions taken by the corporation, including its financial decisions.
There are different types of condominiumsin Ontario, including: Phasedcondominiums, Common elements condominiums, Standard condominiums and Leasehold condominiums.
Condominiums Documents & Rules: Documents are registered on the title of each unit and guide the organization and operation of the structure, in addition to the limitations and permitted use of units. Here are some documents you may encounter on your condominium purchasing experience: Condominium By-Laws, Condominium Declaration, and Condominium Rules.
Common expenses are allocated for repairs, including but not limited to, general cleaning (hallways, elevators, etc.), building repairs, snow removal or even landscaping. In addition, they are used for real estate management funds and general infrastructure services.
Reserve Fund: This particular fund is established by building developers to deal with major repairs, upgrades, etc. of structure. A portion of each of the common expenses goes to Reserve Fund.
A Special Assessment: These additional costs may be an unwanted surprise. It is an additional charge for the payment of common monthly expenses if the Reserve Fund does not have sufficient funds to pay for major repairs. A special assessment may also be called for a refund of any deficit or deficit in the operating fund.
Status certificates are a written summary of the current financial and legal status of the condominium unit, and the condominiums corporation. This certificate will give you detailed information about your monthly expenses, if any legal action is pending against the condo, and/or any special assessment that are charged to cover unforeseen expenses and expenses. It is advised that your real estate attorney reviews a copy of the updated status certificate
Lifestyle Restrictions: Some condominium rules and regulations may affect your lifestyle. For example, if you have a pet or if you enjoy doing barbequing on a terrace. There may also be restrictions on the types of vehicles that can be parked and the restrictions on smoking. Immediately bring into notice of your real estate agent as well as real estate lawyer, if any of these deal-breaker issues arise in your lifestyle.
Realty Tax Assessment: When purchasing a “almost new” sales unit, you need to carefully consider whether a separate reality tax assessment for each property has done. If the assessment is not to date with new developments, you may find that your reality taxes increase significantly after the end of the assessment. Your Real Estate Attorney at Lawwisecan work with you to determine if unit taxes are assessed separately and make efforts to protect you from paying those high taxes generated by previous owners.
Selling a Condominium Property
Seller’s Responsibility for Disclosure: All sellers have a legal obligation to disclose all hiddenmaterial defects about the condominium and common items such as the community features, exterior of the condominium,or other areas such as the land area of the property. You should clearly identify all the errors that the purchaser cannot detect while visual inspecting.
All declared and prospective properties as well as special assessments should also be disclosed, regardless of whether they are part of the documentation provided to the buyer. The fact that the condominium complies with the municipal by-laws should be included in the purchase and sale agreement. Make sure all disclosures are done correctly and on time to avoid any potential buyer suing you in the future.
In most buy-and-sell agreements, the buyer may impose conditions on the seller to provide certain documentation. Some of the key documents include: Condominium Corporation’s operating budget, CondominiumCorporation’s latest plan and report, Condominium Corporation Board Meeting Minutes, Site survey and property report of the building, Detailed Guide to Condominium corporation rules and by-laws, the condominium unit, and the surrounding land area.
A few of the clauses to consider in the transaction include:
Determining whether the modifications and additions of a building is legal
Determine the changes for property plans, their legal aspects, and impacts
Reviewing condominium corporation rules and by-laws
Determining the effects of termites, asbestos, or lead-based paint is detected on home inspections by aengineer or architect.
Effects of hazardous waste is detected during a site inspection
Legal consequencesin the event of not closed transaction; its impact on down payment and how will it be held escrow? Planning the payment method and whether the closing is properly adjusted to reflect future financing
If the purchaser is to receive a financing, the legal clauses must reflect the same
How We Can Help
At Law Wise, our experienced Real Estate attorneys understand your specific circumstances and provide tailored and customized solutions for each of them. We ensure prompt communication and a professional approach to achieve successful outcomes for you.
Feel comfortable interacting with us. We speak languages like English, Urdu, Hindi and Punjabi.
