New Guide Helps Condo Buyers with their Purchase
In the market for a condominium?
The Condominium Authority of Ontario has released its updated Condo Buyers’ Guide.
The newest version is designed to educate prospective buyers about their rights, responsibilities and duties when it comes to condo living so they can make informed purchase decisions. It also supports homeowners after purchase to become active and knowledgeable members of their condo communities.
Some key topics include:
- The differences between buying resale versus pre-construction condos
- Recommending all pre-construction buyers review important documents and resale buyers review status certificates before purchasing
- Making the most out of collaborative and harmonious condo living
- Governance, management and financial operations of condo corporations
- Common issues and how to resolve them
Developers are legally required to provide this guide to purchasers of pre-construction condos along with their Agreement of Purchase and Sale. Receipt of the guide and other important documents marks the beginning of the mandatory 10-day cooling-off period, during which buyers may rescind their agreement.
The guide recently underwent a review through consultations and user testing with condo community members to ensure it reflects the evolving needs of the sector.
