Buying a Condominium: Difference between revisions
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→What should you consider before making an offer to buy a condo?
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:'''H.''' For new developments, the owner-developer must give prospective first buyers a copy of the up-to-date '''disclosure statement''' including any amendments as filed with the Superintendent of Real Estate. That document discloses the intentions of the Owner-Developer, and has marketing representations, as well as disclosure of legal encumbrances and other important information. | :'''H.''' For new developments, the owner-developer must give prospective first buyers a copy of the up-to-date '''disclosure statement''' including any amendments as filed with the Superintendent of Real Estate. That document discloses the intentions of the Owner-Developer, and has marketing representations, as well as disclosure of legal encumbrances and other important information. | ||
:Although the disclosure statement itself doesn’t bind the strata corporation as a governing document, it includes schedules which are binding, and it can indicate the developer’s intentions for the development, and plans for future phases, which may be important to you. | :Although the disclosure statement itself doesn’t bind the strata corporation as a governing document, it includes schedules which are binding, and it can indicate the developer’s intentions for the development, and plans for future phases, which may be important to you. | ||
For older developments, it may be possible to get a copy from the seller, or the strata council. | :For older developments, it may be possible to get a copy from the seller, or the strata council. | ||
Checking those documents, a smart buyer or their lawyer can get a reasonable and current sense of the strata corporation and the strata lot, and any other documents to review. | |||
==Pay attention to issues important to you, and to the following:== | ==Pay attention to issues important to you, and to the following:== |