Buying a new or resale condominium

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Buying a new or resale condominium can involve a number of complicated issues. Depending on whether the person is purchasing a pre-construction condo or not, a buyer has to deal with many issues. For example, dealing with final closing date, occupancy fees, or lawyer’s fees. These all arise because condominium registration is impossible until the building is fully ready to move in. Also, the builder can not give full legal ownership and title to the new buyers until registration.

Although buyers can move into their units without legal title, they cannot own their units or obtain a mortgage loan until registration. The Ontario Condominium Act contains rules about purchasing and moving into a condominium before it registers. On the interim closing date, the buyers can move into their units even though the condominium is not yet ready to move in and the builder cannot yet give them legal ownership.

Instead of paying the balance of the purchase price, purchasers have to pay an occupancy fee. This fee covers expenses such as taxes, maintenance, and interest on the unpaid balance due on closing.

Buying a new or resale condominium is one of the opportunities for new home buyers. Real Estate is our specialty, if you need our help to sell or buy a property, please reply.  In addition, our team is here to help our clients step by step during their transactions. We are more than happy to help our clients to have a win-win transaction.

BABAK MEHRABI, Real Estate Salesperson

https://www.reco.on.ca/

 

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3 thoughts on “Buying a new or resale condominium”

  1. Nice post. I used to be checking continuously this weblog and I am inspired! Very useful info specially the ultimate part 🙂 I take care of such information much. I was seeking this particular info for a very long time. Thanks and good luck.

  2. This actually answered my problem, thanks!

    1. admin says:

      Thank you for your comment!

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