Toronto has been enjoying one of the strongest and steadily growing condo markets in North America for some years now. This trend has been driven in part by investors looking for opportunities to buy and hold units for a number of years as rentals taking into consideration the growing rental demand in the city and especially the downtown core together with the possibility of market appreciation.....
Location is a major consideration especially when targeting a potential investment opportunity. Get familiar with the area, any existing condo buildings.
What is the 10 day cooling- off period?
Once you have made your Unit selection the builder will prepare an Agreement of Purchase and Sale. Together with the Agreement of Purchase and Sale the builder must give you a Disclosure Statement. Once you receive the accepted agreement of purchase and sale and the disclosure statement for the purchase of a new unit from a developer, The Condominium Act provides you with a 10 DAY COOLING-OFF PERIOD.... When you buy a pre-construction unit usually you will need a total deposit of 20% of the purchase price of the unit. The total deposit required may be less depending on the stage at which the project is at the time of your purchase. It may be more if you are not Canadian resident or citizen. In any way the total amount of the deposit will be broken down into separate payments that will be due from the time you sign the Agreement of Purchase and Sale until the unit is completed or earlier. Here is an example of what a Deposit Structure may look like: .....
The Disclosure Statement is a set of information documents that the developer must give you when you purchase a condo unit. This package will include a brief description of the most important features of the condo project, and should include a table of contents, copies of the Declaration, By Laws, Rules and other information as per the Act.....
What is Occupancy Closing? Until the Condo Corporation is created and registered title or mortgage on the unit is not available. For ownership transfer purposes there is no unit at this time. In most cases though you will be required to take possession and will occupy the unit before the developer transfers ownership of the units...
Additional Fees and Costs. Additional fees often include but are not limited to:
· Utility Hook Ups fees · Development Charges and Sewer Import Charges · Landscaping Charges for condo townhouse complexes Some of these may be capped to set amounts at the time of signing the Agreement of purchase and Sale however Lawyer Review is advised..... |