The Ontario Residential Condominium Buyers’ Guide
Buying any new home is a significant step not to mention a hefty investment. And with condominiums, in particular, there are a number of factors to consider. Unlike the purchase of a single-family home, when you purchase a condominium you are becoming part of a condo community. There are shared expenses and you are agreeing to comply with certain “community rules” and a structure of governance. In addition to knowing that your new condo suits the needs of you and your family, and knowing that you’ll be able to make your mortgage payments, you will also want to have some assurance that you are moving into a well-managed building that is in good shape physically, financially, and legally.
In order to help condo buyers make informed decisions, the Government of Ontario has introduced the Ontario Residential Condominium Buyers’ Guide. As of January 1, 2021, developers are required to provide this guide to buyers when they purchase a new or pre-construction condo. This requirement has been written into the Condominium Act (Condo Act), 1998.
What Does the Guide Contain?
The guide will contain useful and current information about living in a condominium in Ontario including:
- An overview of the various types of condominiums.
- The process for purchasing a condominium.
- Information about moving into a pre-construction condo unit.
- Facts about condo governance and condo living.
- Information and resources about how to resolve issues related to condo living.
It is important to note that the Condo Guide is not intended to provide legal advice. For this, it is recommended that you speak to a real estate lawyer.
Who Should Review the Guide?
Anyone who purchases a new or pre-construction condo after January 1, 2021, should review the guide so that they may make their purchase with greater confidence. Section 73 of the Condo Act gives new buyers a 10-day cooling-off period during which they may rescind their offer to purchase should they choose.
The 10-day period begins on the day that the buyer has received all 3 of the following documents:
- Agreement of purchase of sale.
- Disclosure documents
- Condo Guide
Although new buyers are the only ones required to be given the guide, current condo owners who purchased their units prior to January 1, 2021, may also be interested in reviewing the guide in order to refer to topics relevant to condo ownership and living.
Would You Like to Provide Feedback on the Condo Guide?
The Condominium Authority of Ontario is currently welcoming feedback from the public on ways in which the Condo Guide might be enhanced. If you are interested in providing feedback, please take a few minutes to complete their survey here.
Contact Levy Zavet today!
Are you in the process of buying a selling a condominium or do you have questions about the Ontario Residential Condominium Buyers’ Guide? The real estate lawyers at Levy Zavet will help you through the process and answer any questions you may have. Contact us today to schedule an appointment with one of our lawyers.