Attention First Time Condo Buyers…

John Peart is a partner with Nelligan O’Brien Payne LLP and a past president of the Canadian Condominium Institute. Below is an excerpt from an article he wrote with some excellent advice for those buying a condo for the first time. Among his suggestions:
  • “When buying a used unit, try to work with a real estate agent who understands condominiums and make your agreement of purchase and sale conditional on your review and approval of the condominium Status Certificate.”

  • Understand the costs relating to buying a condominium. Try to work with a lawyer who understands condominiums and who can explain the condominium documentation and financial statements.

  • If pets, accessibility or quiet are important to you, make sure you understand whether your condominium allows/does not allow pets; is accessible; has bylaws or rules to regulate noise and enforces these bylaws and rules.

  • Understand the condominium’s rules relating to such items as use of elevators on moving day, the right of a unit owner to rewire or re-plumb their own unit without consent from the board of directors and the installation of satellite dishes.