Buying a Condominium

There are two main differences between buying a unit from a
builder / developer and buying a resale condominium unit:

The Condominium Act gives people who buy a newly-built condominium unit a 10 day cooling off period during which you can cancel your agreement. However, the Condominium Act doesn’t allow Buyers of resale condominiums the same grace.
When you buy straight from a Builder / Developer as the Buyer, you are entitled to receive and review a package of materials called a disclosure statement. With a resale condominium, you would review a similar package call a Status Certificate which is provided by the Condominium Corporation. There is a fee one must pay in order to receive these documents. For more information on the status certificate view the About Condominiums section on this site or click here.

Condo Insurance

As an owner it is a good idea to have an understanding of how a corporation’s insurance coverage works because the cost of damage and repairs could be