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Legal Things to Check when Buying a Condo in Toronto 

Anyone with the experience of purchasing a house understands that it is even more challenging and difficult to buy a condo because of the load of paperwork involved. There are certain HOA documents that must be produced by the seller including bylaws, budget, minutes as well as restrictions and agreements. Each of these documents has a meaning and must never be ignored even the minutes which will indicate the type of disputes and challenges that the board has to deal with on a daily basis.

 

There are some decisions that are personal when considering which condo to purchase in Toronto and may not involve bringing in a second eye such as the exterior and interior design specifications. Read more about it in the site at http://scribblenauts.wikia.com/wiki/Condominium. However, there are some legal decisions that cannot be passed without consulting the relevant experts who are your attorney and your real estate agent. In this cases therefore, you need to more than the right personal evaluation before deciding.

 

The maintenance fee shared on a monthly basis by the corporation tops the list of things you need to consider. Remember that it is from these fees that the condo and all that concerns it will be maintained in sound and running condition including the shared gyms and swimming pools. There are special measurements used to determine the amount of money you are to pay the most crucial being the size and amenities in your condo. Furthermore, some part of the money is set aside for unexpected expenses that the corporation may be faced with.

 

There is the other purchase condition that must be considered when purchasing new condos for sale in Toronto which is the status certificate and reserve fund details. There is need for them to be reviewed by your lawyer to give you their legal opinion on the whole agreement. It is the status certificate that shows all the financial details of the condo including utility bills and operational costs as well as insurance cover. It also has the served fund as part of its details and this is where your attorney will advise you on depending on whether he or she views the amount held back by the corporation as being attractive enough for you to seal the deal or unattractive requiring you to move on.

 

Although it may not seem important it is crucial to find out that neighbors are before purchasing a condo in Toronto. However, it needs to be considered because buying the condo in itself is a major life investment. For this reasons, no one wants to be arguing and solving cases with neighbors. For additional information, Click here

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