Thinking of buying a new condominium? Here’s what you need to know.
This is one of the biggest purchases you’ll make in your life, and it can be hard to know where to start to find trustworthy information about the condominium purchasing process. This is particularly true for first-time buyers.
That’s why the CAO has created 12 Helpful Tips for Buying a New Condominium. This list is a good place to start if you’re considering buying a condominium.
The CAO is mandated to provide consumer protection, information, education and online dispute resolution to support condominium communities. We recognize that it’s important to inform purchasers about potential risks associated with buying into new condominium projects.
Here are some other general considerations for you to keep in mind as you begin the condominium purchasing process.
You will also want to get acquainted with the terms interim occupancy, delayed occupancy and deposit protection and refunds. Learn about the new home warranty. Understand the potential risks of buying a pre-construction condominium. Unfortunately, there could be multiple delays and some projects are cancelled. Considering this, the first thing you should ask the builder about is the status of the project's development. You'll want to know which conditions have been approved such as if the project has been financially secured or if the required building plans have been approved. You'll also want to know the steps for approval of the development.
In addition, the CAO has created the reader-friendly Condo Buyer’s Guide, which is another resource to help educate prospective buyers about the condominium purchase process. This online guide will help you understand what condominium ownership means and if it’s right for you.