Buying A Condo? Don’t Be Surprised By The Fine Print
So you’ve found the condo of your dreams, you’ve secured a mortgage and you’re about to sign on the dotted line. A strange sensation fills your body. You kind of feel euphoric. It’s a weird kind of rush that comes over you when you’re about to make the biggest purchase of your life.
All the internet searching, showroom lurking and driving around have finally paid off. You’re about to leave all that behind.
But before you sign away the next 25 years of your life it may be a good idea to answer the following questions:
- Do you own a pet?
- Do you want to own a pet in the future?
- Would you want to rent out your condo in the future and make a few bucks on the side?
- Thinking about starting up a home based business?
- Do you have kids?
- Do you want kids in the future?
So what does all this have to do with buying a condo?
Well you may be surprised but some condos do not allow any of the above to happen at all.
That’s right, you may not be able to bring fluffy with you, have clients over or keep your condo as an investment property for your empire building campaign.
As a condo owner you do have certain rights. And these rights are defined for the most part by the legislation established in the province where you have made your purchase. But there are additional rules, regulations and bylaws that have been setup by the condominium project that you are about to buy into.
Some communities even have age restrictions. The demographic limitations are getting more and more popular as the baby boomer generation come into the prime time of their retirement years.
So it is of the utmost importance that you do your due diligence and obtain and review any and all the documents about the condo you want to buy.
But it may now be good enough to go over these documents on your own. They may be filled with tons of legalize and other jargon that won’t make any sense to us mere mortals. So do yourself the favor and spend the extra few bucks to make sure that you contact a lawyer who specializes or really practices in the area of condo law. That way they will be comfortable and knowledgeable in regards to the fine print that is standard within the types of documents.
I cannot imagine how it must feel to bump up against the condo regulations that may have been already established by the corporation after you have been operating under the assumption that you would be able to rent out your unit at a future date for example.
So do yourself a favor and slow down a little bit. Ease into your condo purchase with awareness. The extra hour or so that it may take to have your real estate lawyer go over these types of documents can and will save you from future heartache and surprise. It is a lot of money you are laying on the line for this purchase. You’re not buying a new DVD player. You are about to make the single largest purchase of your life. Let’s make sure that there is no surprises coming your way.
Ian (The Condo Hunter)
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