Buying a New Condo - Info for first time buyers which are buying and selling new Condominiums in Toronto Real Estate Market
Purchasing a New condo apartment as a first time buyer ,a loft or townhouse in Toronto Real Estate market with the help of an experience Real Estate agent will help you to get a pleasant experience and peace of mind.
Here is a summary of terms used in the process of buying.
AGREEMENT OF PURCHASE AND SALE :A binding contract that contains all of the terms, conditions and obligations involved in purchasing a condominium suite.
CONDOMINIUM CORPORATION: A corporation without share capital, created under the Condominium Act, responsible for the ongoing administration of the property including maintenance and operation of the common elements and property. Most day-to-day supervision is typically delegated to a qualified property manager.
CONDOMINIUM DECLARATION :The constitution of the condominium that effectively creates the condominium corporation and sets out the responsibilities of the owners and the corporation. It defines the boundaries of maintenance and details each owner's percentage share of the overall common expenses.
CONDOMINIUM OWNERSHIP: Ownership of a condominium consists of separate ownership of a specified amount of space (the suite) in a multiple dwelling environment plus tenancy-in-common ownership of the portions used jointly with other owners (the common elements).
COMMON ELEMENTS : Property areas in a condominium, except the units, that can be used by all unit owners. This may include lobbies, parking areas, recreational facilities, elevators, roofs, etc.
EXCLUSIVE USE ELEMENTS : Areas in a condominium that you have exclusive use of but are maintained by the Condominium Corporation with your maintenance fees.
DISCLOSURE STATEMENT:A narrative description of the relevant aspects of the Condominium project. The Statement will contain the proposed Declaration, By-laws, Rules, Management Agreement and Budget Statement. An Agreement of Purchase and Sale is not binding on the purchaser until the copy of the Disclosure Statement is received.
INTERIM OCCUPANCY: The period of time from the occupancy date to the date of title transfer.
MAINTENANCE FEES : This a monthly charge relating to your share for the maintenance upkeep, administration and insurance for the common element areas. This fee may or may not include additional costs such as heat, hydro and air-conditioning depending on the individual building. Your percentage portion of these expenses is set out in the budget statement usually within your Disclosure Statement.
OCCUPANCY DATE :The date established by the Developer upon which you must take occupancy of your condo apartment, loft or townhouse.
OCCUPANCY FEE The monthly payment, payable by you, for living in your home prior to registration. This consists of your maintenance fees, taxes and monthly interest component paid by developer until registration.
REGISTRATION: When the condominium's declaration and description are ultimately registered in the land titles office, following their approval by governmental authorities .
REALTY TAXES: Each suite, including parking and locker units, is separately assessed annually by the City based on current property value. Realty Taxes are the responsibility of each individual owner.
RESERVE FUND: A fund used solely for major repair and replacement of common elements and corporation assets.
UNIT: The exclusive portion of your property that is considered your home, as specified in the declaration.
TITLE TRANSFER / FINAL CLOSING :Refers to the date after the condominium is registered and upon which you receive title to your home.