The Guide to Buying a Condo 2021
The province and Condominium Authority of Ontario announced the launch of the new Residential Condominium Buyer’s Guide. This guide will help you as new condo buyer navigate the condo purchasing process.
As of January 1st 2021, developers in the province of Ontario will be required to provide purchasers of a new or pre-construction residential condo with a copy of this buyers guide at the time of purchase and sale. This guide include a variety of information pertaining to condo ownership.
A few key topics.
- The Condo Purchasing Process
- Information surrounding purchases of pre-construction units
- Resources for resolving issues related to condo living
- Condo living and governance
Know your rights! Under the Condo Act, purchase agreements for new pre-construction condos purchased from developers are not binding on purchasers until developers provide purchases with a copy of the current disclosure statement. As of January 1st 2021, this requirement has been amended to also require developers to provide a copy of this guide.
While it’s not required for your realtor to provide you with a copy of this guide, it’s good practise for all buyers to be informed. OREA and I encourage you to download a copy and educate yourself prior to your next purchase.
Disclaimer. The information contained in this email is not meant to be relied upon as legal advice by REALTORS®, or others. Anyone wishing further clarity or advice should seek independent legal advice specific to their circumstances. Due to the quickly changing regulatory environment during the COVID-19 emergency, this information may not be current or accurate by the time it is read. Credit: This information has been provided the Ontario Real Estate Association.
