What is a Condo?
It is a creature of statute created under the Condominium act of Ontario as , among other things, a means of consumer protection by the imposition of certain time and disclosure requirements on the purchase and sale of new condominiums. A Condominium is not necessarily just a high-rise apartment. They can include townhouses, semi-detached or detached units, and can be industrial, commercial or residential. Condos also come in the forms of common element condominiums(where a number of homeowners share a central recreation facility), phased condominium corporations, vacant-land or leasehold condominiums.

How does it get there?

The developer takes land and plans through many stages, and for residential including enrollment under the Ontario New homes warranty program, negotiates the agreements with governmental authorities and utilities. Once that’s done, the developer receives the necessary approval to start building. At the same time, he is preparing with his lawyer the declaration, description, disclosure statement etc. Once the facility is constructed and inspected by the municipality, purchasers may be given occupancy or possession, but no the title. After all the paperwork has been approved, the ministry of housing inspects and approves the project for release. the developer then registers the appropriate documents and advises purchasers it is time for the final closing and the purchaser would get his deed.

What do I own personally?
In most cases you own the inside of your unit, halfway through the walls, floors, ceiling, all explained in the description and your appropriate share of the common elements as set out in the condominiums documents. One question that frequently comes up relates to a parking spot or storage locker. If a parking spot or a locker unit are included do you own them or are they an exclusive-use agreement? In order to get title to these elements it must be set out in the agreement of the purchase and sale. If you get exclusive use of the parking spot or storage locker, they are owned by the condo corporation and used exclusively by you pursuant to your agreement and subject to the bylaws and rules of the condo corporation.

What is a Status Certification?
Owners get a status Certificate from the condo corporation because it will provide a wealth of information necessary to make educated decisions, such as:
-A statement of common expenses of the unit and if any default in payment
-Any increases since last budget and reasons;
-Any assessments levied
-Outstanding judgments and legal actions if any
-Budget and financial statements
-Copies of all agreements affecting the condo
-Reserve fund info
-Contemplated and actual financial, service and physical changes and many other items

Why a Condominium?
Condos offer a different lifestyle to the consumer than freehold, and their composition is only limited by the imagination of builders and developers. Their will be as many different choices as their are creative people. Examples include, 4,000sq-ft freestanding home on an one-acre lot that is freehold but the owner is part of a condominium that participates in a sewer treatment plant and maintains its own security force? Today condos are a way to have your cake and eat it too!

by Jason Schwarz

1.      Finding the right consultant-There are several benefits, and no drawbacks, to having a good consultant in your court. Consulting realtors understand the forces, dynamics and trends in the market in addition to insights into great neighborhoods, invest values and negotiating with a builder. At Parsa Canada our Realtors are top rated in the industry and work with honesty-Integrity and Value.

2.     Location, Location, Location- This is the oldest saying but the most accurate, but if you’re new to Canada where would be a good location? How would you know?  East, West, North or South? This is where we come in to guide you.

3.     Reputable builder- Builders play a major role in either making purchasing a property a great experience or a nightmare! A reputable builder is what you need to look for based on our quality rating criteria that guide you to buying only from A grade builders.

4.     Mortgage specialist- They say money talks, but how much?  Getting the best mortgage means getting the lowest interest rate at the most easiest terms of payment with little or no penalties. Rest assured our mortgage specialists will guide you through this to get you the most cost effective mortgage.

5.     Real Estate Lawyer- Your Real Estate lawyer is the key person that you go to , that will review your contract, identify the clauses and terms and ensure you are charged extras or sign on a deal that entails paying for items that you should have never paid for like fees, taxes or municipal levies or hidden fees.

6.     Home Upgrades- The décor center is every women’s dream, every man’s nightmare!  Builders charge anywhere between 30-50% more for items like granite, marble, faucets upgrades and various decors than regular stores, you want make sure that what you are choosing is what you need and cannot do later, Parsa Canada Consultants work with a wide range of home improvement stores where you can buy most items at a much lower price.  We also consult you on the do’s and don’t upgrades that you have to do and ones you avoid and do later. Saving you lots of time and money!

7.     Home Inspection-This is the stage right before your closing where you go to your new home or condo and inspect the property with a builder rep to ensure every defect is documented. A keen eye and a professional touch is what is needed to find every detail, whether in plain sight or hidden from view. Parsa Canada consultants can assist you with this to ensure every item is captured and registered for follow-up repairs.

8.     Occupancy- During this period the building is still not formally registered meaning you are still not the legal owner and therefore need to pay an occupancy fee every month until the condo is registered which can take anywhere between one to 12 months. You are required to move in during this period but if chose not we can assist you with sourcing others to move in and pay the occupancy fee until registration or beyond.

9.     Closing-This is the final stage where your lawyer will call you to  have all your payments ready, and presented to him/her in a certified cheque format and then sign all your documentation that will be sent to all parties to have the mortgage, home or condo registered. The rest of the paperwork is done by your real estate lawyer and then you are notified that your unit is ready for official handover of ownership

10. Renting-Should you chose not to live in your unit we at Parsa Canada can list your condo for rent with reputable people and even assist you with managing the property to ensure your investment is looked after month after month.

Parsa Canada Inc. is an established firm of property investment & immigration consultants specializing in the acquisition of investment properties throughout Toronto, Canada, and overseeing qualified immigrant professionals and investors fulfill their Canadian goal.

The specialized experts at Parsa Canada offer complete professional assistance including property management services, immigration services, and job placement services.

Our approach to investment properties is not limited to purchasing at the right price. We look to identify the key profitable elements of purchasing a property that may take many forms. We can assist our clients purchase properties while in a foreign country. Parsa Canada has over 12 years of experience successfully acquiring investment properties for local and international buyers. Read the rest of this entry »