Becoming a condominium owner can be a rewarding experience that allows for a sense of permanence and security.
Homeownership is a goal for many Canadians, but it’s natural for a new owner to ask, “What are my rights as a condo owner, and how does the law protect me?
Canada recognizes the need for strict guidelines to help direct condominium owners and gives them the tools they need to move forward with confidence in their home and their country.
The body of regulations that govern condo ownership is part of the nation’s safeguard against fraud and hazards and creates a system of benchmarks and backstops essential to maintaining integrity in homeownership law.
With a little knowledge of the laws that establish and guard the rights of condo owners across Ontario and the entire country, as well as the backing of a trusted firm like Aion Law Partners, condominium owners can develop their holdings with a sense of security, and focus on living their lives to the fullest.
Pre-Purchase Essentials – New Builds
Condo owner rights in Toronto and across Canada begin before the purchase takes place.
With every new condo build, there are documents to review, including agreements of purchase and sale, information sheets that outline potential purchase risks, and builder disclosure statements.
These should all be carefully examined by professionals like our team at Aion Law Partners, to help ensure that all concerns are addressed, and all questions answered.
We assist new condo purchasers during the mandated cooling-off period, as well, and support them if they reconsider and wish to initiate a recission of the purchase agreement.
It’s part of how we work to make sure our clients’ rights as condo owners are protected.
Resale Condo Purchases
Purchasing resale condo units involves a different process, and there are additional points that should receive a careful review by experienced, qualified lawyers.
- Unit owner expenses, including common expenses
- Reserve fund condition, and building age
- Potential and ongoing litigation involving the condo corporation in any way
- Warranty status of the condo
- Unit layout and boundaries
- Condo corporation governing documents
- Status certificates
Aion Law Partners can aid future owners in making sure that the condo they’re looking into meets all requirements, and could be a smart purchase option.
New Home Construction
When a person starts considering condo ownership, they might have questions about future possibilities.
What happens in the event of a disaster, natural or otherwise? Who has the best interests of the homeowner in mind when trouble strikes, and how does the law work to prevent potential issues during rebuilding projects?
Ontario has begun taking a more active hand in this area and has created a set of regulations that endeavors to reduce fraud and make future home construction a safe and reliable endeavor.
The Ontario New Home Warranties Plan Act is a multi-pronged piece of legislation that aims at keeping the industry honest, and at protecting house and condo owner rights.
Under this law, insurance restoration contractors must be registered builders, and the homes they build must be enrolled.
It guards against possible malfeasance, and with help and advice from Aion Law Partners, can give new condo owners peace of mind that their condominium meets Ontario’s strict standards.
The Ontario New Home Warranties Plan Act does much more than safeguard condo owners’ rights during construction and rebuilding projects. It also educates them on warranty rights and what goes into keeping them current.
Every new home built in Ontario must meet statutory warranty requirements, and new home builders and owners are required to work with the province’s regulator closely to get trained in their responsibilities and protections when disputes arise.
The regulating body also ensures that every new homeowner understands that they are entitled to, and should receive, seven years of warranty coverage from the date of occupancy.
Having a thorough understanding of the rules that direct condo building practices are an important part of the process and one that can benefit from outside advice from Aion Law Partners.
It informs future decisions and can guide new owners as they get started.
Protect Your Condo Owner Rights with Aion Law Partners
Owning real estate is part of the dream for many Canadians. It helps establish a person, can give them a solid base for the future, and lets them diversify their portfolio.
Knowing your rights as a condo owner can be a crucial step in making that dream a reality.
Aion Law Partners is ready to help you out as you explore the world of condominium ownership. Our subject-matter specialists have years of experience working in condo ownership law, and we’re standing by to put it to work for you.
Want to learn more? Contact Aion Law Partners today, and discover what having a knowledgeable, trustworthy advocate on your side can do to help you get established as a condo owner.