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Resale Homes and Condominiums
Many buyers prefer to buy their house or condominium resale rather than new. However, different legal
considerations apply when buying a resale home. It is important to have lawyers behind you who understand
these differences and who can make the make the home buying process work for you. At GMA we have systemized
approach to simplify your home-buying experience, and where necessary one of our experienced real estate lawyers
can assist you with any unique issues.
Buying a Resale Home
Are you looking for a resale house in an established neighbourhood? There are many advantages to buying a resale
home; one of the most important being the ability to be able to visit the house and actually see what you are buying.
Or better yet have a home inspector tour the house and identify any potential issues up front before you take ownership.
But unlike newly built homes, resale homes have there own unique issues. For example, a bank may have forgotten to
discharge an old mortgage. Or a fence may have been installed without proper regard for the property’s boundaries.
Moving is stressful enough without having to worry about these arcane kinds of legal pitfalls. A good lawyer can help
you identify these kinds of problems and deal with them before you move in. This is where GMA can help. With our first
class legal advice and turn-key operation, we can take some of the stress out of your resale home-buying experience.
Buying a Resale Condominium
The issues that arise in buying a resale condominium unit are usually different from those found with buying a new
condominium unit or a house. The focus is in making sure that the condominium corporation and the vendor have
followed the requirements of the relevant legislation. If parts of the building are not properly maintained or
if the condominium corporation’s finances are in disarray, you need to know why before you buy. Among other things,
GMA advice can be useful in the following areas:
- Review of OREA (Ontario Real Estate Association)/TREB (Toronto Real Estate Board) condominium standard form agreements of purchase and sale;
- Review of Status Certificates;
- Condominium tenant Issues;
- Unauthorized renovations and Owner’s Alteration Agreements.
At GMA, we are CondolawyersTM specializing in condominium law. We have a thriving practice advising buyers
and sellers on the purchase and sale of their resale condominium units. Our expertise allows us to efficiently read
through most condominium declarations, by-laws and rules, status certificates and disclosure statements, and "zero in"
on the relevant issues.
Click here to find out more information, including information about our flat-fee
charges for condominium real estate.