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Team Mahal

Real estate law

Condos and new builds

Two purchases with their own rulebooks, and the only ones where the important legal work happens before you are committed rather than after.

Both of these have a deadline attached

Most of what a lawyer does on a purchase happens after the deal is firm. These two are the exceptions: the useful work happens before you are committed, and there is a window for it.

On a condominium, the status certificate is reviewed during your condition period. On a new build, Ontario gives buyers of new condominiums a statutory rescission period after they receive the disclosure statement. In both cases, once the window closes the terms are yours.

What each review is for

  • Status certificate review

    You are buying a share of a corporation as well as a unit. The certificate shows its finances, its reserve fund, its rules and any litigation. A special assessment already planned is the sort of thing that changes a decision.

  • Builder agreements

    Written by the builder, and long. The dates can move, and closing adjustments such as development charges and levies can add a substantial amount unless the agreement caps them.

  • Assignment sales

    Selling your contractual right to a unit before it completes. Most builder agreements require consent, often with a fee and conditions, and some prohibit it outright.

Have something reviewed before you commit

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