By Douglas A. Gray
The publication might hide the entire key suggestions that any condominium consumer must be aware of. it can accomplish that within the structure of one hundred and one information (or so), segmented below a number of headings. it might be Canadian in content material and fill a tremendous unmet desire available on the market. the next sections are instructions (see additionally the proposal); ultimate content material judgements can be made among writer and editor. part 1: Why Is a residence correct for Me? part 2: apartment principles and rules part three: Financing a purchase order part four: The apartment buy part five: purchasing to speculate Appendixes: resources of data Key web pages Checklists word list
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Extra resources for 101 Streetsmart Condo Buying Tips for Canadians
Pay his share of the common expenses established by the condominium corporation, including any special assessments. • Pay his share of any judgment registered against the common elements. Note: This liability arises because the unit owner owns a share of the common elements as a tenant in common. For this reason owners should be aware of the extent of liability insurance arranged by the condominium corporation. Tip #10: Know Your Rights Before You Buy—You Could be Surprised Your rights as a condo owner are deﬁned by the condominium legislation of your province, and the bylaws, rules, and regulations of the condominium project that you are buying into.
Since you can’t predict the market, make sure you obtain the release from the bank. Otherwise, don’t permit the assumption. Make sure that you obtain legal advice before permitting any buyer to assume your mortgage. Builder’s Promotional Mortgage In order to entice a sale for a new home or condominium, a builder sometimes tries to make ﬁnancing easy for you by various means. 42 Chapter 3 One way is by means of a discounted mortgage. In other words, to make the condo price attractive, the mortgage rate might be reduced to 4%, whereas the prevailing interest rate for a ﬁrst mortgage could be 6%.
The reason for this provision is that the lender obviously does not want the property to deteriorate through neglect and therefore reduce its property value, compromising the value of the security. 36 Chapter 3 d) Requirement to Pay Taxes This clause states that you are obliged to pay all property taxes when they become due, and that if you do not do so, the lender is entitled to pay the taxes and add the amount paid in taxes to the principal of the mortgage. Many lenders attempt to avoid any problem with taxes by having a separate tax account set up at the time you take out the mortgage.
101 Streetsmart Condo Buying Tips for Canadians by Douglas A. Gray