Residential Condos

Purchase and Sale of Residential Condominium Units

Purchase and Sale of Residential Condos in Toronto - Howard NightingaleNot too long ago, condominiums were considered to be a stepping stone on the way to purchasing a single family home. This no longer is the reality. With baby boomers downsizing and turning to a different mode of living, and the younger generation now choosing condos as a lifestyle preference, it’s small wonder that thousands of condominium units enter the market every year. But condominium law presents an entirely different set of circumstances than purchasing a single family home.

For one thing, there is a condominium corporation and board of directors that effectively regulate significant aspects of your life, including legal and financial obligations, extending far beyond the purchase and closing. The Ontario Ministry provides a clear and helpful review of the Condominium Act on Consumer Services website, at (Ontario’s Condominium Act Review)

Knowing that due diligence for purchasing a condo unit is of critical importance, Howard Nightingale provides a complete service for clients buying a residential condominium unit, new or resale:

  • Review the agreement of purchase and sale and accompanying documents
  • Investigate the title and check the description
  • Advise on the applicability of HST legislation
  • Make requisitions on the title and on other details itemized in the agreement
  • Review the transfer
  • Calculate and ensure payment of the Ontario and/or Toronto land transfer tax
  • Obtain and review the statement from the condominium corporation regarding the financial condition of the Status Certificate
  • Review the statement or the adjustments
  • Discuss with the purchaser all matters related to title, zoning, condominium registration and adjustments
  • Attend on closing
  • Attend on the execution of documents
  • Advise the client about general expenses, insurance coverage and boundary limits of the condominium unit

For clients selling a residential condominium unit, HNPC provides the following services:

  • Review the executed agreement of purchase and sale
  • Advise on the applicability of HST legislation
  • Prepare the transfer of title
  • Answer the requisitions
  • Prepare the statement of adjustments
  • Attend on the execution of documentation
  • Attend on the closing and completion of the sale

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