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By:Jayson Schwarz This is so complicated I hope he helps The new condominium agreement of purchase and sale (the “Offer”) is an intimidating document that requires the expertise of an experienced real estate lawyer familiar with condominium deals to review and assist you in protecting yourself and achieving your goals. In this article I will…
By: Jayson Schwarz LLM What follows is a quick overview of the balance of the condominium documents contained in the disclosure material. I hope it gives you enough guidance to help you plough through it all!!By-laws – The By-Laws are best described as the operating manual for the condominium corporation (“cc”). The cc has to…
By: Jayson Schwarz LLM In this article I thought I would start by answering a question posed by one of our readers. The question relates to the issue of mortgages and how long a “capped” rate remains in place. Let me begin by explaining about “capped “ rates. As a new home purchaser it is…
By: Jayson Schwarz LLM I cannot believe how certain builders (“Vendors”) are trying to take advantage of new homebuyers on the issue of mortgages. There is an attempt to squeeze extra money from innocent purchasers through certain clauses inserted into the Agreement of Purchase and Sale (the “Offer”), that follow the first clause illustrated and…
By Jayson Schwarz LLM Today we are going to address a small but incredibly important part of the process of buying that new home, the “Pre Closing or Pre Delivery Inspection” (“PDI”). As most of you know included in the adjustments on the purchase of a new home or condo (but not a conversion) is…
By: Jayson Schwarz LLM This may be my shortest article yet. This is my version of the answers to a lot of questions on HOW TO . . . The Process of Purchase Find a Unit you love at a price you can handle. Make an offer after negotiating as hard as you can and…
By: Jayson Schwarz LLM When you finally make that offer, on paper, for that beautiful new condominium, the sales agent will hand you either a book, often bound, or a pile of different documents and will then tell you that have ten (10) days, to finalise your decision to go through with the sale. There…
By: Jayson Schwarz As the Purchaser of a brand new home pre-construction you have the opportunity in most cases to choose the elevation, the lot and the various specifications and finishes You expect that what you have chosen will be what you will receive on closing. Now imagine that your new home has just been…
By: Jayson Schwarz LLM As a first time homebuyer hiring a lawyer for your real estate deal is probably the first time most of you will have had contact with a lawyer. Lawyers are professionals but like doctors they come in all shapes, sizes and specialties. Find a lawyer that understands and practices real estate…
By: Jayson Schwarz LLM I like to think not. I have many people worried and asking whether the Builder is going to take advantage of them; whether their home will be delivered on time, whether the quality will be as promised; whether the sales agent is truthful or whether they will be deceived later; what…
By: Jayson Schwarz LLM Whether you are a young couple or individual purchasing your new home for the very first time, a resale buyer moving in the market or an empty nester purchasing a retirement condominium, the very action of this significant investment in real estate represents a major life change. At this time it…
By: Jayson Schwarz LLM At the closing of a residential real estate transaction there are usually three groups who get paid: the vendor/builder, various governments, and the lawyer. Each group involves the payment of fairly specific items and the builder and lawyer will collect from you for the government remittance. Generally speaking your lawyer collects…
By: Jayson Schwarz LLM Lawyers have a tendency to forget that people do not know what to expect as they move closer to their closing so I hope this helps. All the delays are over and your builder has sent a letter to your lawyer and/or yourself that closing of your new house will occur…
By: Jayson Schwarz LLM Substitutions Many of your protections relating to substitutions of materials only apply if you abide by the terms of your Agreement of Purchase and Sale. In other words, when you have to pick colours, samples, materials, etc. DO IT ON TIME!!!!! If you do and a significant change is made Tarion…
By: Jayson Schwarz LLM I hope the information and checklist provided hereafter will help you when you review your Agreement of Purchase and Sale and provide some general information. I hope it will assist in your negotiations with the on-site sales agents or builders. It is not intended to be comprehensive and you should always…