ABOUT THE TOWN OF NORTH YORK

North York is a town located at the North of York hence its name. North York is one of the 6 administrative districts of Toronto. The town of North York has a great socio economic infrastructure with great homes and facilities. A real estate lawyer in North York will provide you with the best legal and expert council or advise when looking to purchase a condominium.

A GUIDE TO BUYING A CONDOMINIUM

When looking to buy a new home, there are several options available. One great option is a condominium. A condominium can simply be described as a multi unit property that is usually divided into several individual units. Unlike a single family unit, a condominium contains a partial ownership in a shared common property.

Condos come in many forms which include; town houses, apartments, as well as tiny  houses within a larger developmental setting. Condos are deemed more appropriate for vacation homes especially when they are located near beaches. 

Before you purchase a condo, you should first read the terms and agreement of the condominium complex. Condos usually come with essential amenities such as swimming pools for residents, a club house, tennis courts, and also a golf course.

However, in the year. 2020, the condominium market took a colossal hit. This was mainly due to the fact that many people didn’t want to share public amenities, and also live in close quarters with others because of covid.

 

WHAT IS A CONDO?

Condos also referred to as condominiums are parts of a residency owned privately. A simple way to explain this set up is an apartment you own. Condos are usually located in trendy locations with high value properties. These trendy places include, vacation hotspots. 

WHAT TO LOOK FOR WHEN SEARCHING FOR A CONDO

Typically, looking for a condo is usually the same amount of effort used when searching for a single family house. Its best to know what you’re looking for before going to a real estate agent to make your search much easier. 

For individuals who would prefer to search by themselves, searching on real estate websites to find condos listed in areas you are interested in is the best way to go. 

DEALING WITH A CONDO SALES CONTRACT

A sales contract is just an aspect of this entire process of acquiring a condo. There are also several terms and conditions which dictates the various ways a condo is governed. It is very important to request for and also read all documents that apply to   the management of the complex.

A few of the things to keep an eye on are; what’s the trending issues of this complex, how huge is the condo’s reserve fund, management’s approach to dealing with the problems of the owners, and also how strict are the rules associated with the condominium?