Buying a Newly Constructed Condo in Toronto? The Developer's Agreement of Purchase & Sale Must Be Reviewed By a Lawyer

Please take the Developer’s Agreement of Purchase and Sale and Disclosure Statement to your Lawyer for Review within the 10 day rescission period.

Just A few Questions to ask your lawyer regarding the agreement;

• How is the parking structured and is it in the building? Will it be owned or exclusive use?
• Who decides which parking spot and locker room the buyer gets?
• Is the condominium covered by the Tarion Warranty Program?
• What is included in the purchase price?
• Is the HST included in the purchase Price? Does the buyer qualify for the rebate?
• What additional costs does the buyer have to pay? For Example;
• Tarion Enrolment Fee,
• Utility Meters and Connection Charges
• Development Charges
• Tree Planting
• Park Levies
• Cost of Status Certificate
• Law Society Levy
• Developer’s Lawyer’s legal fees for administering deposits, for obtaining partial discharges of mortgages and Common Expenses as a Reserve Fund Contribution
• Is there a lease re HVAC or hot water tank?
• What is the occupancy closing date and procedure? And, what is the outside occupancy date?
• What are the developer’s rights to extend the closing date?.
• When do you pay for the upgrades?.
• Where is the clause explaining altering, square footage, features and materials? How is the area measured?
• What is a Pre-Delivery Inspection Procedure?
• What is included in the common expenses?
• What is the permitted use?
•  When do the buyer`s obligations end?
• What remedies does a buyer have in the event of the developer`s default?
• Can the buyer assign or transfer the Agreement of Purchase & Sale before the final closing?
• Can the buyer lease out the unit before the final closing?

Eva Bonomolo, Gossip Real Estate