Presentation on theme: "Ontario Condominiums 101B Resale Condominium Units & Common Concerns Michael H. Clifton Partner, Clifton Kok LLP Condominium Development Law Condominium."— Presentation transcript:
Quick Review Ontario Condominiums Freehold Condominiums Leasehold Condominiums Standard Condominiums Vacant Land Condominiums Common Element Condominiums Phased Condominiums Unit Boundaries -Whole lot -Whole building -Traditional Unit Boundaries -Whole lot -Whole building -Traditional
Disclosure Deposits Interim Occupancy 2 Closings?? Quick Review continued Disclosure Statement Table of Contents Budget Statement Draft Declaration, By-law(s) & Rules Standard Unit Definition Material Agreements Other information RECEIPT!!! * s *relates to 10-day rescission periods Only lawyers or designated trustees can hold deposits on new condo sales Interest calculated until the date of occupancy belongs to the purchaser Agreement may require or permit occupancy prior to registration and closing Occupancy Fee may be required, and is to be no higher than: Interest on outstanding balance Common Expense Contributions* Estimated Realty Taxes *reserve fund portion paid to condo if longer than 6 mos No.
Buying and Selling RESALE Condominium Units Agreement of Purchase and Sale OREA Standard Form Correct legal description (vs. street address) Title to be taken subject to the Act and Condominium governing documents Conditional on review of status certificate and attachments Representations by the vendor as to changes to common elements, termination of condominium, special assessments Adjustments for common expenses Other matters arising out of the status certificate (most likely by amendment)
Disclosure X Status Certificate Arrears of Common Expenses & Monthly Contributions Deficiencies in Reserve Fund Litigation Changes to Common Elements Anything else that seems out of the ordinary Who Should Buy the Certificate? …who wants to rely on it? and to examine its documents.
Common Concerns Pets Occupancy & Leasing Parking X
Section 47(2) Record Information – if your client cares to be informed and involved Maintenance, Repair & Condominium Services Changes to Common Elements & Units on the Sale of the Unit Restrictions