Condo corporations are required to maintain a “reserve fund”. The money held in the reserve fund account is used to fund major repairs to the condo’s common elements. Onsite reserve fund studies are conducted every six years, with updates to the studies (without site inspection) occurring at the three year mark between the onsite …
HST rebates are available to purchasers of new condominiums. If you are purchasing the unit to occupy it yourself, the rebate can be credited to you immediately on closing. This provides an added incentive to home buyers to purchase new construction as they don’t need to pay the full tax and claim the rebate afterwards. …
What is Interim Occupancy? When buying a new condo you will likely be introduced to something called “interim occupancy”. To keep it simple, you will have to move into your condo BEFORE you actually own it and so you will have to pay the builder an interim occupancy fee. Think about it like paying …
Summer and barbecues go hand in hand, and that is no different for those living in condos who want to enjoy a meal cooked on the grill while sitting on their balcony. Neither the Ontario Fire Code nor the Technical Standards and Safety Authority prevent the use of barbecues on balconies – their use is …
Are pets allowed in this condo building? Your friend says “no,” your realtor says “yes,” the mailman says “no.” The good news is that there is always a correct answer. Rules regarding pets differ between buildings. Details can be found in the condominium documents. When you make an offer to purchase a condominium, these documents …