Essential Issues For Realtors, in the Condominium Act 1998.
About The Condominium Act, 1998 And Buying And Selling New and Resale Condominium Units In Ontario.
This comprehensive reference document was prepared by Craig Robson, Michael Clifton and Ron Danks. It was apparent to these leading condominium lawyers in their daily practice, that many realtors did not have the necessary information to understand the challenges that condominiums present.
The Act and the regulations made under the Act set out new and more rigorous requirements for developers, declarants, condominium corporations and owners in respect of the creation, management and maintenance of condominiums. Many of these new requirements were specifically enacted to increase and improve the protections available to the purchasers and owners of condominium units.
This paper restricts itself to discussion of provisions of the Act and Regulations relevant to understanding that part of the legislation applicable to the buying and selling of condominium units from the perspective of the Realtor, with "Key Points" and "Points of Interest" identified for easy navigation and reading. Although the main focus of this paper is on standard, residential condominium, the concepts and points discussed herein are generally applicable to industrial,
commercial and resort condominium as well.
Although initially just intended to be a reference document for realtors, developers and persons buying or selling condominiums, as it turns out, this publication is a must have for anyone that manages or is a director of a condominium. It will become increasingly important in today's competitive real estate market to understand how to maximize and retain unit market values.
