Before you rush out and buy one of those Toronto Condominium Listings you have admired for so long, you should know that not everyone is suited to condominium living.
In order to take part in a condominium lifestyle you agree from the beginning to live by certain rules and regulations stipulated by the condo corporation.
When you make an offer on a Toronto Condo your real estate agent will insert a conditional clause asking for a Status Certificate. The Status Certificate gives you not only a financial picture of the condo corporation but also the rules and regulations.
Delivery of a Status Certificate is a legal requirement in Ontario and you should upon receipt take it to your real estate lawyer for examination.
These rules and regulations will more than likely differ from one Condo Corporation to another but will contain some or all of the following:
1. No changes to interior of the unit without written consent from the management.
2. No satellite dishes or antennae.
3. No BBQs on balconies
4. Enclosure of balconies not allowed.
5. Restriction on colour of window coverings.
6. Restriction on installation of hardwood flooring, particularly in older buildings, newer ones will have sound proofing.
7. Restrictions on parking of recreational and commercial vehicles.
8. Restrictions on commercial uses of individual units.
9. Restrictions on pets or types of pets.
10. Restrictions on plantings or patio usage, particularly townhouses
11. Noise restrictions from musical instruments.
12. Rental restrictions of the unit.
13. Restrictions on usage of elevators for moving and deliveries etc.
14. Restrictions on drying clothes on balconies.
These rules and regulations are not to taken lightly. Ignoring any or all of them repeatedly will probably result in a court order to comply and substantial legal costs which you will be responsible for.
If you are purchasing Toronto Condominium Listings as an investment with the intention of renting out, make sure you insert a clause in the tenants' lease that states they agree to comply with all the rules and regulations of the Condo Corporation.
If after checking the rules and regulations of the Condo Corporation you are satisfied you can live with all of them, you can settle into your new Toronto Condo and enjoy.
John Lavin is a full time realtor with 25 years experience helping buyers and sellers of homes, condominiums and investment properties in Mississauga and Toronto. If you are in the market for a Toronto Condominium please visit www.john-lavin.com