SOME IMPORTANT QUESTIONS TO ASK

• Did the builder have the necessary building permits and work orders for any work done?
• Are there any liens or outside claims from unpaid debts for past work? Any outstanding judgments or municipal work orders
• Have utilities and taxes been paid?
• Does the property comply with all by-laws?  For example: Is the parking area allowed by zoning?
• How will any easements and rights of way effect or limit my use of the property?
• Are there any special zoning or other rules or restrictions that apply to this property? For example: Is it in a heritage district?
• Is an above-ground swimming pool allowed?
• Is the current owner leaving behind the appliances? The garden shed? The lighting fixtures? The curtains and blinds?
• Does the owner need to fix anything before the sale closes?
• What happens if there is a leaky roof?  Before I buy… or after I have signed the Agreement of Purchase and Sale?
•  Can I rent out the basement? Can I have a tenant?
•  What does the condo’s status certificate tell me to expect?
•  What do the mortgage papers from the bank mean?  Can I pay off, refinance, or sell early without paying a penalty?
• I am buying the property with someone else. What does it mean to be “tenants in common” or “joint tenants”?
• Is the title free and clear?  Is the survey acceptable?  Should I get title insurance?
• What additional costs should I expect to close this purchase?
  • For example, Land Transfer Taxes, mortgage penalties, Title insurance policy?
• It is worth getting legal advice to make sure you know the right answers to these and other questions.
• Speak to a lawyer before you sign anything, including an offer to purchase. Protect your interests.

     < BACK