SOME IMPORTANT QUESTIONS TO ASK

 

    o Did the builder have the necessary building permits and work orders for any work done?

    o 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?

    o Does the property comply with all by-laws?  For example: Is the parking area allowed by zoning?

    o How will any easements and rights of way effect or limit my use of the property?

    o Are there any special zoning or other rules or restrictions that apply to this property? For example: Is it in a heritage district?

    o Is an above-ground swimming pool allowed?

    o 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?

    o What happens if there is a leaky roof?  Before I buy… or after I have signed the Agreement of Purchase and Sale?

    o Can I rent out the basement? Can I have a tenant?

    o What does the condo’s status certificate tell me to expect?

    o What do the mortgage papers from the bank mean?  Can I pay off, refinance, or sell early without paying a penalty?

    o I am buying the property with someone else. What does it mean to be “tenants in common” or “joint tenants”?

    o Is the title free and clear?  Is the survey acceptable?  Should I get title insurance?

    o 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.