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Pa ge R E1 4 T hu rs da y, Ju ne 4 , 2 01 5 - T he IF P - H al to n H ill s - R ea l E st at e Le ad er - w w w .th ei fp .c a 905-877-8262 Susan Hancock Sales Representative Realty Services Inc., Brokerage when experience counts office: 905-456-1000 direct: 905-866-2994 ... INTEREST FREE LOAN to Help with Home Improvement Repairs When You are Listing with Us! ... FREE Professional Staging and Virtual Tours! ... Cormpilas Team's Seller/Buyer Guarantee & Benefits www.RealEstateGeorgetown.com Angie Cormpilas Broker Chris Cormpilas Sales Representative The Cormpilas Team 905-877-3629 CHRISTINA BRAS Sales Representative (647)200-0261 cbras@rogers.com www.thebrasgroup.com Richard T.Howitt,Q.C. Barrister & Solicitor Jeffrey A. Patterson, J.D. Barrister & Solicitor 83 Mill Street, Suite 301 Georgetown,ON L7G 5E9 905-877-5139 F: 905-877-1155 www.howittlaw.com Over 40 years of experience, specializing in: • Residential Purchases and Sales • Commercial Purchases and Sales • Farm Properties •Mortgage Refinancing • Commercial and Residential LeasesBROKERAGE Pat Akers Sales Representative 905-873-6111 Call Pat Direct 905-703-4766 pakers@trebnet.com Realty Services Inc., Brokerage† Buying Or Selling? confidential consultation arranged! direct: 416-712-9415 office: 905-456-1000 Broker MarkCachia Please Visit www.markcachia.com REAL ESTATE DIRECTORY Ltd., Brokerage, Georgetown Sales Representative Kim Attwell kimattwell@hotmail.com 905-873-5467 369 Mountainview Rd. S. Georgetown Heather Morison Broker, ASA (Accredited Seniors Agent) DIRECT: 905 873 4266 OFFICE: 519 853 9924 Did you know . . . ? You can click on . . . www.REresource.ca for all your real estate needs. Find Your Dream Home At MacDermidGroup Kenzie MacDermid & Lynda Carter Sales Representatives Sales Volume 2013 MortgageAgent Top Producer Partner Mortgage* National Top Partner Mortgage* �������� Choice Award 2010-­2015 *Sales Volume 2013 Follow these five tips for buying a condo It's no secret that there's an ongo- ing condo boom in Ontario - just look around you. Our cities are going up vertically, and that means more and more people are enjoy- ing high rise living. So if you are joining the crowd and thinking of buying a condo, here are some tips to make your purchase a smooth one: 1. Delays happen. It could be two or three years between the date you sign your purchase agreement and the date you take occupancy of your unit. If construction runs over schedule, it could be even longer. Read the statement of critical dates, outlined in the Ad- dendum attached to the Agreement of Purchase and Sale to get a sense of how long it may take for your condo to be ready for occupancy. 2. Know your rights when it comes to delayed closings. Builders are entitled to extend the occupancy date specified in a purchase agreement as long as they provide proper notice. (When proper notice is not given, buyers are eligible for delayed occupancy compensation.) It's a good idea to read up on your rights and respon- sibilities in delayed occupancy situations, which you can do on- line at tarion.com. If a builder fails to close the sale or substantially complete construction, deposits are protected up to a maximum of $20,000 with any excess deposit amounts being protected by the trust provisions of the Condo- minium Act. 3. Hire a lawyer. A condominium lawyer will help you interpret your purchase agreement. It's to your benefit to understand both your own and your builder's responsibilities. For example, the Condominium Act entitles you to a 10-day "cooling off" period that begins on the day you receive the purchase agreement or a document called the disclosure statement, whichever comes later. During this time, your lawyer can negotiate changes to the offer, like capping adjustments to the purchase price, restricting amendments to the size, design or dimensions of the unit or even getting out of the contract. 4. Be prepared to move into a construction zone. Condo projects are different from single family homes in that the purchase is usu- ally completed in two steps. Step one is interim occupancy. Many buyers find out the hard way that they're required to take posses- sion of their completed unit before common element features like front reception, landscaping and the swimming pool are finished. This means you could live for many months without the antici- pated amenities. 5. Know what's yours, and what's shared. A new condo unit comes with a seven-year warranty from your builder that is backed by Tarion Warranty Corporation. The shared areas in your condo, such as the roofing, parking structures, exterior cladding and any shared amenities, are covered under the common element warranty. This is a separate warranty from your unit's warranty. Condo owners are responsible to submit war- ranty claims for their units only, whereas the condo board handles the warranty for the common ele- ments. More information is available online at tarion.com or toll-free at 1-877-982-7466.