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in si de ha lto n. co m O ak vi lle B ea ve r | T hu rs da y, Ju ly 29 ,2 02 1 | 22 Real Estate Advertorial Condos are not just a big-city thing anymore While condominium developments have played a major role in the Greater Toronto Area for years, there are strong signs that their popularity is spreading into much smaller areas outside of the "big smoke." Condominium sales are on the rise in smaller Ontario communities, and the trend doesn't look like it will slow down anytime soon. Buyers of pre-construction condos ben- efit from several layers of consumer protec- tion. If you're thinking of buying one, here are a few important facts to know: Deposit protection covers you in cases where your builder goes bankrupt, funda- mentally breaches your agreement, or the project you bought into gets cancelled. It also applies in situations where you exer- cise a statutory right to terminate the pur- chase agreement, such as when comple- tion of your home is extended beyond the latest allowable date indicated in the ad- dendum section. When you buy a condo unit, you benefit from two levels of deposit protection. To begin with, your deposit is protected by the trust provisions of the Condominium Act. Under the act, your builder must hold your deposit money in a trust account. As a sec- ond level of protection, if for some reason your deposit was not placed in trust, Ontar- io's new home warranty program provides protection for up to $20,000. As a buyer of a pre-construction condo, you're entitled to a "cooling off period" of 10 business days after you sign the pur- chase agreement to review the details once again and generally think things over. If on further reflection you decide you no longer wish to go through with the deal, you're able to terminate your agreement within this period and get your deposit back. New-build condos in the province come with a warranty from the builder and backed by Tarion, the organization that ad- ministers the warranty. The coverage on your condo unit takes effect once you take occupancy and in- cludes one-year, two-year and seven-year warranties that cover up to $300,000. This coverage includes everything from is- sues with workmanship and materials to major structural defects. Not only is there warranty coverage on your individual unit, but also on the com- mon elements, which are the shared areas outside your unit such as parking garages and fitness rooms. This warranty takes ef- fect on the date your condominium project is registered and is managed by the condo- minium corporation. Find more information about buying a new condominium at tarion.com. (NC) CELL 905.399.9544 OFFICE 905.844.5000 wilma@wilmafournier.com wilmafournier.com 265 Dunwoody Drive You've been waiting….. Has to be the best Oakville building lot available! 265 Dunwoody ( prime ravine Morrison lot) approx ONE ACRE with a beautiful land scaped pool. Conservation authority approved Virtual tour / survey available $3,777,777 EMPTY NESTERS: Mistakes that Could Cost You Thousands When Selling Your Oakville Home Oakville: Are you an "Empty Nester" who needs a home for the future? Is it time to downsize or to move into another home more suitable for you? Like thousands of residents in our area, you may be discovering that after years of non-stop child traffic in and out of your doors, toys on the floor, music floating throughout, suddenly you can hear a pin drop over the quiet hum of the refrigerator. Your rooms are filled with pictures and memories of this wonderful time of your life, but there are many empty rooms gathering dust now that your children have moved on. The freer years ahead are exciting ones to look forward to, and it's time for you to move on as well. If you find yourself in this situation, you 're in vast and good company. And what that means is that there are many wonderful opportunities for you to create this new chapter in your life ...if you know what is takes to get the most out of the equity you've built up in your current home. To help you understand the issues involved in making such a move, and how to avoid the most common and costly mistakes most Empty Nesters make, a new report called "Empty Nester: How to Sell the Place You Call Home" has been prepared which identifies these issues, and shows you how to steer clear of the mistakes that could cost you literally thousands of dollars. To order a FREE Special Report, visit bit.ly/our_nest or to hear a brief recorded message about how to order your FREE copy of this report call toll-free 1-888-343-6354 and enter 1013. You can call any time, 24 hours a day, 7 days a week. Or just text NEST1107 to 555000 Get your free special report NOW to find out how you can fly your empty nest with the most cash in your pocket. This report is courtesy of James Stanley, Sales Representative RE/MAX Aboutowne Realty Corp., Brokerage 1235 N. Service Rd., W., Suite 100 Oakville 905-842-7000. Not intended to solicit buyers or sellers currently under contract. Copyright © 2020 Simple marketing solutions for small businesses. marketing360.ca learn more at