Many believe that purchasing a property is a simple person-to-person transaction that does not require specialized legal advice. However, there is an additional participant in the purchase of a condominium – the condominium corporation. It has numerous documents including bylaws, financial statements, and minutes from board meetings that require scrutiny before committing to a purchase. Subtle passing references in board meeting minutes might reveal a serious problem requiring repair or a potential special assessment. If not properly apprised, a purchaser may end up having more financial exposure than they bargained for. Our experienced condominium lawyers can assist in identifying these types of issues.
Alternatively, a purchaser may find that the bylaws prevent pet ownership. This may be a deal breaker, especially if you are told you cannot bring your beloved family pet to live with you. You may also require legal intervention, to negotiate a waiver or challenge the bylaw itself. We can advise you at the outset whether the bylaw is likely to cause a legally insurmountable issue for you.
Even if you do not foresee any identifiable issue for concern, lawyers still provide a necessary and objective buffer in what can be an emotional process. Many buyers rely on information from the vendor or real estate agent but they have a financial interest in the deal closing. Our condominium lawyers can provide an objective assessment.