Essential Legal and Inspection Steps When Selling a Condo and Buying a House

Moving from a condo in bustling Toronto to a serene house in the suburbs is a big step. This journey can be exciting, but it comes with legal and inspection challenges. To make this process smoother, here are the essential steps you need to take.

The Ultimate Legal Checklist: What You Must Know Before Selling Your Condo

Before selling your condo, you need to handle several legal matters. Not managing these well can create significant issues down the line.

Get Your Condo Documents Ready

Gather all your condo documents. This includes financial statements, bylaws, rules, and regulations. You will also need the status certificate, which summarizes important information about your condo. Your buyer will want to see these documents to understand what they are getting into.

Understand Your Financial Obligations

Check if you have any outstanding condo fees or levies. If there are any, pay them off. Also, confirm if there are any special assessments planned. Buyers will want to know all financial responsibilities associated with your condo.

Review the Condo Declaration

Make sure you read and understand your condo declaration. This document outlines the boundaries of each unit and the common areas. It will also detail your responsibilities as a unit owner and those of the condo corporation.

Hire a Real Estate Lawyer

A real estate lawyer can help ensure that all your documents are in order. They can also help review the offer from the buyer and explain any conditions.

Inspection Nightmares: Avoid These Common Pitfalls When Buying a House

When buying a house, inspections are crucial. Knowing what to look for can save you from future headaches.

Roof and Attic

The roof is a critical part of your house. Make sure there are no missing or damaged shingles. Check for any signs of leaks in the attic, which could indicate a problem with the roof.

Foundation and Structure

Inspect the foundation for any cracks. Small cracks might not be a big deal, but large ones could mean serious issues. Also, look at the walls and floors for signs of shifting or other structural problems.

Plumbing

Turn on all the faucets and check for water pressure. Look under sinks for signs of leaks. Ensure that all toilets flush properly and that there are no signs of water damage around them.

Electrical System

Test all the lights and outlets. Check the electrical panel for any signs of overload or amateur wiring. It’s always best to have a licensed electrician inspect the system.

Heating and Cooling Systems

Ensure that both the heating and cooling systems are in good working order. Check the age of the systems, as older ones may need replacement soon.

Navigating the Legal Maze: Essential Contracts and Disclosures for Condo Sales

Selling a condo involves several contracts and disclosures. Understanding these can help you avoid legal issues.

The Agreement of Purchase and Sale

This is the primary contract between you and the buyer. It outlines the terms and conditions of the sale, including the price, closing date, and any conditions that need to be met.

The Status Certificate

The status certificate provides a detailed overview of the condo. It includes information about the condo corporation’s financial health, legal issues, and any ongoing maintenance. Buyers are likely to request this document.

Disclosure Forms

You must disclose any known issues with the condo. This includes past repairs, water damage, or mold problems. Honest disclosure can prevent future legal problems.

Closing Documents

These documents finalize the sale. They include the deed, transfer of ownership, and statement of adjustments. Your real estate lawyer will prepare these for you.

Home Inspection 101: Key Areas That Can Make or Break Your House Purchase

A thorough home inspection is a must when buying a house. Here are the key areas to focus on.

Exterior Condition

Start with the outside of the house. Check the siding, windows, and doors for any signs of wear and tear. Look at the landscaping to see if it properly directs water away from the house.

Basement and Crawl Spaces

Inspect the basement and crawl spaces for signs of moisture. Check for any water stains or mold. A musty smell could indicate past or present water issues.

Appliances

Test all the appliances that come with the house. Make sure they are in good working condition. Ask about the age and maintenance history of major appliances like the fridge, stove, and washer/dryer.

Windows and Doors

Ensure that all windows and doors open and close properly. Look for any signs of drafts or moisture around them. Double-paned windows should be free of fogging or condensation between the glass.

Flooring

Check the flooring for any signs of damage. Look at the condition of the carpets, hardwood, or tiles. Make sure there are no soft spots in the floors, which could indicate structural issues.

Insulation

Proper insulation is critical for energy efficiency. Check the attic, walls, and crawl spaces for adequate insulation. Insufficient insulation could lead to higher energy bills.

Putting It All Together

Selling a condo and buying a house involves many steps, from legal matters to detailed inspections. By understanding these processes and knowing what to look out for, you can avoid common pitfalls and make your move to the suburbs a success. Always consult with professionals, including real estate lawyers and inspectors, to ensure everything is handled correctly.