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Tuesday, December 29, 2009

New Rules for Selling or Purchasing a Condo

For the first time since 1969, a change is being made to the purchase and sale processes for condominiums in the province.

The Condominium Property Act aims to modernize the approval process, as well as increase transparency in the purchase and sale process.
Those looking to buy a condo will be given a 10 day cooling off period to obtain legal advice and to review any documents outlining the rules and requirements for living in a condominium community.
Over the past 15 years, condos have become popular housing choices, with more than 200 community's located throughout the province.
The new act goes into place on January the 1st.