How the CAO helps real estate agents and condo buyers
The following article is a guest column from the CAO.
Recent data reveals that nearly half of newly built homes in Ontario are condominiums.
Real estate agents play a crucial role in navigating the condo purchase process and managing the expectations of buyers, who should understand that buying a condo is different from buying a house.
The Condominium Authority of Ontario (CAO) can help agents support their clients with a host of information and online resources, including its condo buyers’ guide.
The guide tells buyers what they should know before they make a purchase, the roles and responsibilities of owners and condo boards, how owners can resolve condo-living issues, and more. Landowners or developers of residential pre-construction and new condo units are required to provide buyers with the guide.
Visit thecao.ca for resources to help agents prepare their clients for condo living.
Cancelling a deal
The 10-day period during which a condo buyer may rescind or cancel their agreement of purchase and sale of residential pre-construction and new condo units is called the cooling-off period. Within this time period, a buyer has the right to rescind or cancel the purchase agreement for any or no reason whatsoever. Generally, the buyer should also be refunded – without penalty or charge – all money deposited toward the purchase price, along with any applicable interest.
The CAO recommends that agents and their buyers carefully review the disclosure statement, agreement of purchase and sale, and condo buyers’ guide within the 10-day period.
What is the CAO?
On behalf of the Ontario government, the CAO provides information, education and dispute resolution services for buyers, owners, renters, directors and others through resources and services including:
- guides, templates and tools for anyone new to condo living
- a searchable public condo registry that provides useful information about any condo corporation, including the developer or landowner, the current management company, and the board of directors,
- mandatory training for condo directors available to everyone at no cost
- guidance to help condo communities understand common issues and resolve them collaboratively before they escalate
- speedy and low-cost dispute resolution through the Condominium Authority Tribunal – Canada’s first fully online tribunal
Subscribe to Stay in the Know with CAO for updates on condo living in Ontario.