By: Jayson Schwarz

When you finally make that offer, on paper for that beautiful new condominium, the sales agent will hand you either a book, often bound, or a pile of different documents and will then tell you that have ten (10) days, to finalise your decision to go through with the sale. There you are with more legal papers then you have ever seen at one time and a huge question, what is all this stuff?

The law requires that the builder provide you with a number of documents as part of the Disclosure Statement in order that you can learn what is really going on with that new condominium before it is too late. This statement must be provided to you under the Condominium Act s.72(1) and (2) and pursuant s. 72(3) it must contain some very specific information.   They are listed in the legislation below.

I will endeavor to explain each of these items. I may only be able to deal with one per article because of space constraints, so you will have to read the next issue. This is sort of like a serialised mystery story and you will only get to find out the ending when you read it.

Here is a list of some of those points:

72(3) b – a statement indicating what kind of condominium it is.

72(3) c – name and municipal address of the declarant and the property

72(3) d - a general description of the property.  This includes the types and numbers of buildings, units, and recreational and other amenities and conditions that apply to them

72(3) f – whether or not the Ontario New Home Warranties Paln Act (“ONHWPA”) applies or will apply

72(3) g – whether it is a conversion

72(3) h -  what units may be for commercial or non residential use.

72(3) i - Information about the portion of units that the builder intends to market in blocks of units to investors.

72(3) j - Information about the portion of units that the builder intends to lease.

72(3) k & l – amenities, when ready

72(3) m – copy of declaration, by-laws, rules and insurance trust agreement

72(3) n – an executive summary of most agreements outstanding

72(3) o,p – statements as to the possibility of amalgamation

72(3) q,r,s – budget information and fees