FAQ
Not always. Assignment rights depend on the purchase agreement, and many builders require written consent, charge an assignment fee or restrict how an assignment can be marketed. Some agreements don’t allow assignments at all, so review the clause with your lawyer before signing if flexibility matters to you.
No. Ontario’s Condominium Act gives buyers of a new condo from a developer 10 days to cancel after receiving the signed agreement and disclosure statement. Freehold purchases, including most detached homes, don’t carry the same statutory right unless the agreement specifically includes one.
Interim occupancy lets you move into a new condo before the building is registered and title transfers to you. You’ll pay a monthly occupancy fee, typically covering interest on the unpaid balance, estimated common expenses and property taxes. Final closing happens later, and this stage doesn’t usually apply to freehold homes.
Note anything incomplete, damaged or missing, from scratched floors and chipped counters to fixtures that haven’t been installed. Make sure each item is written on the inspection form, keep a signed copy and take photos. These records support any warranty claims you submit later.
Yes. A condominium’s declaration and rules can restrict pets and certain alterations, such as flooring changes or work affecting common elements. Rules vary by building, so review the project’s documents before you buy rather than assuming you’ll have the same freedom as in a freehold home.