FAQ
Not always. Assignment rights depend on the purchase agreement, and many builders require written consent, charge an assignment fee or limit how an assignment can be marketed. Some agreements don’t permit assignments at all, so review the clause with your lawyer before signing if you may need that flexibility.
No. Under Ontario’s Condominium Act, buyers of a new condo from a developer have 10 days to cancel after receiving the signed agreement and disclosure statement. Freehold purchases, including most detached homes, don’t come with the same statutory right unless the agreement includes one.
Interim occupancy is the stage when you can move into a new condo before the building is registered and title transfers. You pay a monthly occupancy fee, typically based on interest on the unpaid balance, estimated common expenses and property taxes. It ends at final closing and usually doesn’t apply to freehold homes.
Record anything incomplete, damaged or missing, such as scratched flooring, chipped counters or fixtures that haven’t been installed. Confirm each item is written on the inspection form, keep a signed copy and take dated photos. These records help support any warranty claims you file later.
Yes. A condominium’s declaration and rules can restrict pets and alterations, including flooring changes or work affecting common elements. These rules vary from building to building, so review the specific condominium documents before buying rather than assuming permission.