FAQ
Possibly, but it depends on your agreement. Many builders restrict assignments, require written consent or charge a fee, and some limit how an assignment can be marketed. Not every buyer can resell their contract before closing, so review the assignment clause with your lawyer before you sign.
Yes. Under Ontario’s Condominium Act, a buyer purchasing a new condo from a developer can cancel within 10 days of receiving both the signed agreement and the disclosure statement. This statutory right applies to condominium purchases; freehold homes generally have no equivalent unless the agreement provides one.
Interim occupancy is the period when a condo buyer can move in before the building is registered and title transfers. During this time, you pay a monthly occupancy fee, which generally covers interest on the unpaid balance, estimated common expenses and property taxes. It typically doesn’t apply to freehold homes.
Before you take possession, the builder walks you through the home to record any incomplete, damaged or missing items on a pre-delivery inspection form. Keep a copy of that form, take photos, and report outstanding issues through the applicable warranty forms within the required deadlines.
It depends on the building. A condominium’s declaration and rules can restrict the number, size or type of pets, and those rules can differ from one project to the next. Review the disclosure documents before you buy rather than assuming every new condo follows the same policy.