Before you buy a condominium unit, you should get copies of the declaration, bylaws, common elements rules, the reserve fund status certificate, the estoppel certificate, and the audited financial statements and review them. Besides the questions common to the purchase of any property, you should know the answers to the following:
This is an agreement between the purchaser and the seller of property that states the specific terms of the purchase. In most cases, a standard agreement form for condominiums is provided by the Nova Scotia Real Estate Commission.
Before you sign any agreement of purchase and sale, take it to your lawyer to review its terms and the provisions of the documents to make sure that you are properly informed and your rights are protected.
If the agreement concerns a proposed unit or if the declarant (developer) is the vendor, it should include:
If the unit is incomplete, your agreement should include confirmation of the completion date.
If the unit is not yet registered, specify that your offer is based on the documents (draft declaration and description) forming part of your agreement of purchase and sale and is conditional upon the registration of the unit under the Condominium Act before the closing date.
If the unit is in a phased-registration development, you should receive information in addition to the above noted, including:
If you are interested in a resale unit, make sure that your offer is conditional upon you receiving an estoppel certificate (see the definitions).
Consult your lawyer. If the unit is a new one and the agreement is between you and the declarant, you are entitled to receive information about the survey, design plans of the condominium, the declaration, bylaws, and common elements rules and regulations of the corporation. You have ten days, during which you may change your mind if anything contained in these documents materially affects your enjoyment of the property and you and the vendor are unable or unwilling to rectify the matter or waive the objection. You must rescind your offer in writing and it must be in the hands of the vendor within the ten-day "cooling off" period. This will make your agreement null and void.