Condominium Purchase or Sale Different from the Purchase or Sale of a Home?
When you are searching for a home, it is important to consider the lifestyle and conveniences you need. Single-family homes provide a certain level of privacy and independence, while condominiums may offer more freedom and convenience. If you choose to go with the latter option, be aware that there are fundamental differences between a condominium purchase or sale and the purchase or sale of a home.
The Differences between Condominiums and Homes
Condominiums tend to be governed by their own set of rules and it is important to keep this in mind when considering what type of residence you want to live in. Read on to learn more about a few of the main differences you should know about condominiums and homes:
- Ownership: With a condominium, the owner only has rights to the property within the walls of their unit, whereas owning a house means that you have exclusive rights to all the property purchased encompassing both the inside and outside.
- Repairs and Defects: Homeowners are completely responsible for the upkeep and security of the property, including purchasing insurance. Those who live in condominiums are usually not responsible for repairs and upkeep, rather dues are paid to the homeowners’ association they belong to which goes towards the insurance of the building as well as the maintenance of common areas.
- Modification of Property: Homeowners usually have the freedom to make any necessary changes they see fit to their property. However, condominium owners are generally much more restricted in their ability to make any significant modifications.
The laws that pertain to the purchase or sale of a condominium can often get confusing or overwhelming. Fortunately, the real estate lawyers from Simard & Associates are here to help. We can provide you with in-depth legal advice and help you understand all the terms in the Agreement to ensure your interests are always protected.
For more information about buying or selling a condominium, get in touch with our team at Simard and Associates by calling 613-446-5060 or submit a form online.