Real Estate Lawyers Toronto Downtown

Sure, provided your condominium corporation’s bylaws, rules, or regulations allow it. The right to make changes to exclusive use common elements like balconies, steps, or yards is included in section 98 (2) of the Ontario Condominium Act, 1998.

 You must satisfy your corporation board changes to real estate you own won’t:

• adversely affect other owners’ units
• incur costs for the corporation
• detract from the appearance of buildings
• affect their structural integrity
• contravene the corporation’s declaration “or any prescribed requirements”.

Before you begin landscaping projects that affect the appearance of a strata real estate project, talk to the building’s property manager or email the condominium corporation. That way you won’t be forced to remove your handiwork or pay a fine if the corporation disagrees with your interpretation of section 98 (2).

Changing jobs during a mortgage renewal is tricky. Lenders want proof your new job is stable, and that means making it through the probationary period, or being confirmed in your position. A promotion in the same company may be seen as low risk, but moving employers can put the brakes on your renewal. A new position that’s commission based or tied to performance targets, or moving from employee to manager, can equally cause a lender to hesitate. 

Renewing your mortgage early (120 to 180 days before it’s due to expire) could give you some reassurance, but remember your lender can demand repayment at any time. Whatever you do, be honest about your situation. Not admitting to changes that could affect your financial circumstances is potential mortgage fraud, and could cost you your mortgage. 

If a real estate renewal is uncertain, you can always ask a mortgage broker to locate a new lender who may be more risk tolerant. Private lenders tie their decision to the equity in real estate, not your immediate income or job prospects. Switching lenders could give you the time you need to get established in your new position, and look for longer-term mortgage financing for a principal residence or real estate investment.

Only if it is zoned residential or live/work. 

For purely logical reasons, insurance policies typically don’t permit you to live in a commercial real estate unit you lease or buy. Besides obvious concerns, like who’s liable if a fire breaks out, purchasers are bound by municipal bylaws. While living where you work may sound genius to you (save on rent and commutes!), real estate bylaws exist for more practical reasons. 

For example:

• Are hazardous materials stored on site? 
• Does the fire department have to wait for security to unlock the gates?
• Is the building insulated for cold or damp weather? 
• Do doors and windows open inward? Could you get out easily if they were blocked from outside?
• Is it sanitary, with hot water and showers?

A commercial warehouse can be a cold, barren place at night, isolated from neighbours, and far from emergency aid. Even in a downtown office tower, you could be surprised to find centrally controlled HVAC (heating, ventilation, air conditioning) systems switch on and off throughout the night. Turning up the heat (if you can) will be noticed by building management. Leaving your vehicle overnight in a commercial real estate space is a dead giveaway.

The City of Toronto ruled out using condos strictly for short-term real estate rentals in 2019. Homeowners have to register, remain onsite, and pay a 4% MAT (municipal accommodation tax). That said, Airbnb rules in the Greater Toronto Area vary by municipality and building. Start by checking your condominium corporation bylaws, rules, and regulations. Your corporation may deny or restrict short-term rentals. 

Now that you know the rules, what happens if you make an offer on a condo building before you realize it has a reputation for being a “ghost hotel” or party hang-out? Given how popular Airbnbs have become, you need to seriously investigate real estate investments before you buy. 

As part of the “subject-to” conditions in your offer to purchase, your realtor can give you a contact to request a mandatory status certificate from the condominium corporation. Checking a year or two of corporation minutes for complaints from current owners could give you the information you need to decide if you want to proceed with a real estate offer.

Your Axess Law Toronto real estate lawyer can advise on your buyer’s right to cancel by reviewing your agreement of purchase and sale. Protect your legal rights if your worst fears are confirmed by talking to us before or after you make a real estate offer.