Wanting To Move Into A Home in Toronto? - Part 4 of Advice and Questions

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I'm trying to find a for a trustworthy contractor, can you help?

Certainly! Every realtor is always pleased to supply advice. Knowing how hard it is to find a reputable contractor many realtors have put together a list of many professionals who we know will do a fantastic job and who can be trusted. All the contractors & tradespeople have usually undertaken work for the realtor, his/her friends, family members and/or clients, and are highly recommended.

My basement isn't finished, does this mean I can't rent it out? Will I be in breach of any laws if I do decide to go ahead and rent it out?

There are many by-laws in the City of Toronto relevant to retrofit status of a basement space. The fire department recommends many fire codes for basements so that the tenants are secure, so many of the laws are surrounding these. To achieve this status a basement needs to be finished, as a result an unfinished basement would not be approved. You are unlikely to be the only individual in Toronto who is in this situation as there are quite a few basements that do not come up to standard, even the rented ones. I am unaware who reinforces the situation. It may affect you rhome insurance plan as well if there was ever an issue

I recently bought an apartment but am not quite comfortable with my decision. Is there any sort of minimum time I should allow before placing the condominium back on the market?One thing I did manage to find out is the banks policy they do not have problem.

It's not normally a good financial decision to sell your condominium soon after buying it.First off the best advice is not to sell your condo too fast after you paid for it. We appreciate that you are not happy with your new condo, but it really isn't a good idea to sell it so soon after purchasing it. Typically, you should forget about selling for at least 3yrs in order to make some equity If you would like to buy a property as well as sell the one you are in now, the same agent can act on your behalf for both transactions. Sometimes individuals buy directly from a developer so never had an agent, it doesn't mean you have to sell via the developer, you can hire your own realtor.

Do they have right to demand a new management with a petition and a lawyer representing their interests?

If the management isn't living up to their contract and you are an apartment owner, not a tenant, then definitely you do have the right to do this. Every condominium corporation will have a board of directors, you will need to contact them before you do anything else. At this level you may not need to employ a lawyer as the condo corporation have the right to terminate the management company's contract. The condo management will have a contract with the condominium corporation and this could be terminated if they do not live up to their contractual liabilities. Of course, this is not meant to be legal advice.

Questions replied by Houses for sale in Toronto realtor.