Toronto Property - Help and Questions - Part 4

Do you have any information or advice about contractors in my locality?

Certainly! Worry not, every real estate agent will provide you with names for most types of contractors. A list has been organized over the years of professionals realtors trust and this forms a big part of good real estate business business. All the contractors & tradespeople have usually worked for the realtor, his/her friends, family members and/or clients, and are definitely highly recommended.

Our basement isn't finished, does this mean I can't rent it out? Will I break the law if we rent it out ?

You would need to check out the law in detail as there are quite a few that govern the retrofit status of basements in the GTA area. That is based normally on the fire codes put forward by the fire department to ensure the security of basement tenants. The unfinished basement would not be covered for retrofit status. It seems there are quite a few of basements rented out in Toronto that also do not come up to standard. I am not sure who reinforces the laws. A final thing to keep in mind is your home insurance, renting an unfinished basement could mean that you may not be covered in the event of an issue.

Can you advise me? I think I have made a big mistake when I bought my condo. How long should I wait to sell? I have spoken with my mortgage lender and it's not something that can't be arranged.

It's not normally a good financial decision to sell your condo soon after buying it.Firstly the best advice is not to sell your condo too quickly after you bought it. We appreciate that you are not happy with your new condominium, but it really isn't a decent idea to sell it so soon after buying it. Typically, you should forget about selling for at least 3yrs in order to produce some equity You do not have to use separate realtors, the same agent can assist you with both selling and purchasing a property. You can still hire an agent, even if you bought the condo directly from the developer in the first place.

Is it doable for condo residents to petition to remove the current management from a condo building?

As an apartment resident (I'm deducing you're an owner and not a tenant) then you do have the right to petition for the removal of current management if they aren't living up to their responsibilities. Make contact the board of directors of the condo corporation. The condo corporation's board of directors will ask to see the petition and be made aware of your concerns with the current management.If the management company is not living up to their obligations in the contract, then the condo corporation may be able to cancel the contract due to a breach in a contract. The condo management will have a contract with the condo corporation and this could be dissolved if they do not live up to their contractual responsibilities. [spin]Of course, this is not designed to be legal advice.

FAQ answered by Houses for sale in Toronto expert.