Some people choose to purchase condominiums without having the actual unit inspected, believing that any issues that might be identified would be covered by their condo fees, as many of the issues that might arise would be covered by the corporation anyway. What’s within the unit, however, is the owner’s responsibility. Things like appliances, switches, outlets, water heaters, heat pumps, air exchangers, and plumbing fixtures will be examined by the inspector to ensure all is in working order. The inspector can also use moisture meters and infrared cameras to detect dampness or leaking, telltale signs that there might be an issue with the building itself.
Author: Denise MacDonell
What Costs Are There?
Buying a condo costs money. You will incur these costs when purchasing:
Deed Transfer Tax: 1.5% of purchase price (in HRM)
Legal Fees: $1,000 + HST (varies by lawyer)
Inspection: $350 + HST (varies by inspector)
Adjustments on Closing:
- Condo fees are paid on the first of each month. If you move into a condo in the middle of the month, you will have to repay the seller for the portion of the monthly condo fee they pre-paid.
- Property taxes are paid in advance twice a year, and cover the period from April 1 to September 30, and October 1 to March 31. You must repay the seller for the portion of the property tax they pre-paid.
Some people choose to purchase condominiums without having the actual unit inspected, believing that any issues that might be identified would be covered by their condo fees, as many of the issues that might arise would be covered by the corporation anyway. What’s within the unit, however, is the owner’s responsibility. Things like appliances, switches, outlets, water heaters, heat pumps, air exchangers, and plumbing fixtures will be examined by the inspector to ensure all is in working order. The inspector can also use moisture meters and infrared cameras to detect dampness or leaking, telltale signs that there might be an issue with the building itself.
Buying a condo costs money. You will incur these costs when purchasing:
Deed Transfer Tax: 1.5% of purchase price (in HRM)
Legal Fees: $1,000 + HST (varies by lawyer)
Inspection: $350 + HST (varies by inspector)
Adjustments on Closing:
- Condo fees are paid on the first of each month. If you move into a condo in the middle of the month, you will have to repay the seller for the portion of the monthly condo fee they pre-paid.
- Property taxes are paid in advance twice a year, and cover the period from April 1 to September 30, and October 1 to March 31. You must repay the seller for the portion of the property tax they pre-paid.