Purchase of a commercial condominium unit
Buying an office, retail or industrial condominium unit, including permitted uses, shared costs and the status certificate.
What is included
- Reviews the agreement of purchase and sale
- Reviews the status certificate, budget and reserve fund information
- Searches title and registers the transfer, for a purchase
- Deals with the buyer's new mortgage or the discharge of the seller's mortgage
- Deals with arrears, liens or special assessments before closing
What is not included
- Registration costs, searches and other disbursements
- Engineering work, reserve fund studies or property management services
- Appeals, or tribunal or court steps not covered by the lawyer's written retainer
- Acting for more than one side of the same matter
Who this service is for
- Buyers and sellers of residential or commercial condo units
- Investors buying a tenanted unit
- Buyers of parking or locker units, vacant land lots or common elements townhouses
Information to have ready
- 1The signed agreement of purchase and sale
- 2The status certificate, or the corporation's contact to request one
- 3Your mortgage lender's details
- 4Government-issued photo ID
- 5Leases and tenant information, for a tenanted unit
How a referral works
- 1Tell us in a few words what the matter is about, and who else is involved, so we can check for a conflict of interest.
- 2We recommend an Ontario lawyer for your matter, and at least one other you could choose instead.
- 3The lawyer runs their own conflict check, confirms the scope and quotes the fee, normally in a written retainer agreement.
- 4You pay the lawyer's fee to the lawyer. Any referral fee comes out of it, is disclosed to you in writing, and never increases what you pay.
NEO Legal Services Professional Corporation is a licensed paralegal firm, not a law firm. Every step of a referral, and your rights
Frequently asked questions
What does the lawyer charge?
A typical Ontario fee for this service is $2,500–$6,000, plus HST. The lawyer quotes the actual fee before any work starts. You pay the lawyer directly; the referral itself costs you nothing.
Why does the status certificate matter?
It shows the corporation's finances, reserve fund, special assessments, lawsuits and the unit's common expense account. The lawyer reviews it so you know what you are buying into.
Is buying a tenanted unit different?
The buyer usually takes over the existing lease, and the Residential Tenancies Act, 2006 continues to protect the tenant. The lawyer reviews the lease and tenancy details before closing.
General information only, not legal advice. NEO Legal Services Professional Corporation is a licensed paralegal firm regulated by the Law Society of Ontario.
Important limitations
- No outcome can be guaranteed
- Some changes need owner votes or registration that the lawyer cannot control
- The lawyer confirms the scope, fee and steps in a written retainer before starting
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