Review of a pre-construction condominium disclosure statement and budget
Reads the developer's disclosure statement, budget, declaration and agreement, and explains the risks and your 10-day cooling-off right.
What is included
- Reviews the agreement of purchase and sale, disclosure statement and budget
- Points out terms on delays, occupancy, assignments and closing adjustments
- Explains the new home warranty and deposit protection basics
- Explains interim occupancy and what happens before title transfers
- Handles the final closing and transfer of title after the condominium is registered
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 of a new condo from a developer
- Buyers moving into a unit before the building is registered
- Investors closing a pre-construction purchase
Information to have ready
- 1The signed agreement of purchase and sale and all amendments
- 2The disclosure statement, budget and any updates
- 3Deposit receipts
- 4Your mortgage lender's details
- 5Government-issued photo ID
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 $600–$1,500, plus HST. The lawyer quotes the actual fee before any work starts. You pay the lawyer directly; the referral itself costs you nothing.
What is interim occupancy?
You may move in before the condominium is registered and title transfers. During that period you usually make monthly occupancy payments to the developer, and the final closing happens after registration.
Can I cancel a pre-construction purchase?
The Condominium Act, 1998 usually gives a buyer from the developer 10 days to cancel after receiving the disclosure statement and the signed agreement. After that, cancelling depends on the agreement and on limited rights in the Act, such as after a material change to the disclosure.
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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