subject: Toronto Property - Help and FAQs - Part 4 [print this page] Toronto Property - Help and FAQs - Part 4
I'm concerned about employing an rogue contractor, can you recommend any to me please?
Absolutely! Every realtor is always pleased to supply advice. Knowing how hard it is to find a reputable company many realtors have put together a list of many professionals who we know will do a good 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 definitely highly recommended.
Is it feasible to rent out the unfinished basement ? Will we break the law if we rent it out ?
A basement will have to have a retrofit status and as such there are a few by-laws that govern their use. The fire department puts forward many fire codes for basements so that the tenants are secure, so many of the laws are surrounding these. To get this status a basement needs to be finished, for this reason 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 many basements that do not conform to the by-laws, even the rented ones. I am unaware who reinforces the rules. If there was ever a claim, you could also find out to your surprise, that your home insurance is no longer valid.
Can you advise me? I am sure I have made a monumental mistake when I bought my condo. How long should I wait to put it back on the market? I have checked with my bank and it's not something that can't be sorted.
It's not normally a profitable financial decision to sell your apartment soon after buying it.In the first place the best advice is not to sell your condo too fast after you bought it. We appreciate that you are not happy with your new condominium, but it really isn't a good idea to sell it so soon after buying it. As a usual rule, you should wait at least 3 years before selling, 3 years will allow some time for equity to build up. If you would like to buy a property as well as sell the one you are in now, the same real estate agent can act on your behalf for both transactions. You can still hire a realtor, even if you bought the condo directly from the developer in the first place.
Does a petition and having a solicitor representing us mean we can request their removal?
As a condo resident (I'm presuming 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 obligations. A apartment corporation will have a board of directors, you will need to make contact with them before you do anything else. At this level you may not need to employ a legal adviser as the condo corporation have the right to dissolve the management company's contract. The condo management will have a contract with the apartment corporation and this could be cancelled if they do not live up to their contractual obligations. Of course, this is not intended to be legal advice.
Questions answered by Toronto houses for sale expert.
