101 streetsmart condo buying tips for Canadians

Acknowledgements. Introduction. CHAPTER 1: Is a Condominium the Right Lifestyle Choice for Me? Tip #1: Condo Course 101. Tip #2: Understanding the Types of Condos in the Market. Tip #3: Advantages to Look for in a Condo Community Lifestyle. Tip #4: Disadvantages to Think About in a Condo Community Lifestyle. Tip #5: The Benefi ts of Buying a Condo as an Investment. CHAPTER 2: A Crash Course in How a Condominium Is Run and Managed and What That Can Mean for an Owner. Tip #6: Read the Act. Tip #7: Know the Powers of the Council. Tip #8: Who Minds the Farm? Tip #9: Can You Live with Your Obligations as a Condo Owner? Tip #10: Know Your Rights Before You Buy You Could be Surprised. Tip #11: The McCoys vs. the Hatfi elds. Tip #12: When in Dispute . Tip #13: The Cost of Membership: Part 1. Tip #14: The Cost of Membership: Part 2. CHAPTER 3: Financing Strategies for Your Condo. Tip #15: Understand How Federal Government Policy Impacts Interest Rates. Tip #16: Why the Money Supply Affects Mortgage Rates. Tip #17: Know that Rates Vary Among Lenders. Tip #18: What Kind of Borrower Are You? Tip #19: Different Properties Mean Different Rates. Tip #20: Know the Mortgage Hierarchy. Tip #21: How the Mortgage Term Is Connected to the Interest Rate. Tip #22: How to Determine the Maximum Mortgage You Can Afford. Tip #23: You Own the Property When the Mortgage Is Dead. Tip #24: Know the Fine Print Before You Sign. Tip #25: How a Pre–approved Mortgage Can Help You. Tip #26: Where to Find Conventional Financing. Tip #27: Alternate Sources of Financing. Tip #28: Understanding the Special Clauses in a Condominium Mortgage. Tip #29: Where to Begin Shopping for a Mortgage. Tip #30: Using a Mortgage Broker. Tip #31: The Key Factors to Consider When Selecting a Mortgage. Tip #32: What You Need to Know When Applying for a Mortgage. Tip #33: Understanding What the Lender Requires of You. Tip #34: Beware the Many Costs of Obtaining a Mortgage. Tip #35: Mortgage Life Insurance Premiums vs. Term Insurance. Tip #36: Using the Money in Your RRSP. Tip #37: What Your Options Are If You Default on Your Mortgage. Tip #38: Options for the Lender on Default. CHAPTER 4: Purchasing Your Condo. Tip #39: Understanding What s Behind Real Estate Cycles. Tip #40: Identifying the Three Types of Real Estate Markets. Tip #41: Identifying Factors that Affect Prices. Tip #42: Assemble Your Team: How to Find the Right Realtor. Tip #43: Assemble Your Team: How to Find the Right Accountant. Tip #44: Assemble Your Team: How to Find the Right Home Inspector. Tip #45: Assemble Your Team: How to Find the Right Insurance Broker. Tip #46: The Essential Factors of Buying a Condominium. Tip #47: Know the Real Reason Behind the Listing. Tip #48: Where to Look for Your Condo. Tip #49: Pros and Cons of Different Types of Condos. Tip #50: Know Your Warranty Coverage for a New Condo. Tip #51: How Do You Know If the Price Is Fair? Tip #52: Factors that Drive Your Buying Position. Tip #53: How to Prepare for Negotiation. Tip #54: The Fine Print of Presenting an Offer. Tip #55: Get Title Insurance. Tip #56: Typical Costs When Closing a Purchase. Tip #57: You Can t Hide from the Taxman. Tip #58: Income Tax and Your Personal Residence. Tip #59: Capital Gains or Income on an Investment Property? Tip #60: Income Tax and Investment Property. Tip #61: Can You Have a Rental Suite in Your Condo? Tip #62: Operating a Home Business from Your Condo. Tip #63: What Are Typical Preparation Pitfalls to Avoid? Tip #64: What Are Typical Due Diligence Pitfalls to Avoid? Tip #65: What Are Typical Partnership Pitfalls to Avoid? Tip #66: What Are Typical Financing Pitfalls to Avoid? Tip #67: What Are Typical Legal Pitfalls to Avoid? Tip #68: What Are Typical Investment Pitfalls to Avoid? Tip #69: What Are Typical Tax Pitfalls to Avoid? Tip #70: What Are Typical Selling Pitfalls to Avoid? CHAPTER 5: Legal Aspects of Buying a Condo. Tip #71: Know the Difference Between Freehold and Leasehold Interest in Land. Tip #72: Understand the Various Types of Joint Ownership. Tip #73: What You Need to Know About a Legal Contract. Tip #74: What to Look for in a Purchase and Sale Agreement. Tip #75: Ensure that Conditions of an Offer Are Clearly Stated. Tip #76: Conditions for the Benefi t of the Purchaser. Tip #77: Conditions for the Benefi t of the Vendor. Tip #78: Know Your Legal Options to Get out of a Signed Contract. Tip #79: Understanding Project Documents. Tip #80: Understanding the Condominium Corporation′s Bylaws. Tip #81: Understanding the Condominium Corporation′s Rules and Regulations. Tip #82: Understanding the Disclosure Statement. Tip #83: Understanding the Condominium Corporation s Financials. Tip #84: Understanding Property Management. Tip #85: Understanding the New Home Warranty Program Certificate. Tip #86: The Ins and Outs of Hiring a Lawyer. Tip #87: Understanding the Services the Purchaser′s Lawyer Provides. Tip #88: Understanding the Services the Vendor′s Lawyer Provides. Tip #89: Protecting Yourself with Home Insurance. Tip #90: How to Avoid Being Sued. Tip #91: Why You Need an Up–to–Date Will. Tip #92: Rely on a Lawyer to Prepare Your Will. Tip #93: The Importance of Estate Planning. CHAPTER 6: Selling Your Condo. Tip #94: The Best Time to Sell. Tip #95: Hints on Preparing Your Condo for Sale. Tip #96: Know the Pitfalls of Sale by Owner. Tip #97: How to Find the Right Realtor. Tip #98: Getting the Best Price. Tip #99: Know the Contents of a Listing Agreement and Avoid Problems Post–Sale. Tip #100: How Much Commission to Pay a Realtor. Tip #101: Which Type of Listing Agreement Fits Your Needs? Conclusion. APPENDIX: Condo Buyer′s Checklist. Condo Purchase Expense Checklist. Glossary. Helpful Websites. Reader Feedback and Educational Resources. About the Author.