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getting condo inspection? needed on 2 year old condo? cost?

paradigm

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I am buying a resale condo unit downtown Toronto, and need to know if I really need to get an inspection done? Between myself and family members, we are fairly competent when it comes to basic construction know-how, and do our own renovations.

That said, is it still wise to get an inspection done?

Should the inspection be done within the first 5 days of getting the offer approved by the seller, or should it be done right before the place closes a few months down the road?

What is the typical cost of an inspection for a small condo unit?
 
I'm a realtor, so keep that in mind when reading my advice please. All depends - do you own the HVAC unit or is it the responsibility of the building to maintain? Do you have a tankless hot water heater and again, is it owned by the unit? If these are owned by the unit, I'd have them inspected, even if it's only two years old. The rest is just a matter of getting a 'plug checker' from Home Depot to ensure all plugs are wired correctly and working correctly. Flush the toilets, check for moisture stains under sink traps and all shut off valves, etc. I always advise my clients to have an inspection but with condos, it's an entirely different story. I don't advise to NOT have an inspection, but there is very little to inspect, and since you say you know construction, you might be OK with that. Don't get alarmed if your agent adds a clause in if you decide against an inspection.

The inspection should be done within the conditional period before the Agreement becomes firm and binding, otherwise whatever you find down the road, you pay to fix.

On a side note, an offer is not 'approved' by a Seller for five days. An offer is accepted by a seller, then usually there is a conditional period in order for you to get your financing, you to get a legal and financial summary of the building and send to your solicitor for his approval, and for you to get any inspection done. Once all that is done successfully, the conditions are fulfilled and it's a firm and binding deal - no outs. Your real estate agent can walk you through each step, carefully explaining the process. Hope this helps you and good luck!
 
I'm a realtor, so keep that in mind when reading my advice please. All depends - do you own the HVAC unit or is it the responsibility of the building to maintain? Do you have a tankless hot water heater and again, is it owned by the unit? If these are owned by the unit, I'd have them inspected, even if it's only two years old. The rest is just a matter of getting a 'plug checker' from Home Depot to ensure all plugs are wired correctly and working correctly. Flush the toilets, check for moisture stains under sink traps and all shut off valves, etc. I always advise my clients to have an inspection but with condos, it's an entirely different story. I don't advise to NOT have an inspection, but there is very little to inspect, and since you say you know construction, you might be OK with that. Don't get alarmed if your agent adds a clause in if you decide against an inspection.

The inspection should be done within the conditional period before the Agreement becomes firm and binding, otherwise whatever you find down the road, you pay to fix.

On a side note, an offer is not 'approved' by a Seller for five days. An offer is accepted by a seller, then usually there is a conditional period in order for you to get your financing, you to get a legal and financial summary of the building and send to your solicitor for his approval, and for you to get any inspection done. Once all that is done successfully, the conditions are fulfilled and it's a firm and binding deal - no outs. Your real estate agent can walk you through each step, carefully explaining the process. Hope this helps you and good luck!

Thanks. Turned out the status certificate specified 80% units were rented... lawyer advised that this could be a bad thing. I signed a mutual release paper and sent it to my realtor, next step now is getting back my deposit money. It currently sits in trust with the seller's brokerage...
 
Thanks. Turned out the status certificate specified 80% units were rented... lawyer advised that this could be a bad thing. I signed a mutual release paper and sent it to my realtor, next step now is getting back my deposit money. It currently sits in trust with the seller's brokerage...

You should have absolutely no problem in getting your money back once a mutual release is signed. The brokerage holding the deposit will issue you a cheque as soon as their bookkeeper is able to. (Some brokerages only have a bookkeeper come in two days a week so don't panic if it isn't immediate.)

One thing I do for my clients is have a very small deposit with the offer, and then a larger deposit once removal of all conditions has occurred. That way, not a big chunk of money is sitting in a bank account while conditions are being met. Example: $300K condo - $20,000 deposit. First deposit: $5,000. After fulfillment of all conditions: $15,000.
 

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