The term “New” is applied to condominium buildings that are either under construction or have been newly completed, while the term "Conversion" can mean the building was previously used for something else but has been, or is to be, renovated for residential use. For example, many loft style condominiums are converted from former commercial or industrial buildings.
Conversions may also refer to the changing of units from rental units to condominium units. Both new and conversion condominiums are usually purchased from a developer. “Re-sale” condominiums are units that have already been occupied, typically in older buildings, and are offered for sale by the current owner.
There are a number of professionals who can help you find the right condominium/townhouse. Real estate agents, lawyers and notaries, developers and financial advisors all play an important role. Because buying a condominium is different from buying a traditional house, it’s a good idea to enlist the help of professionals who specialize in condominiums.
You can choose to deal with the vendor’s real estate representative (for existing condominiums), but you should really enlist one who will act only on your behalf. If you deal with the vendor’s agent, there should be no charge to you, as the agent will be paid a commission by the vendor. An agent acting exclusively for you should not charge a fee for his/her services, as he/she normally shares in the vendor’s agent’s commission. Make sure you are clear on who is paying the real estate agent’s commission, and what you r obligations are once you’ve signed an agreement. When you meet with your agent, be specific about what features you’re looking for, location, and your budget. This will allow your agent to pre-screen condominiums on the market that are within your price range, in the neighbourhoods you want to live in,
with the features and amenities you want.
Condominium and Townhouse Living - its a lifestyle choice
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