New Condo Owners Beware!
Clock is Ticking!
A few condo buildings have been recently registered in Mississauga. In simple words, it means that the builder has formally handed over the units to the respective owners.
The ownership of condominium units has passed from the builder to the residents.
Some of these new condo buildings in Mississauga include Absolute condos (50 and 60 Absolute Ave.), Limelight condos (North and South Tower) and Parkside condos. New condo owners should be act prudently when it comes to builder’s construction deficiencies.
Construction deficiencies at new builder condos in Mississauga
New Condo Owners Note This: As per law, the right to recover damages for builder deficiencies is forever lost unless a claim is made within a 2 year period. Waiting too long is the most costly mistake any new condominium board can make.
What should the Newly Registered Condo Boards in Mississauga do?
New Condominiums in Mississauga should engage professional engineers to conduct a performance audit. As a general rule, the limitation period for construction deficiencies revealed in a performance audit begins when the audit is issued to the condominium’s board. It is critically important for new condominiums to engage the services of a condominium-focused law firm at an early stage and get advice on construction deficiency issues. Condo boards or property managers can provide a great service and accountability to their condominiums and unit owners by seeking the right legal help in time.
