![Clock is Ticking-New Condo Owners in Mississauga, Beware!]( "clock-ticking-new-condos-amitkalia")
Clock is Ticking!
Clock is Ticking!A few condo buildings have been recenlty 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.) and Limelight condos (North and South Tower).
Parkside condos (The Parkside Residence is expected to register any day now).
Construction deficiencies at New Builder condos in Mississauga
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.
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