OREA Condo FORM Reference to Building Number

Miss Giraffe's Class: Building Number Sense in First Grade

Question:

There is a reference to the Building Number in the standard Form OREA condominium purchase agreement. Is that the municipal address or another number?

Answer:

The reference to Building No. anticipates that there will be some description of the particular building other than a municipal number alone. This Form may be used prior to registration in Land Titles. The building, in fact, may not even be built. All you see are the plans.

The purpose is to avoid uncertainty. This Buyer wants the building “on the lake”, not the other building being “second from the lake”. Municipal numbers are fine since in many cases, they will have two separate numbers. But, maybe this transaction is taking place before the municipal numbers have been assigned.

There is no absolutely correct answer here. The space is an opportunity to avoid any misunderstanding and make sure that you have the correct building. So, at the start, you may have Building “A”, and if Building “A” later gets its own municipal address, like “123 Main”, then, that’s fine at that time. If 123 Main is the municipal number for two buildings, then you want to say Building 1, or Building A, or the Building closest to the lake.

Once it’s in GeoWarehouse, then, try to stick with what you see there.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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