Important Things to Know When Buying a Waterfront Property
Thursday Nov 01st, 2018
So you want to buy a property on the water? Well, I mean there's nothing like vita on the lake (life on the lake) so i don't blame you. Waterfront properties can be found along Lake Ontario right in Toronto, with prestige properties in the Beaches on the East End of Toronto all the way to Etobicoke in commmuities like Long Branch and New Toronto. Certainly they come at a high price tag for this type of view, access and privacy.
You may also find a property on a natural watercourse or wetland all throughout the Greater Toronto Area as well as cottage properties in areas like Muskoka, Midland, Blue Mountain, Orillia, Barrie and so on.
If you're in the market for a property that is situated on a shoreline, watercourse or wetland here are some important things as a buyer you should know when purchasing:
1. Include a condition in the offer to fully investigate the shoreline, natural watercourse, or wetland.
2. Advise the buyer to seek further information regarding regulatory procedures concerning watercourses and any associated alterations.
3. Seek assurances from the seller that no near-water alterations have been made.
4. Buyers are well advised to obtain photographs at time of closing in the event of future watercourses changes.
5. Find out if there are any disputes concerning the watercourse (eg. with adjoining neighbours, regulatory actions being taken etc), pending applications to alter the watercourse, and if the water follows a natural course or if the seller has made any changes during the sellers ownership.
Always consult with your real estate sales rep and lawyer for advice.
By: Daniella Vona
Source: 2016 Real Estate Council of Ontario