Remember a condo is a type of ownership, parts of the property are owned by individual people and all the other parts known as the "common areas" are shared between those people, they are all members of the condominium corporation and are responsible for the operating of the condo.
Part of the standard contract on an offer to purchase any condo is the seller providing of the condo documents during the condition period, this will help you understand the financial position and structure of any condo you are considering, These will include details of the reserve fund study, reserve fund financial statement, minutes of corporation meetings, condominium bylaws, property management contracts, Insurance, etc., because you do not want any suprizes further down the road.
We will help you understand these and walk you through them, and we have a link on the site to Condocheck who specialize in looking over all condo documentation.
Where does my condo fee go? during the condition period of any offer you make on a condo you will have the condo documents to look over with a Condo review company. These will give you the breakdown of everything that the condo fee is going towards, projected estimates and budgets of the condo corporation.
When the condo plan is registered at land titles office a separate title is created for each unit. Shown on this title will be the breakdown of each owners share of the common property, this takes the form of "unit factors" based in any size of complex on a total of 10,000. So this "unit factor" can be based on the units proportionate square footage or the initial market price in comparison to the rest of the building. The budget is then put together for the condo complex, and the fees are distributed according to the unit factor of each condo.
It does not matter if you are a young person taking that giant step onto the property market, an “empty nester” who’s children have flown, or want to increase your portfolio for your retirement. Or simply change your lifestyle, free up a little cash, have some fun, get some traveling in, or indeed you could be thinking about giving your children the opportunity of owning their first home by providing their down payment. All these are good reasons to get into buying a condominium.
Hopefully we can help you walk through the process.
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