Considering Buying A Condo?
Here is what you need to know:
Definition of a Condominium (from Condominium Property Act):
A condominium is a form of real property ownership that has two distinct parts: you own your condominium unit to which you get a title, and you also jointly own common property with the other unit owners in your complex. Owning a condominium is not the same as renting an apartment where all the
duties and responsibilities of running the building are handled by the building owner and caretaker. In a condominium complex, ownership responsibilities belong to you and all the other unit owners in your
condominium corporation. Some examples of residential condominiums are an apartment within an apartment building, a duplex, a bungalow, or a townhouse.
What is important to you?
When you've found a property, speak with your realtor about making a complete review of the condominium documentation a condition of financing. Some banks will now require copies of condo documentation to review as part of your mortgage approval.
Some Condominium Documents you need to consider:
- Condominium By-Laws (are these laws suitable to your lifestyle?)
- Condominium Financials including Budget & Reserve Fund Study (is theCondo well managed? are there any upcoming fees or levies that you shouldbe aware of?)
- Condominium Meeting Minutes (you'd be surprised what you can find outby reading the last years meeting minutes!)
Condominium Documents can be quite extensive, If you need professional assistance to review the above documents you may consider hiring one a local expert for a fee.
Here are some additional consumer tips from Service Alberta:
As always I am available to assist you with any questions.