Wednesday, December 13, 2017 20:40

Lawyer-Video3

Q.  What Should a First Time Homebuyer know when buying a Condominium?

A.  Condos are popular because there are a lot of certainties. Some of your maintenance is taken care of and you have access to facilities. What really needs to be made aware, is if you chose to live in a condo you need to be following the rules – what is called the declaration. It is a separate community within the larger community and you have to live by those rules and have neighbours that are going to want to enforce those rules. Your use and enjoyment of that property is contingent on your ability to follow that and get along with other people. When you sign an agreement to purchase a condo you want to make it condition on satisfactory review of the status certificate provided by the condo corporation and that will identify a lot of things about the state of the condo corporation. The financials –  how much they have in the reserve, how financially strong it is so you can make an assessment on whether they’re going to have to increase common expenses and therefore you’re going to have to pay more if they had a special assessment and you are going to have to pay for that as a unit owner. It also helps you at that time to review all the governing documents of the condo. If they have a rule that says no pets are allowed and you have beloved animals that you want to bring with you then this condominium is not for you. Things like that will help you identify if this condominium and living in that community is the right choice for  you.

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