587-433-7653 Mark Ross

The first step is making the decision to purchase a home. Condominiums may be a great alternative for a few different reasons namely price and lifestyle. The important thing to know is that condominium is a form of ownership, not a style of building.

Condominiums can be:

  • Single family homes
  • Townhouses
  • Side by side duplexes
  • 4 plexes
  • Apartments

Condominiums are small companies and unit factors are like shares in that company. When buying a condominium you need to review:

  • Financial statements
  • Minutes of meetings
  • An examination of the registered plan
  • A review of any contracts that the corporation may have with management companies
  • A list of any work or repairs that are being carried out on common property
  • A statement of all the fees that are being charged the various unit owners
  • A copy of the budget for the current year
  • A copy of the latest audited financial statements
  • A copy of the Reserve Fund Study and Reserve Fund Plan

This can be overwhelming to the uninitiated. We can help you find professionals that will give you advice on all the topics mentioned above.

 

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