A Condominium can be detached, semi-detached, row townhouses, stacked townhouses, duplexes or apartment style; low, mid or highrise. When you buy a condo you own the title of your unit(s) outright and a financial share of the building’s common elements.
When purchasing a Condominium, not only are you buying your individual unit but also a share in the Condominium Corporation that owns and maintains the land and all of the common elements of the building; elevators, outside grounds, parking, to name a few. It is just as important that the Corporation is in good condition as your individual unit.
To find out if the Corporation is in good standings, you should request a ‘Status Certificate’ as part of any offer and have your lawyer review it. In this documentation you will be able to review building financials & Reserve Fund, see if there are any judgements in place, and review how many units are being rented out. It is also important to review the rules and regulations of the building in case you are not comfortable with any that are in place, such as pet restrictions.
When looking at condominiums, you should also consider the building itself. The choice of the building has a large impact on the ‘lifestyle’ you would like to have. The ‘building lifestyle’ is determined by three factors:
- Mix of Owners
If you have any additional questions regarding condominium ownership, please do not hesitate to get in touch with me.