The condo papers worth reading
THE HOME GUIDE · 29
The condo papers worth reading
When you buy a condo, you also join the shared costs of the building.
ABOUT 3 MINUTES TO READ
A QUICK LOOK · THREE THINGS TO KNOW
01 / START HERE
Ask for the building papers
Condo owners share the cost of running a building.
02 / START HERE
Check bills and savings
The status papers can show fees, money set aside for repairs and other key facts.
03 / START HERE
Look for future costs
A building may need large repairs.
A condo unit can look wonderful during a tour. The building also has bills, plans and rules. Those details may not show up in listing photos.
PART 01
Ask for the building papers
Condo owners share the cost of running a building. The unit you see is only one part of what you buy.
PART 02
Check bills and savings
The status papers can show fees, money set aside for repairs and other key facts. Read them with someone who knows condo records.
PART 03
Look for future costs
A building may need large repairs. Owners may face new costs under its rules. Ask questions before the deal becomes firm.
A SMALL STEP YOU CAN TAKE
One thing to check today
Ask for the current status papers. Have a lawyer review the details.
HOW TO USE THIS
If you are buying or selling
If you are buying
Check the status certificate and the building's costs before your final choice.
If you are selling
Have current condo documents ready when the buyer is allowed to review them.
SAVE THIS LIST
Three questions worth asking
- What major work is expected and how will it be funded?
- What restrictions affect my intended use?
- What responsibilities fall on the unit owner?
SOURCE AND FURTHER READING
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