There are many obvious luxuries in buying a condo. The security of being in a community environment; the total hands-off building maintenance; and perhaps an incredible highrise view or great location in an enviable neighbourhood.<\/p>\n
But when buying a condo, there are also important factors to consider. You must look far beyond the floor-to-ceiling windows to ensure you aren\u2019t also buying a giant future headache.<\/p>\n
The most important factor to remember is that when you buy a condo, you are buying into how the property is run. It\u2019s vital to do your due diligence before you become an owner.<\/p>\n
Many documents: reviewing them is important<\/strong><\/p>\n Whether the complex is run by a management company or by an association formed by the owners, always make your offer is conditional upon reviewing all the condo documents from the last two or three years.<\/p>\n Don\u2019t be shy about making this request. The OACIQ, the organization responsible for protecting buyers and sellers, has a mandatory form for all real estate brokers that includes a special clause for condo sales (B2.5) in its promise to purchase. It clearly states:<\/p>\n \u201cREVIEW OF CO-OWNERSHIP DOCUMENTS This promise to purchase is conditional on the BUYER\u2019s examination of the declaration of co-ownership, including the regulation of the immovable and the following documents\u2026\u201d<\/p>\n What are the most important documents to review?<\/strong><\/p>\n The regular documents that should be available to the buyer include the following:<\/p>\n The insurance plan is an important document to give to your insurance company so they can analyze it and propose a plan to cover your condo and personal belongings. They will make sure nothing is left out.<\/p>\n The buyer has the right to a time-period to receive and review these documents. A buyer who is not satisfied upon examining the documents and wishes to withdraw the promise to purchase can notify the seller in writing within seven days of receiving the documents. At this point, the promise to purchase becomes null and void.<\/p>\n If the buyer is satisfied, the condition is automatically waived and accepted once the timeline has expired.<\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.thesuburban.com\/” url_new_window=”on” align_tablet=”center” align_phone=”” align_last_edited=”on|desktop” _builder_version=”3.23″]<\/p>\n [\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”3.25″ custom_padding=”0|0px|54px|0px|false|false” link_option_url=”https:\/\/www.montreal-realestate.ca\/english\/customized-property-search\/” saved_tabs=”all”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_image src=”https:\/\/www.montreal-realestate.ca\/english\/wp-content\/uploads\/2019\/03\/Do-a-customized-property-search.jpg” align_tablet=”center” align_phone=”” align_last_edited=”on|desktop” _builder_version=”3.23″]<\/p>\n [\/et_pb_image][et_pb_text _builder_version=”3.29.3″]<\/p>\n <\/p>\n Other questions to ask <\/strong><\/p>\n Here are some other points to consider as you assess the overall condo association and community:<\/p>\n With an annual maintenance contract, you can be assured that the condo association is maintaining the quality of the roof. If there are any issues, they are reported right away.<\/p>\n When doing your due diligence, look out for the big jobs. For example: re-pointing the bricks, a new heating system, foundation work, windows, balconies, etc.\u00a0 These costs can add up. Well-run associations will have quotes available for the work they are considering.<\/p>\n Also, get a feel for the other condo owners. You\u2019ll have to work with these people to make decisions and handle any problems for the forseeable future.<\/p>\n In the end, you should be able to comfortably afford the current fees because you can count on the fact that there will be increases and fees that fall outside of the regular condo fees in the future.<\/p>\n Just remember that all buildings, whether they are houses or condos, need regular maintenance and small repair. Ensure the people who are running building or complex you are buying have a proper plan and the money in place.<\/p>\n For more information on condos in Quebec, you can visit: www.condolegal.com<\/span><\/a><\/span><\/p>\n Read more articles on buying a selling a home here<\/a>.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”3.25″][et_pb_column type=”1_2″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font=”||||||||” text_orientation=”center”]<\/p>\n <\/p>\n This article was featured in:<\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_image src=”https:\/\/www.montreal-realestate.ca\/english\/wp-content\/uploads\/2018\/11\/The-Suburban-1.png” align_tablet=”center” align_phone=”” align_last_edited=”on|desktop” _builder_version=”3.23″]<\/p>\n [\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" By Jennifer Lynn Walker There are many obvious luxuries in buying a condo. The security of being in a community environment; the total hands-off building maintenance; and perhaps an incredible highrise view or great location in an enviable neighbourhood. But when buying a condo, there are also important factors to consider. You must look far […]<\/p>\n","protected":false},"author":2,"featured_media":10598,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":" By Jennifer Lynn Walker <\/span><\/p> Buying a condo is a different process from buying a house. There is much more to consider and it\u2019s imperative that you do your research. <\/span><\/p> When you buy a condo, you are also buying into how the property is run and the management company. You\u2019ll have to deal with the other owners and you should expect eventual condo fee increases and extra fees that are not included in the condo fees. <\/span><\/p> Once you have found a condo that you love and you want to submit an offer, make that offer conditional upon reviewing all the condo documents from the last two or three years. <\/span><\/p> Don\u2019t be shy about making this request. The OACIQ, the organization responsible for protecting buyers and sellers, has a mandatory form for all real estate brokers that includes a special clause for condo sales (B2.5) in its promise to purchase. It clearly states:<\/span><\/p> \u201cREVIEW OF CO-OWNERSHIP DOCUMENTS This promise to purchase is conditional on the BUYER\u2019s examination of the declaration of co-ownership, including the regulation of the immovable and the following documents\u2026\u201d<\/span><\/p> The regular documents that should be available to the buyer include the following: <\/span><\/p> The insurance plan is an important document to give to your insurance company so they can analyze it and propose a plan to cover your condo and personal belongings. They will make sure nothing is left out.<\/span><\/p> The buyer has a time period to receive and review these documents. A buyer who is not satisfied upon examining the documents and wishes to withdraw the promise to purchase can notify the seller in writing within seven days of receiving the documents. At this point, the promise to purchase becomes null and void. <\/span><\/p> If the buyer is satisfied, the condition is automatically waived and accepted once the timeline has expired.<\/span><\/p> Here are some other questions to help you assess the overall condo association and community: <\/span><\/p> Just remember that all buildings, whether they are a house or condo, need regular maintenance and small repair. For a condo, these costs should be shown in the annual budget. <\/span><\/p> When doing your due diligence, look out for the big jobs. For example: roof, re-pointing the bricks, new heating system, foundation work, windows, balconies, etc.\u00a0 <\/span>These costs can add up. Well-run associations will have quotes available for the work they are considering.<\/span><\/p> For more information on condos in Quebec, you can visit: www.condolegal.com<\/span><\/a><\/span><\/p> Read more article on buying a selling a home here<\/a>.<\/p> Featured in:<\/p>\n
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Many documents: reviewing them is important<\/b><\/span><\/h4>
What are the most important documents to review?<\/b> <\/span><\/h4>
Other questions to ask <\/b><\/span><\/h4>
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