I hosted an Open House yesterday at a lovely condo enclave Downtown Guelph.
(BOOK- not meant to be offensive (I don’t like the title), it is meant to be informative… It is a good little read to flip through…. let me know if you would like a copy).
After speaking to a few people that came through about the rise in popularity of condos, different condos around Guelph, the turn key convenience of them, different amenities some have (party rooms, common patios, gym, pools) and some do not…. it was a very important reminder to me that Buyers (and Sellers) should be, and deserve to be, made aware (by their trusted representative/Realtor) of the importance of the Condo Docs!!
From my conversations yesterday, it seems that not all are always made aware of the importance of these Docs.
It is part of a buyers Due Diligence to review these and ensuring that their lawyer has the opportunity to review them before firming up on a condo purchase (of course, up to the buyer to decide wether or not to do this, but they must be made aware- they deserve to be made aware).
To name a few things that the Condo Docs state:
– who is the property manager
– who is on/ makes up the condo board
– reserve fund (the balance of the corporation and is it in good order)
– special assessments (any fees coming up that each unit owner would be responsible for)
– restrictions (pets, smoking, renting a unit out)
The list above is not exhaustive.
My view is that some Condo Corporations are like the 4th tier of Canadian government… some of them govern so many things that and owner can and can not do.
The point is…. if you are working with a Realtor, be sure they are informed and have shared with you the information about the home type you are considering.
You, the consumer, deserve to be informed.
Let me know if you have any questions.
Thanks for reading!
CRUISE THROUGH SOME OF THE CONDOS IN GUELPH: