Purchasing a condo.
There are many condo developments in our area. Condo’s are great for the active person that doesn’t want to worry about maintaining the grass or removing the snow.
Condo fees can include more then maintenance, usually everything outside of the building is covered by the condo fee. Roof, windows, doors and parking lots all come to mind a large items that will need replacing at some point. This is why a portion of your condo fee goes towards everyday upkeep (removing garbage, lawn cutting, gardening & snow removal) the other portion goes to a reserve fund that will either take care of the new roof when it comes along or a good portion of it. What happens if a roof is needed and there isn’t enough money for the upgrade? This is when the condo board (made up of owners of the units) decides to do a special assessment and add it to the condo fee per month or ask for a lump sum from each owner.
When buying a condo, the offer is always conditional upon your lawyer viewing the Condo Corporations Status Certificate. This has all the rules and bylaws in it as well as the accounting and amount that is in the reserve. It also stipulates who is responsible for what in the condo. There are some that do not include windows.
It will tell you if you need a parking pass or a visitors pass for the parking lot. You do not want to be towed. Give you your parking spot number and locker number if it comes with the unit.