When buying a condominium in Calgary, it is extremely important that you fully review the condo documents before making any “signature” decisions.
If you’re not an expert in real estate transactions, not to worry, as most, if not all REALTOR®’s have condo documents reviewed on your behalf by a professional reviewer who will give you a substantiated opinion on the overall health of the building and bring to your attention any issues that you need to know about.
What are condo documents anyway, you might ask?
Condo documents provide current owners and potential buyers with critical information concerning the management of the building such as:
- Bylaw rules (pets, no pets, etc…)
- Management agreement (property management company)
- Insurance contract (common-place insurance)
- Financial information (reserve fund, etc…)
- Board meeting schedules
These documents above are almost always included in a set of condo documents, although there are also typically many more categories included. If one of these five is missing, you will definitely want to acquire that information before making any decisions.
Let’s say that you plan on buying a condominium in a particular building and find that the reserve fund is quite low.
If common-place property was somehow damaged and the reserve fund couldn’t cover the cost, as a shared owner in the condominium corporation you would be required to cover a portion of that total cost, as would all the other owners in the building.
In extreme cases condo owners have been stuck with tens of thousands of dollars in repair bills as a result of a lacking reserve-fund. Thankfully, however, that is something which doesn’t happen often.
Such a situation is why it is extremely important you review all the condo documents so you can make the best and most informed decisions and increase your chances of avoiding costly condo repair bills from an incident like the one mentioned above in the years ahead.
Make no mistake and get all the facts as this is crucial to the overall satisfaction you should have in your purchase!
More Condo Guides
Thinking of buying a resale condominium? Check out our Calgary Resale Condo Guide today, complete with several tips to help guide you to a successful purchase!
Has that new Calgary condo caught your attention lately? If you’re planning on making a move, you’ll definitely want to check out our New Calgary Condos Insider’s Guide today!
Questions About Calgary Condos?
As an experienced Calgary Condo Expert, I will help you find a condo that will fit your wants, needs, budget and lifestyle best. Call me anytime at 403-370-4180 or message me below; I am looking forward to helping you accomplish your condo goals!