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Cody Battershill

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What are “condo documents” and why do I need them?

What are "condo documents" and why do I need them?

The condo documents provide a potential purchaser and the current owners with documentation regarding the management of every aspect of the condominium. The bylaws set out the rules, the management agreement will detail the management contract, the insurance certificate will provide the amount of insurance for the common building, the budget and financials will show you the financial health of the building and the reserve fund plan will examine what needs to be fixed and when. There are also annual general meeting minutes and other condo board meeting minutes. These are just some of the condomimium documents and their may be more documents you will want to request. You need them so that you can make an educated and informed decision if planning to purcase because when you own a condominium not only do you enjoy your unit but you also enjoy a share of ownership in the condominium corporation. When all is good you normally wont really hear anything, but when something is bad it is partially your responsibility. Get the docs and get all the facts.