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When you are buying a Condo, you are actually buying many things: your individual unit, your parking space, your locker and a share in the condominium corporation that owns and maintains the land and all of the common elements such as elevators, outside grounds, security, parking area etc. It is just as important that your condominium corporation is in good condition as your individual unit. To find out the status of the corporation, you should review the 'Status Certificate' or have your solicitor review it for you. When looking at condominiums, you must also consider the building itself. The choice of the building has a big impact on your 'lifestyle'. The 'building lifestyle' is commonly determined by three factors: Amenities, Location, Residents
Warranty on the property
The Ontario New Home Warranty Program (ONHWP) provides protection for condominium buyers of newly constructed residential units. However, ONHWP does not apply currently to properties, which are renovated or built on existing foundations. There are two ways in which the ONHWP provides protection.
It guarantees the buyer that any deposit or down payment made by the purchaser of a new condominium unit up to a maximum of $20,000 will be returned if the developer is unable to complete the transaction. It warranties construction of the units from the date of occupancy, and the common elements from the date of registration.
For one year against most defects . . . for two years for the mechanical and electrical systems the building envelope and water penetration . . . and for seven years against major structural defects.
In addition, there is a warranty for substitutions of key elements in the unit made by the developer without the consent of the purchaser. For further information on what rights you have under the Warranty Program you can contact them at (416) 229-9200 or visit them here Tarion
Condo Maintenance Fee
Why do they differ so much between buildings and corporations? Operating costs are virtually the same between buildings. What creates a difference is that some buildings include some or all utilities in the maintenance fees while other buildings have the individual owners pay the utilities directly. Secondly each building pays for different amenities such as 24 hr. security guards, valet parking, shuttle bus, swimming pools etc. Finally each corporation is required to set aside a portion of the condo fees for a reserve fund to pay for major repairs in the future. Some corporations may not charge sufficiently for their reserve fund. To compare expenses between buildings, you must add your condo maintenance fees plus utilities you pay direct to get an accurate comparison.
Information on the status of the corporation including current condo maintenance fees is contained in a 'Status Certificate' for that corporation/building. You should always request a Status Certificate as a condition of making an offer on a resale condominium property.
How are common expenses determined?
The developer is responsible for allocating the contributions to common expenses to each unit. Usually the developer bases the allocation on the size of the unit. The larger the unit the greater the amount of payable towards common expenses. A developer however is not required to use this basis for common expense allocation.
A portion of the common expenses paid by the owners is transferred monthly to a reserve fund account. The reserve fund is the unit owners' savings for the major repair and replacement costs of the common elements which occur as a building gets older.
Who manages the property?
Usually, a property management company,, under the direction of the Board of Directors, runs the day-to-day affairs of a condominium corporation. Some condominium corporations are self-managed. The board is responsible for carrying out the obligations of the Corporation as set out in the Act, the condominium documents (declaration, by-law and rules) and any agreements to which the corporation is a party.
I will guarantee that you will love your Condo, the area, the schools and even the district for the first 6 months or I will sell it and waive the listing commission. The Selling agent must be paid the 2.5% plus applicable taxes and I will find you a Condo that you will be happy with. *some conditions apply
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Your home is probably the biggest purchase you or your family will ever make, it involves many decisions that go beyond simply just choosing a house you like. What is the true market value of the home you are interested in? Is it priced too high? Is it a bargain ? We help home buyers make educated decisions, and we'll ensure that you are not just buying a house, but a home. If you are Up sizing or Downgrading, looking for investment or recreational properties, or just want a change of environment, we can help! Give us a call Today!
