10/02/2020
News and Tips in Real Estate:
Checklist for Buying a Resale Condominium
A buyer's agent should have the right kind of professional experience in finding the right home for you and helping you in all real estate aspects of the transaction.
Never underestimate the value of contracts when it comes to buying a home. Arrangements are not only about money. Contracts are very important, too.
1.Find out exactly where your unit’s boundaries lie and if your unit factor is reasonable.
2.Hire a home inspector to evaluate the condition of the unit you are thinking of buying, as well as the building as a whole.
3.Consider having an indoor air quality inspection done to identify potential mold, airborne particulates, volatile organic compounds, poor ventilation, and odours from other units.
3.Consult the condominium’s technical audit and/or reserve fund study, if possible, to determine the condition of the building and common property.
4.Review the corporation’s annual operating budget, end-of-year financial statements, and the estoppel or status certificate.
5.Be clear about what is and isn’t included in the purchase price so you can compare overall costs with other condominiums.
6.Find out what your monthly condo fees include and when they are likely to increase.
7.Ask your experts to verify that there’s enough money in the reserve fund to cover the cost of major repairs and renewal projects.
8.Find out whether any special assessments are anticipated, what they are for, how much they might cost, and when they will need to be paid.
9.Investigate whether there are any “hidden” costs, such as long-term leases on building fixtures, which will be passed along to owners.
10.Check what new home warranty coverage remains on the unit, if any.
11.Confirm that there are no legal actions against the condominium corporation.
12.Consult with your lawyer before signing any documents.
