Condo Living
June 27, 2024 Published by Huronia Chapter - By Ashley Lamb
Review All Condominium Documentation Prior To Purchasing
From the CCI Huronia Spring/Summer 2024 Condo Buzz Newsletter
When purchasing a Condominium, it is important to make sure that you understand what is owned, exclusive use, and common elements, as well as their differences. As a Unit Owner you also have to consider your responsibilities and the obligations that you are required to meet, which can vary between each Condo building.
All buyers have the opportunity to obtain the Condominium Documentation of the Condominium Corporation; including the Status Certificate, the Declaration, Description, By-Laws, Common Elements, Rules and Regulations, and the most recent financial statements of the Condominium Corporation, prior to finalizing their purchase.
Within these documents the buyer will get a better understanding for the boundaries of the unit and the alterations and/or improvements that will need the approval from the Board of Directors prior to the work being carried out. Any alterations and/or improvements that have already been done to the Condo Unit which required the consent from the Board should also be noted in the documentation.
When a buyer is ready to submit an offer, it is suggested to put a condition in the Schedule A for your real estate lawyer to review the above documentation. During this conditional period your lawyer will have the opportunity to go through the documents, provide guidance where necessary, and answer any questions that you might have.
If you do not include this condition in your offer, you run the risk of not fully understanding exactly what you have purchased and what your obligations will be as a Condo Unit Owner.
Ashley Lamb
Barrie Condo Corner
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