What are the important things I need to make sure I find out before buying a condo in terms of the Condo Assoc and financial status ?
Q…. What are the important things I need to make sure I find out before buying a condo in terms of the Condo Assoc and financial status and how do I go about getting this info?
from Zoocasa ASK the PROS
A…… Robert Ede
Nobody ever ‘Splained to me like that!
Buying a condo is similar to buying an operating business.
You want to see audited statements of the revenue and expenses (for a few years)
You want to see the statement of assets and liabilities
You want to see the insurance agreements in place
You want to see their forward expense projections for the commonly-held impreovements (common elements)
You want to examine all the rules, regulations, bylaws and guidelines set out by the governing association for “life” in the corporation.
Fortunately, all this is a package. available from the Condo’s Office on max 10 days notice for only $100