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Questions to Ask When Buying a Condo

London, Ontario Area

We will be sure you know the answers to these questions before you have a firm and binding offer on a condominium by requisitioning a status certificate from your lawyer. This certificate will answer the questions below and more! The cost is about $100 plus GST.

  1. What is the development’s history?
  2. If you are buying from a developer, what work remains to be done on the condominium development? Does your purchase agreement identify a completion date?
  3. Is there an operating surplus or deficit?
  4. What is the current financial status of the corporation? Ask for a copy of the year-end financial statement, the current financial statement, the current budget, and evidence of adequate insurance coverage.
  5. Does the common property appear to be well maintained and managed?
  6. Do the unit owners own the recreational facilities as part of the common property, or does the condominium corporation lease them? If they are owned, are they used by anyone besides the unit owners? If they are leased, what are the terms?
  7. How many of the units are unoccupied? Rented?
  8. Are you personally responsible for any maintenance duties?
  9. Are there any restrictions in the by-laws governing your use of your unit? Can you have pets? If there is an age restriction on occupants in the complex? Can you operate your home-based business from your unit? Can you put up your satellite dish? Can you put in a hot tub?
  10. Are there extra parking spaces for owners? Is there enough visitor parking? Are there restrictions on visitor or owner parking? Can you park your motor home somewhere?
519-471-8888    London, ON
Sutton Preferred Realty Inc., Brokerage
Independently Owned and Operated
181 Commissioners Rd W
London ON
N6J 1X9
Copyright © 2007 Joyce Byrne Realtor
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