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Understanding the Health and Operation of your Condominium
Now that you have made the decision to purchase a condominium unit, have you considered how condominium living might affect your lifestyle and reviewed the financial health of the condominium corporation you are making your purchase into?
Do they allow pets? Is there assigned or additional parking? What about the rules for moving in or out or the risk of a special assessment in the near future?
The condominium lifestyle requires adhering to bylaws and policies of the corporation in addition to sharing common expenses with fellow owners. How could this potentially affect you? Part 1.6 of the Condominium Property Act Regulations identifies documents that must be made available relating to the operation of the corporation.
Our team of condominium experts will review the documents that you are provided and deliver an opinion relating to the health and operation of the condominium.
The report provided to you will include a review and opinion of the following; bylaws, corporation finances, the operating budget, the insurance coverage, policies, reserve fund report, procedures and the minutes of both the Board and Annual General Meetings. Additionally the review will identify:
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Bylaw and policy for pets
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Bylaw and policy for parking
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The possibility of a special assessment
A good document review will look for the items that might have an impact on your condominium lifestyle.
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