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Frequently asked Questions:
 
Is buying a condo different from buying a house?
 
What do I own with my new condo?
 
When you purchase a condo you own the actual unit that is described in your agreement. There are common elements that are included with a condo such as: Lobby, Pool, and Exercise Room. Not every condo has these luxuries, but if they do, you may use them.
 
Can I renovate my condo?
 
Yes you are able to renovate your condo.  Depending on the extent of the renovation will depend on whether you will need to get written permission from the Condo Corporation. Minor renovations like removing a carpet and installing laminate flooring probably doesn’t need permission. However, changing plumbing, electrical and inside walls will require not only permission but drawings.
 
What is a Status Certificate?
 
A Status Certificate is ordered during the purchasing process and is reviewed by your lawyer. Your lawyer will glean the document to determine the health of the Condo Corporation.  You will be alerted if a Levi will be imposed in the future. Each Condo Corporation charges the owners a condo fee per month. The fee covers services such as heating, and water.  A certain portion of the fee is used to replace roofs, windows and doors when they become due.
 
A Status Certificate is ordered during the purchasing process and is reviewed by your lawyer. Your lawyer will glean the document to determine the health of the Condo Corporation and alert you if there might be a Levi being imposed. Each Condo Corporation changes the owners a condo fee per month that serves to cover certain services such as heating, water etc. However, a certain portion of the fee is used to replace roofs, windows and doors when they become due.
 
Are there rules and regulations that I have to follow?
 
Each Condo Corporation has its’ own set of rules. These rules are set out as By Laws.  One of the conditions will include you reviewing these By Laws with your lawyer. By Laws could be such things as No Yard Sales and No For Sale Signs.

 

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