Our mission is to inform, to guide consumers, investors and REALTORS® through the condominium buying process with fast, fair and comprehensive document reviews. We believe confidence is in the details.
Condominium living can offer the prospective homeowner many desirable attributes, such as affordable housing and low maintenance requirements. Many condominiums have enhanced security features over those found in single-family houses. Condominiums can be complete communities within one complex offering a wide range of social, entertainment and recreational activities. However, buyers should be aware—before they buy—of many issues surrounding the purchase of, and the lifestyle in, a condominium. A “condominium” refers to a form of legal ownership, as opposed to a style of construction. Condominiums are most often thought of as high-rise residential buildings, but they can also be townhouse complexes, individual houses and low-rise residential buildings and some offer commercial spaces. Our due diligence is to educate, investigate and satisfy any concerns regarding the financial and physical aspects of the Condominium Corporation, using it's disclosure documents as required in a buyer's conditions. There is a direct relationship between these two aspects that is spelled out in the Corporation's documents. They can seem daunting... or overwhelming in some cases. Our analyst will thoroughly review each document, and present an easily read and understood report.
A potential buyer should know:
- Where Condo Fees are applied and exactly what they pay for.
- The plans the Condo Corp. has for building it's Reserve Fund in order to avoid increases in fees or special assessments (aka 'cash calls') from individual unit owners for capital cost items such as roofs or building envelope repairs.
- Does the development have a history of post tension or plumbing problems?
- Are there rules, or restrictions on an owner regarding pets, home based businesses, satellite dishes, interior renovations, etc...?
- Provisions for owner parking, visitor parking, the availability of 'extra' parking and whether it is titled (in which taxes apply) or leased.
- Is the Corporation involved in any expensive court litigations?
- Is the physical building insured adequately?
If you have particular questions or personal concerns, CondoQuest will get the answers before you buy!