CondoQuest: Our Mission
Our mission is to inform, to guide consumers, investors and REALTORS® through the condominium buying process with fast, fair and comprehensive document reviews. We are fierce owner/buyer advocates.
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. Condominiums can be complete communities within one complex offering a wide range of social, entertainment and recreational activities and are a great, less expensive form of first home ownership in many cases. Buyers should be aware (before they buy) of many issues surrounding the purchase of, and the lifestyle in, a condominium. Condominiums are most often thought of as high-rise residential buildings, but they can also be townhouse complexes, individual houses, low-rise residential buildings and commercial spaces. Our due diligence is to educate, investigate and satisfy any concerns regarding the financial and physical aspects of the Condominium Corporation, using the disclosure documents required in a buyer's purchase contract. 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. CQ 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 tensioned cable 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), assigned 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, CQ will get the answers before you buy!