Category: Condo 101

Know your Unit Boundaries: Understanding Your Rights and Responsibilities in a Condominium Community

by | Dec 7, 2024 | , , , , | 0 |

Living in a condominium comes with unique perks and responsibilities. To maintain harmony in your condo community, it’s essential to understand the boundaries between your private unit and shared common areas. These divisions impact everything from decorating your door to managing condo maintenance fees. By reviewing your condo’s declaration and respecting community rules, you can enjoy a smooth and balanced living experience while contributing to a pleasant environment for everyone. Discover how understanding your space can help you make the most of condo living!

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All You Need to Know about Condo’s Reserve Fund

All You Need to Know about Condo’s Reserve Fund

by | Feb 27, 2024 | , , | 0 |

A condominium’s reserve fund is a crucial financial account integral to the long-term stability and maintenance of a condo community. This fund is essentially a savings account, set aside to cover the cost of major repairs and replacements of common elements within the condo complex, such as roofs, elevators, parking lots, and HVAC systems. The purpose of the reserve fund is to ensure that the condominium has sufficient funds available to handle significant expenditures without resorting to imposing large special assessments on the unit owners. Here are some key points you need to know about Condo’s Reserve Fund

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Why Status Certificate should be your best friend when buying Resale Condos in Ontario?

Why Status Certificate should be your best friend when buying Resale Condos in Ontario?

by | Dec 11, 2023 | , , | 0 |

Discover the undeniable significance of a status certificate when investing in resale condos. A status certificate acts as your trusted ally, providing essential information about the property’s financial health, legal matters, and overall condition. With its comprehensive details, you can make informed decisions, ensuring a smooth and worry-free purchasing process. Don’t overlook the power of a status certificate—unveil the hidden truths and embark on your condo journey with confidence.

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Types of Condos

Types of Condos

by | Nov 16, 2023 | , | 0 |

There are two types of ownership of condos: Freehold and Leasehold, with Freehold accounting for a significant majority. Freehold condos can be divided into four types: Standard Condos, Common Element Condos, Phased Condos, and Vacant Land Condos. Standard condos have common elements and individual units, with owners responsible for their units and the condo responsible for common element repairs and maintenance. Common Element condos only consist of common elements, and owners acquire a parcel of tied land instead of purchasing a unit. Phased condos are developed in multiple phases, and once all phases are registered, they become standard condos. Vacant Land condos are registered before construction is completed, allowing buyers to customize their lot/unit.

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What is a Status Certificate? Why is it important for a condo purchase? 

by | Nov 12, 2023 | , , | 0 |

When it comes to buying a condo, understanding the importance of a Status Certificate is essential. Acting as a comprehensive snapshot of the entire condo’s health, the Status Certificate contains vital documents such as the condo’s declaration, by-laws, and rules, the current fiscal year budget, audited financial statements, reserve fund study, common expenses, outstanding arrears, ongoing litigation, and special assessments. This information is crucial for assessing both the condo building and the specific unit you’re interested in. As a legally binding document issued by the condo corporation, the Status Certificate ensures that all information provided is current and accurate. Make an informed decision by obtaining and reviewing the Status Certificate before making your condo purchase.

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