Seriously? I Need to Review Condo Docs?
Your Conditional Offer
100% you're going to be reviewing documents such as:
- Current and Audited Financials (Are they healthy or falling apart?)
- Operating Budget (Spending habits)
- Monthly and AGM Meeting Minutes (Find out what they're talking about)
- ByLaws and Registered Condo Plan (Learn the Rules)
- Reserve Fund Study and Report (Engineers Report)
- Pet Policy (if important to you)
- Particulars of any Special Assessments or Judgements (it happens)
What Am I Learning Here?
What's the point you ask? This is serious stuff - you would not buy $300,000 worth of shares in a company without doing your due diligence right?
Learning and understanding every aspect of your investment is crucial to making a successful purchase.
You will learn:
- How the board spends their money - this would be like landscaping, snow removal, general repairs etc.
- What kind of things are discussed at board meetings - who's making all the noise, what's broken, what's on the table for major repairs.
- What you can and cannot do - the bylaws will cover everything from pets, parking, renovations and more...
- The Board - who? Exactly.
- Is this a safe investment or am I taking a risk? You will be learning every aspect of the condo corporation, the board and how it's run. This will give you a confident ability to move forward with a purchase or simply walk away.
3rd Party Review?
Yes. I am very well versed with condos and reviewing condo documents, you can confidently trust my knowledge. However, when it comes to reviewing this kind of information - like a home inspector - I will always recommend you hire a 3rd party specialist who can review these documents and give you an independent opinion.