There are several ways in which a consumer can protect their investment in a condominium unit. The Ontario Government recently released great information on consumer protection when buying a resale Condominium.
Below are some highlights of the article posted on www.ontario.ca
Consider making your offer on a resale Condominium conditional on the review of the status certificate. Status certificates contain information on the current owner’s condo fee payments, the financial statement of the Corporation, the Declaration, By-laws & Rules, and the health of the Reserve Fund.
Home inspections are recommended to help you make an informed decision before buying your home.
Ensure that you understand how insurance coverage works in a Condominium.
What questions should you ask before you buy? You should consider whether the Corporation is in a surplus or deficit, the history of fee increases, what services are included in the maintenance fees, and if there are any ongoing lawsuits.
We recommend that all consumers considering buying a resale Condominium visit http://www.ontario.ca/page/buying-condo-resale to view the full article!