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A simple precaution to take before buying a condo
Are you tired of spending long hours maintaining your property and considering buying a condo to get rid of this burden? Buying a condo may be the right solution for you, but be aware that in order to avoid future problems, you have some homework to do before making your move.
In another article, we talked about the dangers of buying without an inspection or buying without a warranty and at your own risk. Another key element comes into play when buying a condo.
Legally speaking, living in a condo means that you are under the divided co-ownership system. In each condo building, there is a syndicate of co-owners. This syndicate takes care of the building management. The syndicate collects the various contributions from the owners (the condo fees) to ensure the maintenance of the building.
By law, the condo buyer is required to pay all fees due for common expenses at the time of acquisition. To avoid a nasty surprise afterwards, you should ask the syndicate for a statement of the fees owed by the unit you wish to purchase.
Being careful will bring you peace of mind.