When buy­ing a resale condo, ask for a Sta­tus Cer­tifi­cate from the condo cor­po­ra­tion. You should con­sider mak­ing your offer con­di­tional upon receiv­ing that certificate.

The Sta­tus Cer­tifi­cate, for which you’ll need to pay a fee (about $100 Cdn.), shows whether the cur­rent owner is up-to-date in pay­ing his/her com­mon expense fees. It also gives the finan­cial sta­tus of the condo corporation.

When you take pos­ses­sion of your pre-owned condo unit, you may need to pay cer­tain adjust­ments back to the pre­vi­ous owner. These fees can include util­i­ties and com­mon expenses paid in advance by the pre­vi­ous owner, or money held for the unit in the reserve fund.

Before you buy, make sure you know:

* what ser­vices are included in your com­mon expense fees
* if util­i­ties, for exam­ple, are a com­mon or an indi­vid­ual expense
* if you need to pay cer­tain costs in advance
* what your monthly oper­at­ing cost will be
* if the esti­mate of main­te­nance charges seems reasonable.

You are directly respon­si­ble for your share of the oper­at­ing expenses of the condo. You and other own­ers will have to increase your monthly expense pay­ments, if nec­es­sary, to keep up with ris­ing costs.

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Con­tact the Jef­frey Team for more infor­ma­tion  -  416−388−1960

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