Buying a Resale Toronto Condominium
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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