Condo fees may cover insurance, bookkeeping and clerical costs, as well as costs to maintain the property.
Archive for the ‘Legal Real Estate Issues’ Category
Understanding Condominiums – Condo Fees
Posted: 31st July 2010 by Laurin Jeffrey in First Time Buyers, Legal Real Estate Issues, Miscellaneous, New Condos & Lofts, North York Condos, Toronto CondosTags: arrears, condo board, condo fees, condominiums, expense fees, insurance, maintenance fees, maintenance services, mortgage, mortgagee, special assessment, toronto condos
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Understanding Condominiums – Reserve Fund
Posted: 31st July 2010 by Laurin Jeffrey in Legal Real Estate Issues, Miscellaneous, New Condos & Lofts, North York Condos, Toronto CondosTags: condominium act 1998, condominiums, elements, major components, new condos, special assessment, toronto condos
A condo corporation must set up a reserve fund for the major repair and replacement of common elements. These can include the roof, exterior of the building, roads, sidewalks, sewers, heating, electrical, plumbing, elevators, laundry and recreational facilities.
Understanding Condominiums – Types of Condos
Posted: 30th July 2010 by Laurin Jeffrey in First Time Buyers, Legal Real Estate Issues, Miscellaneous, New Condos & Lofts, North York Condos, Toronto CondosTags: condominium act 1998, condominiums, condos, detached house, elements, leasehold interest, low rise, toronto condos, townhouse, types of condos, vacant land
A condo can be a high-rise or low-rise apartment, townhouse, freehold or detached house, or stacked townhouse – any configuration of housing you can imagine.