Roger Bolduc, Real Estate Broker
Condos
How to Buy or Sell a Condo Without Problems
The popularity of condominiums is undeniable. As everyone knows, they are springing up everywhere. Some even say there are too many of them.
Many buyers and sellers improvise when it comes time to take action. They want to move as quickly as possible and try to save a few dollars, but what are the risks?
Do you know what a condominium is? The duties and obligations that come with it?
Living in a condo can be either a positive or a negative experience. It will largely depend on the due diligence you perform.
CAN YOU ANSWER THESE QUESTIONS?
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Which document should I review to find out whether I am allowed to use a BBQ?
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No seller or buyer wants to become involved in costly legal disputes. Do you know how to protect yourself against hidden defects?
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What must you disclose as a seller? What are your responsibilities as a buyer?
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What are the three components of a condominium declaration?
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What is the difference between a horizontal, vertical, or mixed-use condominium declaration?
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What is the difference between a private portion, a common portion, and a restricted common portion?
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Is my terrace a private portion, a common portion, or a restricted common portion? Who is responsible for its maintenance, repairs, or replacement?
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What is the amount and coverage of the insurance for the common portions? More importantly, how can you determine whether you are adequately protected?
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How can you tell whether the building is well maintained? Are there any major repairs planned in the coming years?
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How much money should be in the contingency fund? Regardless of the amount, is it sufficient? Should I expect a special assessment?
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What is the atmosphere like within the building? Friendly and cooperative, or quite the opposite? How can you find out?
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How can you determine the percentage of rented units versus owner-occupied units?
If you were unable to answer several of these questions, don't be discouraged. Most people living in condominiums are happy with their choice. However, don't leave it to chance. Unfortunately, there are also some horror stories. Make sure you are accompanied by a knowledgeable and competent professional.
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