Multi-Family properties  such as Condominiums(apartments) and Townhouses require certain considerations.

The main issue that needs to be understood is what type of ownership the unit is.  Is it Condominium Ownership or Freehold Ownership?  What does each type of ownership mean, and how does it affect the owner?  The type of ownership will affect whether or not there are "condo fees", what these fees cover, if there are rules that must be followed, and what type of maintenance the owner is responsible for.  

For Condominium Ownership properties, there are certain documents that seller must provide to potential buyers, for buyers to review.  Some of these documents would include:

• a copy of the registered condominium plan, so that the area of ownership and the common areas are clearly known;
• a copy of the current bylaws of the corporation, so that all rules are clearly set out;
• a copy of the budget of the corporation, to understand the financial situation of the building;
• a copy of any minutes from general meetings of the corporation or of the board for the past 12 months, so that any issues in the building or units are understood; and
• a copy of the most recent reserve fund report, which sets out what the building will need in the future, and the associated estimated costs. 

All this information can be confusing to some people, and I aim to help you understand the information, or direct you to someone who can help you interpret these documents for you. 

If you are considering selling, I will be happy to provide you with a free market analysis of your property, as well as help you prepare the documents package for potential buyers.  Click here to contact me

If you are thinking about buying, you may be considering a condominium or townhouse for different reasons.  Perhaps you are looking for an adult or seniors only building, a building with great amenties, or simply looking within a certain price range.  Whatever your reason, I will help you find the type of unit that best fits your and your desires.  Click here to start your search with me!