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Questions to Ask Before Buying a Condo
If you're thinking about buying a condo, you can help protect yourself legally and avoid surprises by asking the following questions:
- What does the corporation's insurance cover? What coverage will I need to obtain? (Most times, you must obtain insurance for any losses or liability that occurs within your unit.)
Did you know? |
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RBC Insurance® offers property insurance for condo unit owners. Request a free and confidential quote online today. |
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- What are the restrictions regarding occupation of the units (common restrictions include pets, satellite dishes, air conditioning units, etc.)?
- Is the building or complex registered as a condominium corporation? If not, when is registration anticipated?
- How many units are rented vs. owner-occupied? (Rented units may not receive the same level of care.)
- Is parking included in the price? If not, how much extra will it be? How convenient is parking for visitors?
- What is the current balance of the reserve fund?
- What are the short-term and long-term plans for renovations and repairs?
- How much are the maintenance or common fees? What do they cover?
- What changes can I make to the unit? What restrictions must I stay within?
- What are the unit's boundaries?
- What issues are being discussed at condo association meetings? May I review the meeting minutes?
- What are the rules and regulations regarding visitors, common area usage, etc.?
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