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.)
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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.?
