Checklist for Buying a Resale Condominium
- Find out exactly where your unit’s boundaries lie and if your unit factor is reasonable.
- Hire a home inspector to evaluate the condition of the unit you are thinking of buying, as well as the building as a whole.
- Consider having an indoor air quality inspection done to identify potential mold, airborne particulates, volatile organic compounds, poor ventilation and odours from other units.
- Consult the condominium’s technical audit and/or reserve fund study, if possible, to determine the condition of the building and common property.
- Review the corporation’s annual operating budget, end-of-year financial statements and the estoppel or status certificate.
- Be clear about what is and isn’t included in the purchase price so you can compare overall costs with other condominiums.
- Find out what your monthly condo fees include and when they are likely to increase.
- Ask your experts to verify that there’s enough money in the reserve fund to cover the cost of major repairs and renewal projects.
- Find out whether any special assessments are anticipated, what they are for, how much they might cost and when they will need to be paid.
- Investigate whether there are any “hidden” costs, such as long-term leases on building fixtures, which will be passed along to owners.
- Ask what municipal services the condominium receives, such as garbage pickup and snow removal.
- Check what new home warranty coverage remains on the unit, if any.
- Confirm that there are no legal actions against the condominium corporation.
- Consult with your lawyer before signing any documents.