Guide to Buying a Condo: Tips for an Informed Choice

First of all, once the offer-to-purchase process is under way, the seller or their agent should provide you with a “seller’s declaration”: a form with a variety of questions about the property for sale. In our experience, however, this declaration is sometimes poorly completed or only covers the private portions (e.g. the interior of the unit). So stay alert!

Also, keep in mind that buying a condo is not just about taking possession of a unit; you are also acquiring a share of a larger whole, known in the jargon as the “common portions”. It is therefore wise to insist on speaking with a representative of the syndicate or the property manager to obtain information on the condition of the building and its finances.

To that end, it is important to obtain a copy of the “request for information from the syndicate of co-owners” form (see an example at the end of this article). This form is not mandatory, but it is very useful to receive it through the real estate broker.

During the process, here are a few basic questions to ask:

Additional questions for the owner of the unit you are interested in:

1. Are there any special assessments coming up in the next few months?
2. Are there any known problems affecting the common portions (maintenance, work, lawsuits, etc.)?
3. Is it well soundproofed? Can you hear your neighbours?

Questions for the syndicate of co-owners:

1. Is the building administered by an external property manager or managed internally (by the syndicate)?
2. How much are the monthly condo fees?
3. What do the condo fees include?
4. How much has been accumulated in the condominium’s reserve?
5. Has a contingency fund study been carried out?
6. Does the condominium have a maintenance log for the building?
7. May I see the declaration of co-ownership?
8. May I see the meeting minutes?
9. What are the main restrictions?
10. Are there any known problems affecting the common portions (maintenance, work, lawsuits, etc.)?
11. Are there any special assessments coming up in the next few months?
12. Are any deficits expected?

This list of questions is not exhaustive, but it will help you get your process off to a good start. The answers will be just as important as you move forward with your purchase.

Feel free to share your comments and experiences with us!

Useful links:

Sample seller’s declaration form: http://www.oaciq.com/uploads/ckeditor/attachments/338/declarations-vendeur.pdf

Sample form to request information from the syndicate of co-owners: https://www.oaciq.com/uploads/ckeditor/attachments/373/demande-renseignements-syndicat-coproprietaires.pdf

OACIQ: http://www.oaciq.com/fr

Condo buying guide – RGCQ: http://fr.condolegal.com/achat/fiches-pratiques/519-guide-dachat-du-condo

#purchase #prepurchase #maintenancelog #condo #syndicateofcoowners #sellersdeclaration #contingencyfund

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