Is a Condominium document review important?

If you’re considering purchasing a Fort McMurray Condo, there are some awesome deals to be had right now; But how do you know you aren’t buying into a problem? Reviewing the condo documents is vitally important, as it is the only tool you have to assess the stability of the condominium corporation.

Once you find a condo you love and are ready to make an offer, ensure a review of the documents is a condition in your offer to purchase. Buyers should read and do a thorough review of the documents themselves, but often the piles of documents can be overwhelming. Your Lore Group Real Estate Agent also recommends a professional review, and don’t worry, our group can provide contacts for companies where reviewing pages and pages of documents is their specialty.

A Condominium Document Review can save you $1000’s of dollars. The Condo Document reviewer conducts an analysis of the reserve fund (the big savings account meant for common capital expenses), to determine the financial condition of the corporation. The professional reviewer also looks at bylaws and identifies items such as pet policies, age restrictions, insurance details and other items that may be important in deciding if the complex is a good fit for you. Meeting minutes are reviewed to ascertain whether any upcoming changes, issues potential special assessments or increases in condo fees have recently been discussed.

While there are no guarantees, having a review BEFORE you purchase will help give you confidence and PEACE OF MIND. The cost is around $400.00 but could SAVE YOU BIG DOLLARS AND STRESS IN THE FUTURE.

Have more questions about condos? Reach out to our team, we are happy to help 780-370-3325.