By Warren McNeil

Do you have your New Years resolution yet? Let me guess, you need to lose weight, exercise and save money. Maybe your New Years resolution is to buy a condo or loft in Kitchener-Waterloo. If this is the case, then there are some things you need to know before you plop down the cash. Some people overlook these things so I will summarize what you should look for. That way you will know what to expect when you buy a condo or loft.

Check out this little video I created regarding buying condos and lofts.

Having an understanding of condos or lofts is important so you can make sense of their differences from freehold housing.

All non-freehold condo or lofts have common elements. Common elements are owned by everyone and include the lobby, elevator, swimming pools, exercise room, hallways etc. Common elements are anything outside of your unit.

It’s very important to understand how parking works. Do you get one spot? Can your rent another spot. Is parking underground? How much visitor parking?

Condos or lofts are also subject to a monthly condo fee. This fee covers maintenance of the building and ground and the common elements. The condo fees in Kitchener-Waterloo or Cambridge can range in prices from $150-600 per month. The higher fees usually cover others things such as fitness facility and swimming pool maintance costs.

If you have pets, you need to make sure that the condominium corporation will allow them. I know that the Kaufman lofts, LeMarche are a couple of buildings that allow pets. Size restrictions may apply. Realtors will be able to find out which condos are pet friendly.

Condos and lofts are subject to strict rules and regulations that prevent you from making changes to any of the common areas. You need to get permission if you want to make a change such as build a fence, changing doors & windows, paint garage doors etc. Read through the rules and regulations to find out what you can and can’t do. You can request the rules and regulations from the property management company.

Lastly. it is important to have your lawyer review the status certificate so that you know that the finances for the condo corporation are in good standing.

I hope you found this information helpful. As you can see there is a little more that you need ot know about condos or lofts when compared to a freehold housing.

What do you think your biggest concern is when buying a condo or loft in Kitchener-Waterloo or Cambrige (High condo  fees, pet friendly, parking) ?  Let me know.

Thanks for reading!

We are a full-time real estate team in Kitchener Waterloo area. We enjoy assisting buyers and sellers with the purchase or sale of condos or lofts in the Kitchener-Waterloo or Cambridge areas. If you would like us to help you with your condo or loft search, please check out our brand-new free search website.

Warren & Melanie McNeil | Sales Representatives, Team McNeil
Re/Max Twin City Realty, Brokerage ( 519.579.4110 
8 www.TeamMcneil.com, www.LoftStyle.ca, www.ClickThatHouse.com  
P.S. Looking for a condo or loft, check out our brand new website at www.LoftStyle.ca!

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By Warren McNeil

If you have purchased a condominum before then I am sure that you have heard of a status certificate. If you haven’t and are considering buying a condo then read on.

A status certificate is a document containing information about the operational, legal and financials of a condominium corporation. This condo corporation is required to prepare the status certificate for each person (buyer/seller) that is requesting it. It is often the buyer requesting it during an offer. The condominium corporation must prepare the status certificate within 10 days. The fee for the certificate is $100 and can’t exceed that amount. Once a lawyer has had a chance to review the status certificate, They notify their client as to whether they should be concerned with any aspect of the document contents and then proceed to tell them to either waive or not waive. Like other conditions such as home inspection, financing or sale of buyers property, the status certificate condition is provided for the benefit of the buyer.

Here is what the clause looks like:

"This offer is conditional upon the Buyer’s lawyer reviewing the Status Certificate and Attachments and finding the Status Certificate and Attachments satisfactory in the Buyer’s Lawyer’s sole and absolute discretion. The Buyer agrees to request at the Buyer’s expense, the Status Certificate and Attachments within 10 days after acceptance of this Offer. Unless the buyer gives notice in writing to the Seller not later than 5:00 p.m. on the fifth day (Excluding Saturdays, Sundays and Statutory Holidays) following receipt by the buyer of the Status Certificate and attachments, that this condition is fulfilled, this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction."

 Here is what is typically included in a status certificate:

• Statement of common elements (including default  for the unit if any)
• amount payable by unit for common expenses
• Details of any increase in the common expenses for the unit since the date of current years budget. Reasons for increas must also be provided.
• Statements relating to any assessments of the reserve fund since the date of the current years budget including reasons for assessments.
• Information relating to any applications of amendments to the declaration
• Particulars of any outstanding judgements
• Status of any legal action that is currently being taken against the condo corporation
• Information about the current budget including an auditors report
• Copy of declaration by-laws and rules
• Listing of any agreements (management, insurance)
• Statement that requestor can view the documents
• Owner compliance of any current agreements that include modifications to the unit. e.g. additions, or changes to common elements
• details about the most recent reserve fund and amount. (No earlier then the end of the month and within 90 days of the certificate). Included are also the plans to increase the fund.
• number of leased units  for fiscal year preceding the status certificate date
• Certificate of insurance policies
• Any proposed or planned additions, alterations or any other improvements ot the common elements, other assets of the condo corporation
• A statement if a court has appointed an inspector persuant to the Act

There you go. Everything you need to know about the status certificate.

Disclaimer: Information in this post was collected from the resources below and is deemed to be accurate. Errors and ommision accepted.

Reference: OREA Provincial Reference Manual pg. 87
Easy Offer 2008: clause (CONDO-2)

If you are still awake after reading this, then thank you for reading!