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Reliable and Cost-Effective Condo

Condo

Looking for a cost-effective and affordable condo to buy? If you are living in Toronto, Canada, purchasing a condo unit can be considered as a big responsibility that you are going to come across into your life. This is the reason why it is very important that you know about the potential of having a new home and how to cover all your bases. Generally, it is very crucial to have a summary of anything or everything that is related to a condo building regarding its financial well-being and this is called, status certificate. Status certificate is prepared through the Board of Directors and this is very important in buying a condo since it is the part of sequence in the buying procedure for a condominium.

 

If you are in Toronto, purchasing a resale condo with a status certificate is extremely essential for the reason that; it will protect and secure you against getting any surprises or issues regarding the buying process of a condo.  Status certificate includes all important financial facts and records/documentation of a condo and frequently, it also contains proceedings about the condo board and management. Usually, a status certificate includes all the information such as the rules, regulation or the bylaws of the condo as well as insurance information. It also contains financial statements plus the analysis of the state of the reserve fund.

 

Status certificate is very crucial in buying a condo because it will keep you informs especially, if there are pending proceedings against the condo or to provide you awareness on how the condo is being managed.  It also includes cooling off period, closing costs, occupancy fees as well as the maintenance costs.  Reserve fund is very important when you are going to buy a condo and having a status certificate will keep you updated regarding this issue as well as keep you inform if there are major repair needed in near future. It will provide you signs or warning regarding the costs of the condo especially if it is going to go up or not. If you have insights about the financial state of a condo, it will help you to get ready for your own financial forthcoming.

To get a status certificate, all you need to do is put a written requests to the property management company of the condo. There are various companies who provide this kind of service. Usually, the condo’s property management company have at least 10 days to give you the document and generally, you or a seller’s agent to speed up the process. There is less case where, the lawyers get these documents looked over by and having a status certificate need a professional who could look for possible problems about the financial state of the building or management problem that could affect you. If you are going to buy a condo, you need to make certain that you are going to do all the things that is necessary in the buying process of the condo to avoid unpleasant surprises or issues that may arise during the course of the process. Make sure that you check the status certificate of the condo and examine it thoroughly.

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