If you have recently decided to purchase a condo in Calgary, there’s one thing you need to become aware before you get too ready to move in: what the documents given to you after you’ve made the decision really mean for you. These documents could be just a few pages long or you may find yourself with binders to go through. Whatever the case, thorough reading is key.
After you have secured a specific condo, you will be given these documents from the management company and you will have to review them within a specific amount of time–in Alberta, you have 10 days. This is called the 10-day rescission period, and it is integral that you read through the document carefully before the deadline passes. That’s because you have the opportunity to get out of the condo contract without giving a specific reason and without penalty only before the deadline. Here are the most important sections of the document review in Calgary you need to look out for.
A pending lawsuit could mean the addition of monthly fees or assessments for you. It will be difficult to determine how much you may be required to pay, so consider carefully how this could affect you.
The development’s reserve funds or budget
It’s smart to know how finances are managed within your building or development. An older building should have appropriate funds put aside for repairs and replacements that may have to occur, such as for elevators. New developments should have a sound plan for budgeting, too.
Upcoming special assessments
In the documents you received, you should look out for whether any special assessments are coming up and who will pay for them–you or the seller. You may need to prepare extra savings or loans to cover costs that you were not aware of previously.
What are the regulations for noise levels, bringing in renters, and adjusting the architecture of your condo if you become a member of the association? There is no one-size-fits-all for these regulations, so it’s up to you to gain an understanding of what they expect of you and whether you can comfortably comply with them.
The seller’s current violations
Your condo may be inspected by the condo association right after the documents are ordered, and any violations that were found in the inspection will be stated. Make sure to get these violations addressed before you settle with the condo as it is.
Condo411 has you covered if are still having troubles with this process.