BUYING A CONDO

Congratulations on making the decision to purchase a condominium apartment. Condo living is a lifestyle choice and is growing in demand.

When buying a condo there is 3 reoccuring cost each month:

• Monthly Mortgage Payment (assuming you have a mortgage)
• Monthly Maintenance Fee + all utilities not covered through the condo fee
• Property Taxes

Other cost that may occur every month include Hydro, Cable TV, Internet services and Telephone. What is included in the condo fee will vary from building to building.

Things to consider when buying a condo:

• How much mortgage do I qualify for?
• How much downpayment do I have?
• Will I have to pay mortgage insurance premium (CMHC or GE Capital)
• How should I choose a realtor
• What, if any, amenities are important to me.

Closing cost when purchasing a condo apartment:

• Legal Fees
• Mortgage Registration
• Title Registration
• Title Insurance

Condominium Status Certificate:
Once you have decided to purchase a unit you or your lawyer will have the right to review the condominium corporation status certificate. The status certificate includes the condominium bylaws, insurance policy, property management contact information, the current balance sheet and income statement of the corporation, the reserve fund study and more. Within these document the parking spot, locker locations, exact maintenance fee and what is included will will be verified.