by Jill Bird
on Thursday, July 8th, 2021 at 12:49pm.
Buying a condominium
Looking at potential homes to buy can be an exciting experience. First, you need to figure out what you can afford and how much of a mortgage you’ll need. Then, once you find a condominium that matches your financial and personal criteria, you’ll want to ensure that it’s well managed and in good physical, financial and legal condition.
When buying a resale (not brand new) condominium in Saskatchewan, it is a mandatory to view & approve the Estoppel Certificate Package which is provided by the Property management at the Seller’s expense. The following items will be included in the estoppel certificate:
-A Reserve Fund study
- most recent financial statement
- current budget
Make sure you are you have a clear understanding what is included in the condo fees -example water, power, lawncare ect. Investigate whether there are any “hidden” costs
Some buildings have pet restrictions so It is common to have a pet approval from the Condo board as a condition.
Before removing conditions on your Condominium, make sure to verify what changes you can make to the unit if needed.