Understanding Condo Reserve Funds: A Key Factor for Buyers
When buying a condo, it's essential to understand the reserve fund—a long-term savings account used for major building repairs—to avoid unexpected costs like special assessments. Reviewing the status certificate and reserve fund details can help buyers assess the condo’s financial health and make informed decisions.
Three Key Things to Look for in a Condominium Status Certificate
Before purchasing a condominium in Ontario, understanding the details within the status certificate is crucial to avoiding unexpected financial or legal issues. From assessing the financial health of the condominium corporation to uncovering potential legal disputes and unit-specific details, the status certificate offers key insights that can protect your investment. Discover the three essential aspects to focus on when reviewing this critical document.