What are condo docs?

Condominium documents are a bundle of legal, financial, insurance and other important documents that relate to the condominium. Reviewing condominium documents is an important part of your purchase if you are shopping for a condo. Do not skip this step! There is a condo document review condition built into the standard Purchase Contract set out by Alberta Real Estate Association (AREA). When working with buyers, I strongly recommend they take advantage of this condition for their protection. I am all about risk reduction and helping clients feel secure and comfortable with their decisions. Condo documents are important! 

It is very important to have these documents reviewed so the buyer has an understanding of the operations and financial health of the condo corporation. There are professional condo document review companies that can sift through the documents and highlight findings & insights to the buyer. Investors will look at a company's financial & operational health before decided to purchase their stocks. Buying a condominium is quite similar in that regard. The condo document review will help buyers make informed decisions about their purchase. Work with a reputable condo document reviewer and do not be afraid to ask questions. They are here to help you understand the condo documents.

It is a good idea for condominium owners to stay in the loop about what is happening in & around the condo. What measures are being taken to maintain the common areas? Are there any major projects or repairs happening soon? Owners can also choose their level of involvement. The well-being of the condominium affects all owners so reach out to your Board members if you have questions, concerns, or suggestions. Condominium owners will usually receive some important notices and documents along the way and I recommend owners keep records of these notices. It is an asset after all and you want to make sure that the condo corporation is running like a well-greased machine. Keep tabs on how your Board is looking after the condo corporation and keep track of the documents and notices that you receive. Trust me, it will come in handy if & when you decide to sell your unit.

I was not kidding when I said these documents would come in handy when it came time to sell your condo. I mentioned that the review of condominium documents is built into the standard purchase contract and buyers will more often than not, take full advantage of this condition to protect themselves. As a seller, it is good to have some of these documents on hand already. If the condo is professionally managed by a property management company, some documents may take up to 5-10 business days for them to prepare for a fee. It is good to collect documents throughout the duration of your owning the condo so that you can provide some to the buyer during the conditional period. This way, the buyer can begin the review process while you wait for the property management company to prepare the time-sensitive documents. The types of required documents can vary on a case-by-case basis but here are some examples of documents that may be reviewed as a part of a sale.

Condominiums give owners both exclusive and shared ownership. You may have heard the term "condo lifestyle" and it can definitely be an appealing lifestyle. You have your own private space and also common areas for you to enjoy as well. I have seen some pretty cool shared amenities in condos - steam rooms, party lounges, hot tubs, gyms, underground carwashes, dog washes (my personal favourite) - the list goes on! All the owners contribute to these awesome amenities so the cost and benefit are shared by everyone.