Condo IQ

CONDO DOCUMENTS • Condos are a bit complicated. They are more than 4 walls and what’s inside them. They include a financial component, rules and regulations ( bylaws) and insurance documentation, just as a start.

As a condo owner you are expected to understand the workings of your corporation in order to be a good neighbour and protect your investment.

When you sell your condo, you will need to assemble and provide a myriad of condo documents to the buyer, at your own cost, to the buyer.

So where do you find them?

Many corporations are moving towards owners portals where MOST of the documents are available to owners at no cost. There are a few documents you or your realtor will need to order upon a sale in addition to anything provided for free.

If you do not have an owners portal, your corporation may upload documents to a condo document sale website where you can purchase your documents for a fee.

Occasionally, you’ll be able to purchase/download documents from the property managements’ website for free or for a fee.

It can be time consuming and a bit confusing trying to organize your documents. We do recommend that when buying or selling, you have realtor ( preferably a CCS) assist you in your sale or purchase so that they may help obtain documents with and for you.

You are also welcome to call us if you need help navigating this task! We can point you in the right direction.

Your friends at Condo IQ

LOOK AT THE WHOLE PICTURE • One of the first questions we get asked is “How much money is in the reserve fund?”

As much as that figure is important, it’s more important to know that there is ENOUGH money in reserve to take care of the items that are suggested to be replaced as set out in the reserve Fund Study.

An example; Years ago, one of Calgary’s most prestigious buildings was said to have $1,000,000+ in their reserve fund. Back then. That was a lot of money for a building that size. Then, they had to deplete the reserve fund to do brick and exterior maintenance. Once they were done, their reserve fund was a mere shadow of its former self. Did that make it a bad building? No. Just because their reserve fund was depleted did not mean they were in bad financial shape. They had updated the building as required and had ample money left over for future projects.

So, before you ask about the reserve fund insider how that figure fits into the current status and condition of the building as a whole.

We can help you understand the financial situation at your potential new condo. Reach out and let us Increase your Condo IQ!

“I ASSUMED….”

We pay a lot of condo fees. We assumed that the condo corporation is responsible to replace smoke detectors”

~ We just had a current condo owner say this to us. Very interesting prospective, and not necessarily true...

Understanding your rights and responsibilities as a condomimiun unit owner is CRUCIAL in maintaining your investment and your level of enjoyment as a condominium owner. Paying condo fees does not necessarily mean that you have no responsibility to maintain certain elements within your unit, including windows and doors (every complex is different)

This is your nudge to take out your condo bylaws and familiarize yourself with the rules and expectations specific to your condo complex!

Need help understanding what your rights and responsibilities are? Reach out and let us help you increase your Condo IQ!

FEES • Yes, when buying a condo, the condo fee is important but before you pass up the perfect condo, take a look at the monthly fees and inform yourself of what they include and why that fee is assigned to your unit. So many people focus on the total amount of the fee, but it’s important to understand how much the fee breaks down to per square foot, which amenities ( if any) the complex provides, how much of the fee is being allocated to operations and to the reserve fund study. It’s also helpful to look at the history of the fees (if available) to understand how the board is handling the budgets of the complex. Condo fees are more complex than just a number and we can help you understand what you are actually paying for.

Looking to understand the financial aspects of the condo you are considering? Reach out and let us help you Elevate your Condo IQ!

We have received questions from Condo Owners about Baseboard Heating; specifically zone valves. Many condo owners are surprised to find out that most often, the unit owner is responsible for maintaining and replacing these valves.

Understanding your rights and responsibilities as a condomimiun unit owner is CRUCIAL in maintaining your investment and your level of enjoyment as a condominium owner.

Paying condo fees does not necessarily mean that you have no responsibility to maintain certain elements within your unit, including windows and doors (every complex is different)

This is your nudge to take out your condo bylaws and familiarize yourself with the rules and expectations specific to your condo complex!

Not sure where to begin? Need help understanding the operations of the condo corporation you currently own in or are thinking of buying?

Reach out any time at [email protected]

We are here to INCREASE YOUR CONDO IQ

We have received questions from Condo Owners about Baseboard Heating; specifically zone valves. Many condo owners are surprised to find out that most often, the unit owner is responsible for maintaining and replacing these valves.

Understanding your rights and responsibilities as a condomimiun unit owner is CRUCIAL in maintaining your investment and your level of enjoyment as a condominium owner.

Paying condo fees does not necessarily mean that you have no responsibility to maintain certain elements within your unit, including windows and doors (every complex is different)

This is your nudge to take out your condo bylaws and familiarize yourself with the rules and expectations specific to your condo complex!

Need help navigating condo ownership? Reach out to us and let us increase your CONDO IQ!

We are ready to help you navigate the condo buying process - book your condo document review today!

Master the condo market before you buy! CondoIQ's comprehensive document reviews unlock everything you need to know about your Calgary condo. Feel confident, informed, and empowered to make the best investment of your life. Free consultation: (403) 807-3550.