Toronto’s Condo market is on fire as high home prices are pushing buyers to turn to buy Condominiums. Buy or selling a Condo, it is really important that you are aware of most common rules and terminologies to related to Condo. Find Condo for Sale Toronto here.
Why Condo Staus Certificate is important?
The status certificate provides a wealth of information for the resale buyer. This certificate contains all valuable information such as legal status, the financial health of the Condo corporation, Amount payable by the unit for common expenses, Particulars of any increase in common expenses and more. The certificate must be provided within ten days by the corporation to anyone who requests this document. A prescribed fee, not to exceed $100 inclusive of all applicable taxes, can be charged. The seller may elect to request a certificate at time of listing. This would assist in
the listing process and also provide valuable information for the buyer when viewing the property and making an offer.
What is Condo reserve fund?
Condo reserve fund a special fund maintained by the Condo corporation used solely for major repair and replacement of common elements and corporation assets; e.g., roofs, building exterior finishes, roads, sidewalks, electrical, heating and plumbing systems, and recreational/parking facilities.
Can I use Form 100 for Condo Resale?
For Condo resale, you cannot use Form 100 but you have to use Form 101. This form has all relevant information about Condo such as parking spot, Locker etc which is not found in form 100.
What are Common Elements?
Common elements are referred to as all the property within condo corporation expect the units such as visitor parking, Pool, Storage etc.
Check out our article on Is Toronto Condo market for renters or buyers?