ANNOUNCER: I’m with Laura Gurr from Cohen Highley Lawyers. Anything specific, prospective condo buyers should be wary of?
LAURA: There can be many but unusually low condo fees is one.
ANNOUNCER: Why is that?
LAURA: Low condo fees can be indicative of several issues, one of which is, it can be a sign that the corporation is not saving enough for the future. Another risk is that the condo services, like property management services are not provided at the industry standard or that needed maintenance items are being deferred in. In some cases, low condo fees now could be a sign that past and current condo owners are keeping the fees low at the expense of future owners.
ANNOUNCER: Is there a way to clarify if a low condo fee is one of these issues?
LAURA: Always have an experienced real estate lawyer review the condo status certificate before buying. Much of this documentation can identify if the condo fee is a red flag for bigger issues.
