Six Steps to Minimize Your Exposure to Unexpected Expenses

  1. When purchasing a condo, review the status certificate carefully as it contains representations about whether the Condo reserve fund is sufficient to cover anticipated expenses.
  2. In addition, have a lawyer review the Status Certificate and explain to you in detail the representations that have been made and whether there are gaps in the information provided.
  3. Find out who is managing the condominium complex and speak to them about whether they know of any expected potential major expenses for unit owners.
  4. Speak to the other unit owners or Condo Board Members (not the Vendor who is more likely to sing the praises of the property) and see how satisfied they are with building operations and whether there are serious financial issues looming.
  5. Be particularly cautious when you are looking at a condominium unit in a complex which is self-managed. You want to ensure that the self-managing owners are bringing the same level of professionalism to their management arrangements as you would expect from a qualified professional property manager.
  6. After you become a unit owner, attend all owners’ meetings and critically review information provided by the condo board and its property manager.

DISCLAIMER: The information provided herein is for general purposes only, and is not legal advice. This information relates only to the laws of the Province of Ontario and related laws of Canada applicable in Ontario, and is believed to be correct as at the date it was assembled, but may contain inadvertent errors or inaccuracies and may be out of date when accessed. Cohen Highley LLP disclaims any and all liability and accepts no legal responsibility relating to any use or reliance on this information. Use or reliance on this information does not establish any form of lawyer-client relationship with Cohen Highley LLP, and any such alleged relationship is hereby disclaimed. Legal advice depends on facts and circumstances, and should only be obtained through direct personal consultation with a licensed legal professional. This information is protected by Canadian and international copyright laws and may not be reproduced, transmitted or otherwise disseminated without the express written consent of Cohen Highley LLP.

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