With their Certified Condominium Specialist designation, Caleb and Jeannette offer expert guidance through every step of your condo purchase or sale. From understanding bylaws and fees to navigating condo docs and building reputations, they ensure a smooth, informed experience with your best interests at heart.
Condo Fees – What’s Included?
Condo fees are monthly contributions that owners pay to cover the shared costs of running the building or complex. These fees typically include building insurance, reserve fund contributions, common area maintenance (like hallways, landscaping, and snow removal), management fees, and utilities such as water and heat (depending on the building). The amount varies by building size, amenities, and what’s covered—so it’s important to review the budget and understand exactly what you’re paying for.
Understanding Condo Documents
Condominium Plan – A detailed map of the building/site showing unit boundaries, common property, and exclusive-use areas.
Certificate of Insurance – Proof that the condo corporation has current and adequate insurance coverage.
Bylaws – The rules and regulations that govern how the condo corporation and unit owners must operate.
Reserve Fund Study – Required every 5 years, this is a professional assessment of the major common property components and how much money should be saved for future repairs.
Financial Statements – The condo corporation’s income, expenses, and financial health, typically provided as year-end audited statements.
Annual Budget – A forecast of expected operating expenses and contributions to the reserve fund for the current fiscal year.
Board Meeting Minutes – Records of decisions made by the condo board, often revealing ongoing issues or future plans.
Annual General Meeting (AGM) Minutes – A summary of discussions and decisions made by all owners at the annual meeting.
Estoppel Certificate – Confirms the financial standing of a unit (e.g., outstanding fees) and provides essential info for buyers.
Management Agreement – The contract between the condo board and the property management company, if applicable.
Disclosure Statement – A summary outlining the current Reserve Fund amount, condo fees, any current special assessments, judgements, and other essential details.