The Loft Realty Inc, Brokerage.

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There are some misconceptions about ‘Condominiums’ so here are a few facts that may answer some of your questions. Remember, you can always call us for further discussion.
Condos are not just big tall apartment buildings. Actually a ‘condo’ is not a building at all. It is a type of ownership. So a condo could be an apartment style building, or it could be a townhouse, or a detached home. All have some form of common element (gardens, lawn, parking area, lobby etc) that is owned by all the owners in ‘common’.

So the common elements and the rules connected to the structure are run by a Condominium Corporation. It can be a company hired by the owners through a Board of Directors, or it can be actually run by the Board of Directors for all the owners.

The fee you pay monthly (condo fee) is for the maintenance of the common elements. The corporation should plan for scheduled maintenance (snow removal, lawn cutting), building maintenance (if an apartment style building perhaps the roof, furnace, windows, brickwork).

Condo corporations are required (under the Condominium Act) to keep records of all financials, rules, legal issues. These are periodically given to owners. Owners also will have spots on the Board of Directors and can be directly involved in decisions made.

A Status Certificate is just a summary of the financial health of the Condo Corporation along with any future expenditures, legal suits and cash in reserve (Reserve Fund). A buyer’s agent should make a review of the Status Certificate a Condition of the purchase. Your lawyer will review that Certificate when received and give you his opinion as to the health (or status) of the Corporation.

Your monthly condo fee can pay for whatever the Condo Corporation decides to include in the fee. It will almost always include exterior maintenance (at least of common areas) and building insurance if apartment style building. Other inclusions could include parking, underground parking, cable TV, water, electricity, gas.

By: Sara Petta

Sara was introduced to the real estate industry by Jack Loft, a long-time family friend. Real estate is a field that always interested Sara; especially after growing up in a household where her parents regularly built, renovated, and sold houses. Sara pursued her real estate license and became a real estate Sales Representative in October 2015. Since licensed, she has grown her business with partner Jack Loft. She quickly familiarized herself with large and small transactions during the vigorous real estate market of 2016. Through leases, purchases and sales of all housing types, Sara successfully completed over 30 transactions in her first year, achieving an award-winning sales level. She continues to grow her list of satisfied clients, while furthering her education by obtaining her Broker designation in 2018. Sara takes pride in going above and beyond for clients by meeting their individual needs.