Before You Buy Condominium
Wednesday Jun 23rd, 2021Share
I have made four short videos of condominium for you.
Today is the first video.
As you know the Condominium including apartment, townhouse, detached house stacked townhouses.
When you are a condominium unit owner, you have freehold title and share the ownership of the common elements with other unit owners in same building.
When you live in a condominium, you need to understand and follow the Declaration, By-laws and Rules.
At the same time, you share the cost of operating the building by paying the common expenses which is partly calculated based on the square footage of the unit.
The question is: Do you know how to determine the square footage of the unit? Well, it is not based on the interior measurements of the unit, but it is determined by taking the measurements of the unit to the outside walls and the middle of the partition walls between units.
The common expense contribution is not necessary based on the square footage upon which the sale price is determined, because the useable square footage can be different by 8 to 12%.
A default in common expense by unit owners can result in a lien against the unit including legal costs and other expenses.
If your unit includes a parking space, you can use the parking space exclusively without increasing the common expenses. However, when you have the separate title of the parking space, the proportionate share in common expenses is taken into account and added to the total amount of monthly common expenses.
This video is one of four videos about Resale Condominium. Please watch the other three videos in this series.
If you have any questions about today’s topic, please contact me by phone 416-399-9981 or email to me email@example.com. Thank you.