Real Estate
Condominium Law
Learn how I can guide you through complexities of condominium law
Real Estate
Condominium Law
Learn how I can guide you through complexities of condominium law
Buying a condo is a special kind of purchase, different from a standalone home. Different condo buildings have different facilities, rules and obligations, and I can help you understand what you would be buying into, and what rights and obligations you will have, with any particular property. Understanding the finances of the condominium corporation is especially important, because unexpected rises in the common expenses, or special assessments, might not just catch you unawares and lead to a cashflow problem, but higher common expenses are typically linked to lower sale prices, so you could be hit twice, once when you have to pay, and once when you get paid less on selling the condo.
The best way to think of a condo is a property which has an extra level of government, the one which administers the building or complex where the condo is located. They take monthly common expense payments, which is just like paying an extra sort of taxes, and they carry out certain services, on an extremely local level. Think of it like this: the city maintains the street and sidewalk, but the condominium corporation maintains the parking garage and hallways. You only own the inside of your unit, so the maintenance of everything else, how decisions regarding it are taken, and how and how much to pay for it, it all managed by the condominium corporation. Understanding how that works, and what it means for you considering any condo you might want to by, is essential for making sure you get what you expect.
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