Condos: the documents to ask for
In a divided co-ownership (condo), the syndicate manages the common areas and the contingency fund. Before you buy, ask for the declaration of co-ownership, the minutes of recent meetings, the financial statements and the budget.
Ask also for the contingency fund study and the maintenance log: they show the major work ahead and whether the fund is enough. A fund that is too low often means a special assessment. The syndicate can provide a certificate on the state of the co-ownership.
Our pages give the assessed value of each unit and its place in the building, but not the state of the syndicate’s finances: those documents remain the best source.
General information, not legal or professional advice.