A Condominum Document Review is one of the many standard conditions that can be entered on an offer to purchase for Alberta real estate. This condition is inserted to protect the buyer's interests when buying property with condominium ownership. In many cases reviewing the condominium documents is far more important than even doing a home inspection with a licensed property inspector. There are dozens of documents to review: audited and unaudited financial statements, operating budgets, board meetings, engineer reports, a survey(s), 25-year cash-flow projections, owner's obligations, restrictions, by-laws, rules and policies. There are just so many important and costly things that can be hidden in those documents relating to the condominium corporation that you're getting involved in and how well it is being run. In buying a unit in a condominium corporation, you become an partial owner of that corporation. The condominium corporation is a not-for-profit corporation which is run by the board...

• Find a LOCAL REALTOR® who has a condominium specialist designation. In Calgary, this is an optional upgrade designation for REALTORS®. Condominium real estate transactions are significantly far more complex than freehold property transactions and require additional care and attention to details.
• In Alberta, condominiums can be apartments, townhouses, 4-plexes, 8-plexes, attached homes, detached homes or even a few acreages just outside the city. All types of property can provide the benefits of condominium ownership. A condominium specialist should be able to spot the tell-tale signs of a well-run condominium corporation and in the case of townhouses, rowhouses, multi-unit properties can easily explain why they are far, far superior to "freehold" townhouses, rowhouses or multi-unit properties.
• If you are buying a brand new condominium, recognize that the "sales person" in the show suite is an employee of the vendor and CAN NOT represent you in your transaction – they work only...

Calling the listing agent is the BIGGEST mistake a potential buyer can make!

The listing agent is legally working for the seller to get them the very highest price and best terms possible!

The listing agent is required, by law, to disclose three important facts to an unrepresented potential buyer:

1. They are working FOR the seller,
2. They are NOT working for you, and
3. The buyer will likely get a better deal with their own agent.

The listing agent is prohibited from sharing with the potential buyer knowledge they may have about a home or the seller – unless the seller gives them authorization to share the information ahead of time. And why would the seller offer to share negative information?

The listing agent is going to try to push a sale of the home – whether or not it meets the potential buyer's criteria. Keep in mind they work FOR the seller.

The seller has already agreed to pay a certain fee to sell their home through the listing agent. They pay no...

Have you ever wondered what Condominum Special Assessments are? Or who is responsible for paying them?

Here is a link to great blog post by one of our team of experts that I rely on:

Click here to read more: Condominium - Special Assessments

If you're considering buying a condominium apartment, you’ll have a pretty wide variety to choose from in Calgary these days. Some view the top floor units as the best and therefore are willing to pay a small premium in price; with the middle and ground floors as somewhat less desirable. The debate about ground floor apartment condos is always pretty polarized. Either they are almost as highly desirable as the top floor or they are absolutely hated. There really doesn’t seem to be a view of “they’re the same as second or third floor apartments.

In the resale condominium market, they seem to be valued higher than second floor units, but less than third or fourth floor units. They do seem to take a little longer to sell because there are somewhat fewer people willing to consider them as a purchase option, I presume.

Some people love the fact that the ground floor condo apartments most often come with direct access to the outside and have a door that can...

It is an unfortunate fact that many condominium owners do not know they need to insure their individual living units. In media reports we hear of condominium buildings that have been severely damaged by fire or other perils. These reports often include a quote from an owner who has lost everything, “We thought the corporation’s insurance covered us.”

This is an very unnecessary situation. Every condo owner should know that they need their own insurance. To be properly insured, the corporation’s policy should be compared with the owner’s needs. For example, does the corporation’s policy cover upgrades the owner has made? An insurance adviser experienced in condominiums can help condo unit owners get a policy that will suit their needs.

Here is a helpful brochure put out by the Insurance Bureau of Canada to help condo owners and potential condo buyers with simple and helpful tips that may prevent them from a disastrous experience.

If You're Buying a Condo from Plans, Read the Fine Print and Avoid Condo Buyers' Remorse...

When you buy a condominium from plans that won’t be built for a few years, the developer has to give you a list of important documents when you sign the sale agreement. These include the rules that will govern the condominium and a budget for the first year, so you can figure out in advance what you will pay for common expenses.

You have 10 days from the date the developer gives you that information to change your mind. If you do not cancel, then it is a firm deal.

Read more...

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