Self Managed Condos
One problem I encounter when I work with buyers or sellers of condos; is that of self managed condos. That being a small condo unit that chooses to manage itself as opposed to hiring a management company.
There is nothing wrong with this in itself, and often can lead to cost savings and better management in certain cases. In other cases however, it can lead to gross mismanagement and money wasting.
The important thing to remember, is that by law – all condos need to follow certain criteria. (ie. they need to have proof of estoppel, insurance and compliance of bylaws, etc…).
When purchasing a self managed condo, it is important to ask these questions before proceeding with anything:
How is management conducted?
Are there meetings between the owners?
Who signs estoppel certificates and are they provided?
How is insurance for the building handled?
Where are the minutes?
Is there a reserve fund?
If you cant get a clear answer to all of the above questions, it may be wise to avoid the property altogether rather than dealing with potential issues that could arise during conveyancing.
Above all, if you have any questions regarding these matters, feel free to contact myself, or any certified Real Estate member that could help lead you down the right path.
