Partners Realty Group

Your Calgary Real Estate Agent With 'The Personal Touch'

		Will a condominium best suit your lifestyle? Forty years ago when condominiums first appeared in Calgary they were primarily purchased by people who could not afford single family dwellings. How we have changed! Condos are now purchased by everyone - single - married - young - old - male - female - and condos can be purchased for as low as $100,000 and as high as in excess of $3,000,000 here in the City of Calgary. When purchasing a condo you must know if the monthly condo fee includes such things as natural gas, water and electricity. Also you must be aware that you are responsible for paying your own city property taxes. Consideration should be given to the type of mortgage - the rate of interest - and if your deposit is less than 25% of the unit's purchase price, mortgage insurance will possibly be applicable. There are many aspects of purchasing a condo as opposed to a residential home that you should - and need - to understand. It is important for you to obtain all the necessary documents as to what is required from the seller - with all relevant information on the building. A different set of documents is required if you are purchasing a newly constructed condo from the developer. It is all very basic - however - like most things - if a process is new to you it is all rather baffling. It is my job to sit down with you to review the documents and ensure that you understand all the information received. Your lifestyle may suit buying into an age restriction complex - or you may prefer having a diversification in age - you may prefer to own a bare land condo - in the latter you own the land your condo sits upon - usually a townhouse or villa type condo.				The decision you will make includes considerations such as: - the square footage, the type of parking available, the reasons for having a Home Inspection, the owner/renter ratio, whether the building is a conversion from a rental, who pays for the heating and utilities, do you want a townhouse or apartment condo, the financial stability of the corporation, is there going to be a 'special assessment', does the corporation have an adequate reserve fund in keeping with the changed Condominium Act? - the list goes on . . . When we have reviewed the documents I recommend that you contact Calgary Condominium Consulting Ltd. (403-651-1463) and have a face to face meeting to look at all aspects of the complex you are considering buying into. You will now know everything you want to know about your proposed Calgary real estate purchase - and also if it is going to be a good investment for you. I have sold numerous condominiums throughout the City of Calgary and have personal knowledge and experience in the buying and selling of condos in all four quadrants of the city. I also live in a condo and am very much aware that this lifestyle is not for everyone. Chinook City, Calgary

	FREQUENTLY ASKED QUESTIONS ABOUT CONDOS: Q What is a Reserve Fund Study ? A This is like a 25 year budget on the property which shows all costs which will have to be undertaken in the future from the roof to the structure of the building - including inside decor and landscaping. Q Does a condo corporation have to update the Reserve Fund Study? A Yes - legally the Reserve Fund Study has to be updated every five years. Q Where does the money come from to pay for these expensive jobs ? A Part of your condo fees are put into a special Reserve Fund bank account to be used only for those items in the Study. By having a Document Review on all the documents you will know if there are sufficient funds budgeted in the account to adequately cover these items.
	Q Do I need a Document Review as a condition on a Purchase Contract ? A It is always prudent to have this service - you are considering purchasing a percentage of a whole property and the Review will inform you of everything about the property which will ensure you will not be ‘buying a problem’. Q How do I know if I can have my dog/cat/fish/rabbit in my condo ? A One of the documents under review is a copy of the By-Laws - this gives you information on what is - and isn’t - allowed by the Condo Board. The By-Laws are documents registered with Land Titles and registered with the number of the Corporation. Q If I have a Document Review do I also need a Home Inspection ? A It is always a good idea to have a Home Inspection on a townhouse condo but, if you are comfortable with the condition of an apartment condo you may wish to forgo the home inspection. The Document Review will cover the complete building - a Home Inspection will only inspect between the four walls of your condo. A townhouse condo is like a small residential home and it is a good idea to have the furnace and water heater checked out. Q What is a Special Assessment ? A A Special Assessment is levied on all owners if there are insufficient funds in the Reserve Fund Account. The amount is divided up by unit factor for each individual unit. This is another good reason to have a Document Review - if a Special Assessment is going to happen we can negotiate with the owner to either pay this amount or reduce the asking price accordingly. Q Is my condo insured by the Corporation ? A The building and all common property is insured by the Corporation and is covered by your monthly condo fee contribution. You are responsible to insure your personal possessions within your four walls - not forgetting the appliances. Q Do I get a copy of the minutes of the Annual General Meeting ? A Yes - a copy of the last AGM minutes together with copies of the last twelve months’ Board Minutes. Q If circumstances were such that I wanted to rent my condo is this allowed ? A Yes - in Alberta all condominiums may be rented out. However, the tenant has to abide by the by-laws of the corporation. Q How long do I have to review the documents before I decide to sign a waiver making the purchase firm ? A One of the conditions of a purchase contract is a seven work day period after receipt of ALL the documents. Q What do condo fees include ? A Insurance on the building, landscaping, snow removal, water/sewer/ utilities for the common areas, management fees, reserve fund contributions, exterior maintenance, parking. In an apartment type condo the fees normally include the heating - you would be responsible for electricity, telephone and cable. In a townhouse condo you would be also responsible for the heating.

CondoXtra article in the Calgary Herald October 2008 "The Ins and Outs of Condo Boards":

CALL or EMAIL me now and experience the best realtor service available to you in Calgary. FIND OUT what 'THE PERSONAL TOUCH' can mean to you! Cell Phone: (403) 860-6234 Office Phone: (403) 245-5248 Fax: (403) 228-0116 E-Mail: Elizabeth Chalmers, Calgary real estate agent

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