Nevermind how confusing securing a mortgage can be: learning about the different types of documents you need is its own challenge. Many first-time homeowners underestimate the types of documents they will need to get acquainted with as they search for Grimsby waterfront condos. Overwhelming if you don’t have a plan, at Waterview Condominiums we are here to guide you and explain just a few of the most important documents you will run into. While this isn’t an exhaustive list (and in no order of importance or chronology), it’s enough to get you started. Use this guide as a reference as you work toward closing on your new condo. Most of all keep cool and do not get discouraged: it’s a lot to digest, but you can do it!
Condominium plan
Is a condominium plan the most important document of the condo buying process? Hyperbole aside, yes it is. A condominium plan is a document that outlines everything about your condo. From the size of the unit in question to the areas of the condo where you have exclusive rights (e.g. your unit’s balcony), the document also lists nearby roads and buildings. It even provides details on whether your condo fees are calculated by splitting the difference equally among all tenants or if it’s calculated based on the size of your unit.
Purchase agreement
This is the document you will sign when it’s time to purchase your condo. Whether you are purchasing a unit in new Grimsby waterfront condos or it’s a resale condo it doesn’t matter: consult a lawyer before signing anything. Especially if you are purchasing a pre-construction condo (e.g. you can’t physically see what you will be living in yet) consulting a lawyer is vital. Protect your bottom line is key, because this is absolutely one of the most important documents you will ever sign.
Condo bylaws
These are the rules you will abide by while living in Grimsby waterfront condos. It tells you what to expect as an owner and what the condo board expects of you as a resident of the community. It details your responsibilities and community policies such as pets, actions that will result in fines, and what you must pay for as an owner. Read over the condo bylaws before deciding if that community is right for you as every condo is managed differently.
Minutes of meetings
One of the best things you can purchase before committing to a condo is a status certificate. It has a lot of important information (more on those details in a moment). One of the most important areas of the status certificate is the meeting minutes. This will let you know about any grievances condo owners have with the condo board. It’s helpful because it provides insight on how a condo is managed. If the minutes are filled with owners complaining about issues (especially the same issues) month-to-month it’s easy to surmise that the condo building perhaps isn’t managed that well. Cross-check your hypothesis by learning about any legal actions being taken against the developer in the status certificate to make an informed decision. A condominium plan may be the most important document you will need to be acquainted with during the condo buying process, but a status certificate is arguably just as important.
The condo’s financial statements
This document tells you just how well a condo building is managing its funds. Such a document contains a balance sheet that outlines all of the building’s assets, any liabilities against the owner of the building, how much money is being earned annually, and what is being spent. Most importantly, the document shows how much money is being saved for future repairs and maintenance. It also showcases what is being spent on each of those items. Coupled with a status certificate, these documents are the one-two punch you need to know if a condo is a good buy or if you need to look elsewhere.
Your budget
Lasts but not least, get acquainted with not only your actual mortgage but your household’s budget (yes, you need a budget). Just like a condo’s financial statements, you need to know how much money is going in and out every month so you can pay everything on time and never left scrambling. It’s a responsible thing every homeowner should get into the habit of putting into practice, so make a budget and stick to it!
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