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Advice offered for prospective condominium buyers In the Georgetown area we have seen two new apartments occupied by owners and there are currently at least three more developments propos ed Many first time home buyers have also purchased units at KingBmlll in the last six weeks The first thing is to define ex actly what a condominium is and what you can expect when you go to purchase a new unit or a resale A condo can be any one of the following townhouse apart ment office and industrial A condo Is defined where the owner occupies a certain unit for which he receives a title or deed and has a shared ownership of common areas such as hallways swimm ing pools outside gardens etc The condo is managed by a Board of Directors who are elected by their fellow residents and can be managed either by volunteers or a professional management com The rules and regulations of the are enforced by the Board of Directors and these rules may be changed by residents of the units at meetings called by the Board The above is a rather simplistic explanation of how the condo works Many of the rules under which condos operate were enacted by the Province of Ontario to protect the owners of the individual units SELLING OR PURCHASING A RESALE CONDO The sale or purchase of an ex isting registered is very straight forward and is not much different than a single family dwelling The major difference is that the purchaser will put in the offer a clause which in effect asks that the vendor has paid his fees and is not in ar rears The purchaser will ask for a certificate from the manage ment attesting to the fact that the fees are in good standing When the lawyers search title they will make sure that all fees have been paid If the owner does not pay his monthly fees the condo cor can and usually will place a lien on the property which is second only to municipal taxes so you can see it is important to make sure the fees are paid When buying a resale it is portant not only to look at the unit itself but also the whole property to insure that it is being ade quately maintained and is not in need of major repair You should also ask to see the financial state ment for the corporation to insure that it is properly manag ed When selling your unit your agent should ask you for a copy of the bylaws of the corporation and the most recent financial state ment so that it may be shown to prospective purchasers For the most part resale condos are very straight forward and in the Halton Hills area should present no problems NEW Most builders will the units in a new building in many cases even before budding and zoning approvals are given As he cannot sell the unit itself he will sell a- reservation for a unit basically promising you tite unit when it is finished all ap provals are given and construc tion starts the builder will then ask you to sign an offer of pur chase and sale This document will look like a small book outlin ing all the rules that the unit holder will adhere to In addition the builder will pro vide a proposed operating budget which will give you and idea of the monthly cost you will be ex pected to pay At this point in time the builder will be able to give you a tentative move in date Of course the builder will require a deposit to hold your unit This money will be used by the builder to help ffnance the construction The deposit up to is backed by the New Home War ranty Program that all the builders contribute to An important point to remember is that after signing the offer of purchase aid sale you have ten days to cancel the con tract if you feel that you have made a mistake Sometimes this Continued on Page HALTON HILLS HOTLINE 8772201 ALUMINUM PRODUCTS m4CemwcblfiullIfng RmUoni Ceramic Tile Skylight Roofing Phil McLaughlin NOV IIBUIMD DOORS Styles Available ESTIMATES ENTERPRISES CONTRACTING LTD SERVICE PROP LYLE 8532572 HALTON EXCAVATING CO Excavating Grading Good Clean Sand Fill Sale Mt rating Equip