Why a condo’s status certificate is important

News Source: http://www.canadianmortgageupdates.ca/

   

When buying or selling a resale condominium, the most important document in the deal is the status certificate.

It answers such important questions as:

• Do I own the parking or locker?

• Are pets allowed?

• What are the pool hours?

• How much is in the reserve fund to look after future repairs?

• Are there any special assessments because there isn’t enough money to pay for needed repairs?

• Is anyone suing the condominium and is there enough insurance to pay for it?

• Who is the property manager?

Most deals are conditional on the buyer’s lawyer being satisfied after reviewing all of the condominium documents, including the status certificate.

In my experience, there are no easy rules to provide guidance. A reserve fund might have over $1 million dollars in it, but the building could need over $2 million in repairs. Another building might only have $200,000 in the reserve fund, but could have completed all repairs that would be needed for years to come. You get the picture.

Expert Ways To Get More From Your Home Improvement Plans

Making improvements to your home, or to any property that you own, is bound to give you some return on your investment. How much and how quickly relies mostly on the projects you choose to do and how you choose to do them. Using the ideas in this article you should be able to make smart decisions when it comes to your home repairs. When it comes to home improvement, be sure that none of the workers that will be working on your home have a criminal record. This is important to the safety of you and your family, and also for the security of your belongings. It is not uncommon for you to ask for the names of all the workers that will be on the property. Background checks are available online. When you hire a contractor to work on a home improvement project, make sure that he is holding a current license and that he has insurance for his employees. This is important for your protection, in case you have a legal dispute about the quality of the work. In addition, if his employees are not covered by his insurance, you might be financially responsible for any injuries that an employee incurs, while he is on your premises. Exterior lighting will give you peace of mind at night, and add beauty to your landscaping. Consider motion sensor lighting, as this will reduce the amount of energy used when the outdoors are not occupied, and can also frighten away unwanted animals or even prowlers. Install the lights in strategic places, such as the exact area visible to you from a window, and the path from your vehicle to the front door. Using the ideas presented here to make decisions about how, when and why you are going to make remodeling changes or updates to your home or investment property, will net you a greater return on your investment and give you some leeway in making greater gains in your home equity.