DOCUMENT REVIEW SERVICE
We review documents for all types of Condominiums (Residential, Commercial, Recreational, Boat Docks (“Dockominiums”), etc.
When purchasing a Condominium, you get much more than just your unit and possibly a parking stall or two. You are also buying into the “business”.
There are many business documents that should be reviewed before you remove conditions on your potential home and commit to being a part of this “business” venture.
We use our specialized knowledge to examine the Condominium Documents and provide a written summary stating the facts of the findings. The report may be sent via email or fax. A follow up telephone call to provide clarity or answer questions is also included as part of the service. Our goal is to ensure the client is given the facts needed to proceed with or discontinue the condo purchase.
Our reviews include (but are not limited to) the following:
- Condo Fee Amounts (what utilities and/or other services are included).
- Are there any Bylaws/Rules a buyer should be aware of?
- Are there any use and occupancy restrictions: such as age restrictions, pet prohibitions or restrictions, etc?
- Are there any Developer/Builder exemptions a buyer should be aware of?
- Type of Condominium (bare land or structural)?
- Is there parking or Storage? If so, what type?
- What is the Owner is responsible to repair, maintain and/or replace?
- What is the Condominium responsible to repair, maintain and/or replace?
- What Insurance is required by the Owners and the Condo Corp? Does the condo have proper insurance coverage to protect the Owners?
- Have any judgments or writs of enforcement (legal actions) been registered against the Condominium Corporation?
- Have any restrictive covenants been registered upon the title to the unit?
- Capital Reserve Study – Are there any important items to note from the report? Are there financial shortfalls?
- Condo Budget and Operating Financials – Are there any deficiencies or shortfalls?
- Have any Special Assessments been passed or forth coming?
- Review meeting minutes. Are there any important items to note (good or bad)?
- Review and comment on any other document provided by the Customer.
The client is responsible to collect the documents from the Condominium Corporation. Once we have received the documentation, we will proceed with the review.
A review typically takes 3-5 business days to complete. Please ensure adequate time is considered to remove conditions from your offer to purchase. However, a rush service is available for those rare cases with tight timelines.
Payment is required prior to commencing the review.