News & Articles: Condos
Condominiums come in different shapes and sizes. They can be townhouses, or suites in a high-rise building. When you purchase a condominium, you own your own unit, and share common areas and many expenses with other owners. Condominium projects are governed by a board of directors elected by the members. Board members supervise the management of the condominium, and report to the members every year at an annual general meeting. The board prepares a budget and sets common expenses fees which cover expenses shared by all the owners. Your exact share of the expenses is often determined by the size of your unit, and is set out in the condominium declaration. Not all condominiums are responsibly managed or healthy financially, and your lawyer will help review documents like the budget and estoppel certificate before you make a final commitment. Always consult your independent real estate lawyer before you sign.
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