) The status certificate also includes the declaration, by-laws, and rules.And, here as well, the same problem applies as described above in the section for new condos.The declaration is a thick document that is not always easy to read or understand.In addition, declarations vary from condo to condo, even in a same district, and this may create confusion for persons who are buying units in different developments.Our Word of the Year choice serves as a symbol of each year’s most meaningful events and lookup trends.It is an opportunity for us to reflect on the language and ideas that represented each year.Also, the declaration will allow you to know whether the development is strictly residential or if it will also contain commercial and business units (mixed-use condos). ) Above all, the disclosure statement and the declaration contain items that will have to be shared by all owners via their condo fees later (and for many years), thus increasing their fees.These items may not be mentioned by the sales staff and do not appear in the ads.
These charges can amount to several thousands of dollars that prospective buyers have not included in the calculations of what they can afford.) The declaration of townhouse developments will indicate whether patios and backyards are exclusive-use common elements or freehold—that is, individually owned.And the same applies to garages and lockers, where available.In some cases, even the roof, the outside walls, and the windows are individually owned: Such situations result in more maintenance responsibilities for owners in the long term. One problem that recurs in condos being sold by agents on behalf of builders is that these agents are not always forthcoming with the full picture. For instance, they will not necessarily tell you that another building will soon rise and block your view.Others will tell you that the party room is sound proofed, or that owners of penthouses will have first pick when time comes to choosing a locker, or that your parking space will be on the first level. There is a 10-day cooling off period during which purchasers can change their mind at no cost when buying a new condo.