Individuals purchasing a condo property in Alberta can obtain the services of a professional to review condo documents and identify areas of concern.
Toronto Condo News is unaware of similar services in Ontario. In B.C., condo document review services can only be offered by a licensed realtor. This creates a conflict of interest when condo documents identify concerns which may prevent the sale of, or reduce the selling price of, a condo.
Condo-Watch has been operating since 1994 and was the first condo document review service in Alberta. Company consultants obtain and review all documents available by law from the condo corporation. This includes financial information, declaration, by-laws, rules and meeting minutes. The company delivers a report and charges a fee of $395.
Condo document review services, if available in Ontario, could help a condo purchaser avoid purchasing property where there is an inadequate reserve fund or the likelihood of a special assessment. It may identify building problems not disclosed by the seller.
Providing condo purchasers with access to condo document review services would help place a condo purchaser in a stronger position when it comes to purchasing their home. Allowing condo purchasers to obtain more information from an independent source prior to making or negotiating a purchase would help in curtailing problems resulting from inadequate or unclear disclosure.
Publication Date: March 2017
