With the backing of a condominium corporation generally a first time buyer feels more at ease with their first purchase. Condominiums offer greater peace of mind for the owner because the condominium corporation is responsible for common elements such as structure, roof, widows, etc., which are financed by the monthly condominium fees.
What defines common elements is set out in the by-laws and regulations, which you receive with the status certificate. Your lawyer should be able to identify which items you will or will not be responsible for. Do not assume anything until your real estate lawyer has informed you as it does vary greatly. For example, in a tower the common elements are usually includes the exterior and roofing systems. In a town house you may be responsible for the HVAC system an expensive item to replace. The line between your responsibility and the corporations may not be obvious. For example, some condominium corporations are responsible for the building exterior up to but not including window sills, caulking and glazing.
Condominium buyers need the services of both a lawyer and a DoubleCheck Home Inspector, (Registered Home Inspector) to ensure that all risks and responsibilities are reviewed and assessed. Ask for a copy of the latest condominium reserve fund study from the condominium corporation and have it sent to your lawyer to see what major common element repairs are anticipated. DoubleCheck Home Inspections Ottawa will inspect all elements for which you are responsible and such areas as indoor parking and storage lockers