Buying
Condominium and resort document review
Read every corporation before the unit
The short version
Order the current status certificate and review the declaration, description, bylaws, rules, budget, reserve fund study, financial statements, insurance, minutes and shared-facility agreements. Add village, club, rental and management contracts that sit outside the corporation.
Map ownership boundaries
Confirm the unit, common elements, exclusive-use areas, parking, lockers, decks, roofs, windows, hot tubs and road interests from registered documents.
What an owner has historically maintained may not match legal responsibility.
Reconcile capital and insurance
Compare reserve fund study recommendations with budgets, projects, borrowing and recent special assessments. Read enough minutes to understand water, enclosure, roofs, roads, pools, elevators, rentals and disputes.
Obtain owner coverage that responds to corporation deductibles, improvements, loss assessment, vacancy and intended rental use.
Find every external agreement
Some resort units carry village association, shared-facility, management, rental-pool, club or maintenance agreements beyond the declaration.
Trace term, transfer, voting, fees, personal-use limits and termination for each one.
Budget for these
Line items people forget
Named without figures on purpose — rates, fees and thresholds change, and a stale number is worse than none.
- Boundary
- Unit, common and exclusive-use responsibility.
- Capital
- Reserve fund, projects and assessments.
- Use
- Occupancy, rental, pets and renovation rules.
- External
- Village, club, management and shared-facility contracts.
Questions
Condominium and resort document review: common questions
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