Is there a difference in owning a condo or owning a house? What do you have to pay attention to, when you are considering buying an apartment (condo) in Montreal? Who do you need to consult with? If you made a decition to buy dwelling you will confront with a lot of uncertainties and questions
We will try to answer on some of questions.
Property.
By obtaining a condominium in Canada ( in Montreal or in other city) buyer does not just become a single owner of the apartment (condo), but he also becomes a part of a community, which consists of the same owners of condo as himself. The buyer has the rights to sell, to lease or to bequeath the apartment (condo) as he wishes.
But at the same time he shares the rights on the land, corridors, elevator etc. with the other owners of condominiums.
Much more seldom there are situations, when property becomes public, mortgage credit is taken by all buyers of the apartments, rights and duties of everyone are specified case by case.
Cooperative’s representatives.
The owners of the apartments are electing syndicat de copropriété (Council society) for ruling and solving the problems of exploitation the building: engineering communications (water, sewerage, lighting, heating), conditioning, building services,( engage wokers for cleaning, necessarily repair etc) . The collective will agree on the amount of monthly pay to be extended to the society fund by the apartment owners. It is better if the respresentative will be the one who thinks like you, who will understand your needs and possibilities.
Location.
If you consider buying a condo, location is one of the most important things. We talk about good location of the apartment in the building, it’s illumination, location of the building and easy accessibility (roads, public transportation) . In Montreal, like in the other large cities in Canada, it is very important! Besides this, if one day you decide to sell your condo good location will secure the hight price of it.
An apartment.
The location of the apartment and the quality of the building are also very important. But some chic houses in Montreal are planed in such a way, that each block of flats, and sometimes each condo, has a separate entrance. At the same time the walls between the apartments are not always securing good soundproofing. So, before buying a house make sure that it has beed built good.
Additional service. Сondo-collections.
When you buy a house, find out which servises will be available for you. Are there garage, swimming-pool, sauna, tennis-court, gymnasium? If you prefer to park your car in a garage and not on the side of the street, be prepared that the price of the condo will be slightly higher, due to the assigned place in the covered parking.
But on the other side, if you do not like to swim, do you need an access to a swimming-pool? Remember, that condo-collections are covering all services, regardless if you are using them or not.
Contract.
When signing your intention to buy a condo in Montreal, point out that your final decision depends on regulations of le syndicat de copropriété (Council society) and the condition of the condo. Ask your lawyer or notary to chek all the documents and read ALL the conditions of owning a condominium (possibility of having pets, presence of parking space etc)
Beside this clear up what sum of money is available in the fund of the building, especially, if you buy a condo in the old building.
Consult with agents and commercial agents of realty! Do not be afraid to ask questions! Carefully think over all your steps!
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