Condominiums require added attention especially to the status certificate, reserve fund, reserve fund study, declaration and description. It is essential for a buyer to make their agreements conditional upon a review of the status certificate. This document issued by the condominium corporation upon written request and payment of the prescribed fee, operates as a disclosure document which provides key information to a prospective purchaser such as whether the current owner is in default of their common expenses, the amount of the reserve fund and whether the corporation is contemplating any special assessments during the current fiscal year. This information must be scrutinized prior to your agreement becoming firm and binding.
Industrial condominiums are an attractive alternative to leasing space and can be very useful for an end user. It is sometimes the case that an owner of an industrial or commercial condominium wishes to lease out their space to a third party user. In these circumstances their is added urgency to understand the interplay of the condominium's declaration and description as these documents may circumscribe the uses to which the unit maybe subject to. For example the condominium corporation may prohibit the use of satellite dishes being affixed to the common elements or consent from the condominiums board maybe required for various renovations being planned. Its not just the lease between the parties but understanding the effect of the declaration and description on the lease which must be analysed.