Link to a great article below on just a few of the many potential "gotcha's" in condo documentation (aka: what they don't necessarily tell you at the sales centre).  http://www.moneyville.ca/article/1295143--avoid-condo-buyers-remorse-read-the-fine-print 

Your lawyer is your best friend and should be fully engaged and compensated for reviewing all documentation associated with a condo purchase, especially new construction.

Some condo residents face faulty elevators: potential special assessment?

Hugh Adami reports in the Ottawa Citizen (Nov 29, 2012) that elevators installed around 2009 by CNIM Canada at the Mondrian condo in downtown Ottawa have been plagued by service and maintenance issues.  This has caused significant inconvenience with long wait times due to elevators being out of service.  CNIM Canada was a local affiliate of a company based in France who quit Canada recently.  Their business here and ongoing maintenance is being provided by KONE, a major player in the “vertical transportation business” (that from their website).

The article names the Mondrian and also the Hudson Park towers on Kent St. as having these particular elevators installed and mentions that perhaps 10 Ottawa condos in total have them.  (the company also did installs in Montreal and Toronto as well)

Condo boards and property managers are no doubt on top of these issues but condo owners and buyers should check to see if this may result in a special assessment to replace these elevators.

Equally important for condo buyers, is that if these elevators have significant downtime and are not replaced-how much inconvenience and wait time is there to access or exit your high rise apartment?

To read the full article:  http://www.ottawacitizen.com/business/Hugh+Adami+Condo+residents+down+faulty+elevators/7623585/story.html

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692
oasisrealty@rogers.com
www.oasisrealtyottawa.com

What is it and why is it important?
The disclosure statement is a compilation of information describing the condo, units and amenities, financial structure, responsibility and timing, first year budget, proposed bylaws, etc..  These documents are provided usually in conjunction or shortly after the signing of the developer’s agreement of purchase and sale.  They are important because many cost details and special terms are often included there, that every buyer should know.

Buyers have 10 days to rescind their purchase agreement after receiving the later of the signed copy of the sales agreement or the Condo disclosure statement.

How and why does it get overlooked?
Most buyers have their lawyer look over the builder/developer agreement of purchase and sale but according to a real estate lawyer in Toronto, Nick Iannazzo-very few want to pay their lawyers to review the disclosure statement.  The term the “devil is in the details” very much applies to this Disclosure Statement as many details are included in this document that relate to future costs of ownership and ongoing maintenance costs of the condo.

We believe that many buyers overlook this document because of the legalese and the fact by the time they receive the document they have already emotionally “bought” the condo and are not looking for problems with the purchase.

Consequences:
Developers often retain ownership of certain aspects of the building complex and “sell” or “lease” those facilities back to the condo ownership after the first year of ownership.  This could include fitness facilities, guest or function rooms, some building systems such as HVAC and how costs may be apportioned between retail or business space in the complex and the residential portion.

Once buyers fully analyse and comprehend the consequences of the disclosure statement terms, the bargain purchase price of the condo may not seem to be quite such a great deal after all.

Bottom line:
 Get your REALTOR® and your lawyer involved in reviewing and explaining all documentation related to a new “to-be-built” condo-so you understand the risks as well as the opportunity.

Link below to an article by Brazeau Seller LLP about uncovering hidden costs in new condo purchase.

http://www.brazeauseller.com/articles/26/4/2011/303.aspx

Comprehensive and objective site for condo buyers and owners is highly recommended reading.

http://www.condoinformation.ca/

Condo growth has been amazing in the last decade and will play a big part in our future of higher density or “intensification” in housing.  Hardly a week goes by without there being a new project proposed, squabbled over or announced for sale.  This page will provide some tips or links to information we believe it is important for condo owners and prospective buyers to consider, so they can make appropriate decisions and best manage their asset.

Condo Buyer's Guide:  CMHC puts out a good primer on the many factors to consider in buying and owning a condo.  Download this free report and check out a wide range of other housing information here:  https://www03.cmhc-schl.gc.ca/catalog/productDetail.cfm?cat=1&itm=3&lang=en&fr=1354542502835