Why do I need a Condo Document Review?

Buying a condominium is different from buying a single-family home. You're not only purchasing your individual unit — you're also becoming part of a condominium corporation, with shared financial obligations, common property, bylaws and decisions that can affect both your ownership experience and your future costs.

That's where a condo document review comes in.

At CDIC, we review the condominium documents provided to help you better understand the corporation you're considering buying into. Rather than looking at individual documents in isolation, we look at how the information works together to build a more complete picture.

What do we look at?

Our review considers important areas such as the corporation's:

• Financial position and operating budget

• Reserve Fund Study, plan and funding

• Current and anticipated major expenditures

• Condominium fees and potential increases

• Special assessments or discussions surrounding future costs

• Board and AGM Meeting Minutes

• Insurance coverage and deductibles

• Registered bylaws, rules and restrictions

• Pet restrictions and requirements

• Parking information

• Property management

• Ongoing maintenance, repairs and significant projects

• Available engineering or post-tension reports, where applicable

  
  

We also look for information about issues such as insurance claims, legal matters, recurring maintenance concerns and other items that may be important for a prospective buyer to understand.

More Than Just a Report

A written summary is only part of our service.

Every CDIC review includes a personalized phone consultation with one of our experienced reviewers. We'll walk you through our findings, explain areas that may require additional consideration, and give you the opportunity to ask questions about the documents and what we've found.

Our role isn't to tell you whether you should or shouldn't buy a particular condominium. Our goal is to help you understand the information available so you can make your own informed and confident decision.

Whether you're considering a resale condominium, a new development or a condominium conversion, understanding the documents is an important part of understanding what you're buying.

Know what you're buying. Understand the documents. Ask the questions.

Get in touch with CDIC to learn more about our condominium document review services.