Two issues you must know when buying a house or a condo

There are two main issues you must know when buying a house or a condo and it’s best to discover these before you finalize the agreement.

For single family homes, there are two issues. First is the real property report. This is the map of the property showing where the buildings are, as well, as fences and cement pads, so any permanent structures. What you need to look out for is to make sure that this map or the real property report is exactly as the property is. This is a document that needs to be approved by the municipality in order to complete the sale.

Another issue to buying a single family home is the restrictions on the property. This can be found on the title of the property and can impose limits on what changes you can make to the property. One of the most popular is with the fence, there are limits on the height, the type and sometimes having a fence in the front yard.

If you’re considering purchasing a condo there are two issues there as well. The first issue is with special assessments. A special assessment is an expense imposed on the condo owners for repairs to the common area that can’t be covered by the reserve fund. A prime example of this is with the June 2013 flood where condo buildings, that were affected by the flood, had to use a special assessment to upgrade the system to prevent future floods.

Another issue with buying a condo is with restrictions on the condo owners. This can be found in the bylaws or the rules for the condo building. Restrictions can include age limits on the owners and its visitors, as well pets and the use of your balcony.

Be sure to find out as much information about the property before waiving conditions.

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