Cost:Both types of housing require monthly fees. Condo fees typically go to maintenance and upkeep of common areas and a reserve fund for bigger expenditures. Co-op fees cover the same expenses, but also includeproperty taxes, building utilities and insurance. If you own a condo, you’ll hav...
Who runs a condo? A condominium is collectively run by the unit owners. These unit owners are all members of the condominium corporation. They manage the property, finances, records, reserve fund study agreements and other related matters. ...
A reserve fund is a savings account or other highlyliquid assetset aside by an individual or business to meet any future costs or financial obligations, especially those arising unexpectedly. If the fund is set up to meet the costs of scheduled upgrades, less liquid assets may be used. For ...
The direct cost to reside in the unit can be more expensive than owning a condo since the owner will charge more than the cost of a mortgage to make a profit. However, on average, renting an apartment is less expensive than owning a condo as apartment renters do not pay association fees...
Contingency and reserve funds:A well-managed HOA will put away money that can be used for a number of emergencies. They will also have a separate, reserve fund to pay for future expenses. Staff:If your condo facility needs someone to take care of the maintenance, security, or amenities ful...
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Check the reserve fund - is money available to pay for work that may be needed? Make sure you have a complete Offering Plan with all Amendments and the past 2 year's Financial Statements. Check the amount and terms of the underlying mortgage if the complex is a coop. When does it ...
Assignment sales is not a new strategy in Canada, particularly assignment sales in Toronto. However, compared with other countries where condos have been around much longer, the process of assigning a condo in Ontario is not always well understood by sellers, buyers, agents, lawyers, and even ...
the Department of Veterans Affairs might request additional information from the board running the condo building. This info might include a list of officers, a copy of condo bylaws, or documents proving the building has a large enough reserve fund of cash to cover maintenance or future repairs....
If you live in a condo, your COA is responsible for the maintenance of everything outside your unit. Remember, condo owners own everything within the interior walls of the unit. The HOA retains ownership of everything outside the unit and is responsible for all exterior maintenance. ...