Condo contracts – read before you sign

There are pros and cons to moving into a condo complex. Companies that provide property management services are the first to tell you that condo living is not for everyone. A property management company working on behalf of a property owner or condo board is responsible for many different services related to the property. However, as a potential tenant, you are responsible for knowing exactly what you are getting into when considering condo living. That begins with reading your contract.

You’ve heard the rule of “caveat emptor” – buyer beware. That’s particularly true when dealing with condominium living. The condominium documents you receive from condo property management companies Toronto are essential to providing any potential tenant with absolute clarity about the Toronto condo corporation into which you are buying. Most people do not realize that when they buy a condo, they’re actually buying into a corporation. As a potential buyer, you want to make certain the condo company is being well-managed, but you also want to know the rules of condo life that will govern you while you are a tenant of the complex.

Your condo contract will lay out a lot of the detail about the services you will receive, the benefits you will have and the restrictions placed on you as a tenant. Condo living has lots of benefits. For example, depending on where you buy, you’ll have fewer maintenance and repair responsibilities, you’ll have access to great amenities such as pools and saunas, you’ll enjoy a wide range of social and recreational activities and you’ll have a property maintenance company at your service. On the other hand, you may not have any control over when maintenance and repairs get done, you could wind up paying for amenities that you rarely or never use, you’ll have to adhere to strict guidelines on what embellishments you can make to your condo, and you could have restrictions on having pets, parking, your noise levels and more. A condo contract or condo documentation will have a wide range of stipulations you will need to abide by to live on the condo. As a result, it is a good idea to have your condo contract looked at professionally before you sign it.

A professional property management company like Ashbridges Property Management can help property owners administer contracts and work with tenants to ensure they’re well-educated on the details of condo ownership or rental. For more information, contract Ashbridges Property Management, a boutique company you can find operating in The Beaches area of Toronto. Look for us on-line at http://ashbridgespropertymanagement.ca/.