WHY HAVE A DOCUMENT REVIEW?
Think of a document review much the same as a home inspection - except instead of looking at basements and baseboards, at CondoSmart Inc., we look through budgets and reports, minutes and finances.

And why is it important to check the documents? Because buying a condominium is also buying into a business - the business of owning and managing a share of the common property. As a purchaser of a condominium you are not only buying a unit, you are also buying into the condominium corporation. The corporation owns the common property. The unit owners own the corporation. And because most people wouldn't buy into a business before checking it out - many people are taking that same attitude and checking out the condominium corporation they are considering buying into.

Just like a home inspection, being forewarned is being forearmed. Checking the documents will give you some insight into the condominium you are investing in. What if the reserve fund is underfunded? Is the Board dysfunctional? Are the finances of the corporation managed properly? What's a unit factor? Do the by-laws and policies suit my lifestyle? And last but not least - what the heck is a condominium anyway and how does it work? And the list goes on. In the end, checking the documents can save you from making a bad investment choice not to mention the hassle of living in a complex that is not suitable.

And what about your Realtor? A good Realtor will remove themselves from the equation and encourage you to have the documents reviewed independently. They want you to have an objective review. It’s the arms length approach. In fact - a good Realtor will not only encourage their client to do their due diligence - but will work with the us and the sellers Realtor to collect the relevant documents. Buyers need, want and deserve all that is currently available.

And when is it best to review the documents? BEFORE YOU REMOVE CONDITIONS!

The time to review the documents and make a decision to go ahead or to back out is before conditions are waived. Just give us two full business days from when we receive the documents to complete the report.

And because we will want to meet with you to review the report, appointments are not scheduled until we receive the documents we deem necessary to complete a beneficial report. We advise your Realtor that because questions often arise from the client meeting, we feel some time should be made available for follow up. We therefore strongly suggest the condition date not fall on a weekend or holiday and at least a grace of one business day be given between our meeting with you and the condition date. Moving the condition date may be necessary. To accommodate this flexibility, it is suggested that the conditions read: 5 business days from the receipt of ALL requested documents. Ask your Realtor to include this condition in the offer to purchase.

At CondoSmart Inc., our focus is to ensure you have the information to make an informed decision on your condominium purchase. After all, buying a condominium is also buying into a business, the business of owning and managing the common property. We think it’s just smart to check it out first – CondoSmart Inc.