Condo documents for foreclosed condo

[ROI]

Hello, I got an accepted offer on a foreclosed condo and there are no condo documents provided. The realtor said there is no special assessment against the property. How to verify this? Will the condo management company release these documents if asked(I understand that I have to pay them)? What is the best way to get financial statements and reserve fund study?



Thanks.

 

[bizaro86]

The management company should release the documents to you (just call them, or have your Realtor do it), but will require a fee for each document. I usually get financial reports, the budget, the reserve fund study, 12 months of monthly meeting minutes, the last yearly meeting minutes. I also get any engineering reports available (post tensioned cables, etc), but I'm kind of an engineering nerd, so you may not want that. On the other hand, a bad post tensioned cable system is big $$ to fix if it breaks.



Your lawyer will need to get an estoppel certificate to close.



You could also take the documents to a condo document review service and have them look them over.



Michael

 

[Dan_Eisenhauer]

If the property is listed, the Realtor should have them, and will provide a copy if ask for them in your offer. Otherwise, explain the situation to the PM and pay for them (about 25 cents per page).

 

[sdolson]

Its Usually best to build this into your offer. What I mean by that is that you put a subject clause in place which is Subject to you receiving and approving all related condo documentation. In BC we have a form B which is a summary of all the required documentation but I still request all the require documents such as:

- Last 2 yrs of meeting minutes & Annual General Meetings

- Financial Statements

- Strata Plans

- Engineers report (if applicable)

- Bylaws



I always incorporate this subject into all my condo offers, and get the sellers agent to request and pay for the documentation.



There could be a chance that the condo you are buying is very poorly managed, which may be why getting the required documentation is so difficult. Sometimes condos are self managed and council meeting are few and far between resulting in lack luster documentation. If this is the case do you really want to buy into a poorly managed building?



Hope this is somewhat helpful.

 

[ChrisDavies]

Just call the management company and write them a cheque. In Alberta you can get the bylaws via land titles (SPINII), and the management company has 10 days to send you the docs once you ask.