Before buying a new condo it is important to know the condo rules and regulations in the GTA and how it can affect you. In this blog, I am going to share with you some information that every condo owner should know before buying a condo. You will want to stay to the end to hear why knowing this information can save you money.
Did you know that condos have rules? Well, if not, you now know. So who makes these rules? Condo rules are made by the developer or builder and are later updated, changed or managed by the condo corporation.
Every condo is governed by rules and regulations. Condo rules and regulations are noted in the condo status certificate which is usually requested when you are looking to buy a condo.
If you would like more information about condo status certificates, check out our video on condo status certificates where you will learn what a condo status certificate is. And why it is important for you to have it reviewed by a lawyer.
Both condo rules and regulations are enforced by the condo association or corporation. The primary goal of rules and regulations is to ensure the condo is maintained and managed and that the common areas are taken care of.
What Are Condo Rules?
Condo rules define condo living to help condo owners get along with each other. For example: limiting the number and size of pets allowed in the building. If a condo has a rule that says no pets allowed, that’s it. No pets are allowed. Condo rules must be consistent with the condominium Act.
The condo by-laws are used to define and describe how the condo corporation governs itself. The by-laws can define the method that the condo board directors carry out their duties such as how condo fees are collected.
Why Condos Rules & Regulations Are Important For You To Know
Not knowing the rules of the condos can affect the purpose you have in mind for the condo. If you are considering renting out the unit, or making changes to the unit, this is important to you. Before you buy a condo it is important to understand what the rules and by-laws of the condo are.
What You Need To Know…
Now that you know about condo rules and regulations in the GTA, you might also be interested in learning more about the condo reserve fund. In our next blog, we will dive in about why it is critical to know what is going on with the reserve fund and how it can affect you.
If you are thinking about buying a condo, we understand that it can feel overwhelming. There is so much more that can be said but not all said in one blog. Whether you are thinking of buying now or in the future – contact us first! We can help you make sense of the process.