Purchasing a property for most of us. is one of the largest investments of our life. Hence you want to be thorough and certain that the condominium you are considering to buy will not cause you remorse and or future aggravation.

To avoid any pitfalls, some valuable questions to ask include:

•  Is the Condominium Corporation professionally managed?

(Most of the larger complexes are) Unless it is a brand new construction, and the management team has not yet been hired, ask how long the professional manager has managed the complex. Note: The longer they have been with the property the better. Be suspect of complexes lacking professional management.

•  How do monthly Home Owners Fees compare with those of neighbouring complexes?

If you are working with an educated buyer's agent, they should be able to provide you with comparative fees. Note: Ask what exactly what services are covered under the fees. This can make a significant difference. For example, should a gym and cable TV be included, then you should expect a higher monthly condo fee as opposed to each condo owner paying for their own cable and Health club.

•  How fiscally fit is the condominium association?

Prospective condo buyers should request and review current financial statements. Are there unusual situations affecting condo owners? These documents should be available and ARE a Contingency of purchase.

•  Are there foreseeable increases in Home Owners Fees or planned / Special assessments.

Are there presently on-going discussions about such a need? There should be an adequate amount of money in reserve to cover unexpected emergencies and repairs.

•  Ask existing residential owners as to what they like best and least about their properties living environment. 

You might even ask them if they could do it over again, would they make the same purchase?

•  What does the Status Certificate disclose?

Most important , the purchase contract should contain a provision for the vendor to deliver you a Status Certificate from the condominium corporation and allow enough time for you and your lawyer to go through these documents and seek clarifications on matters of concern.