Buying a condo? | Mortgage Weekly | May 20th, 2017 | Jason Roy | Mortgage Broker

All right mortgage weekly time Last day here at this resort called Camping Marina di Venzia in Italy heading off to Florence next for ten days

So anyway this week mortgage weekly wanted to talk about condos stratas buying a condo also known as a strata in BC there is a lot have stuff you need to think about going into it mostly how is the condo setup What is the management company like what are the condo documents like what is happening the lenders are asking for a lot of documentation and a lot of information and really checking on the overall status or condition or position of the condo So working on one this week where the self-managed condo strata meaning they don't have a management company looking after everything they're the owners of some of the owners of the complex themselves are managing it which makes it really difficult so if you're looking at self-managed there's only a few lenders that will consider it and the insurers as well they're asking for a lot of documentation taking a lot more time to get an answer most of the answers are no but to get a yes answer is a lot more difficult and even in general some of the other condo purchases I've been doing recently a lot more documentation has been wanted for condo documents questioning the budget question the annual general meeting minutes depreciation report any special assessment information the financials like really just kind of looking at at everything and they want to make sure that the condo boards themselves and the condo I guess financials and stuff is as as strong as you are as an applicant so it's not the most exciting stuff to read when you're looking to purchase a property but it is something that's important in something that you should read through and look at it trying to understand what what it is that it's saying at least find you know are there special assessments or are there special assessments coming due in a certain time period or you know what does the financials look like are there enough of a contingency fund who's managing the property those kind of things you want to you want to look at it's not it's not just to say all condos are the same all stratas are not the same they're all managed differently by different managers some good and some some not just like everything else so you really want to look at that and just be prepared that it could take more time to get the approval when the lenders are going to start questioning these condo corporations a little a little bit more and you know rightfully so you should be questioning them as well if it doesn't look like it's a well-run strata then maybe it's not a property that you want to get involved in the unit itself might be nice but you need to then deal with the rest of the parts that come with owning owning a condo so to keep that in mind Interest rates nothing really changing again some minor things so nothing nothing too much but pretty pretty stable I've updated the rate sheet I hope you have a great weekend and we'll talk to you next week from Florence ciao

Source: Youtube

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