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I am looking at a condo to purchase as an investment income (this wouldbe my first investmentproperty). While visiting the property with my realtor I noticed a crack in the wall (3-4inches) likely caused by water damage of the above window. Is this something I would be responsible to fix as the new owner or is the condo board responsible?
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Hi Monica, if there are cracks in the wall, typically the condo corporation is responsible BUT you must read the bylaws to be sure. The key word is “typically”. I’m sure you know that there is no consumer protection in condos in most of Canada, and there have been several stories already of condos being evacuated due to unsafe structures. Even if the condo corp is responsible, who is to say that something down the line won’t happen where owners aren’t special assessed for many $$$$. This would be a red flag to me, personally.
If you are purchasing a condo as a rental, my personal preference is townhouse condos due to limited exposure of units affecting each other. If you are purchasing in an apartment style condo, keep in mind that if one unit is smoking (for example) and burns down the building, ALL owners are affected. Townhouses tend to be a bit more separated into sections. If one unit causes damage, sometimes it is far enough away that other units don’t go down in the process. Condos are a legal entity that entail many financial risks and all documents must be read prior to purchase to see if the corp is in a good financial state. Talk to the owners themselves, many will give you their honest opinions about the Board, mgmt, etc.
This is not a legal opinion, I am not a lawyer, this is just my numerous years of experience owning a condo and hearing from many other owners about the issues in condos. Once the title transfers to you, you become responsible for all charges to your unit.
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