Are you dreaming about the convenience and carefree lifestyle condo living offers? In a city as dynamic and exciting as Winnipeg, buying a condo means being in the heart of the action. Just outside your building – a world of shopping, dining and endless recreational activities awaits you. And whenever you need a refuge away from it all, your condo provides a warm and welcoming place to rest and recover.

The dream lifestyle combined with lower purchasing costs has many people exploring the wonders of condo life. But before that vision can become a reality, there are a few business details you must understand and attend to. If buying a newly constructed condo, you are protected under the New Home Warranty Act of Manitoba. The builder is responsible for any repairs if any construction-related defect arises within seven years. However, you shoulder more of the risk when buying a resale condo. In that case, requesting a disclosure certificate should be at the top of your to-do list.

What Is a Disclosure Certificate?

Buying a condo means holding the rights to your individual unit while sharing ownership with common areas, including the garage, lobby, rooftop patios, gyms, and swimming pools. Condos can take several forms, including apartment structures, townhouses, and even small communities of detached homes.

One of the issues with condo ownership is that, technically, everyone is responsible for those shared areas. However, managing the budget and scheduling any needed repairs or maintenance can be complicated. Who shows up to oversee all of these processes? That’s where the condo corporation and property management group come in.

Each building is governed by a corporation which is responsible for maintaining and repairing all common areas. Upon purchasing, the condo corporation provides a disclosure certificate. This document outlines essential information about the property management company and the state of the building itself. 

At Goodfellow Realty, our condo specialists are committed to getting you the results you want with no surprises. Find out more about our process right here. 

Why a Disclosure Certificate is Mandatory

A disclosure certificate is full of must-have insight that can indicate whether your new home will be a dream or a headache. 

Among other things, a disclosure certificate shows you how well the building is managed, if any repairs are coming up, and if there is enough money in the reserve funds to handle all the maintenance.

Most importantly, it tells you if an increase in condo fees is imminent. This document is mandatory in Manitoba, which is a good thing! It’s a simple way to protect yourself from any unpleasant surprises once the ownership transfer has occurred. As a buyer, all of this information can influence your decision to make an offer or to keep looking.

The Details in the Document

A disclosure document is a snapshot of everything happening with the project right now. You get in-depth data regarding the finances and management of the building, as well as any by-laws and regulations residents must abide by. Here is a list of what you can expect:

• The recent balance of any reserve fund
• Board member information 
• The property manager and contact information 
• Any upcoming projects or changes to financials 
• Where to verify rules/regulations 
• Clarification of who maintains what between the unit owner and condo corporation 
• The date of the most recent reserve fund 
• And more

The certificate will also show how many residents own their units versus how many are tenants. Some of the information may seem meaningless to you, such as the names of the members of the board of directors and the property management firm. 

Other data will be critical to your decision. For example, the disclosure certificate will alert you if the seller owes money to the corporation or has violated any rules for which you could be held responsible.

Is selling your existing home part of your future plans? Find out more about our selling philosophy right here.

Interpreting the Data

The wealth of data the disclosure certificate provides can help determine whether you want to place an offer or move on to the next listing. The only problem? Most real estate documents are written in legalese and can be nearly impossible for a layperson to decipher. Working with an experienced real estate professional can help you analyze the data to ensure you’re making the best possible decision now and for your future.

How to Choose a Condo Specialist to Guide You

Buying and selling condos can be more complex than other real estate transactions, and some agents prefer to avoid them. However, as your Winnipeg condo specialists, we know nearly every building inside and out and will show you exactly what to look for and what to avoid. 

At Goodfellow Realty, we are passionate about helping our condo clients enjoy a seamless transition to their next adventure in life. 

Finding the right condo for you starts with a simple conversation to discover your goals, and we will not rest until we’ve found the perfect fit for your lifestyle. Reach out to one of our specialists at info@goodfellowrealty.com or call 204-224-2551 to learn more.