The last article of our series on buying a condo focuses on additional information the buyer should know before signing the ultimate contract: services, property taxes, new home warranty program, developer, and insurance.
Ask the condo manager about the municipal taxes and the services offered: garbage pickup, road repairs, snow removal, etc. Are the general services included in the monthly fees? Some co-owners pay independent contractors through an additional condo service charge.
To get an idea of the property tax amount you will have to pay, contact the municipality if the building is new. In the case of a resale condo, ask the property manager to provide you with a copy of the most recent property assessment and most recent tax statement. The real estate broker may also have this information on hand.[……]
As for any single home, you will have to write a promise to purchase to acquire the condo you wish to buy. Although the content of both forms is similar, the promise to purchase for condominiums includes some particularities. It is in your best interest to know them well.