Tuesday, July 26, 2011

What to do when maintenance fees go MIA...

This is really good article for anyone in the market for a condo!

Q When a new buyer takes possession, who is responsible to remind them to pay their monthly condo fee? Some owners move in and go about their business without giving their monthly maintenance fee a second thought. Others don't even know how much the condo fee is or refuse to submit post-dated cheques.

A The board or property managers do not send out monthly invoices for condo fees. On some occasions, the board is not even notified of the new purchaser's full name or mailing address for contact purposes. However, the corporation issues a status certificate to the prospective buyer's solicitor including details of when condo fees are due, the amount and to whom they are to be made payable. The solicitor will relay this information to the buyer at closing and then it becomes the new owner's responsibility to make prompt payments. This new purchaser should also take the time to visit or call the management office to confirm they are registered in order to receive all the proper notices of condo meetings, etc. This procedure eases the transition of condo ownership.

Source: Marilyn Lincoln, National Post · Jul. 23, 2011 | Last Updated: Jul. 23, 2011 5:18 AM ET

Click here to