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New list of condo documents for Winnipeg Condos(2015)

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As of Feb. 1st, 2015, Condo sellers have to provide a more extensive list of documents when selling their condominiums in Manitoba (Winnipeg). Here is a substantial list of the most common documents required. Special circumstances may require additional documents....make sure to ask your real estate agent.

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New list of condo documents for Winnipeg Condos(2015)

  1. 1. Winnipegs Real Estate Blog - Bo Kauffmann, REALTOR® Info and Tips for Buyers and Sellers of Winnipeg Real Estate - http://blog.winnipeghomefinder.com Announcing New Updated List of Required Condo Documents by Bo Kauffmann - Monday, August 31, 2015 http://blog.winnipeghomefinder.com/condo-documents-list-of-documents-every-condo-buyer- must-receive/ Revised Condo Documents: Since Feb. 2015 every Condo Buyer must receive: Examining the New Condo Documents in Manitoba Back in 2012, I published an article that listed the condo-documents every seller must provide to a prospective buyer. In those 'simpler times', the list of documents was only 7 items.....oh, how we long for those good 'ol days. On Feb. 1st, 2015, the new Condominium Act came into effect, and with it, the list of required condo documents grew. The original 7 are still on that list, as follows: Documents STILL required (and always had been); 1) Condo Disclosure THIS is the most important item in the Condo Documents. I've attached a sample Disclosure Certificate below. It will show whether there are any increases in condo fees being planned, any major repairs or renovations being considered, and special assessments coming along the way, any law suits or insurance claims pending against the condo. Keeping in mind that as the buyer, you are buying a small percentage of the entire building (or buildings), this is most certainly information you should have. 1 / 5
  2. 2. Winnipegs Real Estate Blog - Bo Kauffmann, REALTOR® Info and Tips for Buyers and Sellers of Winnipeg Real Estate - http://blog.winnipeghomefinder.com The Disclosure Certificate has to be dated WITHIN 90 days of the offer. So for example, if you are making an offer on a condo on April 15th, 2015, the date on the Disclosure can not be more than 90 days in the past... so that Jan 5th, for example, would not be acceptable. 2) Budget This is the projected budget for the next year. Estimated costs of any repairs or improvements. 3) Financial Statements (including Auditors Report, if available) This is usually a couple of pages long and shows where all the money has gone in the past year (or two) So it will show a total amount of money received thru the condo fees (and other sources, such as parking fees, laundry fees in buildings with coin-op laundry), and then shows all the items that had been purchased and repaired and maintained over the past year or more. 4) By-laws (and Rules) and all Amendments Funny thing: It seems that someone, wayyyy back, drafted a standard set of by-laws and then EVERY condo uses these. The original set where obviously drafted for a high-rise condo building, and so you will see things like "No Laundry to be hung from the balcony". Whats funny is when you look at buying a stand alone bungalow condo and see this as part of the by-laws. For the most part, fairly standard, but as the condo grows and matures, owners can (and often will) update and add new rules. So looking at this a little closer is a good idea. Difference between "By-laws" and "Rules"? By-laws govern the entire building and property, whereas rules apply to the 'common areas', such as hallways and parking lots. By-laws require a majority approval of all owners (usually around 75%), but rules can be passed by the current board at any time. 5) Condo Declaration and all Amendments Fairly standard legal-eze that was drafted at the time when the condo came into 'being'. It tells how the condo board meetings are to be held, and other legal issues. Fairly standard. 6) Management Agreement This is the agreement between the condo corp. and the current management company. These usually run for between 1 and 5 years. I consider this the least important, because as a single owner, you would have very little influence over the management company. Plus, if they really do a BAD job, the corporation simply does not renew the contract, which is why I personally think this is the least important part of the Condo Documents. 7) Building Insurance Certificate 2 / 5
  3. 3. Winnipegs Real Estate Blog - Bo Kauffmann, REALTOR® Info and Tips for Buyers and Sellers of Winnipeg Real Estate - http://blog.winnipeghomefinder.com This shows that the building insurance has been paid and is current. In cases of bungalow and side-by-side condos, the insurance may NOT be for the building itself, but should cover liability insurance for common areas, such as parking lots and walkways. New Documents required as of Feb 1st, 2015 8) Statement about the cooling-off period Standard form which explains the buyers right to cancel the purchase within 7 days of receiving all the documents 9) Statement of buyers right to cancel because of material change This is a form which explains that, if there is a 'material change' in the documents between the time of purchase, and the time of possession, the buyer has another 7 days to cancel the purchase. Example: Buyer purchases the condo in April, when condo fees are $325.00 per month. Possession date is to be July 15th. In June, the condo decides to increase condo fees to $360 per month. Now the buyer MUST be notified of this change, and he MAY have justification to cancel the purchase. (Whether or not he actually IS justified, may be up to a court to decide. I know.....don't shoot the messenger, I dont like this part either) 10) Disclosure Statement by Owner Different than the Disclosure Statement in Item #1 above, this one is made by the condo sellers, and 6 pages deep. 11) Proposed by-law changes A statement of any proposed changes to the by-laws or rules that have not been put into effect yet. 12) Notice of Future Meetings to be held Any notice for a meeting to be held after possession date. The new buyer must receive a copy of these notices! 13) Reserve Fund Study 3 / 5
  4. 4. Winnipegs Real Estate Blog - Bo Kauffmann, REALTOR® Info and Tips for Buyers and Sellers of Winnipeg Real Estate - http://blog.winnipeghomefinder.com This was actually always required, IF a reserve fund study had been done. Since these studies are now legally required (within the next 3 years) ALL condos must have these studies and the reports have to be handed to the buyer. 14) Excerpts of the Condo Plan This is a set of drawings which show the exact location of the condo unit itself. These are the bulk of the forms, although there are a couple of additional forms which may be required in certain, special situations. The new act also added a few twists and turns, making it essentially more onerous to sell your condo. I read a great reminder on a Jewelers business card a little while back : "If you don't know jewelry, KNOW your Jeweler". And so I would like to say : "If you don't know Real Estate (especially Condos),.. KNOW your REALTOR®" If you're thinking of buying (or selling) a condo (or a house), please call me anytime for a free consultation. Any REALTOR® can send you listings via e-mail, but my buyers are among the best prepared in the market. Let's go condo-shopping. Conversely if you're thinking of SELLING your condo, please call me. As a condo owner, I DO understand them a fair deal better than the average agent, and this can come in handy when your prospective buyers have questions. #condominium #realestate #buyahome Bo Kauffmann of Remax Performance Realty is a top producing, 10-year veteran real estate agent in Winnipeg. He specializes in representing home and condo buyers and sellers, and a proud supporter of D'arcy's Animal Rescue Centre. You can find his main listing website at WinnipegHomeFinder.com. You can follow him on Twitter, see his Facebook Page and circle him on Google+ or LinkedIn. 4 / 5
  5. 5. Buying a home may be the largest and most complex financial transaction you ever undertake. If you’re ready to buy a home, wouldn’t you prefer to work with the most qualified real estate professional you can find? An Accredited Buyer’s Representative stands out in the crowd. If your REALTOR® holds the ABR® designation, you can trust that they have the extra edge when it comes to KNOWLEDGE AND EXPERIENCE. an Accredited Buyer’s Representative? Why Work with The ABR® designation is awarded by the Real Estate Buyer’s Agent Council (REBAC), a wholly-owned subsidiary of the National Association of REALTORS® . To learn more about REBAC and access various homebuyer resources, please visit www.REBAC.net. The ABR® designation is only awarded to licensed real estate professionals who complete specialized training that gives them the edge in understanding a buyer’s perspective and protecting and promoting their buyer-clients’ interests. Before earning the ABR® designation, buyer’s reps must also demonstrate proven experience in representing buyers. Further, they are committed to maintaining their professional edge by staying current on the latest issues and trends in buyer representation. When you work with an ABR® , you’ll be served, not sold. Your interests become their interests. They’ll make your home buying experience go as smoothly and successfully as possible. You can expect your ABR® to: • Understand your specific needs and wants, and locate appropriate properties • Assist you in determining how much you can afford (pre-qualify your mortgage) • Preview and/or accompany you in viewing properties • Advise you in formulating your offer • Help you develop your negotiating strategy • Provide a list of qualified vendors (inspectors, attorneys, lenders, etc.) for other services you may need • Keep track of every detail throughout the transaction—to closing and beyond Not all buyer’s representatives are equal. Only a buyer’s rep who has earned the Accredited Buyer’s Representative designation has made the extra effort to raise the bar, with additional training and experience. If you work with an ABR® , you can feel confident that you’ll receive the highest level of buyer-representation services. The ABR® designation is awarded by the Real Estate Buyer’s Agent Council (REBAC), a wholly-owned subsidiary of the National Association of REALTORS® (NAR). Why?
  6. 6. Valuable Real Estate Information Resources Winnipeg Home Finder If you’re looking to buy, or sell a property in Winnipeg, check out this website. It contains links to all Re/Max Condo Listings, all Re/Max House Listings and even Re/Max Luxury Property Listings. Winnipeg’s Real Estate Blog Bo Kauffmann, REALTOR® After retiring from the Winnipeg Police Service, Bo joined Remax Performance Realty and quickly became on of Winnipeg’s top producing REALTORS®. You can find him on Facebook, follow him on Twitter and Google+, and connect with him on LinkedIn. Winnipeg’s Real Estate Blog and Winnipeg Home Finder are trademarks of Bo Kauffmann, REALTOR®