A special assessment for a condo owner in Ontario is a one-time extra charge imposed by the condominium corporation to cover unexpected or extraordinary expenses that go beyond what the regular monthly condo fees can cover. This typically happens when the condominium’s reserve fund is insufficient to pay for major repairs, maintenance, or improvements that are necessary for the common … Read More
Should you get a Will? – The Key Differences between having one and not having one
In Ontario, the key differences between dying with a will (testate) and dying without a will (intestate) are related to how your estate is distributed, the process of handling your affairs, and who is in charge of managing your estate. Here’s a breakdown of the differences: 1. Distribution of Assets • With a Will (Testate): o You get to decide … Read More
What is a “Status Certificate” in Condominium Purchases?
Many people are unaware that a status certificate is a very important document when looking to purchase a condominium unit. The status certificate will be prepared by the condominium corporation or by the property management if they service that building. The purpose of status certificates is to allow potential buyers of condo units to have as much information as possible … Read More