"If you're buying a resale condo," he says, "you need to know the history. Ask for the last two years' worth of minutes from the condo meetings." Is there any hint of a special assessment to pay for building upgrades? People often sell in advance of a fee increase, knowing it's on the way. "If there are any problems in the pipeline, they will be there in excruciating detail," Gray says about the condo minutes.
The above tip is an excerpt from a very interesting Ellen Roseman personal finance column in the Toronto Star today.
Not that I'm anywhere near being a condo buyer. But I would never in a million years think of reading the condo board meeting's minutes in making my decision. Just one more buyer beware tip for anyone thinking of taking the plunge.
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