Buying a condo in Calgary: what to check before you write

What the condo fee actually buys

Condo fees fund building operations and contributions to the reserve fund. What they include varies widely between corporations — some include heat and water, some include none of it. Ask for the current fee, what it covers, and the fee history over recent years before you compare two buildings on price alone.

The documents to order and read

In Alberta, condo documents are requested from the management company and reviewed during your condition period. Budget time for a careful read, or pay a document review service to do it.

• Reserve fund study and the corporation's plan to fund it
• Recent board meeting minutes — this is where problems appear first
• Annual budget and audited financial statements
• Bylaws, especially pets, rentals, smoking and short-term stays
• Insurance certificate and the deductible you would be responsible for
• Any special assessment that has been approved or discussed

Apartment, townhouse or freehold

Condo apartments, condo townhouses and freehold townhouses look similar in listings and behave very differently in ownership. Only the first two carry condo fees and a corporation; a freehold townhouse gives you the land and the maintenance bill both.

Financing and closing notes

Some lenders review the corporation's financial health, not just yours. Give your mortgage professional the documents early so a financing condition does not expire while a lender is still reviewing the building.