Is Your Condominium Property Manager Over-Charging You?
Since I sell a lot of condos in the Collingwood and Blue Mountain areas, at some point or another, I’ve had an opportunity to deal with every property management company in the area. Also, as a President of a condo corporation, I also know the Condominium Act fairly well and so, have to say, most of the managers in the area are doing a pretty good job at following the rules. But, there are always exceptions.
One company in the area seems to prefer making up its own rules. Regulations under the Condominium Act clearly state that a condo corporation may not charge in excess of $100.00, including tax, for a status certificate and related documentation. This is the paperwork that almost every condo buyer needs before making a firm offer as it describes the health and status as well as rules and declaration of the specific corporation and unit. The regulations also say that the certificate must be provided within 10 days from receipt of the request. If requested, the documents must be provided in hard copy at no additional charge even though they may usually be provided on disc or electronically. Not long ago, I had a local manager try to charge my client $125.00 and it took 3 phone calls and a request for their policy in writing before they would back down. As it is quite a large company in the area with several corporations under their management, it makes me wonder how many people have overpaid for these documents?
The same company just raised my dander yet again. I have a client who is selling her condominium unit in Collingwood and along the term of her ownership, she lost a copy of the corporation rules. We needed a copy for the listing so I suggested she contact her property manager to get a new set. Now these are usually about 3-5 pages long at maximum. They told her they could do so but it would cost her $25.00! Again, the Act states that a corporation may charge a reasonable fee for copying. Obviously, $25.00 is far too much!
It’s important for condominium buyers and sellers to be aware of their rights in a sale transaction and what is expected of their property managers under the Act. A REALTOR® may just be your best advocate.
It’s always a pleasure to meet new people and to assist them in meeting to their real estate goals. If you would like to schedule a buyer or seller consultation with me, please feel free to contact me anytime at 705-446-1762 or send me an email.