Historically for house purchases, there have been two primary conditions that most offers have included. They are conditions on
- Home inspection
A home inspection is more optional for a high-rise condominium suite because it doesn’t have all of those systems. In this situation the inspector is not concerned with the status of the underground parking, the building foundations, the central heating or cooling systems nor the roof. He doesn’t have access to them and, even if you wanted to get that done, it would be prohibitively expensive.
The condominium corporation is required to do a Reserve Fund Study which DOES cover all of those big ticket items every three years. You will get a summary of that when you review the Status Certificate.
The home inspection company Carson Dunlop outlines their suite inspection as follows...
A Carson Dunlop Condominium Inspection is a comprehensive evaluation of the building systems and components within a condominium unit. Common elements are not included in the inspection since they are covered by the technical audit performed by the condominium corporation and are a shared responsibility among all unit owners.
The inspection includes major appliances as well as maintenance and service issues for the unit. The inspection cost is typically in the $450-550 price range.
The inspector is restricted to checking over systems within your new condo suite. He will look at the furnace / cooling system if there’s one within the unit. He’ll check over the electrical panel and all the outlets plus all the plumbing systems in the kitchen and bathrooms looking for evidence of leakage. He can also inspect the windows for any loss of sealing integrity.
Carson Dunlop will also check over the appliances to make sure all are working and give the purchaser an outline of any short- or long-term maintenance issues that should be taken care of or watched for in the future.
So it’s really up to you, and the interior condition and age of the condo suite, if you want to do the inspection or not.
If not, then we would not include the home inspection condition into the Agreement Of Purchase and Sale.
To discuss the pros and cons of having an inspection, email or text me and we’ll arrange to meet for a coffee to talk about it.
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