A client moves into a home, and within half a year the appliances all have to be replaced one by one. They were in good working order on closing. How do you address this?
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In a recent Star Article the Author suggested that Maintenance Fees can be negotiated.
A Condo Building like a house needs operating expenses;
Heat, Hydro, Water, Garbage, Sewage are all controlled by the City or Province.
Now you have security, concierge, cleaning, repairs and maintenance. IE elevators, gates, sidewalks, door openers, BBQ's etc.
What expenses will you cut?
Provincial requirements, like an adequate reserve fund to cover major maintenance and repairs, are also a major fixed cost, says Eracles, and those costs could increase further as the province revamps the Condominium Act.
But Gagliano strongly disagrees.
What’s needed, he stresses, are more condo boards with “the collective courage required to make difficult decisions” like reducing staff. (Selvagio points out that Indigo has 24-hour security, at owners’ insistence.)
Gagliano went line-by-line through The Toy Factory’s reserve fund, along with engineers who have to give it final approval, questioning every assumption of future costs, some far beyond a reasonable rate of inflation. http://www.thestar.com/business/2015/02/13/the-real-costs-of-maintenance-fees.html
When a Building is finished, the owners move in and create the new condo Board. The New building OWNER's then commission a performance audit. Simply put. Did they deliver what we committed to purchase and is anything defective? The cash flow summary is what will break or need replacement in the next 30 years and where will that money come from.
Would I buy a building that's 10 years old with ZERO reserve because some LUGGANS negotiated their way down with the licensed and regulated engineers? [because nothing ever goes wrong......]
You can answer that for yourselves. The reserve fund is an asset of the condo owners.
If you would like to talk Condo.... reach out 647 218 2414
Some would have you believe that unless we are using the latest technology break through we could be wasting your time.
When I sell your home in Toronto; The offer will always start too low. We will negotiate that offer until it is acceptable to you as the Home Owner. You are paying for Explanations, understanding, insights and experience.
If you are blessed with multiple offers (on most detached homes) I want to hold each offer and see agent representing his Buyers. I want to understand their capacity, motivation and ability to close.
Sure I can flip the contract copy into an iPad and scroll thru the screens.
We will use PDF'd documents to print and read, scan and save and distribute the finished product to;
- Accounting for transaction management
- Lawyers
- Selling Agents
- Buyers Agents
- Home Sellers (Each Party to the transaction)
- Insurance Broker
- Mortgage / Bank
All these can also be deposited into a shared dropbox or saved (digitized) on a thumb drive.
I thought electronic contracts and e-signatures were the best technology tool since sliced bread. And, used properly, it still is. Contracts can be signed at the consumer’s convenience and that can be a huge benefit for busy lives. All too often, though, e-signatures serve the agent or brokerage more than the client. There are situations where the client is best served with an in-depth explanation of the documents, but they are given an e-signature package instead.
This was one of my hardest realizations of 2014 – I was completely guilty of choosing convenience over great representation. I told myself it was for the convenience of the client, but it really made my job a lot easier. This is not cool, it is bullshit.http://realuoso.com/editorials/everything-tech-gurus-telling-bullshit-heres/
Why is Ontario in such a dither? A document to transfer title in real property cannot be currently created in conflict with the E Commerce Act. So emailing an offer is easier; but not legal. It needs to be faxed or handed in. It can be negotiated electronically, but needs final (IRL) original signatures and conveyance of Acceptance. ( HEY WE bought / sold your house clearly communicated.)
We are in a SERVICE business, our business is Face to Face or Belly to Belly. I hope we are gathered around your kitchen table planning your event. I am very technology capable with Video, Social Media and Computer File Sharing. There are thousands of APPs that help.
None replace experience.
Call me 647 218 2414
