Purchasing a condo is a big decision that requires a lot of work, worry, and effort. But becoming a homeowner is worth it. That’s why Alberta’s provincial government has recently put new rules and regulations into effect that help protect condo buyers during the process of finding a home.
At MBS Insurance Brokers Ltd., we also are in the business of helping to protect Edmonton homeowners. We help connect you with a range of condo insurance options that let you know that your Edmonton property will be covered, no matter what happens. So you know exactly what your rights as a buyer and owner of a condo are, here are the most important points you should know about the changes that have been made to Alberta’s Condominium Property Amendment Act.
- Better protection for buyers.
Some unlucky prospective condo buyers in the past put down deposits on condos in the process of being made, only to find out later that the construction company went bankrupt and they would get neither the condo nor their deposit back. To protect consumers from these kinds of tragedies, new rules have been put in place that guarantee the return of your deposit in these circumstances. You will also be able to cancel or renegotiate contracts if the condo hasn’t been built by the promised date.
- The government has more power to investigate and penalize violations.
To find and regulate more effectively those condo builders who don’t play by the rules, the new act expands the government’s ability to investigate and penalize violations.
- Establishes clearer jurisdiction for condo dispute tribunals.
Being in a condo is all about cooperation. But by what mechanisms will the communal property be governed? The new act also helps establish clearer rules for how condo meetings are to be run, how suites are to be rented out, and how reserve funds are to be managed. These rules will also help distinguish who should repair units and who should be paying for the insurance.
- Requires realistic estimates for condo fees and more.
To make sure condo buyers get what they agreed upon, it will be required in the future that sellers supply more realistic estimates on future condo fees, floor plans, finishes, etc. so no one moves into a strange, new condo and find themselves paying far more than they had planned.
Moving on to the next step of your life is a great feeling and buying a condo shouldn’t be a gamble. When it comes time to find the right condo insurance for your new investment, contact us at MBS Insurance Brokers Ltd. in Edmonton. Whether you want to insure your rental unit, car, or home, we can help you make sure that your investment is protected no matter what the future brings.