Five questions to ask before buying a condo.

A condo is two purchases in one: the suite you'll live in, and a share of the corporation that runs the building. Due diligence on the second is every bit as important as falling in love with the first.

For first-time buyers, downsizers, and anyone drawn to lock-and-leave living close to the core, a Toronto condo can be an excellent move — closer to the city, lighter on maintenance, and often rich in amenities. But the financial and structural health of the building sits largely out of view. These are the five questions we'd want every condo buyer to ask before signing anything.

1. Can I see the status certificate?

This is the single most important document in a condo purchase. The status certificate is a financial and structural snapshot of the building and the corporation: the size and health of the reserve fund, whether the current owner is behind on fees, how fees have moved year over year, the rules and by-laws, and any known issues or pending legal matters. Get it early, and have it reviewed by both your REALTOR® and a real estate lawyer before your offer firms up. In Ontario, the corporation must provide it within ten days of a request — build that time into your conditions.

2. Have there been — or are there likely to be — special assessments?

A special assessment is a one-time charge levied on every unit when the reserve fund can't cover a major repair. They can run from modest to many thousands of dollars, so this is where to dig. Look back for any past assessments, and look forward by asking the board or property manager about upcoming work — roofing, garage membranes, elevators, windows, plumbing, paving and the like. A healthy, well-funded reserve is the best sign that a surprise bill isn't lurking around the corner.

3. What's the policy on pets, rentals and renovations?

By-laws govern more of condo life than buyers expect. Pets are a common one — some buildings cap the number or size, restrict breeds, or require board approval, and some areas of the property may be off-limits to animals. If you have a pet, get approval in writing before you firm up. The same goes for whether the building allows short- or long-term rentals (important if you're buying as an investment) and what's involved in renovating a unit. Better to know the rules now than to run into them later.

4. What amenities are there — and what do they really cost?

Tour the gym, pool, party room, rooftop or guest suite during your showing; how well they're maintained tells you a lot about how the building is run. But amenities cut both ways: the more a building offers, the higher the reserve fund needs to be to maintain it all — and the higher your monthly fees tend to run. Ask what's included, how often facilities close for maintenance or for the season, and who's allowed to use them. A pool you'll use twice a year is a very different value than one you'll use every week.

5. How is the board run, and how healthy is the community?

The board of directors is responsible for the building's physical and financial wellbeing — they make the major decisions and enforce the rules. Ask for the by-laws, ask about the management company, and ask whether recent board meetings have been stable or contentious. A well-run, financially disciplined board is one of the most underrated features a condo can have; a dysfunctional one can make even a beautiful suite a headache.

Owning a condo means sharing the building's decisions and its bills. The buyers who do best are the ones who study the corporation as carefully as the floor plan.

None of this is meant to scare you off — well-run condos are some of the best entry points and lifestyle choices in the Toronto market. It's simply that the right questions, asked early, are what separate a confident purchase from an expensive surprise.

Julian Pilarski — Sales Representative, Royal LePage Real Estate Services Inc., Brokerage. West Toronto locals, top 1% in Canada.