Here are some of our most common frequently asked questions
Is the loan taken out by the condo corporation?
- Yes, so owners are not liable, the unit is.
If the loan is not a special assessment, is it only a means of paying for the special assessment levied by the corporation?
- Yes, this is the principle idea behind Condominium Financial.
Can an owner choose to participate in the loan or pay the special assessment lump sum up front?
- Yes, Each owner can make their own decision based on their preference and circumstances.
Is there no caveat registered on title to an owners unit?
- Unlike a mortgage which is automatically registered against the unit title, this is not.
Does your Reserve Fund have the capacity to pay for the projects your Condo Corporation needs completed today?
The first step will have us get together to review the needs of your Condominium and the work your Corporation would like to see done. Contact us today.
Who does the owner pay?
- An owner makes their loan payment to the corporation; Not to a bank or financial institute.
Does this affect my condo fees directly ?
- An owners condo fees do not go up. Condo Fees still cover operating expenses.
If an owner sells, is the loan payment is transferred to the next owner?
- Yes! This helps with paying for the repair more equitably.
How does an owner qualify ?
- An owner automatically qualifies for the loan, if the Condo Corporation qualifies.
How much work and trouble is this for the owner?
- An owner does not fill out any paperwork, it is all done by the corporation. No need to refinance your mortgage, Line of credit, or other methods