Q: What are the advantages of a Townhome Condominium and how does condominium ownership work?
A: A condominium is a legal form of shared ownership, where the owner holds title to the individual townhome and a shared interest in the building and grounds’ common elements. A condominium allows for the financial benefits of ownership while leaving the chores of property upkeep and maintenance to our professional property managers. Residents will purchase their condominium homes outright, and pay a monthly “condo fee” to fund all shared common area expenses.
Q: What are the Common Element Fees at 325 Park East Condominiums and what is included in the common element charge?
A: Common element fees will be in the range of $192 – $238 per month and will include snow clearing, yard maintenance, grounds-keeping & landscaping, common area lighting, building insurance (owners require separate insurance for condominium contents and betterments), service contracts and professional management. Owners are responsible for hydro, water, telephone, Internet, cable TV, contents insurance and realty taxes.
Q: As a unit owner will I have any part to play in the ongoing operation and management of 325 Park East Condominiums?
A: The project will be professionally managed by a property manager engaged by the Developers and later by the Condominium Corporation Board of Directors. As a unit owner in the development, you have voting rights in your condominium corporation. An annual general meeting of all unit holders will be conducted to review the business of the corporation. You may participate in the management of the corporation to a greater extent if you wish to stand for election to the Condominium Corporation’s Board of Directors.
Q: Can I purchase a townhome at 325 Park East Condominiums and rent it until I am ready to occupy myself?
A: You may rent your townhome provided all rules and regulations of the Corporation contained in the condominium documents are complied with.
Q: How many floors and units will each building have?
A: 325 park East Condominiums consists of 2 thirty six-plex and 2 twenty four-plex, 3 storey stacked townhomes with basement suites.
Q: What type of insurance will I require for my new condominium home at 325 Park East Condominiums?
A: The Condominium Corporation will provide insurance for the overall building. Owners will require separate condominium-unit owners’ insurance on their contents and on any options or upgrades. The Condominium Declaration provides further information.