Wednesday, May 4, 2011
What is a Status Certificate?
In the condo world, it is not very common for agreements to contain an “inspection clause” as you would find in almost every agreement to purchase a home. The common condition that is found in condo transactions is that the agreement is conditional upon status certificate review. What exactly is a status certificate? A status certificate is a legal document that outlines the current status of a condominium corporation as well as the individual legalities of the condo itself. It essentially provides valuable information directly from the condominium corporation which can either “make or break” your condominium purchase.
Here are some items that are disclosed in the status certificate:
1) An increase or decrease in common expenses. This can be particularly an important point for purchasers. For example, if you’re a first time home buyer you will most likely be very careful about your expenses and have probably allocated a certain amount of your income on a monthly basis to your condo payments. If your condo fees state they are $250.00 a month when you purchase the unit, but the status certificate discloses they will be increasing to $500.00 by the time you close, this may put a strain on your affordability to buy the condo.
2) Any major work being planned to the building such as replacing the roof or replacing the elevators. These type of repairs can be very costly and can have direct impact on each individual condo unit. They could in return increase your monthly common expenses or induce a special assessment which can directly affect the reserve fund of the condominium which is discussed in the next point.
3) The amount of the reserve fund and whether the reserve fund is healthy. If for some reason it is not, a special assessment may take place resulting in additional financial contributions from each condo owner. There are accounts of unit owners having to come up with $20 000 each to contribute to the reserve fund in order to maintain it’s health. This can be a very large expense put on each owner.
4) Specifics about the unit itself are also disclosed in the status certificate. Such items include: legal description of the unit, whether maintenance fees are up to date, if any claims or outstanding payments are affiliated with the unit at hand.
As you can see, the status certificate is an essential document that must be reviewed when contemplating the purchase of a condominium. It contains all of the financial statements of the condo corporation, it’s declaration and also by-laws. You may not think by-laws are all that important, but what happens if you have a dog? The by-laws will outline pet rules in the condo as many condos do not allow pets. It is very important that whenever you purchase a condo to ensure that your offer is conditional upon status certificate review. Too many times, it is forgotten how truly important this document is and how it can potentially save you from making a mistake that can cause you financial strain down the road.
Monday, May 2, 2011
Saturday, April 30, 2011
Gardeners boot camp: What to do and when to do it
Ready? Get set and get out there into the garden. Ah, but wait a moment. We lose more plants at this time of year than any other because we’re so winter-weary we’ll head out on the first warm, sunny day. Don’t.
Safe planting times differ across the country, so here’s a rough guide as to when and what you can do over the next few weeks. And when you plan your budget (yes, you must), be sure to leave something for bulb purchases in the autumn.
Timing
Ancient farmers said you could plant when you could sit on the ground with your bare bum, but nowadays you need to know frost dates. The accepted past-freezing date ranges from April 19 in Victoria to June 2 in St. John’s.
This is especially important for vegetables. When you choose your veg seeds, check out how many frost-free days they require and make sure you have that. And note: Frost means 0 C but damage can also occur when it’s slightly above.
Prepping
Let fallen leaves lie. Worms will use them up within a few weeks. Start your garden prep gently: Tidy edges and paths but avoid raking so you don’t damage new shoots. Very carefully remove mulch around plants on the south-facing areas you want to warm up quickly. Anything you remove can be tossed into the composter for later use.
Rinse out the rain barrel and get it ready for spring rain. If you don’t have one, get one.
Turn over the vegetable patch and add a layer of compost or manure (or a combination) and let it settle. Remove any weeds you can identify.
Vegetables
New gardeners should start with about 10 per cent of the budget devoted to vegetables. By now you’ve started your indoor seedlings; turn them daily, giving all sides equal exposure to the light source, to ensure they grow evenly. They also need daily watering and misting, and thinning out.
If you have no seedlings, you can sew directly into the soil as follows: carrots, two weeks before the last frost is predicted; tomatoes, a week after the last frost; basil, two weeks after last frost. Frost-hardy plants include arugula, kale, lettuce and peas. Frost tender: tomatoes, basil, cucumber, squash.
Plant vegetables among perennials and annuals, especially chard and kale: Sow seed outside right after last frost. Keep harvesting outer leaves. They look ornamental and taste delicious.
Woody plants
New gardeners should plant 50 per cent of their budget in trees and shrubs. These are the skeleton of the garden, will establish a look and provide year-round form.
Established gardeners should consider investing 30 per cent of the budget in trees and shrubs once the garden has started to mature.
Mulch with compost (or a combination of compost and manure) around major plants and newly planted areas once you’ve finished mucking about in the garden. Do this any time, especially in places where there is likely to be a drought. Make sure the soil is loaded with moisture before you do this and protect with mulch (but never dyed mulch).
Trees and shrubs, a.k.a. woody plants, can be planted fairly early in the season: Plant deciduous trees before buds break in spring; plant evergreens up to four weeks after leaves on deciduous trees unfurl.
For a stylish look, plant dwarf evergreens. They are exceptional plants for small city spaces and can spruce up an old garden. Make sure they have lively companions such as ornamental grasses, which are in scale (not a teeny evergreen and a giant grass).
Prune all the dead wood out of your shrubs now; wisteria can be whacked back to the structure (main branches) but leave enough so that you see buds popping out.
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