July 30th, 2010 
Jeff O'Leary
Sales Representative

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What is Included in Condo Fees? 

Condo Fees In Mississauga or anywhere else in Ontario, Condominium unit owners pay a monthly fee to cover their portion of the operating expenses of  the common elements. Also, a portion of this fee is put into the Condominium's reserve fund to ensure there are adequate funds to cover major repairs or replacements over the life of the building. 
When purchasing a condo unit in Mississauga or anywhere else, it is always a good idea to request the status certificate as a condition on the purchase- which will outline to the potential buyer the level of the reserve fund along with how the condo fees are being spent. It is always recommended that you have your lawyer review the status certificate. 

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Typical Expenses Convered by Condo Fees 

 

Day to day upkeep of the common elements- snow removal (Important in a climate like that of Mississauga), landscaping, cleaning of lobby, excreta

Contributions to the Condominium reserve fund

Property Management Fees

Building repair and maintenance

Salaries of the Condominium employees- for example security guards, manager

Amenities- gym, pool and other common areas

Utilities

The Condominium Corporation's Insurance Policy

Other services

 

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