If you’re interested in a resale condominium apartment, here are some questions you may consider asking, before you buy.

How old is the building? Is it airconditioned? Is it soundproof? Does it have a 24-hour security system? Is a parking space included in the purchase price? Ask to see it. How much guest parking is available and what are the conditions?

Is the use of the recreational facilities included in the purchase price? Are the facilities strictly for the use of owners and their guests, or are they open to the public or residents of other buildings? You should also find out when they are available for residents and if there are any restrictions on use. This information may be available in the Condominium Corporation's rules, a copy of which should be included with the Status Certificate.
  
Is the unit close to noisy areas like elevators and garbage chutes?

Re condo apartments and townhomes, inquire: What appliances and light fixtures are included in the purchase price? Appliances are not included in the purchase price unless so indicated in the Offer (Agreement of Purchase and Sale). Are pets allowed to be kept? If so, what kinds (and maximum sizes) of animals, and how many?

You may want to know if there are restrictions on whether your unit can be renovated or leased.

Your lawyer should obtain from the Condominium Corporation the Status Certificate (previously called Estoppel Certificate) and related attachments. The Status Certificate itself contains a lot of relevant information, including the amount of money presently held in the reserve fund (at least 10% of common expenses must be set aside for future major repairs and replacement of common elements). The Certificate is accompanied by many documents, including copies of the declaration, description, current rules and regulations, bylaws, as well as financial information for the corporation and for the particular unit under consideration, so that you may be aware of their guidelines regarding matters that may be of interest to you. The cost for the Status Certificate and enclosures cannot exceed $100 (including GST), and must be provided within ten days of request. 

Before signing the Offer, make sure that a clause is inserted in your Offer which states that, within five business days after receipt of the Status Certificate information package, should you or your lawyer find the condominium unsatisfactory based on any of its contents, you may cancel your Offer and get your deposit back. This clause is not necessary when purchasing a brand new condominium, as the Condominium Act allows the buyer of a brand new condominium residence to cancel the contract with the builder within 10 days after receiving a copy of the signed Purchase and Sale Agreement and accompanying data or the disclosure statement, whichever comes later. This is called a 10-day cooling-off period. There is no such cooling-off period on the purchase of a resale condominium.

There is a monthly fee

Ask: What is the monthly maintenance fee and what does it include? For a condo townhome, you are personally responsible for the hydro, water and heat that you use. In an apartment condo, these expenses are usually included in the monthly fee, but verify before presenting your Offer. Property taxes are not included in the monthly fee.

Insurance

Make sure your insurer is familiar with condo housing, and give him/her a copy of the current master policy contained in the Status Certificate  documentation provided by the Condominium Corporation.