BRENTWOOD
VILLAGE
CONDOMINIUM TOWN HOUSES
"A NEW concept in "CAREFREE" Living"
SOME QUESTIONS AND ANSWERS:
QUESTION:
What is Condominium Ownership?
ANSWER:
In Condominium Ownership you buy and own your own unit in a multiple housing development, and, in common with other unit-owners, own the land, parking lots, wading pool, recreational equipment and garden-court landscaping.
QUESTION:
Where is this development?
ANSWER:
Two miles east and a few blocks north of the Northgate Shopping Center in Northeast Edmonton. More simply the corner of 58th Street and 143rd Avenue. It is located in the center of the Steele Heights subdivision, with schools on each side of it, and a good view of the City.
QUESTION:
You say you buy a "unit". What do I get?
ANSWER:
There are different models and floor plans to choose from. You may select a 3 - 4 bedroom model between 1200 to 1400 square feet. Your selection will be based on the location you prefer when you look at the site plan. In this Condominium, Canada's first, there are 56 units, numbered consecutively from 1 to 56. Instead of buying a Lot in a Block, you simply buy Unit No. 12 or whatever other unit you choose. Each model is described on the site plan.
QUESTION:
But what do I actually own?
ANSWER:
You own the Unit you select from the middle of the basement floor to the roof, and to the middle of the walls. You also own an undivided interest (about 1.78% if you purchase a "B" Model) in everything else except other people's units.
QUESTION:
What about a garage?
ANSWER:
In order to provide more common areas for children's recreational facilities, there are no garages, but you are assigned a parking stall with a plug on the conveniently located parking area near your unit.
QUESTION:
Do I get a title like when I buy a house?
ANSWER:
Except for the fact that you buy your Townhouse by a unit number, and get, in addition, a percentage of the rest of the common areas, buying a Condominium is no different than buying a house. You will be issued a Duplicate Certificate of Title at the Land Titles Office the same as for the house you may have bought before. Only it will be called a Condominium Duplicate Certificate of Title.
QUESTION:
Can I place mortgages against this title?
ANSWER:
Yes, you can mortgage, lien, lease and resell the same as for any other dwelling house.
QUESTION:
What about monthly payments? What am I responsible for?
ANSWER:
First, you pay Principal, Interest and Taxes as you would on any house. You also pay an insurance premium as you would on any house. But, since you will not be responsible for maintenance of the exterior of your unit and the garden-court areas parking stalls, etc., you pay a small monthly "maintenance and administration" payment to your own organization to have this done.
QUESTION:
You mean I won t need any lawn mowers, fertilizer, gardening equipment and all the other paraphernalia that now fills my garage if I move into a Condominium?
ANSWER:
Exactly right. Condominium living combines the easy, leisured life of apartment living with the advantages of home ownership.
QUESTION:
Name me some?
ANSWER:
Well, for one thing, no continuous outlays for gardening equipment and supplies.
More important, instead of your "rent" going down the drain, you are gaining an equity in your Townhouse by reducing the mortgage you assume against it. The low down payment increases your chances of appreciation in the event of resale having regard to the present trend toward higher prices, costs and inflation.
QUESTION:
You mentioned an organization taking care of maintenance. Explain this, please?
ANSWER:
IT'S REALLY QUITE SIMPLE.
When the Condominium is registered, there are 56 "Townhouse" Owners. Of these a maximum of 7 are chosen as Managers. Your Condominium has a Schedule of Bylaws drafted in the best interests of the people who own the units. The Board of Managers see to it that the Common Property is kept in a state of good and serviceable repair, maintain the equipment, fixtures and fittings used in connection with the Common Property; maintain and repair the sewer system existing in the parcel and under the Common areas.
QUESTION:
If I'm not interested in being one of the Managers, what am I responsible for?
ANSWER:
In repairing the maintaining the inside of your own unit as you would be in any house.
QUESTION:
How much per month on an average unit is it going to cost me for Principal, Interest
Taxes, Insurance and Maintenance payment?
ANSWER:
Not any more than you would pay for rent for similar accommodation. In fact, less. This is where our salesman will be happy to go over the tables with you and work it out.
QUESTION:
So you think buying a Condominium is a sound financial investment?
ANSWER:
Well, you figure it out. Your down payment is about half of what it costs for a house that is, on average, smaller in square footage. For this you get more facilities with less work and expense, with more play area in an integrate development. By squeezing the walls together, we have opened up your backyard to a maximum of several hundred feet When the gardening and landscaping is finished, you will be the proud owner of a portion of Edmonton's only true "Garden-Court" Park in addition to a Townhouse in Canada's first Condominium Development.
Constructed by: MURRAY HILL DEVELOPMENTS LTD.