The process of purchasing a condominium is basically the same as that described above. There are, however, a few key differences:

- Condo properties are registered under a different legal regimen that leaves the administration of the property as a whole up to the condo association, of which you, as owner of a condo, will be a member. That means condos come with a set of rules that dictate everything from the makeup of the administration to the use of common spaces to whether or not you can have pets. As an additional piece of preliminary due diligence, review the rules closely for deal breakers before you put down your deposit. The rules can be changed, but only if everyone in the condo committee agrees to change them, which doesn’t happen often.

- Condos can offer a greater level of services, including use of common areas and recreational facilities; 24-hour security; and agents who will take charge of renting out your condo when you’re not using it. All of this, of course, comes for a fee, and that fee is not optional. The size of the monthly fee depends on the number of condo owners in the development and the level of service. Inquire into this before agreeing to anything, as an extra $150 a month can be a significant expense if you’re living on a fixed income.

- Condo developments often have their own sales offices. If you’ve found the development you like, you can skip the step of finding a broker and go straight to the source. Be careful, though: You’ll still want to have a lawyer look over the sales contract template they hand you, as many of them are poorly drafted, disadvantageous, or just plain sloppy.