Buying a Condominium - Revision history

Elena Renderos at 04:44, 16 October 2020

2020-10-16T04:44:18Z

Elena Renderos: Elena Renderos moved page Buying a Condominium (No. 407) to Buying a Condominium: Removing recording numbers from page names

2020-09-12T04:01:11Z

Elena Renderos moved page Buying a Condominium (No. 407) to Buying a Condominium: Removing recording numbers from page names

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Drew Jackson at 22:48, 29 March 2019

2019-03-29T22:48:28Z

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	{{REVIEWEDPLS \| reviewer = [https://www.lawsonlundell.com/team-Lisa-Frey Lisa Frey], Lawson Lundell LLP, and [http://sabeyrule.ca/taeya-fitzpatrick/ Taeya Fitzpatrick], Sabey Rule\|date= July 2018}} {{Dial-A-Law TOC\|expanded = home}}		{{REVIEWEDPLS \| reviewer = [https://www.lawsonlundell.com/team-Lisa-Frey Lisa Frey], Lawson Lundell LLP, and [http://sabeyrule.ca/taeya-fitzpatrick/ Taeya Fitzpatrick], Sabey Rule\|date= July 2018}} {{Dial-A-Law TOC\|expanded = home}}
	Buying a condominium is a lot like buying a house. But there are also important differences. Learn the key things to consider before making an offer to buy a condo.		'''Buying a condominium''' is a lot like buying a house. But there are also important differences. Learn the key things to consider before making an offer to buy a condo.

	==Understand the legal framework==		==Understand the legal framework==
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	:Web: [http://www.choa.bc.ca/ choa.bc.ca]		:Web: [http://www.choa.bc.ca/ choa.bc.ca]


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Elena Renderos at 07:36, 28 March 2019

2019-03-28T07:36:38Z

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	{{~~Dial~~-A-~~Law Blurb~~}}		{{REVIEWEDPLS \| reviewer = [https://www.lawsonlundell.com/team-Lisa-Frey Lisa Frey], Lawson Lundell LLP, and [http://sabeyrule.ca/taeya-fitzpatrick/ Taeya Fitzpatrick], Sabey Rule\|date= July 2018}} {{Dial-A-Law TOC\|expanded = home}}

	{{Dial-A-Law TOC\|expanded = ~~housing~~}}
	Buying a condominium is a lot like buying a house. But there are also important differences. Learn the key things to consider before making an offer to buy a condo.		Buying a condominium is a lot like buying a house. But there are also important differences. Learn the key things to consider before making an offer to buy a condo.

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	===Considerations in any home purchase===		===Considerations in any home purchase===
	Our information on [[Buying a ~~House~~ (~~Script~~ 406)\|buying a home (no. 406)]] covers key factors to consider when buying any type of home, whether it’s a strata, a house, or some other type of legal structure. It covers topics such as what to include in an offer to purchase, “subject to” clauses, counteroffers, financing, fraud risks, the taxes payable, the statement of adjustments, and more.		Our information on [[Buying a Home (No. 406)\|buying a home (no. 406)]] covers key factors to consider when buying any type of home, whether it’s a strata, a house, or some other type of legal structure. It covers topics such as what to include in an offer to purchase, “subject to” clauses, counteroffers, financing, fraud risks, the taxes payable, the statement of adjustments, and more.

	Here, we explain considerations specific to buying a unit in a strata complex.		Here, we explain considerations specific to buying a unit in a strata complex.
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	:Web: [http://www.choa.bc.ca/ choa.bc.ca]		:Web: [http://www.choa.bc.ca/ choa.bc.ca]



	~~[updated July 2018]~~

	'''The above was last reviewed for legal accuracy by [https://www.lawsonlundell.com/team-Lisa-Frey Lisa Frey], Lawson Lundell LLP, and [http://sabeyrule.ca/taeya-fitzpatrick/ Taeya Fitzpatrick], Sabey Rule.'''

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Drew Jackson: Drew Jackson moved page Buying a Condominium (Script 407) to Buying a Condominium (No. 407): align with new Dial-A-Law website

2019-03-22T00:47:21Z

Drew Jackson moved page Buying a Condominium (Script 407) to Buying a Condominium (No. 407): align with new Dial-A-Law website

← Older revision	Revision as of 00:47, 22 March 2019
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Dial-A-Law: /* With more information */

2019-03-05T05:38:55Z

With more information

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Dial-A-Law at 05:35, 5 March 2019

2019-03-05T05:35:22Z

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Dial-A-Law at 21:47, 3 August 2018

2018-08-03T21:47:16Z

← Older revision		Revision as of 21:47, 3 August 2018
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	#:Municipal bylaws and zoning rules may further restrict use of a strata lot.		#:Municipal bylaws and zoning rules may further restrict use of a strata lot.
	#:With your lawyer, review the results of a current title search for the strata lot, and the other legal documents and circumstances.		#:With your lawyer, review the results of a current title search for the strata lot, and the other legal documents and circumstances.
	# '''Confirm what you are buying'''—check the location, dimensions and area of your strata lot. Balconies, parking stalls, storage units and other non-residential areas you may expect to have access to are sometimes configured in odd ways legally. For example parking spaces can be common property, limited common property, or part of your strata lot. Each of those configurations has different legal effects and can change your repair obligations and your rights to use them.		# '''Confirm what you are buying'''—check the location, dimensions and area of your strata lot. Balconies, parking stalls, storage units and other non-residential areas you may expect to have access to are sometimes configured in odd ways legally. For example, parking spaces can be common property, limited common property, or part of your strata lot. Each of those configurations has different legal effects and can change your repair obligations and your rights to use them.
	#:If the parking stall or storage locker currently assigned to the strata lot is designated as common property, then the bylaws may allow the strata corporation to allocate or reallocate the use of a stall or locker, and you need to confirm whether you will keep that assignment. The strata corporation may also use a short-term exclusive use agreement or special privilege to give an individual owner or tenant the use of a stall or locker for up to one year. After that it must be renewed if they want the use to continue. Or the developer may have arranged for an affiliated corporation to hold a long-term lease over the common property parking or storage area. In that case, to use a particular stall or locker, the owner may need to negotiate an assignment of the right to use that stall or locker under the long-term lease.		#:If the parking stall or storage locker currently assigned to the strata lot is designated as common property, then the bylaws may allow the strata corporation to allocate or reallocate the use of a stall or locker, and you need to confirm whether you will keep that assignment. The strata corporation may also use a short-term exclusive use agreement or special privilege to give an individual owner or tenant the use of a stall or locker for up to one year. After that it must be renewed if they want the use to continue. Or the developer may have arranged for an affiliated corporation to hold a long-term lease over the common property parking or storage area. In that case, to use a particular stall or locker, the owner may need to negotiate an assignment of the right to use that stall or locker under the long-term lease.
	#:If the purchase of a strata lot includes the use of one or more parking stalls or storage units, you should confirm the nature of your right to use the parking stalls or storage units. Verify that any limited common property features like balconies, parking lots, and storage units are assigned to your strata lot in the manner, size and location which matches your expectations, are correctly noted on the registered documents and match the representations in the Form B Information Certificate, the real estate listing and any seller representations.		#:If the purchase of a strata lot includes the use of one or more parking stalls or storage units, you should confirm the nature of your right to use the parking stalls or storage units. Verify that any limited common property features like balconies, parking lots, and storage units are assigned to your strata lot in the manner, size and location which matches your expectations, are correctly noted on the registered documents and match the representations in the Form B Information Certificate, the real estate listing and any seller representations.

Dial-A-Law: /* Pay attention to issues important to you, and to the following: */

2018-07-27T19:32:38Z

Pay attention to issues important to you, and to the following:

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	#:Depending on the project, the developer may prepay all the rent due under the long-term lease, or ongoing head lease payments may form a part of the leasehold strata corporation’s budget payable as part of the strata fees.		#:Depending on the project, the developer may prepay all the rent due under the long-term lease, or ongoing head lease payments may form a part of the leasehold strata corporation’s budget payable as part of the strata fees.
	#:Be cautious with leasehold developments—be sure you understand the remaining term of the head-lease, the term of your own leasehold, and what happens when the terms expire. Normally, the long-term tenant must vacate, or leave, the strata lot, unless other arrangements are made. The landlord may have to pay an amount to the departing long-term tenant using a formula in the long-term lease or in government regulation. It is important to carefully read and fully understand the lease contracts and related documents. If you plan to buy the interest of a long-term tenant in a leasehold strata lot, you should make any offer subject to first reviewing the long-term lease and all related documents with your lawyer. Make sure that you understand what you are buying and that the leasehold is being valued correctly. The fair market value of a leasehold strata lot is usually much less than the value of a comparable freehold strata lot.		#:Be cautious with leasehold developments—be sure you understand the remaining term of the head-lease, the term of your own leasehold, and what happens when the terms expire. Normally, the long-term tenant must vacate, or leave, the strata lot, unless other arrangements are made. The landlord may have to pay an amount to the departing long-term tenant using a formula in the long-term lease or in government regulation. It is important to carefully read and fully understand the lease contracts and related documents. If you plan to buy the interest of a long-term tenant in a leasehold strata lot, you should make any offer subject to first reviewing the long-term lease and all related documents with your lawyer. Make sure that you understand what you are buying and that the leasehold is being valued correctly. The fair market value of a leasehold strata lot is usually much less than the value of a comparable freehold strata lot.

	# '''Bylaws and rules'''		# '''Bylaws and rules'''
	#:As an owner of a strata lot, you must comply with the bylaws and rules of the strata corporation. The law assumes you know them. Read them carefully before you buy.		#:As an owner of a strata lot, you must comply with the bylaws and rules of the strata corporation. The law assumes you know them. Read them carefully before you buy.
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	#:*changes to the strata lots and common property		#:*changes to the strata lots and common property
	#:*other uses which can be made of a strata lot, common property or common facilities.		#:*other uses which can be made of a strata lot, common property or common facilities.

	#:Reading the bylaws and rules, and comparing them to the standard bylaws, can give you some idea about how restrictive the strata corporation is. It also provides some assurance that the priorities of the strata corporation match yours. Consider how you might want to use your strata lot. Don’t make any assumptions without carefully reviewing the bylaws and rules and satisfying yourself that you will be able to use the strata lot as you intend, and that your vehicle, pet, child and possessions will be able to move in with you.		#:Reading the bylaws and rules, and comparing them to the standard bylaws, can give you some idea about how restrictive the strata corporation is. It also provides some assurance that the priorities of the strata corporation match yours. Consider how you might want to use your strata lot. Don’t make any assumptions without carefully reviewing the bylaws and rules and satisfying yourself that you will be able to use the strata lot as you intend, and that your vehicle, pet, child and possessions will be able to move in with you.
	#:Get a copy of any rules. Although rules apply only to the use and enjoyment of common property and common assets, they are not registered in the Land Title Office, and can specifically restrict activities which might be important to you. For example, a rule may limit the size of vehicles that can park in a common-property parkade, or restrict the hours when a common-property fitness centre is open.		#:Get a copy of any rules. Although rules apply only to the use and enjoyment of common property and common assets, they are not registered in the Land Title Office, and can specifically restrict activities which might be important to you. For example, a rule may limit the size of vehicles that can park in a common-property parkade, or restrict the hours when a common-property fitness centre is open.

Dial-A-Law at 19:30, 27 July 2018

2018-07-27T19:30:57Z

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