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Difference between revisions of "Buying a Condominium"
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→What should you consider before making an offer to buy a condo?
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:Also, understand that the bylaws and rules can be changed, and some changes may dramatically affect how you can use your property. | :Also, understand that the bylaws and rules can be changed, and some changes may dramatically affect how you can use your property. | ||
'''6. Other Restrictions''—Bylaws are not the only documents which can restrict how you may use a strata lot. Covenants, easements and other documents registered against title may limit the use of the strata lot or affect its value. For example, in a bare land strata development, the title of your strata lot may be encumbered with a building scheme that limits the size or other details of any house you want to build on your strata lot, or may restrict your use of the strata lot. | '''6. Other Restrictions'''—Bylaws are not the only documents which can restrict how you may use a strata lot. Covenants, easements and other documents registered against title may limit the use of the strata lot or affect its value. For example, in a bare land strata development, the title of your strata lot may be encumbered with a building scheme that limits the size or other details of any house you want to build on your strata lot, or may restrict your use of the strata lot. | ||
Municipal Bylaws and Zoning may further restrict use of a strata lot. | Municipal Bylaws and Zoning 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 | |||
'''7. 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 have differing legal implications and can change your repair obligations. | 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 have differing legal implications and can change your repair obligations. | ||
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Put all your questions in writing and get written answers from the seller and, if possible, the strata council. | Put all your questions in writing and get written answers from the seller and, if possible, the strata council. | ||
Using a lawyer is a good idea | ==Using a lawyer is a good idea== | ||
Before making an offer to buy a condominium, have a lawyer review the critical documents, including the contract of purchase and sale, legal title to the strata lot, the strata plan and any amendments, limited common property designations and other resolutions affecting common property, the Form B Information Certificate, legal issues identified in the minutes, and the bylaws and rules. | Before making an offer to buy a condominium, have a lawyer review the critical documents, including the contract of purchase and sale, legal title to the strata lot, the strata plan and any amendments, limited common property designations and other resolutions affecting common property, the Form B Information Certificate, legal issues identified in the minutes, and the bylaws and rules. | ||
