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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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==What should you consider before making an offer to buy a condo?== | ==What should you consider before making an offer to buy a condo?== | ||
Typically, a prospective buyer of a strata lot should request and receive documents that will let them make an informed decision about whether to buy the strata lot. '''At a minimum, a buyer should obtain and carefully review the following''': | Typically, a prospective buyer of a strata lot should request and receive documents that will let them make an informed decision about whether to buy the strata lot. '''At a minimum, a buyer should obtain and carefully review the following''': | ||
:A.'''[http://www.bclaws.ca/Recon/document/ID/freeside/12_43_2000#FormBInformationCertificate Form B Information Certificate]'''—this sets out required facts about the current status of the strata corporation and the strata lot being sold. The Form should include the financial obligations for that strata lot, any parking and storage facilities assigned to the strata lot, and other useful facts. The Form B should have attached documents such as the current budget, rental disclosures statement (if any), rules and the depreciation report for the strata corporation (if there is one). | :A. '''[http://www.bclaws.ca/Recon/document/ID/freeside/12_43_2000#FormBInformationCertificate Form B Information Certificate]'''—this sets out required facts about the current status of the strata corporation and the strata lot being sold. The Form should include the financial obligations for that strata lot, any parking and storage facilities assigned to the strata lot, and other useful facts. The Form B should have attached documents such as the current budget, rental disclosures statement (if any), rules and the depreciation report for the strata corporation (if there is one). | ||
:The Form B Information Certificate also shows if the strata corporation has adopted any new bylaws which will take effect but haven’t yet been filed at the Land Title Office, and whether the strata corporation is involved in any lawsuits or arbitration. | :The Form B Information Certificate also shows if the strata corporation has adopted any new bylaws which will take effect but haven’t yet been filed at the Land Title Office, and whether the strata corporation is involved in any lawsuits or arbitration. | ||
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For older developments, it may be possible to get a copy from the seller, or the strata council. | For older developments, it may be possible to get a copy from the seller, or the strata council. | ||
:Checking those documents, a smart buyer or their lawyer can get a reasonable and current sense of the strata corporation and the strata lot, and any other documents to review. | :Checking those documents, a smart buyer or their lawyer can get a reasonable and current sense of the strata corporation and the strata lot, and any other documents to review. | ||
==Pay attention to issues important to you, and to the following:== | ==Pay attention to issues important to you, and to the following:== | ||
