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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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#: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. | ||
#'''7. Confirm what you are buying'''—Check the location, dimensions and area of your strata lot. | #'''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. | ||
#:If the parking stall or storage locker currently assigned to the strata lot is designated as common property, then the bylaws may authorize 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. Alternatively, 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 authorize 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. Alternatively, 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 made in the Form B Information Certificate, the real estate listing and any vendor 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 made in the Form B Information Certificate, the real estate listing and any vendor representations. | ||
#:Strata corporations are now obliged to disclose the designation of parking and storage lockers, and how they are allocated to a strata lot in the Form B Information Certificate. | #:Strata corporations are now obliged to disclose the designation of parking and storage lockers, and how they are allocated to a strata lot in the Form B Information Certificate. | ||
#: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. | ||