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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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Referring to those documents, a savvy purchaser or their lawyer should be able to get a reasonable and current sense of the strata corporation and the strata lot, and any other documents which should be reviewed. Particular attention should be given to issues of importance to you, and to the following: | Referring to those documents, a savvy purchaser or their lawyer should be able to get a reasonable and current sense of the strata corporation and the strata lot, and any other documents which should be reviewed. Particular attention should be given to issues of importance to you, and to the following: | ||
#''' | #:'''Financial Obligations'''—Make sure that you can afford to be an owner. | ||
#:'''a. Monthly strata fees'''—all strata lot owners must pay towards the common expenses of the Strata Corporation by paying strata fees for their strata lot. The strata fees are normally based on the strata corporation’s annual budget divided by the unit entitlement which sets out the share for each strata lot. Check the current budget and the Form B Information Certificate for the current strata fees. Compare the strata fees to other similar developments. | #:'''a. Monthly strata fees'''—all strata lot owners must pay towards the common expenses of the Strata Corporation by paying strata fees for their strata lot. The strata fees are normally based on the strata corporation’s annual budget divided by the unit entitlement which sets out the share for each strata lot. Check the current budget and the Form B Information Certificate for the current strata fees. Compare the strata fees to other similar developments. | ||
#::i.If the strata fees seem high, consider whether there are expensive recreational facilities or other features, or budgeted items which you will have to help pay for—whether they benefit you or not. | #::i.If the strata fees seem high, consider whether there are expensive recreational facilities or other features, or budgeted items which you will have to help pay for—whether they benefit you or not. | ||