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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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#:If you ask, a seller can obtain strata documents from the strata corporation for you to review, including a set of up-to-date, consolidated bylaws, as well as a complete copy of the rules. | #:If you ask, a seller can obtain strata documents from the strata corporation for you to review, including a set of up-to-date, consolidated bylaws, as well as a complete copy of the rules. | ||
#: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. | ||
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#: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. | ||