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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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Typically a prospective purchaser of a strata lot should expect to request and receive documents which will allow them to make an informed decision about whether or not to buy the strata lot. At a minimum, the purchaser should obtain and carefully review: | Typically a prospective purchaser of a strata lot should expect to request and receive documents which will allow them to make an informed decision about whether or not to buy the strata lot. At a minimum, the purchaser should obtain and carefully review: | ||
'''A. Form B Information Certificate''' which sets out prescribed facts about the current general status of the Strata Corporation and the strata lot being sold. The Form should include the financial obligations in relation to 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 any). | :'''A. Form B Information Certificate''' which sets out prescribed facts about the current general status of the Strata Corporation and the strata lot being sold. The Form should include the financial obligations in relation to 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 any). | ||
: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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:The strata corporation may charge a fee plus the cost of photocopying or other reproduction for providing the Form B Information Certificate. | :The strata corporation may charge a fee plus the cost of photocopying or other reproduction for providing the Form B Information Certificate. | ||
'''B. Depreciation Report'''—every strata corporation with 5 or more strata lots must obtain a depreciation report unless the owners have regularly voted by ¾ vote resolution to defer the report. If a depreciation report has been prepared, a copy of it must be attached to the Form B Information Certificate. The depreciation report must have financial forecasting and an inventory and evaluation of the common property and common assets and any other property that the strata corporation has a duty to maintain. A depreciation report helps the owners anticipate and budget for future common expenses and special assessments. | :'''B. Depreciation Report'''—every strata corporation with 5 or more strata lots must obtain a depreciation report unless the owners have regularly voted by ¾ vote resolution to defer the report. If a depreciation report has been prepared, a copy of it must be attached to the Form B Information Certificate. The depreciation report must have financial forecasting and an inventory and evaluation of the common property and common assets and any other property that the strata corporation has a duty to maintain. A depreciation report helps the owners anticipate and budget for future common expenses and special assessments. | ||
:If a depreciation report has not been obtained, take especial care in evaluating the condition of the property as a whole. | :If a depreciation report has not been obtained, take especial care in evaluating the condition of the property as a whole. | ||
