Difference between revisions of "Buying a Condominium"

'''D. The Strata Plan''' which shows the boundaries of the strata lot you are thinking of purchasing. The Strata Plan, or associated schedules will show the unit entitlement which determines the strata lot’s proportionate share of contributions, and the schedule of voting rights which will show the voting rights for the strata corporation. Compare your obligations to those of other strata lots to ensure that they are as expected.

'''E. The Bylaws of the Strata Corporation''', which will set out the specific rights and obligations which an owner has, and give you a good sense of how rigidly the Strata Corporation governs the owners.  

'''F.''' Obtain and review the '''Land Title Office’s''' '''''Strata Plan General Index''''' for other documents registered in the Land Title Office, such as limited common property designations, or other important documents, such as a rare unanimous section 100 resolution which changes the default division of expenses.

'''G.''' Several years of '''minutes of meetings''' of the Strata Council, and general meetings of the owners, including minutes of any section will give you a sense of how active the Strata Corporation’s government is, and what issues the Strata Corporation has been contending with in recent years. Request no less than two years of minutes, and review them carefully. Request minutes for a longer time period if possible.

'''H.''' For new developments, the Owner-Developer is obliged to provide prospective first purchasers a copy of the up-to-date '''Disclosure Statement''' including any amendments as filed with the Superintendent of Real Estate. That document discloses the intentions of the Owner-Developer, and contains marketing representations, as well as disclosure of legal encumbrances and other important information.