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Difference between revisions of "Buying a Condominium"
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#:Municipal bylaws and zoning rules may further restrict use of a strata lot. | #:Municipal bylaws and zoning rules 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. | ||
# '''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 has different legal effects and can change your repair obligations and your rights to use them. | # '''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 has different legal effects and can change your repair obligations and your rights to use them. | ||
#:If the parking stall or storage locker currently assigned to the strata lot is designated as common property, then the bylaws may allow 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 for up to one year. After that it must be renewed if they want the use to continue. Or 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 allow 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 for up to one year. After that it must be renewed if they want the use to continue. Or 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 in the Form B Information Certificate, the real estate listing and any seller 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 in the Form B Information Certificate, the real estate listing and any seller representations. | ||
