Difference between revisions of "Buying a Condominium"

#:Depending on the project, the developer may prepay all the rent due under the long-term lease, or ongoing head lease payments may form a part of the leasehold strata corporation’s budget payable as part of the strata fees.  

#:Be cautious with leasehold developments—be sure you understand the remaining term of the head-lease, the term of your own leasehold, and what happens when the terms expire. Normally, the long-term tenant must vacate, or leave, the strata lot, unless other arrangements are made. The landlord may have to pay an amount to the departing long-term tenant using a formula in the long-term lease or in government regulation. It is important to carefully read and fully understand the lease contracts and related documents. If you plan to buy the interest of a long-term tenant in a leasehold strata lot, you should make any offer subject to first reviewing the long-term lease and all related documents with your lawyer. Make sure that you understand what you are buying and that the leasehold is being valued correctly. The fair market value of a leasehold strata lot is usually much less than the value of a comparable freehold strata lot.

# '''Bylaws and rules'''

#:As an owner of a strata lot, you must comply with the bylaws and rules of the strata corporation. The law assumes you know them. Read them carefully before you buy.  

#:*changes to the strata lots and common property

#:*other uses which can be made of a strata lot, common property or common facilities.  

#:Reading the bylaws and rules, and comparing them to the standard bylaws, can give you some idea about how restrictive the strata corporation is. It also provides some assurance that the priorities of the strata corporation match yours. Consider how you might want to use your strata lot. Don’t make any assumptions without carefully reviewing the bylaws and rules and satisfying yourself that you will be able to use the strata lot as you intend, and that your vehicle, pet, child and possessions will be able to move in with you.  

#:Get a copy of any rules. Although rules apply only to the use and enjoyment of common property and common assets, they are not registered in the Land Title Office, and can specifically restrict activities which might be important to you. For example, a rule may limit the size of vehicles that can park in a common-property parkade, or restrict the hours when a common-property fitness centre is open.