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Originally Posted by tiger_handheld
I'm searching for previously occupied condo. So it's a very 'basic' transaction - I'd presume anyways.
I heard that a lawyer will also review the financial position of the strata corporation and advise the buyer accordingly. Can this be expected of a notary?
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Yes a lawyer can do that for you, but you are paying them for the privilege!
If you're using a Realtor, assuming they're competent they SHOULD be more useful. The financial statements are really only a small aspect of how a strata is run. The minutes will show the details of what is actually happening with the operating funds and why the balances are where they are. Don't forget the Depreciation Report - this outlines future building expenses and what you need to do as a strata to raise them.
Quote:
Originally Posted by Energy
I was taught that its always best to get a lawyer to read the Contract of Purchase and Sale before you sign it because realtors usually draft those contracts and do a poor job.
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I agree if you're using an incompetent louse. Here's how it is. An agent who doesn't use the appropriate clauses for their buyers risk getting sued by the buyer, the seller, the seller's brokerage and whoever else is at stake. Even if the agent only cared about their own interests, the clauses they use will naturally protect you as a buyer. Run away from any agent who can't even get that right because they're an idiot - FYI, plenty of these idiots out there today too.
For stratas, as a buyer you'll want these clauses as minimum on a standard transaction:
- obtaining a mortgage
- approving the home inspection
- obtaining home and/or fire insurance
- approving the strata documents (minimum 2 years worth)
- approving the title search
- approving the property disclosure statement
- seller is aware the premises has not been used as a grow-op or manufacture of illegal substances
- seller to credit buyer for any special levies before closing or initiate holdback
- parking space and locker # and legal arrangement
- debris/garbage removal and cleaning
- appliances, etc (incl. make, model, serial)
And a bunch of buyer disclosures (Strata Property Act, obtain independent legal advice where necessary etc etc).