Quote:
Originally Posted by Bonka
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.
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).
|
What do you mean by 'privilege' - what privilege am I getting by using a lawyer?
The way I see it, I can cross the border with a nexus for $50 for 5 years or a passport for $110 for 5 years. Both allow me to cross into the states - the privilege of nexus is no lines and the privilege of a passport is i can travel to other countries that do not accept nexus... maybe you can dumb it down for me in grade 5 English?
I get the lawyers are good for complex transactions part such as neighbours hut encroaching my property etc... i want to know what I should consider beyond that.
Also aren't those subjects included in the standard Contract of Purchase and sale addendum? Can you point out any additional ones that are not included? I don't have a addendum to compare...
Whats your background? Just to add some credibility to this thread
