If you are contemplating the purchase of a home that involves the strata or cooperative type of ownership, there are some additional points to consider:
What are the charges for common area maintenance? What services or utilities are included? Does the project have a good reputation for honesty and successful operations? Are units, not controlled by the developer, being successfully resold? Who controls the recreational facilities? Will you be required to pay extra fees for using any of the facilities? If it is a new development, is there a certain date when your unit will be ready for occupancy? Will the swimming pool and recreation facilities be completed by that date? Who manages the property? Is it managed professionally or is it an owner’s responsibility? What contingency fund reserve is maintained for roof replacement, decorating, repairs and maintenance? Are owner’s permitted to rent their units to tenants? How many rental units will be allowed in the project? Have any special assessments been agreed upon, or have any structural problems been noted, which may lead to a special assessment in the future?
Ask Terry to see the current Bylaws, Building Envelope, Rules & Regulations, and the Annual Budget. Do you know what a Form B is?
All of these documents will explain the manner in which your unit and the common areas may be used and how the building is governed.
To Buy A Home Contact:
TerryMarion@telus.net
Terry Marion
Realtor
Royal Lepage-ShowcasePlus
3137 St. John’s Street, Port Moody, British Columbia
Canada V3B5R5
Email: terrymarion@telus.net Office Phone: (604) 461-2844
Toll Free: 1-800-567-4677 Cellular Phone: (604) 644-7237
Home Fax: (604) 945-3599
