10 ESSENTIAL TIPS FOR STRATA PROPERTY BUYERS – 2
- Keep in mind BC’s leaky condo crisis, and discover whether there have been previous problems with water ingression in the building envelope, and whether it has been professionally remediated.
- Ask whether major maintenance work is required in the future (eg. replacing the roof, balconies, re-plumbing, etc.).
- Look into whether any legal action against the building or strata is in progress.
- Find out how much money is in the contingency reserve.
- Smoking can be an issue, so look into what you could do about an adjacent owner smoking on his or her patio or balcony.
- Seek the advice of experienced real estate and legal professionals before you invest in a strata home.
- Make an offer to purchase a property conditional upon your notary or lawyer’s approval.
“As Notaries, we can help you find the answers to your questions so you can make an informed decision on whether or not a particular strata property is right for you,” Eastwood says.
The Summer 2013 edition of BC Notaries’ quarterly publication, The Scrivener, focuses on strata properties and contains a wealth of information for potential buyers and related professionals on strata ownership, governance and control, strata councils, fees, insurance and other related and important topics.
The Society of Notaries Public of BC represents more than 320 highly trained Notary professionals. Most have locally owned and operated offices and all provide personal assistance to clients around the province. Individuals, families, and businesses seek the services of BC Notaries for a wide range of non-contentious legal matters, including residential and commercial real estate transfers, mortgage refinancing, Wills and advanced healthcare planning, powers of attorney, and other important documents.
The Notary’s Tradition of Trust spans 2000 years. Notaries first came to British Columbia over 100 years ago. They continue to serve their valued clients and their communities across the province.
Editors: Local Notaries are available in many areas of BC to talk about strata properties and what potential buyers should know and consider to ensure maximum enjoyment of their new home.