More and more new home buyers are being attracted to condominiums. The following is a suggested check-list concerning condominium ownership that you might want to discuss with your lawyer:
1. Condominium units and common property2. Owners’ rights and responsibilities regarding property3. Group government and restrictions under any by-laws of the Condominium Corporation4. Condominium maintenance fees and services
The Condominium Property Act and regulation affects condominium owners, buyers, sellers and developers. This tipsheet provides an overview of the key topics that you need to be aware of when buying and owning a condominium. However, it does not cover all of the special circumstances or unique situations that can arise, and is not a substitute for legal advice.
At NW Calgary Law, we consider the following matters:. Search and convey separate titles for condo unit and parking stalls. Search other encumbrances on title (ex. restrictive covenants). Ensure vendor provides Estoppel Certificate (condo fees up-to-date) and Certificate of Insurance. Adjust with vendor for property taxes and monthly condo fees. Confirm that there are no Special Assessments due. Prepare and register Transfer of Land and Mortgage.Discuss with client any by-law restrictions re: pets, children, tenants etc..Review condominium documents (by-laws, financial statements, reserve fund study, etc.) This is not part of our core service, so we generally recommend clients retain an outside professional condo document review company..May review purchase contract prior to condition removal