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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 us to see the current Bylaws, Building Envelop,
Rules & Regulations, and the Annual Budget.
Do you know what a Form B is? Contact us for details.
Liz
Grambart Anders
Treiberg
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.
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