Buying a condo: due diligence
Buying a house is a big decision and, in Vancouver, a big investment. So it's important for buyers to perform their due diligence and get things like get an home inspection before closing the deal. But if you've chosen a condo or attached strata property to buy, there is an additional element to performing your due diligence: the documentation.
When buying an attached property or condo, there can be a huge stack of documents through which to navigate, but ultimately, this task will probably give you more insight into the building than an inspection. As the agent acting for the buyer, I find it is fairly standard to write your offer subject to the approval of the following: form B, last two years of minutes, special general meetings, annual general meetings, financials, the bylaws and rules including any amendments, strata plan, a Property Disclosure Statement as well as any Engineer’s reports that may have been performed.
These documents may seem onerous, but a few hours of reading will give you, the buyer, a great deal of insight into the ‘culture’ of the building as well as a general idea of the condition and what is expected for future repairs--definitely worth the read!
When buying an attached property or condo, there can be a huge stack of documents through which to navigate, but ultimately, this task will probably give you more insight into the building than an inspection. As the agent acting for the buyer, I find it is fairly standard to write your offer subject to the approval of the following: form B, last two years of minutes, special general meetings, annual general meetings, financials, the bylaws and rules including any amendments, strata plan, a Property Disclosure Statement as well as any Engineer’s reports that may have been performed.
These documents may seem onerous, but a few hours of reading will give you, the buyer, a great deal of insight into the ‘culture’ of the building as well as a general idea of the condition and what is expected for future repairs--definitely worth the read!