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Condominium Ownership
Condominium typically refers to a form of legal ownership, as apposed to a style of construction. This form of ownership can apply to low or high-rise buildings, townhouse complexes, and individual houses. condominiums are also known as Strata in British Columbia.
Condominuim Assignment
Assignment is re-selling a property before it is complete and ready to be occupied. (A condominium during the construction stage)
An assignment sale is when the original purchaser sells and /or transfers all the rights and obligations of the original contract between themselves and the Vendor to another party before the official completion date for the property. Title transfer for the property does not occur until the city issues the necessary permits and the unit is ready for physical occupancy. In an assignment sale you are only purchasing or selling the contractual rights to a property not the physical property itself and all its rights and obligations until the unit is complete.
Project Directory:
Downtown Vancouver
West Pender Place / Downtown
Private Residences / Downtown
Jameson House / Downtown
Ritz Carlton / Downtown
Patina / Downtown
Millennium Water / Downtown
Alto / Downtown
FLAGSHIP / Yaletown
DONOVAN / Richard street
PURE / Hornby street
MARINER / Yaletown
TV TOWER / Robson street
SMART / Gastown
H&H / Homer and Helmcken
ELAN / 1255 Seymour St.
POMARIA / Pacific Blvd.
LE'HERMITAGE / Robson Street
HUDSON / 610 Granville Street
LIVING SHANGRI-LA / West Georgia
R & R / 742 Richard
SHAW TOWER / 1021 West Hastings
SPECTRUM / Georgia & Dunsmuir
THE MELLVILE / 1139 Melville Street
YALETOWN PARK / 701 West Georgia
VITA / Richards & Smithe
West Vancouver
WATERS HEDGE / www.at.wateredge.com
SEA SCAPES / 1381 Marine Drive
North Vancouver
Vista Place / 13 street and chesterfield
Ventana / Lower lonsdale
ONE PARK LANE / 1st & Chesterfield
Touch Stone / Marine Drive
Vancouver
LIBRA
ARIA
DUKE on Dunbar/ Kitsilano
Zone / Broadway
COAST / UBC
COCO / Spruce
CAMERA / W. 8th & Pine
BROWNSTONE / 13th & Laurel Street
CAPSTONE / 1116 Bute Street
CIRCA / Collingwood Village
HIGHBURY HOUSE / 3637 West 17th Aventue
KING EDWARD VILLAGE / King Edward
KINGSWOOD / 1596 W.14th Avenue
LIBERTA / 1775 Pine & West 2nd Avenue
MONTREUX / 497 West 5th
OLIVE / 483 West 16th Avenue
PARK RENFREW / 2889 East Hastings
RETRO / 8988 Hudson Street
TRIBECA LOFTS / 610 Granville Street
VIRTU / 1650 West 7th Avenue
Questions to ask when Buying a Condominium
What is the current state of construction, and how quickly can it be expected to progress?
Can the occupancy date be changed and under what conditions?
Is the building type( high-rise, townhouse, freehold/bareland, loft) the one I really want?
Will a provincial new home warrannty program cover the unit?
What other costs will I have to cover when I take ownership, and how much should I expect to pay for each?
What are the current monthly condominium fees, and what do they include?
What mortgage interest rates are available?
What kind of mortgage is right for me?
Is the condominium in the neighborhood I want?
Is there school nearby?
Is it accessible by public transit?
Is the condominium corporation in good financial condition?
Are there any legal claims or judgements against the condominium corporation?
Strata operation
Strata corporation
Strata property Act and Bylaws
Strata documentations
Strata versus Co-op
Freehold versus Leasehold
Useful Websites
Canadian Condominium Institute www.cci.ca
Coalition of Leaky Condo Owners www.myleakycondo.ca
Home Owner Protection Office www.hpo.bc.ca
Canadian Association of Home Inspectors www.cahpi.bc.ca
Interior Strata Owners Association www.isoa.ca
National Home Warranty Program www.nationalhomewarranty.com
Pacific Condominium Association of BC www.condohelp.org
Urban Development Institute www.udi.bc.ca
Vancouver Condominium Services Ltd. www.vancondo.com
Web Page Condominium News www.wpcn.ca