# Attacking a Condo purchase:?



## beans (Jan 25, 2011)

I have been looking at a condo, it is a for sale by owner. It is my first property, so being new to the process, should i be using a realtor as an intermediary/council?


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## kubatron (Jan 17, 2011)

go at it alone if you think you know what you're doing

use an agent if you don't or don't have the time to learn BEFORE You go at it alone

because if you go at it alone and don't do the right things, you may end up screwing yourself (same as if you went with the WRONG agent)

if FSBO then you gotta ask the seller what he's willing to pay YOUR agent

anyways there's much to learn out there on the internets.


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## Homerhomer (Oct 18, 2010)

If you are using agent the seller will have to pay 2.5% (or whatever your agreement states) for your buying agent which at least in part will be passed on to you in the price of the unit.
Waste of money and less room to make a deal.

Download offer form from the internet, write up details and present. In your case you don't have to deal with the agent which is good, agents it seems prefer to deal with other agents so they can milk the real estate market to no end and retain the stronghold on the business.

Lot's of helpfull material online, the more knowledge you have the better.

I myself am in the process of looking for a house without agent, the market conditions make it quite challenging to buy anything (although it should be the opposite when I sell mine).


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## tombiosis (Dec 18, 2010)

negotiate on your own...but always get a lawyer who has done it before to finalize the deal.


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## fraser (May 15, 2010)

I would want to start off with a copy of the condo meeting minutes for the past two years as well as the statements of financial position for those years.

I would ask around and try to find a recommendation for a lawyer who does a lot of condo work, not just someone who will do the conveyancing. This lawyer should be able to advise you straight off what documents you will need to obtain from the condo association. I would not make any offer until I had advice from counsel.


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## sags (May 15, 2010)

Really good advice on the condo board meeting minutes.......never thought of that. They would reveal a lot more than numbers on a piece of paper.

Thanks........


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## fraser (May 15, 2010)

The condo board minutes will give you a heads up to mtce issues, other problems. Pay particular attention to the capital fund, ie money put aside for repairs, etc.

You should also have the lawyer take a look at the condo rules-things like pets that are permitted, renting, sub lets, other rules with a view to understanding how many residents are owners vs renters.


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## meddlesomemarmots (Feb 16, 2011)

I don't know if I would attack it alone - are you considering a realtor - or a realtor alongside a notary/lawyer?

I know in BC there are specific forms that a sale of a unit will require (a form B and a form F are the most common two). These will give you information about arrears of the owner/unit you are buying from (Form F) and information about strata fees/approved expenditures/if the strata is currently being sued (Form B).

If you are working with a FSBO, they have the legal right to put in a records request (again, in BC) under the Strata Property Act - so if you have any concerns about anything you see in the minutes, as the owner to put in a request. If they start to baulk, then you know they're hiding something. If they are fine with it, of course reimburse them (records requests can only be charged back at a maximum of 25 cents per page for copies for an owner).

Do your research, and make sure your offer gives you an out. If you do, I can see this position being advantageous over dealing with a realtor - who are often very reluctant to help provide background information beyong the norm.


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