Calgary Condo Lawyers for Buyers
Buyers face unique risks when they are purchasing a condominium. Buyers’ condominium lawyers in Calgary, Alberta help to reduce that risk. Having a buyers’ condominium lawyer who understands the law helps to make sure that your buying experience is a good one. Kahane Law Office in Calgary is happy to offer an experienced team that is there to help when you need us. Condominium law changes happen from time to time. Your buyers’ condominium lawyer must be aware of any changes (ad even proposed changes to the condo act) in law.
Challenges that Condominium Buyers Face
Buying a condominium adds a level of complexity to a real estate transaction. Buying a newly built condominium is even more complex. Buyers’ condominium lawyers understand these issues and work to avoid any problems for their clients. Real estate transactions are complex. While if everything goes as planned, the process may seem easy, there are complexities as well as potential for problems. The following are reasons why you want to retain a buyers’ condominium lawyer:
Purchasers dealing with sellers’ condo debts
One of the key duties of a lawyer who is acting for a buyer is to ensure that there are no debts that the seller has not paid. A key tool in this process is an estoppel certificate. Each condominium purchase contract can be a little different. there have been many changes to the contract with respect to who pays for special assessments. Largely, these changes center around the timing of what constitutes an expense the seller addresses and which condo debts the buyer addresses. Buyers’ condominium lawyers can help with properly drafting changes to the real estate purchase contract to make sure appropriate protections are in place. Other than special assessments, your buyers’ condominium lawyer will deal with these debts and things like tax adjustments and community fees.
Condominiums have complex titles
With condominiums, your buyers’ condominium lawyer has at least two (but maybe more) titles to request, search and review. First, there are multiple titles that the lawyer will check. The lawyer will pull title to search for outstanding debts on the main condo and the title for the condo common property. In some situations the lawyer may have to examine more titles. Some condo units have separate title for condominium parking stalls. Other condominiums have separate title for storage lockers. Buyers’ condominium lawyers know that each main unit may have multiple titles. This is also why it is important to know how many titles are involved with a condo unit so that the condominium purchase contract can be drafted properly. Most condo units do not have an association between affiliated titles registered so an experienced buyers’ condominium lawyer is a must.
Condo buyers beware of debts on title
As noted above, there can be several titles for a condominium purchase. Each title must be searched for debts that must be paid out and/or discharged. A buyers’ condominium lawyer must get an undertaking to discharge each and every debt associated with the various titles. Debts that can be registered on title include (here are just some examples):
- lines of credit
Understanding Condominium Finances
When buying a condominium, you should be careful when it comes to the condominium finances. It is a good idea to have a lawyer or condominium review specialist review all the condominium documentation to make sure you understand the financial health of the condominium. In particular, it is important to look at:
- The condominium reserve fund
- The reserve fund study
- The condominium board meeting minute
- The condominium annual financial statements.
Buyers’ Condominium Lawyer in Calgary
The buyers’ condominium lawyers at Kahane Law Office in Calgary, Alberta can help when you buy a condo. Affordable low flat rates and exceptional service. CONNECT NOW. We can be reached toll-free at 1-877-225-8817 (or 403-225-8810 locally in Calgary, Alberta), or email us directly here.