The Condo Walk-through – Deficiency Hunting

I recently accompanied a client on their substantially completed new construction condo walk-through. This took place about two weeks before the buyer was to take possession of the new two bedroom condo in the Fraser area of Vancouver. Now I consider attending these inspections a part of my job as a full service REALTOR® but this one was scheduled for 7AM! This is not known as peak performance timing for most REALTORS®.

Nevertheless, I made my way to the building on time to meet my client and we then proceeded to wait for the developer’s representative who ended up being about 10 minutes late. On these outings I use a detailed checklist of potential problems to look for (see image for a sample).

These usually go pretty smoothly and this one was no exception except for some minor surprises. The best part of this inspection was when the developer’s representative opened the door to the laundry area and it was empty. The washer and dryer that were to be included as per the buyer’s contract were nowhere to be found.

Make sure your REALTOR® attends the walk-through inspection with you so they can provide expertise on what to be on the lookout for and to fully protect your interests.

I welcome any questions you may have about selling or buying.
Feel free to comment here or contact me directly.

Unruly condo owners – must they be tolerated?

Every condo owner’s nightmare – an owner who won’t listen to a meeting quietly or obey the rules of the meeting. 

Question: What can we do when an owner continually disrupts our condo meetings and also harasses owners after the meeting is over? Our condo meetings are getting out of control.

One solution is offered here. This is an important issue and must be dealt with promptly and swiftly for the strata council to conduct its business in a timely and efficient matter. If the strata council is intimidated, it might not be able to do its legally mandated work which could affect the running of the strata corporation. One can see how this might trickle down to would-be sellers or have an impact on potential buyers into a strata development.

I welcome any questions you may have about selling or buying.
Feel free to comment here or contact me directly.

Are Strata Fee Estimates for Strata Developments Reliable?

Ever wondered how developers set strata fees before a new strata building is even built? Good information on just that in a recent Vancouver Sun article. Developers are tasked with estimating monthly strata fees for their future development projects. It might be tempting for developers to make fees appear lower than they are actually likely to be in if gives them a leg up when courting potential buyers. Apparently this is not common practice and developers are subject to strong penalties as a disincentive to underestimating potential strata fees.

I have seen this happen on one occasion but I’m not sure if it was a case of poor accounting skills, outright deceit by the developer or a bit of both. The developer was required to make up the shortfall in the strata fees to cover the first year’s annual budget.

The best way to avoid this scenario as a buyer is to retain the services of a Realtor who can assist with the due diligence and fully investigate an offering for sale.

I welcome any questions you may have about selling or buying.
Feel free to comment here or contact me directly.