7 Subject Clauses to Have in Your Vancouver Condo Contract

The subject clauses you insert in your Contract of Purchase and Sale when buying a Vancouver condo will vary depending on whether its a buyers or sellers market. Here is a strategy when buying in a Vancouver real estae market that favours buyers. Given that you are not in competition with other offers, I'd advise you to take your time and carry out your due dilligence.

  1. Subject ot finalization of your mortgage. Your lender will have approved you but they also need to approve the property and establish current market value, which entails an appraisal
  2. Subject to reviewing the Property Codition Dislosure Statement. All sellers in B.C. must provide one of these documents
  3. Subject to reviewing the title. Have your lawyer review this for you
  4. Subject to a building inspection. If you're buying a Vancouver condo you'll definitely wish to have the condo and the building inspected. If you're purchasing a Vancouver townhouse, a home inspection is also recommended, even if it's still under warranty. A certified building inspector always finds something and an inspection eliminates any surprises after you move in.
  5. Subject to reviewing and approving the condo bylaws, financial statements, minutes of the meetings for the last 24 months
  6. Subject to reviewing a Form B which is provided by the condo building's property manager
  7. Subject to reading and approving the strata plan, which verifies the size fo the condo or townhome and note whether the parking is limited common property or common property or a pre-paid lease

 

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