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.
- 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
- Subject to reviewing the Property Codition Dislosure Statement. All sellers in B.C. must provide one of these documents
- Subject to reviewing the title. Have your lawyer review this for you
- 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.
- Subject to reviewing and approving the condo bylaws, financial statements, minutes of the meetings for the last 24 months
- Subject to reviewing a Form B which is provided by the condo building's property manager
- 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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