I just attended another seminar on BC Strata Law and some changes that could be coming in the next 3 to 5 years. Now that depreciation reports are law the government intends to make it a lot easier for Strata Corporations to pass special levy's to replace major components of a building -- things like balconies, siding, windows, roofs etc. The current law requires a 75% vote to get a resolution like a special levy approved. Look for this requirement to be lowered to only a majority vote in the future. The goal is to make it much easier for Strata Corps to approve the financing for building maintenance and be much more pro-active on repairs and upgrades.
When writing an offer on a property in BC we use what is called a Contract of Purchase and Sale. Your offer will contain 5 important elements: The price, the deposit amount, (5% of the purchase amount is standard), subject conditions, dates and finally inclusions and exclusions. In other words what is included in the sale price, for example all the appliances, and what is not, like an antique chandelier.
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