Information to Obtain Prior to Purchase. If you are purchasing a new condominium, obtain a copy of the prospectus. The prospectus provides details of the vendor, the financial history, the details of the common facilities and services, property management contracts, unit entitlement, parking, etc. If you are purchasing from an existing owner, obtain a copy…
Fee Simple Title (or ownership) to most real estate is held in what is called “fee simple” ownership. This includes most single family homes, town house and apartment condominiums, commercial properties and vacant lots or land. Strata Title Condominiums are a special type of “fee simple” ownership called “strata title”. This means you have “title”…
An offer to purchase must be in writing and will be made in a contract of purchase and sale. If the seller accepts and signs your offer, it becomes a binding and enforceable contract by either party. In other words, if either party breaks any of their promises (breaches the contract), the other party may…
The real estate agent acts as the agent of either the seller or the buyer. The seller contracts with the real estate agent in the standard form listing agreement. The real estate agent agrees to try to find a buyer on the terms specified in return for the seller’s promise to pay a commission if…
Joint Tenancy: The situation where two or more persons are equally owners of a property. Upon the death of one person the ownership reverts to the surviving joint tenant. Most married couples hold title in joint tenancy because the surviving spouse will become the sole owner in the event of the death of their partner.…