27 Jun

Property Disclosure Statement

General

Posted by: Adam Hawryluk

What is a Property Disclosure Statement?

When homeowners list their property for sale, they will be asked to complete a Property Disclosure Statment.  This document will give potential buyers more detailed information about the condition of the property they are viewing. 

What should be included in a Property Disclosure Statement?

The PDS itemizes potential problems such as asbestos insulation, unauthorized rental suites, renovations done without a permit and unregistered easements or encroachments, and includes a wide range of questions such as:

  • Are you aware of any past or present underground oil storage tanks(s) on the premises?
  • Are you aware of any moisture and/or water problems in the walls, basement or crawl space?
  • Are you aware if the premises have been used as a marijuana grow operation or to manufacture illegal drugs?
  • Are you aware if the property, or any portion of the property, is designated or proposed for designation as a “heritage site” or of “heritage value” under the Heritage Conservation Act or under municipal legislation?

There are separate disclosure for residential, strata title properties and rural properties.

 

The information and services offered on this Site are provided with the understanding that neither Dominion Lending Centres Inc., nor its suppliers or users are engaged in rendering legal or other professional services or advice. Although we strive for accuracy, timeliness and completeness, information quoted is not guaranteed and may change at any time and the information you obtain at this site is not, nor is it intended to be, legal advice.  If you require specific advice regarding your own situation please contact me for consultation.

 

27 Jun

Appraisals

General

Posted by: Adam Hawryluk

What are Appraisals? 

An appraisal is a written document that shows an opinion of how much a property is worth. The appraisal gives you useful information about the property. It describes what makes it valuable and may show how it compares to other properties in the neighborhood. 

Why do lenders require Appraisals? 

When you borrow money to buy or refinance a home, your lender may need to get a new appraisal to verify the stated value of the property. An appraisal helps assure you and your lender that the value of the property is based on facts, not just the seller’s opinion. 

How can I obtain an Appraisal?

If a lender requires an appraisal, we will order the appraisal on your behalf. 

The information and services offered on this Site are provided with the understanding that neither Dominion Lending Centres Inc., nor its suppliers or users are engaged in rendering legal or other professional services or advice. Although we strive for accuracy, timeliness and completeness, information quoted is not guaranteed and may change at any time and the information you obtain at this site is not, nor is it intended to be, legal advice.  If you require specific advice regarding your own situation please contact me for consultation.

 

15 Jun

Depreciation Report

General

Posted by: Adam Hawryluk

What is a Depreciation Report?

Depreciation reports help strata corporations, including bare-land strata corporations, plan for the repair, maintenance and replacement of common property, limited common property, and common assets over a 30 year period. The report must contain a physical inventory of the common property and assets, anticipated maintenance, repair and replacement costs for common expenses projected over 30 years, and a financial forecasting section with at least three cash flow funding models.

Why do Lenders require Depreciation Reports?

Depreciation reports officially show the lender any plans or need for repair, maintenance, and replacement in regards to the strata complex. 

How can I obtain a Depreciation Report?

Depreciation reports can be obtained through the strata management company as they should be part of the strata documents.

The information and services offered on this Site are provided with the understanding that neither Dominion Lending Centres Inc., nor its suppliers or users are engaged in rendering legal or other professional services or advice. Although we strive for accuracy, timeliness and completeness, information quoted is not guaranteed and may change at any time and the information you obtain at this site is not, nor is it intended to be, legal advice.  If you require specific advice regarding your own situation please contact me for consultation.

15 Jun

Strata Minutes and AGM

General

Posted by: Adam Hawryluk

What are Strata Minutes? 

The strata council acts as the managing body for the strata corporation. There are certain rules and regulations that each strata council must abide by as set out by the Strata Property Act. One of these rules is to keep minutes from each meeting. These minutes outline past, present, and future concerns with the building. Additionally, strata councils are required by the Strata Property Act to hold an Annual General Meeting. 

Why do Lenders require Strata Minutes?

Lenders require strata minutes to identify any current or upcoming issues with the property. 

How can I obtain Strata Minutes?

Typically, the seller will provide the buyers realtor with the minutes. If there is no realtor on the transaction then the minutes can be asked for from the seller or the strata management company.

The information and services offered on this Site are provided with the understanding that neither Dominion Lending Centres Inc., nor its suppliers or users are engaged in rendering legal or other professional services or advice. Although we strive for accuracy, timeliness and completeness, information quoted is not guaranteed and may change at any time and the information you obtain at this site is not, nor is it intended to be, legal advice.  If you require specific advice regarding your own situation please contact me for consultation.