British Columbia’s Leaky Condo Crisis Just Won’t go Away!
November 7th, 2008Seems this is an issue that will not go away. I think almost everyone knows what a leaky condo is, but do they really. In the Realty Times Article “British Columbia’s Leaky Condo Crisis Just Won’t go Away there are many good points brought up.
The bottom line is still Buyer beware, there are still many buildings out there that may have problems and the key is figuring it out ahead of time. It is not just enough to rely on the Property Disclosure Statement provided by the seller. It is obviously not in their best interest to tell you anything that may cause you not to buy their place, of course it is in their best interest to act within the law, but there is a fine line between what they may be aware of and not.
As well, it is not always in the Strata’s best interest to reveal all they know in the minutes. Again, it is in their best interest to act within the law, but the lines can also be muddied here.
Then you have the Realtors, well it should be in their best interest to protect their clients, but again the lines could be muddied here and what they know and do not know is not always clear cut. This is however one area you can control a bit, find a realtor that has a very good reputation and has not been in trouble for such problems in the past. Often personal recommendations are a good guide. But also ask the realtor if they have sold in the building in the past and if they have any current clients living in the building. There is not fool proof way to protect against all problems but it is a start.
Finally, when it comes to an inspection, it is very important to get someone who is knowledgeable and has a good rep, go with someone who is a member of your local Home inspectors association, often an engineer is a good choice as well. Again here, there is no fool proof way but do your homework as much as possible, and if you can go with a recommendation that always helps. It is also sometimes possible to have the inspector read the minutes for you, there may be a cost but I would highly recommend this as they will most likely have a better understanding that you of whit is in there.
Once again, just be aware that the leaky condo issue is not just an issue of the past, and buyer beware is still the final word, do your homework as best you can, but also realize that nothing in the world is perfect or foolproof, so don’t go overboard on this and let is stop you from buying anything.
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