Strata Property Expertise

Buying and Selling a Strata Property – What You Need to Know

View of a modern condo looking up from street level on a clear dayCaleb is a valuable asset when it comes to navigating a strata property transaction. In recent years, the Strata Property Act has been amended several times, and there are now many changes to the standard bylaws. Staying on top of the most up-to-date developments in the Strata Property Act has helped Caleb represent clients in many strata property transactions, including condos, townhomes, half duplexes, and bare land stratas. Caleb continually participates in professional development that keeps him sharp and updated on representing both buyers and sellers for their strata property transactions. Here's how Caleb can help:

Market Knowledge

Caleb has in-depth knowledge of the local market, and uses specific strategies for purchases and sales of strata properties. He can provide insights into pricing trends, market conditions, and the reputation of many different strata properties in the Victoria real estate market. This information helps buyers and sellers make informed decisions.

Strata Bylaws, Rules, and Regulations

Strata property transactions involve dealing with the Strata Bylaws, Rules, and Regulations. Caleb helps buyers understand the specific Bylaws and Restrictions of the strata community they're interested in. Furthermore, Caleb will refer industry professionals that specialize in specifc aspects of strata transactions when the scope is outside of his expertise. For example, Caleb has great relationships with some of the best strata lawyers and strata property managers in town. Whether providing the expertise or if an expert needs to be consulted, he will ensure that buyers are aware of how the strata bylaws and rules will affect purchasers and sellers that he represents.

Due Diligence

Reviewing strata docs can be a daunting task. Caleb will ensure that all of the relevant strata documentation has been gathered for purchasers to review prior to completion of the purchase including the financial statements of the strata, the contingency reserve fund, the strata council meeting minutes, depreciation reports, Annual General Meeting Minutes, Special General Meeting Minutes, the Strata Plan, the Schedule of Unit Entitlement and any other relevant documentation. Aside from being able to answer questions and help review the strata documents, Caleb will be able to help purchasers navigate their purchase by referring relevant experts when needed for further review/assistance. This helps buyers make an informed decision and avoid any surprises down the line.

Strata Docs and Disclosure Requirements

Sellers of Strata Properties are typically required to provide strata documents and Disclosure Statements to potential buyers. As your guide, Caleb will ensure that all of the necessary strata documents have been ordered, and take you through the Disclosure Statement, ensuring that all necessary information and documentation is provided in compliance with the Strata Property Act. This helps protect sellers from potential legal issues that may arise after the sale.

Negotiation Expertise

Caleb uses different approaches and metrics to help determine the purchase price depending on the type of property that his clients are trying to acquire/sell. Caleb will guide his clients on the best possible metric and overall approach to negotiating a favorable purchase price for his clients. However, strata property transactions often involve negotiating not only the purchase price but also factors such as completion dates, subject conditions, and inclusions/exclusions. Caleb will advocate for his client's interests and strive to achieve the best possible outcome in terms of price and terms and conditions.

Transaction Management

Caleb will handle the coordination and management of the entire condo transaction process. He'll work closely with lenders, lawyers, and other parties involved to ensure that all necessary documents, inspections, and deadlines are met. This helps streamline the process and reduces the stress for buyers and sellers.

Caleb’s role is to guide and support his clients throughout the condo transaction process. He will help you navigate the complexities involved and ensure a successful and smooth transaction.

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