Vancouver Condo Real Estate Video Blog #739 - November 12, 2012
Be Sure The Developer Doesn't Own Too Many Condos in the Strata
Ian Watt video blogs about how if developers hang on to units within the strata for rental units, the developer could block, sway or alter decisions within the strata council of any Vancouver Condo development they own within. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright iWatt Media © All Rights Reserved 2012.
Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. When you’re writing an offer make sure you check out the developers disclosure statement. Whether it’s a brand new property or a used property generally that would be included with your Form B. Now what happens is on that statement it will show the developers it’s hang on to a bunch of properties and renting amount. The reason this is important because anytime you need to change the bylaws or approved construction or repairs for a building you need a 75% of the owner to agree. If the developer owns 26% or more he could block change or do whatever to ensure that those things are not passed or to ensure that things are passed. So please check that out because you don’t want to buy in a building that the developers owns the majority of the units. My name is Ian Watt and if you have any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!