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Which Canadian province has updated its Condo Act?

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Canadian Realestate Magazine | 03 Feb 2015, 09:20 AM Agree 0
If you’re thinking about buying or selling a condo as an investment property in this Canadian province, be prepared – its Condominium Act has grown by 300 pages.
  • Robert Harrington | 08 Feb 2015, 09:32 PM Agree 0
    OK Just another note on how useless most Realtor(tm) Brand agents are, especially if they are involved in helping buyers and sellers buy and sell Condo or Strata Act homes, because as the owner of a property management company, the best advice I can give all potential multi family home buyers and sellers is RUN!... don't walk away from any agent who says he/she has the ability to help you buy and sell multi family housing and does NOT know how to read a financial statement.

    Because when dealing with this type of housing you are buying and selling DEBT in the form of Operating Budgets, Special Assessments, Contingency Reserves, Depreciation Reports.... and do you really want the engineering report when there is already a Confirmation of Substantial Completion in place? Do you even know?
    Well a tiny minority may know, but the vast majority have no clue and it is NOT their fault that the industry is focused on their Amway business model of recruiting any warm body that can pay fees and not on training and producing professional agents.

    So, real estate condo and townhome buyers, forget paying a huge buy side commission for ignorance, rather spend a fraction of that money for a home inspector, and a lawyer who can also read a financial statement.

    Oh yes, and RESA Real Estate Service Act rules prohibit anyone from selling property they have no expertise to do. So most agents are in breach of your own act.
    But of course, who cares?.... just keep paying your fees, because it is not real estate anymore.
    It's Amway.
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