To Live in Co-Ownership – Harmony or Dispute ?
Joint ownership is more and more popular in Quebec. However, it involves a lot of responsibilities and sometimes disadvantages which are ignored by too many consumers at the time of the purchase
This often results in unpleasant surprises and inconveniences.
The smoke of barbecue, noise and floor-covering; it is better to check before sueing for damages.
My first advice to the future purchasers: read the statement of joint ownership attentively before finalizing the agreement to buy. It is the statement of joint ownership that establishes the regulations to which the buyer will have to conform such as the interdiction to have domestic animals and also the sharing out of common expenses.
The great majority of litigations in this domain are litigations of neighbourhood
People do not realize that the habits of life in a condo are not the same as in a bungalow.
Which are the main lawsuit issues between neighbours?
You have to realize that you buy your private part but you also buy a percentage of the common areas. The future co-owners should always be wary of condo fees that are too low. This should act as a red light on the buyer.
It is often an indication that the association of co-owners does not invest enough in the upkeep of the building nor does it dedicate a sufficient part of its budget for contingency fees.
Before buying, it is also important to check how the association of co-owners behaves. For examples:
To live in co-ownership can be very pleasant but it is necessary to act with caution and to get well informed with your agent who has the responsibility to advise you in that process.
How is its financial status?
Are there any lawsuits against the association?
Lack of foresight from the buyer can turn a dream into a nightmare.
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