Strata condominiums have two different types of home warranty insurance coverage. The individual unit owner is responsible for the policy on the unit, and the strata corporation is responsible for the policy on common property. Knowing what is covered under the policy for your unit, what is covered under the common property policy and the expiration dates is wise.
“Standard” Contracts of Purchase and Sale issued by Builders on new construction should probably be scrutinized by a lawyer before signing on the dotted line. Builders often tailor-make these documents to protect their interests – not yours. They may only be “standard” for that particular builder and property.
If you qualify for the B.C. Property Tax Deferment Program, you can defer your taxes as long as you own your home. The deferred taxes must be fully repaid, with interest, before your home can be legally transferred to a new owner, other than directly to your surviving spouse. If you refinance your home, your mortgage holder may require full repayment of the deferred taxes upon refinancing. You may repay all, or part of the deferred taxes and interest at any time without penalty.
When hiring a property inspector ensure the individual is properly licensed. Also, consider the inspector’s experience and credentials and also what insurance coverage the inspector carries such as errors and omissions insurance, liability insurance and worker’s compensation coverage.
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