- Joined
- Jun 12, 2008
- Messages
- 5
Hello,
I am considering purchasing a number of apt condos in one building in Alberta. A owner/developer has 5 available for sale currently but they are all in mid-renovation and have about 2 weeks of work left to complete each unit. The developer has another project that has taken priority and the work has stopped on the reno`s at this point. The developer/owner has said he will start his crews up again to complete the work if I buy them.
So my questions are:
1. How would I present my offer based on this situation?
2. Would I add in the conditions of sale that work must be completed to my satisfaction before I take possession?
3. Should I state that if work is not completed by possession date then I would keep a holdback of some sort?
4. Should I give him a time period in which to finish the work, and if he doesn`t meet it then I walk from the offer?
5. Do I have the right to ask the developer/contractor/owner for a list of items that are to be completed in each unit prior to writing an offer?
6. Am I dealing with 2 separate issues? 1. The purchase of the property from the owner and 2. The renovation work with the owner/contractor/developer since in a round about way I am wanting to make sure the unfinished reno`s are completed to my satisfaction as a buyer...
7. I have seen 2 other units that have been completed and I want to ensure that the units I would buy have the same level of quality, how do I protect myself?
Thanks in advance for your suggestions,
R. Edgar
Has anyone else been in a similar situation that can share their experience/knowledge? Your comments or feedback would be greatly appreciated.
I am considering purchasing a number of apt condos in one building in Alberta. A owner/developer has 5 available for sale currently but they are all in mid-renovation and have about 2 weeks of work left to complete each unit. The developer has another project that has taken priority and the work has stopped on the reno`s at this point. The developer/owner has said he will start his crews up again to complete the work if I buy them.
So my questions are:
1. How would I present my offer based on this situation?
2. Would I add in the conditions of sale that work must be completed to my satisfaction before I take possession?
3. Should I state that if work is not completed by possession date then I would keep a holdback of some sort?
4. Should I give him a time period in which to finish the work, and if he doesn`t meet it then I walk from the offer?
5. Do I have the right to ask the developer/contractor/owner for a list of items that are to be completed in each unit prior to writing an offer?
6. Am I dealing with 2 separate issues? 1. The purchase of the property from the owner and 2. The renovation work with the owner/contractor/developer since in a round about way I am wanting to make sure the unfinished reno`s are completed to my satisfaction as a buyer...
7. I have seen 2 other units that have been completed and I want to ensure that the units I would buy have the same level of quality, how do I protect myself?
Thanks in advance for your suggestions,
R. Edgar
Has anyone else been in a similar situation that can share their experience/knowledge? Your comments or feedback would be greatly appreciated.