Townhome Condo

[mlwilliamson]

Hello all,

Looking at lining up my first property and hoping to cashflow without tripping. I am curious what does it mean as a legal description "Condo to be registered" on a listing? What sort of dulingence is envolve when prospecting such a property.

Thanks,

 

[Donal_Ward_McCarthy]

Hi Michael,

this condo building/complex must be a new build and the builder is, over time, giving possession to the owners of each unit. At a certain point when the occupancy/ownership is about 75% / 80%, the builder then goes to the city/municipality and obtains condominium registration and status for the building/complex.

As always, do your due diligence using the condo due diligence check list available for download in the forms section on myreinspace.

Sincerely,
Donal.