If you are thinking about buying a condominium apartment you are no doubt concerned about the problems some condominium owners face with moisture leaks. Although not all condominiums are affected, the Victoria Real Estate Board (VREB) encourages buyers to work with their REALTOR® in conducting a cautious and thorough investigation of any property before deciding whether to buy.
It's important to remember that any kind of property has the potential to have problems, such as moisture leaks, that are not immediately evident when the property is first viewed. The VREB, in co-operation with the BC Real Estate Association, has introduced a specialty form for condominiums called the Strata Property Disclosure Statement, which is completed by the seller.
Remember also that REALTORS® are bound by a strict code of ethics and have a duty to disclose to buyers information they know about a property.
Before buying a strata property, the VREB recommends buyers do the following:
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