Absolutely, you will need a lawyer for this purchase to discuss the details of the legal agreements just as you would when buying a home or condo. Your Agreement of Purchase and Sale will include a clause or condition that ensures your lawyer has a chance to review the document before your purchase and before any money changes hands.
When purchasing your interest/suite and before the closing your lawyer will conduct a registry search to ensure there are no liens, loans or mortgages registered against the unit or the home.
He or she will review the legal agreements, the co-ownership agreement, rules, bylaws, household budgets, house charges and the service provider agreements with you before you sign the closing documents just as you would with any single family home or condo.
Upon death, your interest transfers to your estate or named beneficiary, who may decide to retain your interest and suite at that time. It is up to your estate/beneficiary/trustee(s) to establish the selling price and negotiate the final transfer. This is not any different then owning a single family home or condominium and the disposal of the asset after your passing. Solterra Co-Housing Ltd will assist you or your estate/beneficiary/trustee in every way possible to find a suitable purchaser for your interest.
Solterra Co-housing Ltd., or the local Solterra In-home Support Services Ltd., care provider does not guarantee a buyer nor is either corporation obligated to purchase your interest but, we most likely have contacts and names of parties who are interested in purchasing and who are on the pre-selected waiting list for the home.
Some projects have guaranteed buy-back options offered by the developer at the time of purchase. So, be sure to understand your options when you are purchasing your interest/suite – discuss these details with your lawyer for further clarification. Nevertheless we anticipate that there will be a substantial waiting list of interested parties available to purchase once you are ready to sell and the concept increases in popularity.
Yes, in fact, you are registered as a Tenant in Common which is a very familiar ownership model in Canada and your percentage interest is registered on title for the property at the local Land Registry Office. This will acknowledge that your interest in the home is formally acknowledged and, once registered, you will receive notice of any future easements, taxes, encumbrances, liens, etc., which may affect the property just as all the co-owners are.
Subject to approval from House Committee/Co-owners pre-selection of resident as resident must comply with co-ownership agreement as specified, or it could be transferred or sold to another party at the market value at the time of sale.
Household fees vary according to the home location (town, municipality or city), the number of units, the municipal taxes, actual operating costs and decisions made by previous co-owners. These Monthly Household charges/ fees include but are not limited to the proportionate cost of:
Discuss these monthly expenses with your lawyer. He/she will ask for financial information on the shared house including, household budgets and household charges prior to the purchase.
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