48 — Friday, February 3, 1989 - North Shore News

Pee) = REAL state

CHOOSE THE RIGHT SUITE
Do research before buying a condo

IF, LIKE thousands of Canadians, you are in the
market for a condominium, don’t let the allure of
the carefree life lead you to make < careless deci-
sion. There are many things you should take into
account before signing on the dotted line.

CA

By MURRAY RUMACK
. Contributing Writ

First, you should under-
stand that acondomitium is

a registered corporation,
owned and operated by its
members who are individual
condominium site owners.
Exclusive title to and re-
sponsibility for everything

t

NEWS photo Tom Buriey |

A WORKMAN adds finishing touches to a new highrise recently constructed on Lower Lonsdale in North Vancouver.

—_— — in

Changing your lifestyle?

Superb view sites suitable for
smaller, more luxurious homes

Anyone in search of a carefree lifestyle in a

within your personal con-
dominium suite rests with
you.

Outside your unit, you are
likely to share common
ownership of areas such as
hallways, elevators, exercise
rooms and grounds.

A co-op, it should be
noted, is distinctly different
from a condominium. A
co-op corperation owns the
building and land, including
all personal suites.

Each person becomes a
sharehoider of the corpora-
tion and is given the right to
occupy a unit, but does not
have outright ownership of
it. Tenant-sharehulders con-
tribute to a blanket mor-
tgage for the building. If one
tenant defaults, all others
must increase their payments
to cover the shortfall.

Members of a co-op cor-
poration must obtain per-
mission from the board of
disectors to transfer shares
to a potential purchaser. In
contrast, condominiu:n
owners generally are free so
sell a unit without consulting
the condominium corpora-
tion.

During your condominium
search, it’s a must ‘o check
out the builder of any ite
that interests you. Call the
local builder's association
and ask about the com-
pany’s reputation for quality
construction and after-sales
service. If possible, visit
some of that builder’s com-
pleted projects.

TOWNHOUSE LIVING AT ITS BEST!
CENTRAL LONSDALE
Deluxe 4¥%2 year old 3 bdrm., 1% bath
1223 sq.ft. townhome in small complex.
Tastefully decorated & meticulously main-
tained. Amenities include woodiurning
FIP, southfacing patio & sundeck plus
secured underground parking. Asking

$158,500.

161 WEST 19TH STREET

in addition, take the
agreement of purchase to
your lawyer and ask him or
her to explain it to you in
everyday language. Make
sure that it stipulates pur-
chase price, downpayment,
financing and occupancy
terms and all other
associated costs.

And, be sure you know
exactly what your monthly
fees entail. Do they cover
maintenance only? What's
included in maintenance? Do
your fees also include pro-
rated charges for water and
hydro for common areas?

A condominium corpora-
tion is run by an elected
board of directors who are
also condominium  share-
holders. They are responsi-
ble for the condominium’s
administration and budget.

A set of by-laws outlining
qualifications and duties of
board members as well as
maintenance schedules and
rules of the corporation
should always be available to
and read by prospective
buyers.

Don’t forget that if you
do buy, you're subject to
decisions of the board of
directors. If they decide to
assess each shareholder
$1,000 for roof repair, you
must pay up.

If you are on the board
yourself, be aware that
directors can be held Liable
for not using their judge-
ment in the best interest of

the shareholders.

THE INMACULATE INVESTMENT!
Super rental property with excellent

revenue. Fully finisher’ basement. 5
bdrms., 22 baths. So well maintained
you'd think it was new. Asking $184,500.

1679 PHILLIP.

serenely beautiful environment need look no
further than Westhill Way in West Vancouver. A
naturally beautiful alternative to life in the con-
fines of acondominium townhouse or apartment,
these superbly situated homesites offer the virtues
of compact convenience plus the prestige and
privacy traditionally associated with the Westhill

SUPER STARTER HOME!
UPPER LONSDALE
Beautifully & completely remodelied 2
bdrm. home in established quality
neighborhood. New kitchen, bathroom
flooring & much more. Large private lot.
Nothing to do — just move in. Affordably

Way of life.

FOR FULL PARTICULARS PLEASE CONTACT

OTTMANN
Properties Ltd.
(604) 689-1748

BRITISH PACIFIC
Properties Ltd.
(604) 922-3211

priced at $159,900.
425 TEMPE CRESC.

BRAND NEW WITH
OYNAMITE VIEW!

In central West Van. Due to be completed
early this summer. Has 4 bdrms. & den
with nanny quarters & everything else your
heart couid possibly desire. To view plans,

call Ralph.

LAURIE
WILSON
988-1901

NEW CONSTRUCTION
Two 4 bdrm. homes in Lynn Yalley soon
to start construction. Private & serene on
40'x140" lots. One already sold. Still time
to customize to your spec's on remaining
home. Mid $200's.
3675 McEWEN

RALPH
BENNETSEN
980-9640