Humber Real Estate - Course 4, Module 5- Preparing to Sell Commercial Condominiums Questions And Answers

Levies" or development charges - Any cost that a municipality incurs to provide services to a new condominium development would be charged to the developer in the form of what? A New Owner Information Certificate (NOIC) Note: This provides new owners with the most recent Periodic Information Certificate (PIC) or the most recent Information Certificate Update. NOIC must be sent ASAP and no later than 30 days after the buyer becomes an owner. - Whenever a buyer assumes ownership of a condominium unit, the corporation's board of directors must send what to the new owner? Approval of 66%, board approval - Additions, alterations and improvements of a substantial nature require _____________________ of the owners. Owners may make additions, alterations and improvements to the common elements (e.g. installing a patio area or fence on an exclusive use common area) but are subject to ______________________, a formal agreement and other criteria as set out in the Condominium Act. Differing tax rates and increased utilities costs, such as electricity and water. - Why are maintenance fees for industrial condominiums often higher than residential condominiums? Finish the space themselves - A buyer may wish to purchase a unit as a "shell space" and _________________________ or through a contractor. Heavy industrial applications - Industrial condominiums are normally not suitable for ________________________ due to the potential for interference with other unit owners.Legal title, declaration - When a developer sells individual space on a pylon sign, the sign space itself is unitized and the buyer gets _______________ to that space and pays property taxes and condominium fees (both usually small amounts). In turn, a unit owner can sell that pylon sign panel / space to another party or rent it out (if allowed in the ________________). No. The main exception, however, would be if there is a residential unit in a mixed-use development. - Do commercial condominiums have the Tarion warranties that apply to residential condos? Rough-in plumbing, electrical work and an HVAC system - Shell spaces may already have ____________________________________, which the buyer will finish to their needs and requirements. Schedule D - Where in the declaration will you see each owner's contribution of common expenses and percentage interest? Signage - The agreement of purchase and sale will often contain a clause making the transaction conditional on confirming ______________. Signage, parking areas, shipping and receiving, truck aprons, landscaping, roadways, HVAC, electrical transformer stations, closed-circuit security systems, sprinklers and fencing. - What are some common elements of an industrial condominium? The common elements - Buyers will need to insure their own unit. Insurance is part of the condominium corporation and what would be required by the owner. Glass coverage should be carefully assessed since windows may not be considered part of what?The developer, in consultation with the buyer, will finish the space to the specifications of the buyer so that on closing the buyer will have a "business ready" unit. The costs of the finishing and customization work that the developer does will be included as part of the unit purchase price. - What is a "Turnkey Operation"? The municipality, board of directors - Signage for commercial condominiums is subject to regulation primarily by ___________________________ and further regulated by the ____________________________ or property managers as described in the corporation's rules and bylaws. The site plan - What document visually depicts all of the features of an ongoing construction project? The site plan approval and land development agreements. - Where is the information found for a condo regarding garbage storage and removal, including maintenance fees for garbage handling? Vote against the proposed work - The board of directors of a condo may make an addition, alteration or improvement to the common elements without owner approval, unless the owners request a meeting and _______________________________.