A boom in the price of construction and real estate in general has caused people to consider commercial condominium as an alternative for a monopoly of builders. According to the various real estate lawyer Mississauga experts, commercial condominium owners share the costs like maintenance, insurance and property tax. This is even helping in lowering down the purchase price. The building is generally managed by a management company, preventing entrepreneurs from daily building operations.
Several skilled lawyers of the real estate lawyer Brampton industry suggest to find a stand alone building in a commercial business park. Nowadays, number of builders prefer constructing such condo due to high returns. These are governed by provisional laws of the country to protect the consumer. There are guidelines that should be followed before buying them.
Go Through The Disclosure Documents
The condominium corporation should offer you with a disclosure document that covers all the prior matter such as laws, terms and condition as well as the financial statement. In case of resale condo, it will consist of details about the outstanding litigation and update on the payments that are to be done by the owner into a reverse fund for repairs in the future. In most of the provinces, periodically updated opinion is required by the experts.
Make Sure Operation Of Your Business Is Not Hindered
There are certain kind of business that are excluded from operation due to some restrictions. For example in some commercial condo welding and open flame activities are restricted rather than arousing expenses of installing wall that can meet fire code. One is required to take permissions of the broad prior changing the common elements and even a contract is signed that consists the responsibility for such changes.
Parking And Access Issues
Parking for the employees, clients and visitors is the one of the key issues for the owner and buyer. Parking should be adequate according to the need. One should also be sure of facility that enables shipments and deliveries. Advertising is one of the important issues that should be discussed. These involve the places where you can put advertises of your firm. It is advised to check the supply of electricity.
Acknowledge About Your Surrounding
Before selecting condo be aware of your neighbours within and outside the building. It’s important to analyze that there is something that can be discomforting for your employees and client. It may include noise, location and odors from a neighbouring place.
Check Out the Limits
It is important to know your limits. For example, whether the door and windows are owned by you or not. The roof, exterior protective covering and parking are commonly owned and maintained by the owner. Also check if the building is disaster prone.
Nanda & Associate Lawyers is a Mississauga based law firm offering legal help to the people on immigration, real estate, business and personal injury issues. They provide practical and clear advise to their customers.
Nanda & Associate Lawyers 