Legal Due Diligence for a BC Condo Purchase

Key takeaways

• The contract controls the transaction and deadlines matter.
• Title, parking, storage and strata rights must be confirmed.
• Consumer rescission rights do not replace subjects and professional review.
• Presale and resale contracts have different risk patterns.

Understand the contract before signing

Price is only one term. Review deposit, subjects, dates, included items, adjustments, representations and default consequences. Ask what happens if financing, document review or inspection is unsatisfactory.

Do not rely on verbal assurances that are not reflected appropriately in the contract.

Confirm what the buyer receives

Review title and legal descriptions. Confirm parking and storage rights, easements, covenants and any limited common property or licence arrangements.

Strata plans and records can be necessary to understand boundaries and cost responsibility.

Use deadlines correctly

British Columbia has consumer rescission frameworks for many resale and development purchases, but time periods, fees, exemptions and notice requirements differ. They are not substitutes for carefully drafted conditions.

Obtain current advice immediately because missed deadlines can have serious consequences.