Process & FAQ Download2321.7KB
Sales
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What happens to leftover contingency funds?
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Can I stay in my unit after the sale closes?
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How long does the process take?
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Who maintains common property during the process?
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What role does the strata council play?
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Why would owners want to windup and sell?
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How is the value of the strata building(s) determined?
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What happens to tenants after closing?
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Can I sell my unit during the windup process?
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What is an 80% vote?
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What does the court consider when reviewing the vote?
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How long does the court application process take?
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Who decides how sale proceeds are divided among owners?
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Will I receive more money for recent renovations to my unit?
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Would you be able to provide detailed summaries on what was discussed on each meeting? I think it is a good idea to have summarized items that has been discussed amongst everyone. Especially for those who were not able to attend the meetings.
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What is your commission percentage and why do you believe you deserve that?
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Can you give me a detailed breakdown on how the money will be distributed. We can use a round hypothetical number like 10 million as an example. I need to see how the money would get distributed to owners vs all other parties involved like yourselves, strata, government, etc.
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Do you have an updated timeline on how this sale process. What has been accomplished to date? - Feb 26, 2025
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Please introduce your team and what each member’s role is responsible for.
Mortgage
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Where do I turn first for mortgage advice?
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What happens if my existing mortgage comes up for renewal during the strata windup?
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What about the penalty on my mortgage when my property sells?
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I have other questions regarding my mortgage, can I contact you directly?
Accountant
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How do I calculate the capital gain on the investment property?
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How is the capital gain calculated if the property is owned by more than one person?
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What about the lifetime capital gains exemption?
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Are there ways to reduce or defer the capital gains tax?
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What if I lived in the home as my principal residence for the entire period of ownership?
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How is the capital gain calculated if I had used the property as a principal residence but then moved out and started to rent it out (or vice versa)?
Council
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Has our Strata formally obtained the necessary approvals to proceed to obtain an LOI, or are we still in the exploratory phase?
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