Buying a Commercial Condo? Know More from Real Estate Lawyers Mississauga

A boom in the price of construction and real estate ingeneral has caused people to consider commercialcondominium as an alternative for a monopoly ofbuilders. According to the various real estate lawyerMississauga experts, commercial condominium ownersshare the costs like maintenance, insurance and propertytax. This is even helping in lowering down the purchaseprice. The building is generally managed by amanagement company, preventing entrepreneurs fromdaily building operations.

Several skilled lawyers of the real estate lawyerBrampton industry suggest to find a stand alone

building in a commercial business park. Nowadays,number of builders prefer constructing such condo dueto high returns. These are governed by provisional lawsof the country to protect the consumer. There areguidelines that should be followed before buying them.

Go Through The Disclosure Documents

The condominium corporation should offer you with adisclosure document that covers all the prior matter suchas laws, terms and condition as well as the financialstatement. In case of resale condo, it will consist ofdetails about the outstanding litigation and update on thepayments that are to be done by the owner into a reversefund 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 NotHindered

There are certain kind of business that are excludedfrom operation due to some restrictions. For example insome commercial condo welding and open flameactivities are restricted rather than arousing expenses ofinstalling wall that can meet fire code. One is requiredto take permissions of the broad prior changing the

common elements and even a contract is signed thatconsists the responsibility for such changes.

Parking And Access Issues

Parking for the employees, clients and visitors is the oneof the key issues for the owner and buyer. Parkingshould be adequate according to the need. One shouldalso be sure of facility that enables shipments anddeliveries. Advertising is one of the important issuesthat should be discussed. These involve the placeswhere you can put advertises of your firm. It is advisedto check the supply of electricity.

Acknowledge About Your Surrounding

Before selecting condo be aware of your neighborswithin and outside the building. It's important to analyzethat there is something that can be discomforting foryour employees and client. It may include noise,location and odors from a neighboring 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 arecommonly owned and maintained by the owner. Alsocheck if the building is disaster prone.

Nanda & Associate Lawyers is a Mississauga based lawfirm offering legal help to the people on immigration,real estate, business and personal injury issues. Theyprovide practical and clear advise to their customers.