DOCSLIB.ORG

Non-Residential Condominium Valuations

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Non-Residential Condominium Valuations Professional Excellence Bulletin [PP-16-E] September 1995 Revised January 2007 Non-Residential Condominium Valuations In a number of marketplaces across the country, condominium – or strata title (the terms are synonymous) subdivided developments are becoming commonplace. These projects are marketed on the basis that businesses can own the space within which they operate, as well as to individual investors on the basis that this ownership interest can be acquired in commercial or industrial properties at price levels below those possible in conventionally subdivided free- standing investment properties. One also sees bareland strata subdivisions develop from time to time, wherein individual lot owners acquire an interest in common property, like an improvement, lying outside their lot boundaries. Bareland strata provides a fee simple ownership mechanism, yet offers substantial advantages over the alternative non-fee simple mechanisms to retain control of these offsite improvements, such as cooperative or corporate share arrangements. Much as on-going exposure to residential condominium properties has led to a significant body of knowledge within the appraisal community for the valuation of these assets, the passage of time has brought about a greater awareness of the pitfalls inherent in non-residential strata properties, some of which entail potential litigation risk for appraisers. Strata title commercial/industrial properties offer the advantages of ownership in smaller properties than could be achieved for stand-alone buildings; maybe the only way to secure tenure in a specific location, and offer reduced management burden for such things as building and grounds maintenance. However, individual unit owners have less control over both day-to-day operations, and eventual re-development. Because a strata project is usually managed by the strata council, property management and maintenance standards could be lower than for a rental project owned and operated by a sophisticated investor. Absentee ownership of a significant number of units can create problems for owner-occupants in the same project due to differences in philosophy about maintenance, management and marketing. In cases of developer failure before a project is complete, the strata owner can end up in a project that lacks the synergy of a completed development, or on which maintenance is neglected. FLOOR SPACE MEASUREMENTS 403-200 Catherine Street • Ottawa, Ontario K2P 2K9 t. 613-234-6533 • f.613-234-7197 • www.aicanada.ca Professional Excellence Bulletin [PP-16-E] Non-Residential Condominium Valuations The applicable Condominium or Strata Title Act specifies how the boundaries of individual condominium units have been identified. In British Columbia, for example, the boundaries are established as the centre of the floors, walls or ceilings, as the case may be. However, discretion is left to the Registrar – Land Titles – for defining the limits of garages, parking space, storage areas, and areas and spaces not enclosed by floors, walls or ceilings. In general, it is preferable to define the condominium by reference to the walls of the building. Any outside areas that are for the private use of the owner of a condominium may be regulated and defined under exclusive use agreements. These agreements can provide for exclusive use of a part of the common property by one condominium owner, and are the most appropriate way for dealing with such areas as balconies, mezzanine, storage space and parking stalls. In some instances, real estate boards have adopted policies on how commercial or industrial condominium sizes are to be set out; in most cases, an appraisal on this type of property can utilize these local policies. Confusion can arise when identifying the floor area of a condominium property, due to the various ways that may be used for expressing floor areas. Strata lot size must be measured according to requirements specified within the applicable legislation. However, such may not equal rentable or usable floor area. Also, creative marketing can swell the size of a strata unit by including the balcony, mezzanine and even the parking area. For industrial property, direct comparison is complicated by difficulties in ascertaining precisely the floor space of a unit. Typically, an industrial unit will involve a certain main floor area with mezzanine development common over at least a portion of the main floor. This mezzanine development could involve low-grade light storage floors to higher capacity light manufacturing space, to office space ranging from minimal quality to high cost office finishes. The appraiser needs to use standard techniques in measuring these spaces or direct comparison will become, at the least, a frustrating experience and, more than likely, fraught with error. A suggested technique is to evaluate the property based on the areas specified on the strata plan, with separate identification and analysis of finished areas and quality for mezzanine and main floor finished areas. LOCATIONAL ADJUSTMENTS Significant variations in rent levels often exist within a commercial development, depending on such things as exposure and unit size. Particularly in commercial property, where the units are being traded within the investment community, these differentials in rent can be expected to lead to dramatic differences in market value per square foot of strata lot. Although one of the touchstones of appraising residential condominiums involves ensuring comparables are from the same project, the additional requirement of analyzing rental variations within the property must be considered when valuing commercial strata projects. 2 403-200 Catherine Street • Ottawa, Ontario K2P 2K9 t. 613-234-6533 • f.613-234-7197 • www.aicanada.ca Professional Excellence Bulletin [PP-16-E] Non-Residential Condominium Valuations LAND USE ZONING Particularly for strata industrial projects, municipal and regional policies regarding land use controls must be carefully considered. Individual occupants may well fit up a space to levels not permitted by the zoning bylaw or sublease a portion of the space for a use which is contrary to occupancy permit requirements. This caveat is of greater concern in a strata title sector, where many property owners are less sophisticated than those controlling larger holdings. Ideally, this situation is best addressed in the valuation process through comparison with properties bearing a similar nonconforming feature. REPLACEMENT RESERVES Strata corporations periodically need to spend large sums of money on roof replacement and similar capital irregular maintenance items. While provincial legislation may require the funding of replacement reserves, the level of contribution is commonly much less than what could be needed. It is possible for one strata project to have a substantial replacement reserve fund because its council has been diligent in building one, and a similar project next door to have insufficient or no funds in reserve. When one considers that the cost of roof replacement on even a modest project could cost $50,000, the significance of the presence or absence of reserve funding becomes apparent. As an appraiser, you aren’t expected to investigate funding for reserves, but those reading your reports will find it useful if you state in your report that the level of reserves ought to be investigated if the project appears to need major work. STRATA FEES/ASSESSMENTS Common area maintenance and insurance expenses are typically covered in the strata fees assessed to each owner. The quantum of fees is determined by the developer or owners’ association, and will vary according to reserve levels, maintenance standards, the likelihood of winter storms necessitating substantial snow removal expenditures, amenities, upgrading requirements, and so forth. Investigations into strata corporation bylaws or assessment of its financial status is clearly beyond the responsibility of an appraiser. Where unusually high or low fees are evident, they ought to be noted. Use caution in making adjustments for the level of strata fees. High fees could reflect more amenities that enhances the value of the units, or a special assessment that will shortly expire. STRATA CORPORATION BYLAWS Appraisers seldom read the bylaws of the corporation governing a unit they are appraising, and this is neither necessary or practical to minimize liability. However, unusual situations can arise from time to time for things like leased land tenure. Many strata corporations pass bylaws limiting 3 403-200 Catherine Street • Ottawa, Ontario K2P 2K9 t. 613-234-6533 • f.613-234-7197 • www.aicanada.ca Professional Excellence Bulletin [PP-16-E] Non-Residential Condominium Valuations activity in strata units to certain uses (only clothing manufacturer’s outlets might be permitted in an outlet centre, for example), to restrict a kind of use (like restaurant) to only one of the strata lots or to forbid undesirable activities. These clauses serve the same function as the restrictive covenants in many standard form commercial leases. Rental could be forbidden in some projects. PROPERTY DISCLOSURE STATEMENTS Real Estate Boards in general, and the commercial brokerages in particular, are becoming more insistent about vendor disclosure statements. These serve as a marketing tool and help limit the realtor’s liability. If available, they can be usefully attached to your report, along with any other pertinent documents that may be available. Obviously, an appraiser needs to ensure his report
Load more

Recommended publications
  • Launch of "Strata Title Property Rights– Private Governance of Multi
    Launch of “Strata Title Property Rights – Private governance of multi-owned properties” by Cathy Sherry University of New South Wales 2 August 2017 Mark Leeming1 Everyone is interested in architecture. Perhaps the best illustration of this is the runaway success of Kevin McCloud’s “Grand Designs” televison shows. Putting to one side the allure of McCloud himself, that success is in part a testament to the basic urge to build one’s own home, something which is never going to happen for the overwhelming majority of Australians. And even for those who merely end up owning their own home, increasingly that home will be a lot within a strata scheme or community title. There have been more than 1 million people living in Sydney in such schemes since 2011, and both the number and the proportion are only going to increase. Walking to this launch from the closest railway station this evening well illustrates the phenomenon. I passed a very rare single storey sandstone 19th century terrace a couple of minutes from Green Square, next to rows of late Victorian and early twentieth century two storey terraces. But then there were blocks of modern high density towers, before, after passing under Southern Cross Drive, one sees examples of the very worst of the 1960s and 70s three storey walk-ups, products of the legislation the subject of this book. One of the things which the photographs in this delightful book (yes, photographs in a law book!) convey is the changing architecture of flats and apartments, connected with legislative changes. There is, in the case of planning law and laws governing communal living, a very close link between the legislative regime and the lived-in character of the urban environment.
    [Show full text]
  • THE Definitive PRIME RESIDENTIAL Briefing THE
    A GLOBAL PERSPECTIVE ON PRIME RESIDENTIAL PROPERTY AND WEALTH THE DEfINITIVE PRIME RESIDENTIAL BRIEfING new HIGH fOR CONTEMPORARY ART THE WORLD’S MOST INfLuENTIAL CITIES ASIA PACIfIC PRIME REAL ESTATE OuTLOOk fOCuS ON PROPERTY MARkET INVESTMENT WHERE THE WEALTHY ARE INVESTING KNIGHT FRANK TERMS AND DEFINITIONS HNWI is an acronym for 'high-net-worth individual’, a person whose investible assets, excluding their principal residence, total between $1m and $10m. An UHNWI (ultra-high-net-worth individual) is a person whose investible assets, excluding their primary residence, are valued at between $10m and $100m-plus. The term ‘prime property’ equates to the most desirable, and normally most expensive, property in a defined location. Commonly, but not exclusively, prime property markets are areas where demand has a significant international bias. Exchange rates: unless otherwise stated these were calculated using the rate on Feb 1 2010. The Wealth Report 2010 Attitudes Survey: the participants of the survey comprised clients of Citi Private Bank. Survey conducted between 1 December 2009 and 31 January 2010. CONTRIBUTORS Prime, prestige, luxury – all labels applied to the top end of the residential property Written and edited by Andrew Shirley and Liam Bailey, Knight Frank LLP. For research and press enquiries: Liam Bailey, Knight Frank LLP, market in different parts of the world. 55 Baker Street, London W1U 8AN +44 (0)20 7861 5133 ANDREW SHIRLEY Andrew, when not editing While the names may differ, the desire of High¯Net¯Worth Individuals to own The Wealth Report 2010, is head of and invest in the best property is ubiquitous around the globe.
    [Show full text]
  • Portugal Investor Guide 2019
    Portugal Investor Guide 2019 THE LEGAL PERSPECTIVE PORTUGAL INVESTOR GUIDE 2019 2 WWW.DLAPIPER.COM Contents INTRODUCTION 04 6.6 Assignments/transfers 12 1. OWNERSHIP OF REAL ESTATE 05 6.7 Subleases 12 6.8 Termination 12 1.1 Full ownership 05 6.9 Sale of leased property 12 1.2 Surface right, usufruct and right of use 05 7. TAX 13 1.3 Condominium 05 1.4 Restrictions on ownership by foreigners 05 7.1 Transfer Taxe, Stamp Duty 13 2. ACQUISITION OF OWNERSHIP 06 7.2 Value added Tax 13 7.3 Other Real Estate Taxes 13 2.1 Formal requirements 06 7.4 Taxation of rental income from 2.2 Registration 06 Real Estate 14 2.3 Asset deals 06 7.5 Taxation of dividends from a company 2.4 Share deals 07 owning Real Estate 15 2.5 Public auctions 07 7.6 Taxation of capital gains on Real Estate 16 3. OTHER RIGHTS TO PROPERTY 08 7.7 Taxation of capital gains from the disposal of shares Corporate Resident Entities 16 3.1 Mortgages and charges 08 7.8 Taxation of Capital Gains From the Disposal 3.2 Easements 08 of Shares by Non-Residents 16 3.3 Pre-emption rights 08 7.9 Real Estate Funds 17 3.4 Options 08 7.10 Portuguese Reits 18 3.5 Overage 08 8. REAL ESTATE FINANCE 20 4. ZONING AND PLANNING LAW PERMITS 09 8.1 Interest rate risks 20 5. ENVIRONMENTAL LIABILITY 10 8.2 Assets held as security 20 6. LEASES 11 8.3 Further collateral agreements 20 6.1 Duration 11 8.4 Taxation on the creation of security 20 6.2 Rent 11 CONTACT 21 6.3 Rent review 11 ABOUT DLA PIPER 22 6.4 Operating expenses 11 6.5 Maintenance, repair and reinstatement at end of lease 11 3 PORTUGAL INVESTOR GUIDE 2019 Introduction In recent years, Portugal has in turn enhanced the ability to inance The stability of the real estate market become an attractive market for real estate transactions.
    [Show full text]
  • Lending with Boq
    LENDING WITH BOQ Version Number: 20 Effective Date: 20 July 2020 Important: This is NOT a full version of the Bank of Queensland’s home loan policy. It is a guide only. Acceptance of any loan application is always at Bank of Queensland’s lending discretion, and this document is not to be relied upon or represented as the bank’s current policy. Bank of Queensland Limited ABN 32 009 656 740 (BOQ). Important: This is NOT a full version of the Bank of Queensland’s home loan policy. It is a guide only. Acceptance of any loan application is always at Bank of Queensland’s lending discretion, and this document is not to be relied upon or represented as the bank’s current policy. Bank of Queensland Limited ABN 32 009 656 740 (BOQ). TABLE OF CONTENTS Introduction 1 Forms of acceptable income 2 Validating income 4 Validating Savings, account conduct & expenses 9 Security 13 Established Multiple Units 4 TO 6 17 Guarantees 18 Property valuations 19 Important: This is NOT a full version of the Bank of Queensland’s home loan policy. It is a guide only. Acceptance of any loan application is always at Bank of Queensland’s lending discretion, and this document is not to be relied upon or represented as the bank’s current policy. Bank of Queensland Limited ABN 32 009 656 740 (BOQ). INTRODUCTION Loan Interviews • Conduct face-to-face loan interviews with all new Borrowers and Guarantor/s. • Obtain identification and verify inline with group Customer Identification Guidelines. Note: Face to Face loan interviews can be conducted via video conferencing facilities.
    [Show full text]
  • Development of Land-Title Registration Systems
    Development of Land−Title Registration Systems − A Developed Country Experience Australia Table of Contents Development of Land−Title Registration Systems − A Developed Country Experience Australia............1 FOREWORD..........................................................................................................................................1 EXECUTIVE SUMMARY........................................................................................................................2 INTRODUCTION....................................................................................................................................3 I. NEW SOUTH WALES BEGINNINGS..................................................................................................4 A. Allocation of land.........................................................................................................................5 B. Registration of deeds...................................................................................................................5 Sources............................................................................................................................................6 II. THE SYSTEM OF SURVEYS.............................................................................................................6 A. The functions of the system.........................................................................................................6 B. Creation of parcels by the Crown................................................................................................6
    [Show full text]
  • Real Estate Law in Canada
    ICLG The International Comparative Legal Guide to: Real Estate 2015 10th Edition A practical cross-border insight into real estate law Published by Global Legal Group, with contributions from: Advokatfirman Vinge Herbert Smith Freehills LLP Ali Budiardjo, Nugroho, Reksodiputro Hogan Lovells Andreas Neocleous & Co LLC KG Law Firm Austen-Peters & Co. Law Office Lacmanović Balčiūnas & Grajauskas Marval, O’Farrell & Mairal Başpınar & Partners Law Firm McCann FitzGerald Capital Legal Services Miranda & Amado Debarliev, Dameski & Kelesoska Attorneys at Law Nishimura & Asahi Demarest Advogados Odvetniki Šelih & partnerji, o.p., d.o.o. Dittmar & Indrenius Osler, Hoskin & Harcourt LLP Ferraiuoli LLC Pachiu & Associates Figueroa, Illanes, Huidobro and Salamanca Petrikić & Partneri AOD in cooperation with Gide Loyrette Nouel A.A.R.P.I. CMS Reich-Rohrwig Hainz Gorrissen Federspiel Portilla Ruy-Diaz y Aguilar, S.C. Greenberg Traurig, LLP Schellenberg Wittmer Ltd Gürlich & Co. Vasil Kisil & Partners Haxhia & Hajdari Attorneys at Law Ziv Lev & Co. Law Office The International Comparative Legal Guide to: Real Estate 2015 General Chapter: 1 The AIFMD and the Real Estate Sector: An Update – Scott Cochrane & Nish Dissanayake, Herbert Smith Freehills LLP 1 Country Question and Answer Chapters: Contributing Editor Michelle Howie, 2 Albania Haxhia & Hajdari Attorneys at Law: Isuf Haxhiu & Elvina Haxhiaj 7 Herbert Smith Freehills LLP 3 Argentina Marval, O’Farrell & Mairal: Santiago Carregal & Diego A. Chighizola 17 Head of Business Development 4 Australia Herbert
    [Show full text]
  • Australia and New Zealand Property Journal: April 2012
    RESIDENTIAL VALUATION HOTEL INVESTMENT BUMPER EDITION What’s the value of a view? Dispelling the myths AUSTRALIA AND NEW ZEALAND PROPERTY JOURNAL December 2012 Vol 3/No. 8 $12.95 (incl GST) GREEN REAL ESTATE DOES IT GIVE A COMPETITIVE EDGE? Print Post Approved PP246764/00006 Print Post Approved A.R.B.N. 007 505 866 ABN 49007 ISSN 1836-6635 PINZ ISN 100 1330 THE OFFICIAL JOURNAL OF THE AUSTRALIAN PROPERTY INSTITUTE AND THE PROPERTY INSTITUTE OF NEW ZEALAND OFC_Artwork.indd 1 12/7/2012 5:22:20 PM Smarter Solutions for Places That Matter Yardi Voyager for Office, Retail and Industrial SMARTER YARDI Commercial SuiteTM delivers a smarter approach to property management – a single platform for the entire real estate lifecycle that enables managers to maximise NOI, drive asset value for the owner and provide the best customer service to tenants and their employees. Yardi Systems Pty Ltd - Investment, Asset & Property Management Software Suite 3, Level 23 | 25 Bligh Street | Sydney, NSW 2000 | Tel: +61 (2) 8227 2200 | Fax: +61 (2) 8227 2222 SMART Yardi Voyager plus Yardi Orion and the Yardi Commercial Suite YARDI VoyagerTM YARDI Commercial CRMTM End-to-end software enables smart, highly efficient Shorten leasing lifecycles and deliver increased operational management of the entire real estate lifecycle efficiency in work practices to drive revenue enhancement YARDI OrionTM for SharePoint® YARDI PAYscanTM Out-of-the-box business intelligence dashboards, document management Improve efficiency and save costs with automated and portals—built for
    [Show full text]
  • Property Law
    PROPERTY LAW Chapter 16 Property Law Australia has a large body of law regulating real estate. This chapter contains a brief overview of: the different types of land ownership in Australia; other interests in land (which do not amount to full ownership) and rights in respect of land which are recognised by Australian law; the requirements which must be met under Australian law before real estate located in Australia can be sold or leased or otherwise dealt with; and the more significant responsibilities and liabilities imposed on people who own land in Australia. You should seek specific legal advice in relation to each of these issues before you acquire or develop any real estate in Australia. Land ownership Australian law recognises the following two basic different types of land ownership: freehold title; and Crown land. Each of the states and territories has its own legislation that deals with the ownership of land. Freehold title Freehold title gives the landowner complete and unrestricted ownership of that land (but subject to certain rights which are often reserved to the relevant state or territory, such as the right to minerals) and the right to do anything it wishes on that land, subject to complying with applicable laws, such as planning and environmental laws. The majority of ownership of freehold title, and interests in freehold title, in Australia is governed by a system of registration known as Torrens title. Torrens title Torrens title is an effective, relatively simple and secure system that protects the rights of those having a registered interest in land. Most types of interests in land can be registered on the relevant state or territory register which is then used as the key means for the public to find out what interests exist in relation to a parcel of land (and the terms of any such interests, such as the terms of a registered lease).
    [Show full text]
  • Public Auction
    Public auction From Wikipedia, the free encyclopedia This article is about an auction on behalf of a government. For auctions open to the public, see Auction. A public auction is an auction held on behalf of a government in which the property to be auctioned is either property owned by the government, or property which is sold under the authority of a court of law or a government agency with similar authority. [edit]Sale of property owned by the government Government property sold at public auction may include surplus government equipment, abandoned property over which the government has asserted ownership, property which has passed to the government by escheat, government land, and intangible assets over which the government asserts authority, such as broadcast frequencies sold through a spectrum auction. Public auctions of government property may be conducted by whichever agency is auctioning the property. Some substantial items have been sold at public auction. For example, the United States Navy cruiser USS Philadelphia (C-4) was sold at such an auction at the Puget Sound Navy Yard in 1927. [edit]Sale of private property in a public auction Private property may be sold in a public auction for a number of reasons. It may be seized through a governmental process to satisfy a judgment rendered by a court or agency, or to liquidate amortgage foreclosure, tax lien, or tax sale. Usually, prices obtained at a public auction to satisfy a judgment are distressed - that is, they are much lower than the price which would be obtained for that property if the seller were free to hold out for an optimal time to sell.
    [Show full text]
  • Real Estate II: Issues in Ownership of Real Property
    Global Practice Guide Real Estate II: Issues in Ownership of Real Property A Global Practice Guide prepared by the Lex Mundi Real Estate Group This guide is part of the Lex Mundi Global Practice Guide Series which features substantive overviews of laws, practice areas, and legal and business issues in jurisdictions around the globe. View the complete series at: www.lexmundi.com/GlobalPracticeGuides. Lex Mundi is the world’s leading network of independent law firms with in-depth experience in 100+ countries. Through close collaboration, our member firms are able to offer their clients preferred access to more than 21,000 lawyers worldwide – a global resource of unmatched breadth and depth. Lex Mundi – the law firms that know your markets. www.lexmundi.com About this Guide This multi-part Guide of Issues in Real Estate Investment and Finance presents jurisdictional overviews of real estate investment and financing laws in jurisdictions around the world, covering the following four general topics: Part I -- Foreign Investment Part II -- Ownership of Real Property Part III – Finance Part IV – Leasing Table of Contents Argentina ...................................................................................................................................... 4 Australia ....................................................................................................................................... 6 Austria ..........................................................................................................................................
    [Show full text]
  • To Buying Property in Thailand Thailand’S Largest Legal Network Service
    Legal Guide to Buying Property in Thailand Thailand’s Largest Legal Network Service • Commercial Law • Property Law • Immigration Services • Visa Services Offices Nationwide and Worldwide Head Office Tel: (+66) 2 254 8900 www.siam-legal.com Dear Readers, Welcome to Siam Legal’s Guide to Real Estate in Thailand! In this, our first guide to property law, we hope to shed some light into the often intri- Introduction cate maze that makes up Thai property laws. In particular, we have chosen and included in this guide our most popular property articles which touch on all the current real estate is- sues in Thailand. This guide covers a wide number of issues regarding real estate. We look at how to buy a condominium, how to obtain financing for your property, what to look for in leasehold Our Locations titles, pitfalls in off-plan properties and even a guideline on running a successful property development business. BANGKOK At Siam Legal, we offer a wide range of le- Siam Legal (Thailand) gal services as well. With offices located in- Two Pacific Place Bldg. Tel: (66) 2-254-8900 ternationally in London and Los Angeles and branches throughout Thailand, we offer an extensive range of professional legal, corpo- rate and real estate services that are acces- CHIANG MAI sible to clients domestically and internation- ally. Siam Legal (Chiang Mai) 2nd Floor Curve Mall Tel: (66) 53-818-306 We employ more than 40 multi-lingual staff with a track record of providing highly effec- tive legal solutions to both local and interna- PHUKET tional clients.
    [Show full text]
  • Strata Renting
    TENANTS RIGHTS FACTSHEET 13 Strata renting As a tenant you have rights under the Residential Tenancies Act 2010 and Residential Tenancies Regulation 2019. If you rent in a strata scheme you are also covered by the Strata Schemes Management Act 2015. This factsheet summarises some of the key issues for tenants, such as the owners corporation, repairs to common property, by-laws, resolving disputes, and pets. If the landlord does not chase up the owners corporation The owners corporation to do common-property repairs, you can apply to the NSW The owners corporation (once called the ‘body corporate’) Civil and Administrative Tribunal (NCAT) for an order to have is the company of all the individual owners of the flats in a the repairs done. In your application you should argue that strata title building. your landlord’s obligation to do repairs includes getting the Decisions about the management of the whole building are owners corporation to do repairs. made by meetings of the owners corporation. The owners corporation will likely contract an agent to deal with day-to- By-laws and rules day management. By-laws are the rules for managing the strata scheme. They are registered with NSW Land Registry Services. The landlord/ Strata committee meetings agent must give you a copy of the owners corporation by- Owners corporations where 50% or more of the lots are laws before entering into the tenancy agreement. This is a occupied by tenants, and those tenancies have been reported disclosure requirement that informs you about the by-laws to the owners corporation, must arrange for a meeting at that will apply should you take up the tenancy.
    [Show full text]