Section 98 Agreement Form
Why is Section 98 of the Home Ownership Act relevant to condominium buyers and sellers? If you are considering buying a resale apartment, it is advisable to subordinate your offer to a lawyer`s examination of the state certificate and associated condominium documentation. This gives your lawyer the opportunity to check these documents to make sure no serious problems are revealed. The Certificate of Status is a declaration from Condominium Corporation that confirms whether or not the unit is subject to an agreement under Section 98. In most cases, the unit is not subject to an agreement under Section 98. This does not mean, however, that the owner or previous owner does not have unauthorized repairs or improvements to the unit or common elements at the front. The complaint arises from the fact that the owner or previous owner laid wooden floors or made another improvement without obtaining the agreement of Condominium Corporation or obtaining an agreement in accordance with section 98. Condominium Corporation now requires the buyer to remove and/or repair the unauthorized improvement at the owner`s expense….