General Information about the Oakridge Tower Co-Ops

5926, 6026, 6076 Tisdall Street, Vancouver

1. Financing – normally a 35% minimum downpayment is required  (HSBC on Denman St., Western Credit Union & Eidlewiess Credit Union have funded loans in the past).  No mortgages can be issued on Share Certificates

2. Buyer’s Corporate Closing Documents -- Steve Tidder, Notary – 604-263-2522. fax 604-263-2521 and Stephen Silbernagel, Barrister c/o Munro & Crawford,  604-266-7174. fax 604-266-7998 (they are knowledgeable in co-ops)

3. Ownership – Each owner is given an “Assignment of Lease” and a “Share Certificate” as ownership proof (which they should keep forever or they may leave it with their personal lawyer, a family member or..)  The Corporation owns the land and building in a “freehold” state.

4. Share Certificate – entitles the Buyer to have the Lease for the suite assigned to them for as long as they own the share certificate.  The Share Certificate entitles them to a share in the common property which includes the balconies, a portion of the hallways outside their door, parking, lockers, and floor space inside the unit

5. Articles of Association –This is the ‘original’ corporate document from inception of the Corporation.  The Articles are the “structure of the company” and has assigned a Lease and Share Certificate for each unit

6. Square Footage of Units – for MLS purposes we only measure the inside of the unit. The Share certificate includes the balcony (if any) and part of the common hallway

7. Board of Director Approval – Buyers will be required to bring 2 written references to the interview, eg: (from banker, doctor, employer) saying that they are of good character and they have known them for “x” number of years. 

8. Parking – For 6026, it has generally been allowed that the parking stalls stay with the suite on an ‘exclusive use’ basis BUT that could change at any time and should be verified by the Buyer.

9. Lockers – For 6026 & 6076 it has generally been allowed that the lockers stay with the suite on an ‘exclusive use’ basis BUT that could change at any time, and it should be verified by the Buyer.

10. Lockers for 5926 – are not included with the Share Certificate, but availability for lockers can be verified through the Management Company.  All offers will be conditional on verification of lockers and parking.

11. Rules and Regulations – are set by the Board of Directors (made up of owners) and are different for each building.  Eg: no pets, no rentals, and age restrictions are common in co-ops and should be verified by the Buyer

12. Maintenance Fees – generally include everything except electricity & internet ( this can also vary by building).  Fees can include:  laundry, property taxes, cable, management, landscaping etc. and should be verified by the Buyer.

13. Laundry – is shared and is located in the basement or lower levels of the buildings.  The cost is included in the monthly maintenance fee.  Each building has a laundry schedule.

14. Window Replacement – 6026 only – all windows were replaced with new aluminum windows in 2007/08. Note:  5926 & 6076 have original windows.

15. Elevator Upgrade & Roof – 5926 – In 2008 the elevator was upgraded and there is a new roof as of 2005.

16. Outdoor Pools – 5926 and 6076 both have outdoor pools – 6026 has no amenities, but has a wheelchair lift and ramp at the back of the building.

All of the above information provided is accurate to the best of our knowledge and should be verified by the Buyer. March 2009