|| APARTMENT CORPORATIONS also known as CO-OPS
Munro & Crawford have one of the largest Co-Op practices in Metro Vancouver. We are the registered and records office, and act as solicitors for more than 20 apartment corporations, AND we are the designated solicitors for the only two chartered banks who are prepared to finance the purchase of co-op apartment apartments. In co-op financing the bank takes a mortgage against the apartment lease, and charges the shares in the apartment corporation which are issued to the purchaser, upon completion of the purchase and sale transaction.
Many law firms and notaries are not familiar with the intricacies of transferring ownership in a co-op apartment, and as stated above, only two chartered banks in the region are prepared to lend money to the purchaser of a co-op apartment. For this reason we are frequently instructed to act for the co-op vendor or purchaser of a co-op, even when we are not acting for the apartment corporation or the lending bank.
The majority of the apartment corporations for whom we act, and the majority of apartment sales transactions requiring legal services, are situated on the West Side of Vancouver. This is one more reason that clients appreciate our convenient Kerrisdale location.
A co-op lease and shares can often make up a significant portion of an owner’s estate. Because of our expertise in both co-ops and estates, we are frequently retained by the executors of estates requiring the transfer of co-op interests to a survivor, or to a third party purchaser.