Munro & Crawford have one of the largest Co-op law firm practices in Metro Vancouver. We are the registered and records office, and act as solicitors for more than 20 apartment corporations. We are also the designated solicitors for the only two chartered banks who are prepared to finance the purchase apartment corporations. 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 co-op 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 co-op law firm’s convenient Kerrisdale location.
A co-op lease and shares can often make up a significant portion of an owner’s estate. Our co-op lawyers in Vancouver have substantial expertise in both co-ops and estates, and therefore 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.
In most instances, you will want to separate the business owners from the business decision makers. You can then make all of your children owners, but leave the decision making to the only child who wants to work in the company. This child is often given financial incentives if they make the business flourish, to the benefit of all family members.