A bareland condo is a property where only the land is condominiumized not the building that sits on the land. Therefore, when you are selling a bareland condo, you must be sure that the vendor has a copy of the RPR for the structure that is on the land. Also, the buyer will need to have fire insurance when the transaction closes. But how do you know if a condo is a bareland condo? You can call the condo association or the property manager, or you can pull a condo plan from land titles. Learn more from real estate lawyer Gloria Vinci in the video below.
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