SELLING YOUR CONDO

If your property is a condominium, you have a few more steps to take. These are mostly paperwork-related but you do have a few practical obligations as well.

The first thing you should be aware of is that you are required by law to provide documents to the buyer. They include:

  • The Bylaws
  • The Reserve Fund Study
  • AGM minutes
  • Board Meeting Minutes for the last 12 months
  • The Condominium Plan
  • The Budget
  • The most recent Audited financial statements of the condominium corporation 
  • Any existing management agreements
  • A statement from the management company outlining the state of the building including any arrears you may owe
  • A statement from the management company regarding the condition of the post tension cables if any
  • A copy of the current insurance certificate

As you can see, the list is quite extensive.

If the buyer chooses to hire a condominium document review specialist, you may be required to provide additional documentation. The review is the buyer’s responsibility as part of their due diligence, but you are responsible for, and required to, provide the documents.

All the documentation you are required to give to the buyer was provided to you when you purchased the condo. It has also been updated annually. If you have misplaced any of the documents, you can obtain more copies from your management company, but be prepared to pay a fee for that service.

Practically speaking, if you live in a high-rise condominium apartment building, open houses are a bit more complicated. In addition to the items found on the Open House page, you will need to maintain the security of the building. Depending on the level of security according to which your building operates, you may be required to accompany each guest from the door to your unit and back again. A call to your management company may be helpful as they will advise you on what you can and can not do.

Condos are a unique form of property ownership, and as such, have a few different rules. Take the time to review how to provide all the necessaries to sell your unit.