Selling a Condo
Is there anything special about selling my condominium?
There sure is. Just as when you bought, there are a few key differences when selling.
Not all Realtors are created equally, and not all Realtors are Certified Condominium Specialists. Carrying the designation of Certified Condominium Specialist (CCS), the My Calgary Real Estate Team is well versed in all things condominium and will ensure we get through all teh complexities that are involved with selling a condominium.
Here are a few of the key differences in selling a condominium vs. a single family home:
The Buyer will usually have a Condition on the Purchase Contract to review the Condominum Documents. There is a detailed list of what documents they request you to provide. It is in the best interest of the sale to get these documents together when listing so they are ready to go. Any missing documents can be obtained from the management company for a fee. Their fee goes up substantially for last minute requests so you don’t want to leave it for the last minute. Your Realtor can help walk you through this process.
The documents include:
- Condominium Bylaws - The rules and regulations that a condominium is governed by. They are set up to protect the interests of the condominium owners.
- Current Budget and Financial Statement – The budget is their plan for the year. The financial statement is what actually occurred, and the amount they have saved.
- Property Management Contract
- Insurance certificate – Certificate showing the amount of fire and liability insurance covered on the entire building and the fixtures as originally built.
- Leases on parking stalls and storage – if applicable.
- Status Certificate – The legal document from the condominium association stating the following:
- The current condominium fee.
- When it is due and payable monthly or quarterly.
- The arrears, if any, of the condominium.
- Any special contribution levied to each unit by the condominium corporation.
- Any outstanding litigation on behalf of the condominium corporation and the possible results.
- The amount of the reserve fund, established by the condominium corporation to be used to effect necessary repairs.
- Any condo fee increases anticipated in the future.
- Minutes of the Meetings – The minutes will tell us what has happened and what the condo association’s plans are for the future.
Other information regarding the sale of a Condominium…
You will want to have the information regarding the following readily available for your Realtor prior to listing so they may include it in the marketing program.
- Condominium fee amount
- What is included in the condominium fee
- Is their a parking stall included? Is it leased, assigned or on a seperate title?
- Is there additional storage available? Is it shared or separate? Is it leased or assigned or on a separate title?
- What amenities are available in the complex. What are the details?
The My Calgary Real Estate Team will review any other important details at the time of listing your condominium.