October 19, 2009
Are you planning to sell your Condo/Townhome?
Are you selling or planning to sell your condo/townhome - planning is key!
One of the most common issues condo/townhome buyers have is obtaining very important documentation from sellers for them to confidently firm up a conditional sale.
These are the Condominium Documents! Yes - all of them! When an offer is written - usually, the buyers Realtor will have placed a condition for the seller to provide all pertinent documents within a timely manner for the buyer to review and be satisfied with.
Obtaining these documents are not your Realtor’s responsibility - though we guide you - ultimately, it is the sellers responsibility to contact their board of directors and/or their property management company and purchase all the documents requested. The longer you wait, the more money it will cost you!
Property management companies can and will charge you upwards of $100.00 to put a ‘rush’ on your request - and a request can take up to 5 business days - which will more than likely go outside the ‘condition date’ agreed upon in your offer to purchase contract - this can complicate your sale!
I see often seller’s stating in an email that "no, we don’t have any judgements against our complex" or "our post tension cables are fine" - unfortunately, this is not acceptable! All information MUST come from the Board of Directors and/or the Property Management Company!
As a condo home owner, one of the best ways to keep your costs to a minimum is to ensure you keep all correspondence between you and the board. The vast majority of documents a buyer is looking for will be circulated at some point during your ownership - keep all of it!
If you have any questions or concerns, speak with your Realtor!