Selling a property is a big decision. It means you are ready to start a new chapter in your life. Congratulations.
3 Things You Need To Know When Selling A Condo
There a few different steps involved in the sale of a condo vs. a single family dwelling. Both your real estate agent and your lawyer can guide you through the process.
- Condominium Document Disclosure. Most purchase and sale contracts require that you provide the buyer with a number of documents so that the buyer can be informated about important matters related to the operation of the condominium corporation. You will order these documents from your property management company. There is a cost involved so please be prepared to add this to your budget. The cost is anywhere from $100 to $500.00.
Payment of Special Assessments. If there are any special assessments you are usually required to pay them in full on the closing including any special assessments payments that are due after the closing so long as they were assessed prior to the closing. Your obligations related to the payment of the special assessment will depend on the terms of your purchase and sale contract. Your real estate agent or lawyer can explain this to you.
- There are 2 types of condominiums: 1) Bare Land and 2) Conventional. You need to know what type of condominium you own. If you own a Bare Land condominium, you will be required to provide the buyer with a Real Property Report with evidence of compliance. Again this will depend on the terms of your purchase and sale contract.
Once you decide to sell your condo unit, you have to think about a lot of things and complete your responsibilities. However, you do not have to do it all alone. You can ask for help from a condo lawyer in Edmonton. Call Giardino Law to help you have a smooth selling transaction.