Contacting your condo manager before listing your apartment or townhouse condo could prevent or delay the sale.
99% of the time, when you and the buyer agree on the price, there will be a conditional clause that states that the buyer’s lawyer will have 7-10 days to review the status certificate provided by the condo management company.
The buyer’s lawyer is reviewing the corporation’s financial records to determine whether there are any unpaid condo fees or assessments from you, infractions (such as a missing screen), or unauthorized additions (such as a deck or satellite dish).
You will be surprised at the number of hasty remedies and discussions if a lawyer discovers some things you were unaware of.
To ensure a smooth sale, take the time and effort to identify any issues that could affect the sale of your condo, whether an apartment or a townhouse, in London, Ontario.
For more condo tips in London, Ontario: This condo guide will save you a few nights of unrest.
Why a Status Certificate When Buying a Condo In London, Ontario?
When people think of a condominium status certificate, they believe it concerns the amount of money in the reserve fund. A Status Certificate, when buying a condo, contains information regarding the condominium corporation’s operational, legal, and economic dimensions.
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