How problems with condos start in London, Ontario, is when you buy or sell one! What would you do if you knew there was a problem?
If there is a problem with a condo you are thinking of selling or buying, no need to hide!
As a Buyer, Do This
You, your Realtor, and your Lawyer have reviewed the status certificate. You know the rules and regulations, as well as the corporation’s financial status. You also know the reserve fund’s amount and the last engineering on-site study.
How many units are owned by investors, and what is the ratio between tenants and owners?
Be very observant when visiting, not only with your eyes but also your nose.
As a Seller, Do This
You can give the buyer’s representative an up-to-date status certificate.
Are there any red flags in the status certificate minutes and financials that could prompt a buyer or their lawyer to walk away?
Disclose, disclose, and disclose. If you are aware of any issues or defects, disclose them.
Every condo may have a problem, just as a single-family dwelling, a car, or a workplace can. It is your responsibility to know what the problems are or could be. If you don’t want to take responsibility, ensure the realtor you hire will be diligent enough to protect you. The law firm you select is knowledgeable about financial statements. Knowledge of the Ontario Condominium Act, how to read a status certificate and by-laws.
The problem with condos will be in your hands, hopefully never in court! Are you capable of handling them?
“Don’t find fault; find a remedy!” Henry Ford
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