How problems with condos start in London, Ontario, is when buying or selling one! What would you do if you knew there was a problem?
if there is a problem with condos in London, Ontario, don’t hide
As a Buyer, Do This
You, your Realtor, and your Lawyer have reviewed the status certificate. You know the rules and regulations and 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 red flags in the status certificate minutes and financials that could prevent a buyer or their lawyer from walking away?
Disclose, disclose, and disclose. If you are aware of any issues or defects, disclose them.
Staying on track when buying or selling a condo in London Ontario
Every condo may have a problem, like a single-family dwelling, car, or workplace. 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