Get expert tips to maximize the sale of your condo!
If you’re a homeowner looking to sell your condo, it’s important to know your rights and obligations to ensure a successful sale. Whether you’re selling a new condo from the developer or doing a resale as an individual, this article will provide you with essential information to ensure compliance with all legal requirements and attract interested potential buyers.
Rights and obligations when selling a condo:
When selling a condominium, the seller must take into account different obligations depending on their status. Here are some key points to consider:
- Check for sale restrictions: It’s essential to check if the sale of the condominium is subject to any restrictions or specific formalities outlined in the declaration of condominium.
- Inform the buyer about tenant’s rights: Make sure to inform the buyer that, according to the permission of the Rental Board, an occupying tenant has the right to stay in the premises. Therefore, the buyer won’t be able to occupy the condominium unit themselves.
- Be aware of the offer to purchase concerning the certificate of location: It’s important to find out if the current certificate of location is sufficient. Don’t hesitate to consult with your legal advisor or broker to obtain all necessary information.
Builder or developer's obligations when selling to an occupying buyer:
If you’re the builder or developer selling to someone who will occupy the condominium unit themselves, you also have additional obligations. Here’s what you need to provide to the buyer:
- Written preliminary contract with a withdrawal clause: Provide a written preliminary contract stating that the buyer has the option to waive the purchase of the condominium unit within 10 days after signing the preliminary contract. Make sure that any penalty associated with this clause does not exceed 0.5% of the agreed sale price.
- Building information: Include all essential information regarding the construction work to be done, rights affecting the building, and characteristics of the building in the preliminary contract.
- Document provision: Provide a copy of the declaration of condominium, as well as any drafts or summaries if it’s not yet drafted at the time of marketing. Additionally, include an information sheet with the preliminary contract containing details such as the names of architects, engineers, builders, and developers of the project, the whole real estate project plan, the budget forecast, etc.
Updating the certificate of location:
When selling a fraction of condominium ownership, it’s important to note that the seller must provide an up-to-date certificate of location. However, it’s recommended to check the provisions of the offer to purchase, as the parties may have agreed on a different arrangement regarding the costs associated with its update.
Are you about to sell your condo and want to maximize your success? Don’t miss this opportunity to get expert tips on condo sales and attract interested potential buyers. Simply fill out the form below, and our team will contact you to discuss your sales project.
