Selling a Condo: Optimizing Your Real Estate Transaction
Selling a condo may seem complex, but with the right information, you can maximize your real estate transaction. In this article, we will explain the restrictions and formalities related to selling a condo, as well as the rights of tenants. Additionally, we offer a free expertise to assist you in selling your property. Look no further, discover how to sell your condo with ease.
Selling a Condo: Restrictions to Consider
When considering selling your condo, it is essential to check if the declaration of co-ownership contains any specific restrictions or formalities regarding the sale. Although board approval is rare in Quebec, certain obligations must be met. For example, you must inform the buyer of the existence of the declaration of co-ownership and the rights and obligations of each party regarding expenses. Furthermore, a new law provision will soon require the seller to provide a certificate from the syndicate on the condition of the condo. Stay informed of legal developments to maximize your sale.
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.
Tenant Rights in Condo Sales
If your condo is in a building that has been converted from rental to condominium, existing tenants have the right to remain in the premises. In accordance with the Rental Board Act, these tenants are identified in the Rental Board authorization, which is attached to the declaration of co-ownership. If your condo is occupied by a tenant and you wish to reclaim it for yourself, you will need to check if this is possible. Remember to inform your buyer of the situation. It is important to note that the tenant’s right is not limited in time.
Selling your condo has never been easier! If you want to sell your condo and maximize your real estate transaction, look no further! Fill out our form below to get a free expertise on your property. Our team of experts will be happy to assist you throughout the selling process.
