Step 5 To Selling Your Home: Order Condo Status

Condo status certificate is a crucial document that tells about the financial health and legal standing of the condo corporation. This document is required by financial institution (bank/mortgage lenders) and the buyer’s lawyers. Order this as soon as you decide to sell your home right after you have signed the listing agreement as this takes 10 days to get and the buyer’s lawyer will review this before a buyer can decide to purchase your property. Let your Realtor (that’s us!) know if there are some special assessments pending in your building. This can make or break the buyer’s desire to purchase your property so we need to address and resolve this as soon as possible.

a) Did you have renovations that were not approved by the condo board or you secretly do without consulting the condo board? Tell your agent about this ‘cuz this will affect your sale.

b) If there’s pending assessment or lawsuit, they will see it in the condo status. Better declare it now before it’s too late so your agent will know how to address these issues beforehand.