When to order a status certificate in Ontario. Best tips for selling a condo 🏡
Sunday Jul 12th, 2020
**CHECK OUT THE FULL TRANSCRIPT BELOW**
Hey there, it's your Toronto real estate agent here, Karen.
I'm going to share a series of videos revealing the best tips for selling a condo! 🏡
If you own a condo in the Greater Toronto Area and you want to know what you can do to maximize the profit you can make when selling and how to get the best terms in an offer, you will want to stay tuned.
Here's one tip that will help position you towards receiving a firm offer, and it's related to when a seller/condo owner should order a condo status certificate.
Thank you for watching!
Below are the clickable timestamp links for the video:
00:08 - a tip for anyone selling a condominium
00:18 - why it's a good idea to order the status certificate before marketing the condo
1:46 - scenario when this tip is not applicable
2:10 - why the tip is not applicable when a condo takes longer than three months to sell
Full Video Transcript:
Hey guys, it's Karen from Toronto here.
Now I wanted to share a tip for anybody who is selling a condominium.
So, why would we do that?
Well, it's because here in the Greater Toronto Area when somebody purchases a condominium, there is a condition in the purchase agreement for the buyer's lawyer to review the condo status certificate documents. And from a seller's perspective, when you're selling a property, ideally you want a firm offer meaning that there are no conditions in the purchase agreement.
So by having the status certificate documents available before launching the condominium onto the market, in a seller's perspective, you are putting yourself in a much better position at receiving a firm offer. And this is because as a seller, your real estate agent can share those status certificate documents with any of the prospective buyers and that prospective buyer can share that status certificate document with their lawyer and have their lawyer review those documents before they draft an offer to purchase. If the lawyer approves the status certificate documents then the buyer can draft an offer to purchase without the condition for their lawyer to review it. So now as a seller, you are putting yourself one step closer to receiving a firm offer.
Now one thing to keep in mind which I did touch upon quickly at the beginning of the video, is that this tip is only helpful if the condominium is expected to sell within two to three months. Your real estate agent will be able to advise you approximately how many days it may take for your condominium to be on the market when you're putting it for sale.
If your real estate agent expects that the condo will take more than three months to sell, you'll want to hold off on ordering the status certificate in advance. And in this case, what will happen is the status certificate documents will be ordered from Property Management, from the seller's side as soon as an offer is signed off on by both the buyer and the seller. And the reason I say this is because most lawyers expect the condo status documents to be recent and to have been ordered within the last 90 days at most.
So I hope this tip was helpful. Let us know in the comments below if you have any questions at all that we can help with.
And in the meantime, if you have any real estate questions or needs, give us a call.