Condo Sellers, Read Your Minutes, Know Your Building.
January 27th, 2009One of the largest obstacles when selling a condo is what may be contained int the minutes.
With the leaky condo problems we have seen here in BC, every buyers first concern is what if the building is a leaker. One of the main places they are going to look for this information is in the minutes. Any mention of water penetration, leaks etc. are going to raise concerns.
There are also issues with noise, various complaints, how the council handles certain situations, etc. Don’t rely on your realtor to know everything about your building, after all they probably don”t live there. You should make sure you know as much as possible and you let your realtor know as well. This way you can either deal withe the issue before it comes pout, or you can at least investigate it and fully understand it. This way you can either tell any prospective buyers or at least you can figure out what to say if the buyer does raise it as a concern.
The same theory applies to rules and regulations. You may be surprised how many sellers do not do this, and/or do not know what is going on in their one building.
Bottom line is the more you know about your place before trying to sell the better. It is like any product, you must know that product, the pros, cons etc.
This is where sometimes it is worth while to do a pre-inspection so that you can become infinitely aware of the building, any potential problems, and any potential benefits.
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