CondoAdvisory Blog

When selling a leaky condo there are a number of hurdles to get over. But as with most things, there may be positives that can be focused on rather than the negatives.

There is often the possibility that in the future there may be some money coming back to the owners through lawsuits, PST rebates, Over assessments etc. Often Sellers will ask to have these credited to them as they paid the assessments in the first place. This seems reasonable, but there are a number of problems as well. For example, if the seller is going to receive the benefits then the new owner will not be as likely to do what it takes to continue the fight for these benefits. As well, what if there are future costs involved in fighting these lawsuits, who Will pay these costs. Do you as the seller want to keep putting money into a cause that you no longer own and may never see any results form? Why would the new buyer want to put money towards this cause if they will not receive the benefits?

I think this could  be something that a seller could use as an incentive when selling the condo. You may be able to sell the buyer on the fact that they have the chance to receive a cash payment should any of the above situations pay off , and it will have been on your dime. Just a thought but may be another tool to help sell your condo.

Of course remember in any of these situations, it is important to have a professional make sure the contract is written in such as way as to protect all involved and make sure everything that is agreed to is clear and binding.