Question of the Week

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What are the important things I need to make sure I find out before buying a condo in terms of the Condo Assoc and financial status and how do I go about getting this info?

This week’s featured Ask the Pros answer:

“All of the information that you are looking for can be found in the status certificate. When you purchase a condominium, you will need a clause stating that your offer is conditional upon your lawyer reviewing the status certificate to his sole and absolute discretion.

The clause will look something like this:

This offer is conditional upon the Buyer’s lawyer reviewing the Status Certificate and Attachments and finding the Status Certificate and Attachments satisfactory in the Buyer’s Lawyer’s sole and absolute discretion. The seller agrees to request at the seller’s expense, the Status Certificate and Attachments within 5 days after acceptance of this Offer.

Unless the buyer gives notice in writing to the Seller not later than 5:00 p.m. on the _____________ day of _____________________ 20, ____ , that this condition is fulfilled, this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction.

This condition is included for the benefit of the Buyer and may be waived at the Buyer’s sole option by notice in writing to the Seller within the time period stated herein.

What happens then is that the seller will obtain the status certificate and have his/her real estate agent notify the buyer’s lawyer and drop off the status certificate at the office of the buyer’s lawyer. The buyer’s lawyer will then review the status certificate and then call the buyer to discuss the certificate. Once the buyer is satisfied, the buyer’s lawyer will call the buyer’s agent to say that the certificate is okay and the agents will prepare the appropriate waivers to be signed.

Each lawyer will have different turnaround times, but I tell my clients that I will review their status certificates and contact them within 48 hours of receipt of the status certificate.”

See more Ask the Pros Real Agent Answers.

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