The groundwork for selling a condominium is not exactly the same as that of a house. But in any case, honesty is an asset. Do you know what documents potential buyers will want to have on hand before signing a promise to purchase?
To help with the sale of a condominium, transparency is key: a trusting buyer is more likely to fall for your property. To do this, you can prepare documents with a broker that viewers can consult to help them make an informed decision.
1. Summary of Annual Meetings
Some people don’t realize that when they move into a condo, they invite themselves into a large family whose members all have to operate in an established order. Potential buyers will probably want to make sure they fit well into this group. Transcripts are a good guide. They contain summaries of what was said during the co-owners’ meetings. It includes issues related to the building, requests from residents or future projects. It’s a great way to get a feel for the place and its general atmosphere.
2. The building’s financial statements
During a visit, it is better to prepare copies of the building’s financial statements. Visitors will be able to consult them to make sure they purchase a unit in a building in good financial standing. This document includes the amount of the contingency fund, which is a savings account for unforeseen events and expenses related to the building. It is also useful to find out if the condominium syndicate is in debt. It is full of useful information! The financial statements will also inform the potential buyer of the monthly fees to be paid for the maintenance of the common rooms.
3. Building regulations
Although the rules in condominium buildings are similar from one building to another, there are sometimes exceptions. It is important for the future buyer to be aware of this. Relevant information can be found in the Declaration of Co-ownership. For example, some buildings do not allow television antennas or the painting of doors leading to the common hallway.
4. Energy bills
As for the purchase of a house, prospective buyers will probably want to know how much you pay each year for HVAC. This way, they will be able to budget accordingly. Electricity and natural gas bills are also used to determine whether the condo is well insulated and energy efficient.
5. The DRCOP form
It is advisable to have the building manager fill out the Request for Information to the Syndicate of Co-Owners form (DRCOP). He will have to honestly answer all types of questions. Some information is found in other documents, but some will be new. For example, the buyer will be informed of claims that the building has experienced.
Do you have any questions? Don’t hesitate to ask your Via Capitale broker.