Want to learn how you can perform a digital property evaluation? Download our free eBook of the month.
Whether you are representing a buyer or a seller, if a condo is involved you want to read this blog. For the party who buys the condo, their lawyer will request a condo certificate prior to closing. The condo certificate contains information about the management and financial position of both the condo being purchased and the condo’s management corporation.
Why will the buyer want the condo certificate? Because of the information it contains. Drilling down, the condo certificate is very valuable for 3 primary reasons.
The condo certificate, historically, has been obtained through a lengthy process, beginning with a written request to the condo corporation, paying a fee and then waiting up to 10 days for the certificate to be received. Since obtaining a condo certificate is time consuming and costly, some real estate sales professionals leave it to the lawyer, crossing their fingers. However, this is no longer the only way to obtain a condo certificate.
Technology has changed, and condo certificates can now often be obtained online, payment rendered online, and in some cases delivery of the document can be done electronically – taking courier fees, cheques and time out of the equation.
This makes obtaining a condo certificate for your client easier and more efficient. Obtaining a condo certificate makes all parties to the transaction view you as offering top-notch services because you are taking measures to ensure that everything is checked out at the beginning of the transaction and not on the eve of close.
Condos that make it to closing where condo arrears or some issue that could delay or even prevent a closing appear end up costing everyone. Avoid the hassle today and check out the GeoWarehouse Store to learn how you can start ordering online condo certificates today!