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Condo liens are quite common and something a real estate sales professional should endeavour to uncover as soon in a relationship as possible. You’d be surprised how many homeowners are themselves surprised when one surfaces – but then how many consumers routinely search the titles of their homes? You see, often we expect that the client knows all of their information when sometimes they don’t. Another common example of this is customers incorrectly estimating mortgage balances. Being in arrears on condo fees is another example – or more often than not, that many not be the first thing he or she wants to tell you.
Whether there is a lien or not, you know that if your client is in arrears on their condo fees, they will have to be brought up to date before a real estate deal can close. While many liens can only be uncovered through a Parcel Register*, there is more than one way to learn a client’s status on their condo.
A Parcel Register* is an integral search that a real estate sales professional should make on all deals because other liens or financial encumbrances could come up. Condo status certificates provide the financial status of the individual condo and the condo corporation. Condo status certificates are available online and well worth the investment.
That said, in the case of a condo, you really should obtain both.
This shows your client that you are offering the highest level of service which protects them in the end. You are also protecting yourself by revealing problem deals earlier in the process. The condo status certificate will reveal any arrears in condo fees – whether they have registered a lien or not.
So here is the 1-2-3 on how you can uncover a condo lien:
So as you can see uncovering a condo lien is as easy as 1-2-3. Protect yourself and your clients.
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*An official product of the Ontario government pursuant to provincial land registration statutes.