Selling Your Condo

As a seller, you must disclose any material latent defects. This means defects you are aware of that the buyer could not identify through a visual inspection of the property. These defects may be related to the common property or the condominium unit. You must also disclose any upcoming special levies.

Standard purchase agreements in Alberta also require sellers to confirm the unit complies with municipal bylaws and that the appliances are in working order.

Failing to disclose any of the information above could result in the purchaser suing you in the future.

As a seller, you are under no legal obligation to provide buyers with any documents but it will likely help you sell your unit faster if you’re able to provide key documents to buyers in a timely manner.

Be aware: Certain purchase agreements require sellers to provide documents to buyers, placing a legal obligation on sellers. In this case, it is extremely important to have all of the documents ready before you list the unit for sale. This way, you know exactly what you are selling and what buyers will see.

Important documents include:

• The most recent reserve fund report and plan. A well-funded reserve fund can be an important selling feature that shows buyers the condominium corporation is in good financial health.
• The corporation’s operating budget. This shows buyers what the corporation is spending owners’ condominium contributions (fees) on – amenities, property management, contractors, etc.
• Recent meeting minutes from condo board meetings. These will give buyers insight into whether there are upcoming major repairs or budget deficits as this could mean increasing condominium contributions (fees).
• The corporation’s bylaws and rules. Buyers will definitely want to see what the rules are in the complex regarding pets, parking, and amenity use.
• A real property report if the unit is a bare land unit with a structure. This is a physical survey of the land and its structures.

Collecting documents can be time consuming. So start early to make sure you have all documents ready before listing the unit for sale.

For a list of additional documents that may be requested by a buyer, visit Collecting and Reviewing Documents – Resale Properties.

Thank you to the Alberta Real Estate Association for allowing portions of their Condominium A to Z course manual to be adapted for use in this section.

In order for a real estate sign to be visible, real estate professionals often want to place it on the condominium’s common property. However, some condominiums prohibit real estate signs (for example, for sale signs, for rent signs). Other condominiums allow you to post signs with permission, while others specify exactly where you may post such signs. Check your condo bylaws or rules. You can also ask the management company. For self-managed condos, check with your condo board.

In order for a key box to be visible and easy to access, real estate professionals often want to place it on the condominium’s common property. However, some condominiums prohibit key boxes, while others specify exactly where to install them. Check your condo bylaws or rules. You can also ask the management company. For self-managed condos, check with your condo board.

Thank you to the Real Estate Council of Alberta for allowing portions of their Fundamentals of Real Estate course manual to be adapted for use in this section.