If you’re planning to sell your condo, you have the option of engaging a real estate professional or selling it on your own. Whether you’re planning to sell your condo with or without the assistance of a real estate professional, always consult a real estate lawyer to ensure all of your legal obligations are met.
If you plan to hire a real estate professional, visit Selling a House or Condo on Real Estate Council of Alberta’s website. It will guide you through the selling process when you’re working with a real estate professional.
As a seller, you are legally obligated to disclose any material latent 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 are also required to disclose any upcoming special assessments that are not listed in the documents requested by the buyer.
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 so that 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 a time consuming process so it is recommended you start early to ensure you have all documents ready to go before the unit is listed 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.
Frequently asked questions: real estate professionals
My real estate professional wants to put up a real estate sign. Can she do that?
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 (i.e. for sale signs, for rent signs). Other condominiums allow signs to be posted with permission, while others specify exactly where such signs may be posted. Check your condo bylaws or rules. You can also ask the management company if real estate signs are allowed. If your condo is self-managed, check with your condo board.
My real estate professional wants to install a key box so people can see my unit while I’m out. Can he do that?
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 they may be installed. Check your condo bylaws or rules. You can also ask the management company if key boxes are allowed. If your condo is self-managed, 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.
Last updated: September 2016