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We know what it takes to sell your property: attention to detail, determination to get the best deal, and a lot of care for the process. Here’s how you benefit if you choose us:
So you want to sell your condo? Whether it’s your first time doing it or there are just some things you’re still not sure about, we’ve compiled a list of the most popular FAQs (frequently asked questions) to give you a starter course on selling a condo. It’s always advisable to consult an expert before selling your condo, but this list can get you started!
The basics of selling a condo are similar to selling a house. The process involves setting the asking price, marketing the condo, negotiating with potential buyers, and closing the deal. Some things do differ though:
1. Condos can be similar to other condos that are up for sale at the same time, so it’s important to know what makes your condo unique and more attractive
2. Condos are typically smaller than houses, so it’s imperative to stage them properly to showcase the place and get a good deal
3. Buyers will keep the Association’s performance and reputation into mind when buying a condo. Make sure your condo’s Association is doing a good job and raise
your voice if it’s not the case
Tenants can make it harder to sell a condo. The first thing to do, of course, is to discuss selling the condo with the tenants. Do this as far in advance as you can.
Sometimes, even the tenants themselves are interested in buying the condo, so having this conversation is even better. If it isn’t the case, then move forward according to the tenant’s lease. If they are on a fixed-term lease, then you are legally obliged to wait until the term is up. If they are on a month-to-month lease, then give as much advance notice as possible, and at least 60 days.
Once you’ve received an offer, the first thing to remember is to stay level-headed and not make a decision based on emotion. Discuss the proposal with your agent, who will be able to tell you if it seems worth it or if you can do better. When you accept an offer, the attorney review and inspection process begins. Schedule any inspections and have your attorneys review the contract as well. Once the condo and agreement are approved, the sale is final.
Condos typically sell faster than houses do, but it depends on a lot of factors. Some of the things that have a significant impact are:
– Time of year
– Listing price
– Market conditions
– Your agent
There are, of course, other smaller factors, but if these are in your favour, it won’t take long!
The earnest money deposit (EMD) is the money any potential buyer deposits as an indication that they are serious in their consideration of the property. Without an EMD, it’s possible for a party to take you off the condo market by only verbally expressing interest and later claiming that they have found a better condo, so asking for an EMD is essential. You can generally ask for 1% to 2% of the total price as an EMD, but this can vary depending on the market.