In a condominium the owner has a deed for the unit, has a separate mortgage, pays property tax on the unit plus a percentage of the common areas and pays a monthly maintenance fee. The condominium owner has a fee simple absolute unrestricted ownership and is individually responsible for property taxes and maintenance fees. When selling condo, use the sales price of condominiums with similar size, appeal, age, neighborhood, incurring similar maintenance fees, etc. to determine market value.
Areas to prepare for when Selling a Condo or Co-op or High-rise:
- Have a copy of the by-laws, proposed by-laws, fees for maintenance of outside areas prepared. Note if the buyer is allowed to make improvements.
- Show that the current fees are paid and up to date.
- Obtain a copy of the Certificate of Insurance showing how much the condo board has purchased to cover damages to the common areas.
- Get a copy of the statement of the percentage of occupancy of the condominium complex. This is a good selling point when selling a condo if the occupancy rate is high.
- Obtain a copy that spells out the use of recreational facilities as well as a drawing or photo of the unit’s interior and recreational facilities. Get a list of improvements, if any, the developer agrees to make. These are great selling points.
- Get a statement that spells out the monthly or yearly maintenance fees the buyer is expected to pay.
- Obtain a copy of the Certificate of Title for your condo unit.
When selling a condo, you may want to use our service to locate the best rated agent in your selling area. Not only will you likely get better results, but a top rated professional Realtor will weed out buyers who do not qualify for a mortgage. They will negotiate with the buyer for you. They are a resource of information to sources for insurance, inspections, legal counsel and financing.