If you already own a condominium property in Toronto, think back to when you bought it. Chances are your Agent drafted an Offer that contained a condition on your being satisfied with the Status Package and related documents. Typically this clause gave you and your advisors 10 business days to requisition this paperwork from the Condominium Corporation. You and your advisors then had 48 hours from receipt of same to be satisfied with the contents. If you were happy, you signed a Waiver document and the deal became firm and binding. If for any reason you were not satisfied, you would not have executed a Waiver document, walked away from the deal and the Seller would have had to re-market his property. This process worked well for you as a Buyer and not so well for the Seller.
Now that you are a Seller, let us consider how to modify the traditional selling protocol to benefit you:
1) Have the Status Package in hand before the first prospect sees your property.
2) Set a date and time for review of offers (4 or 5 business days from the start of showings).
3) Instruct prospects to submit unconditional offers only.
4) Insist that the deposit in the Offer be a bank draft for 10% of the purchase price.
The impact for you the Seller of the above modifications to traditional process are:
1) Anyone planning on making an Offer can be given the Status Package ahead of your offer date, thereby enabling them to be satisfied with same, making their Offer unconditional.
2) In addition to facilitating the creation of unconditional offers, a tender date gives Buyers the luxury of time to consider and plan other aspects of their potential purchase.
3) If you have more than one Offer to consider, you will be able to accept the best one without worrying it may fall apart later if your Buyer does not waive his condition.
4) 10% of purchase price bank draft deposits are excellent insurance that the Agreement will close as scheduled.
These simple changes to the selling process will give you as a Seller more comfort and security. Ask your Agent how best to incorporate them into a marketing plan.
Best Wishes for Success,
If you are curious about selling your Toronto condominium, contact me.