Sale of Units

Policy Statement

The purpose of this policy is to establish clear guidelines and procedures for the sale of units within the [Condominium Name] condominium complex. The policy aims to ensure a fair and transparent process for both sellers and buyers, while protecting the interests of the condominium corporation and all unit owners.

Scope

This policy applies to all unit owners who intend to sell their units within the [Condominium Name] condominium complex.

Definitions

  • Unit Owner: An individual or entity who holds title to a unit within the condominium complex.

  • Condominium Corporation: The legal entity responsible for the management and operation of the condominium complex.

  • Council: The elected body of unit owners responsible for the governance of the condominium corporation.

  • Sale: The transfer of ownership of a unit from one party to another.

Procedure

  1. Notification:

    • Unit owners who intend to sell their unit must notify the Council in writing of their intent to sell.

    • The notification must include the unit number, the anticipated listing date, and the asking price.

  2. Disclosure:

    • The seller must provide the Council with a copy of the Property Disclosure Statement (PDS) and any other relevant documents related to the sale.

    • The seller must disclose any known defects or issues with the unit to the Council.

  3. Right of First Refusal (ROFR):

    • The Condominium Corporation may exercise its ROFR within [Number] days of receiving notification of the sale.

    • If the ROFR is exercised, the Corporation will purchase the unit at the same price and terms as the offer accepted by the seller.

  4. Marketing and Advertising:

    • The seller is responsible for marketing and advertising the unit for sale.

    • The seller must comply with all applicable laws and regulations regarding real estate advertising.

  5. Offers and Acceptance:

    • The seller is free to accept any offer that they deem acceptable.

    • The seller must notify the Council of any accepted offer.

  6. Closing:

    • The seller must provide the Council with a copy of the sale agreement and any other relevant documents related to the closing.

    • The seller is responsible for paying all outstanding fees and charges to the Condominium Corporation prior to closing.

Additional Considerations

  • Move-In/Move-Out Procedures: The seller must comply with all move-in/move-out procedures established by the Condominium Corporation.

  • Special Assessments: The seller is responsible for paying any special assessments levied against the unit prior to closing.

  • Insurance: The seller must maintain adequate insurance coverage for the unit until closing.

Enforcement

Failure to comply with this policy may result in the following:

  • Delay of the sale

  • Legal action by the Condominium Corporation

  • Fines or penalties

Review and Amendment

This policy will be reviewed annually by the Council and may be amended as necessary.

Disclaimer

This policy is intended to provide general guidance and should not be considered legal advice. Unit owners are advised to consult with legal counsel regarding the sale of their unit.