Hello,Looking to purchase condo unit in hot market/area & realtor, as 90% of them are, are ignorant of my needs as investor & their reasons. I`ve explained what I need & why (this makes me uncomfortable as I don`t like being "pushy" due to my culture but this is a business) & Should I 1. push to study the condo reserve/2-yr. minutes, etc. BEFORE I make an offer or 2. can I make it a condition of the purchase offer (with No. 1 I may risk losing out to a homeowner/buyer-competitor who couldn`t care less about these details)? thx
Condo docs due diligence post-offer
- Thread starter donksky
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I doubt the sellers/listing brokerage would allow you to review the docs without an offer and a deposit in place. I know I wouldn`t.The easiest way for you to find these things out is for you to have your realtor get the building manager`s phone number so that you can contact them yourself prior to offering and ask your questions.
Easy on your realtor because you`re not asking them to push for something outiside industry standards and you will spend less time reviewing because you`ll get all your answers right away.
Then if you choose to offer you can review the paperwork to substantiate what you heard over the phone.
QUOTE (donksky @ Apr 6 2008, 09:44 AM) Hello,
Looking to purchase condo unit in hot market/area & realtor, as 90% of them are, are ignorant of my needs as investor & their reasons. I`ve explained what I need & why (this makes me uncomfortable as I don`t like being "pushy" due to my culture but this is a business) &
Should I 1. push to study the condo reserve/2-yr. minutes, etc. BEFORE I make an offer or 2. can I make it a condition of the purchase offer (with No. 1 I may risk losing out to a homeowner/buyer-competitor who couldn`t care less about these details)? thx
Easy on your realtor because you`re not asking them to push for something outiside industry standards and you will spend less time reviewing because you`ll get all your answers right away.
Then if you choose to offer you can review the paperwork to substantiate what you heard over the phone.
QUOTE (donksky @ Apr 6 2008, 09:44 AM) Hello,
Looking to purchase condo unit in hot market/area & realtor, as 90% of them are, are ignorant of my needs as investor & their reasons. I`ve explained what I need & why (this makes me uncomfortable as I don`t like being "pushy" due to my culture but this is a business) &
Should I 1. push to study the condo reserve/2-yr. minutes, etc. BEFORE I make an offer or 2. can I make it a condition of the purchase offer (with No. 1 I may risk losing out to a homeowner/buyer-competitor who couldn`t care less about these details)? thx
You won`t likely be able to see the documents before you make an offer that is accepted by the seller. The seller must give these same documents to a buyer who has signed a purchase contract so won`t give them to you before you submit an offer. What if someone else presented an acceptable offer while you still had the documents? The documents can cost lots to replace so the seller isn`t likely to risk losing them to you unless you actually submit an offer first and that offer is accepted by the seller. It is standard procedure on purchases of condos to have a condition subject to purchasers approval of the condo documents. In fact, the purchase contract form used by realtors has this clause in the pre-printed form. So anyone else submitting an offer will also have the time to review the documents. I think you get 7 days to review and if you see something you don`t like, then you do not have to complete the sale.
That`s how it is in Alberta, and probably ON too, but check it out to be sure.
QUOTE (donksky @ Apr 6 2008, 10:44 AM) Hello,
Looking to purchase condo unit in hot market/area & realtor, as 90% of them are, are ignorant of my needs as investor & their reasons. I`ve explained what I need & why (this makes me uncomfortable as I don`t like being "pushy" due to my culture but this is a business) &
Should I 1. push to study the condo reserve/2-yr. minutes, etc. BEFORE I make an offer or 2. can I make it a condition of the purchase offer (with No. 1 I may risk losing out to a homeowner/buyer-competitor who couldn`t care less about these details)? thx
That`s how it is in Alberta, and probably ON too, but check it out to be sure.
QUOTE (donksky @ Apr 6 2008, 10:44 AM) Hello,
Looking to purchase condo unit in hot market/area & realtor, as 90% of them are, are ignorant of my needs as investor & their reasons. I`ve explained what I need & why (this makes me uncomfortable as I don`t like being "pushy" due to my culture but this is a business) &
Should I 1. push to study the condo reserve/2-yr. minutes, etc. BEFORE I make an offer or 2. can I make it a condition of the purchase offer (with No. 1 I may risk losing out to a homeowner/buyer-competitor who couldn`t care less about these details)? thx
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I echo what has been said above... you are unlikely to obtain the documents before you make an offer, and get it acccepted. Make your offer conditional on your approving the documents.
As a former Realtor, I would not go to the expense of copying, somtimes hundreds of pages, without having you committed, at least on paper to going through with the deal.
Your Realtor should have a pre-printed clause that will allow you to review every piece of paper you need to make up your mind. Generally, you are given two years of minutes. However, if you want to ask for more, go ahead and ask. You will be given about 3 - 4 days from the time the documents are delivered to you to review them. It may take the Realtors a couple days to assemble all those documents, as well. (A good Realtor will have them ready to go.)
As a former Realtor, I would not go to the expense of copying, somtimes hundreds of pages, without having you committed, at least on paper to going through with the deal.
Your Realtor should have a pre-printed clause that will allow you to review every piece of paper you need to make up your mind. Generally, you are given two years of minutes. However, if you want to ask for more, go ahead and ask. You will be given about 3 - 4 days from the time the documents are delivered to you to review them. It may take the Realtors a couple days to assemble all those documents, as well. (A good Realtor will have them ready to go.)
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QUOTE (donksky @ Apr 6 2008, 10:44 AM) Hello,Looking to purchase condo unit in hot market/area & realtor, as 90% of them are, are ignorant of my needs as investor & their reasons. I`ve explained what I need & why (this makes me uncomfortable as I don`t like being "pushy" due to my culture but this is a business) & Should I 1. push to study the condo reserve/2-yr. minutes, etc. BEFORE I make an offer or 2. can I make it a condition of the purchase offer (with No. 1 I may risk losing out to a homeowner/buyer-competitor who couldn`t care less about these details)? thx
There are no HOT markets right now in Canada .. which ones ??
ALWAYS ALWAYS send an offer with a subject to clause to inspect the condo dox .. unless you know the building well because you already own a unit there !
You need likely at least 2 weeks for all condo dox to even get to you (sometimes a whole binder !!) .. so ask for 4 weeks minimum .. unless you get it part of a "pre-offer" package because you are serious !
There are no HOT markets right now in Canada .. which ones ??
ALWAYS ALWAYS send an offer with a subject to clause to inspect the condo dox .. unless you know the building well because you already own a unit there !
You need likely at least 2 weeks for all condo dox to even get to you (sometimes a whole binder !!) .. so ask for 4 weeks minimum .. unless you get it part of a "pre-offer" package because you are serious !