Condo boards can help or hinder when you are selling your unit. Here’s how to get the board on your side to make your sale go smoothly.
- Review the fees and processes. Sure, you’re reading all the minutes and memos the board sends every month. But you might not have noticed changes in fees and rules for selling. Go back and scan through the notices to make sure you know the latest guidelines. For instance, some condo associations in Florida started applying illegally high fees for processing paperwork. If fees have gone up, check with your state’s condominium act to see what’s legal and what’s not.
- Get a timeline of what the board needs from you, when. Boards often work with professional management firms, and they have their own to-do lists. Find out what paperwork you will need from the board; what paperwork the board needs from you; and how much lead time the board needs to get it all done. Merge these milestones in with your selling process.
- Get the board’s certifications of financial status. The buyer’s lender will need this to make sure that the condo association is financially stable.
- Find out about special assessments and have relevant paperwork ready to show buyers. Buyers will ask about condo fees – current and proposed. Have ready a list of recent improvements and proposed improvements, so buyers can see what they’re probably getting into.
- Work with management and neighbors to make sure you and your buyer move out and in according to the rules. Some associations have strict rules for when, how, and where you can park moving trucks, move, and dispose of move-related trash. Get all these specifics in advance so you won’t get fined on your way out.