'Small' condos, defined as a condominium with four units or less, are difficult. Small condos are almost always run as apartments and they hardly ever adhere to the Condominium Property Act (CPA), even though it governs a small condo exactly the same way it governs a 200-unit condo.
There is rarely any condominium documentation for a buyer to review, and that all-important reserve fund study is almost never included.
Sellers have no idea what an estoppel certificate is or how to provide one to the new buyer.
Small condos are often insured as lot block and plan properties, which is entirely wrong. The CPA strictly defines how condos, big or small, must be insured.
Whether you represent the seller or the buyer, if the property is a small condo, expect hiccups both in the offer process and closing,
Watch for my next email, where I'll offer some tips to make your small condo closing go a little more smoothly.
Cheers,
Barry
