You have just sold a unit in a new condominium building to a couple, who will take possession on an interim occupancy basis. The condominium is not yet registered. Will the buyers be required to pay a monthly occupancy fee? If yes, what would be included in that fee?
If you are not certain of the answer, you may want to consider enrolling in Condominiums: What Every Good Salesperson Should Know, an online continuing education course offered by OREA Real Estate College. The course will cover topics such as:
• key factors that affect the physical appeal of a condominium
• how to identify the costs associated with condominium ownership
• techniques used to value condominiums
• how to protect your buyer/seller clients
Condominium buying and selling is not the same as residential buying and selling. There are several important legal, financial, marketing, and valuation differences between a condominium and a regular single-family dwelling. Understanding these differences will mean you will be better able to serve clients interested in purchasing a condominium. In fact, a quick look around any city’s downtown core is proof of the growing importance of condominiums in any real estate sales.
The answer to the above question is yes, the buyers would be required to pay a monthly occupancy fee that includes monthly interest on the unpaid balance of the purchase price, reasonable monthly estimate of municipal taxes, and the projected monthly common expense contribution.
Upon hearing the answer, the buyers, who have already signed the Agreement of Purchase and Sale, change their minds and want to rescind the offer. Can they do this? What are the circumstances in which this is permissible?
Click and Pick: Choose as many CE courses as you like for $15
The College is currently offering a special promotion on continuing education courses. Students and members can take as many courses as they wish for $15 + HST. Please note, returning customers to this offer will be charged $15 (+ HST) per order.
This offer is available until December 31, 2013. Students will have access to the courses until July 31, 2015.
For more information, go to http://bit.ly/14eFqPo.
Can the buyers change their minds and rescind the Agreement? Let us know what you think.