Selling a Condo in BC
Selling Your Condo (Nope, It's Not Like Selling a House)
navigating the sale
Ready to sell your Vancouver condo? Let’s chat about the exciting process!
Condo buyers are a unique bunch. They often look for a cool lifestyle or a smart way to enter the pricey Vancouver market. These folks love the idea of easy living – no mowing lawns or fixing leaky roofs!
When you sell your condo, you’re not just offering four walls and a roof. You’re selling a convenient, low-maintenance lifestyle. It’s perfect for busy professionals, first-time buyers, or anyone who’d rather spend their weekends having fun instead of doing chores.
We’ll work together to highlight these perks and attract the right buyers. Your condo could be someone’s dream home or their ticket to homeownership. Let’s make it shine!
Selling your Vancouver condo? Let's highlight its lifestyle perks and low-maintenance appeal. We'll attract the right buyers and maximize your condo's value in this competitive market.
Selling a $600,000 condo can be more complex than selling a $6 million house
Ready to Sell your condo? Get the 411 before you sign
The paperwork
In this section, you’ll find a handy collection of the most common documents and forms you see when selling your condo. We’ve included simple descriptions for each one, so you’ll know exactly what you’re looking at.
Selling your BC condo? Let’s talk about the important paperwork you’ll need. Don’t worry, it’s not as scary as it sounds!
When you get an offer, buyers usually ask for some key documents. These help them check if the condo building is well-managed and catch any potential issues. Here’s what they typically want to see:
- Current Information Certificate (Form “B”)
- Registered Strata Plan
- Current bylaws and financial statements
- Minutes of strata council meetings (last 2 years)
- Strata Insurance Policy
- Recent engineer’s report (last 5 years)
- Depreciation Report
Your realtor usually handles getting these documents. They might put some on MLS® for other agents to see, but you can keep them private if you prefer. Just chat with your realtor about it.
Remember, these documents help buyers feel confident about their purchase. It’s all part of making your condo sale go smoothly!
The Multiple Listing Contract (MLC)
The Multiple Listing System (MLS®) lets real estate boards share property listings with agents and the public through Realtor.ca. When you sign an MLS Listing Contract, your property gets listed on Realtor.ca and other websites. Here’s what to watch for:
- The listing price
- The listing expiry date
- The total commission and how it’s divided with the buyer’s agent
- The services your Realtor commits to in Schedule “A.”
Property Condition Disclosure Statement - Strata Properties (PDS)
A Property Condition Disclosure Statement (PDS) is a document where you share what you know about your property. It’s usually expected if you currently live there or did within the last few years. You’ll answer a series of questions, and it’s your legal responsibility to ensure the information is accurate and complete. Buyers rely on this info when making an offer. While not mandatory, lenders often require a PDS for financing. If the property is a rental and you haven’t lived there, this document is typically crossed out.
Disclosure of Representation in Trading Services (DORT)
This mandatory form was introduced in 2018 and is used by all real estate agents in the province to ensure transparency and protect the interests of all parties involved in a transaction. The form is designed to disclose the relationship between the real estate agent and their client and ensure that the client understands their rights and responsibilities throughout the transaction. A critical aspect of the form is to disclose the type of representation the agent will provide, which can be either a client or non-client relationship.
Privacy Notice and Consent (PNC)
The Privacy Notice and Consent form provides detailed information about how personal information collected by a REALTOR® may be used, including other parties it might be shared with (such as real estate boards) and how it may be collected (through standard forms or government agencies, for example).
Irrevocable Direction Regarding Presentation of Offers (DRPO)
The Irrevocable Direction Regarding the Presentation of Offers (DRPO) is the seller’s written and signed instruction. The document states that the seller will not look at any offers until a specific date and time.
Seller's Disclosure of Material Latent Defects (MLD)
This form discloses a material latent defect to a prospective buyer. A latent defect is a defect that cannot be identified through a standard inspection and can potentially render a property hazardous for occupants or unsuitable for habitation. According to common law, sellers are required to disclose any latent defects they are aware of.
Title Search
In BC, a title search reveals (among other things) the different rights and interests others have in your property. That includes financial charges you might want to keep private. If that’s a concern, discuss it with your realtor.
Keep Calm and Cut Costs: Avoiding Conflicts Before They Start
The really important stuff
We’ve been helping folks sell condos, townhouses, and other strata properties for over 30 years. Our blog posts cover common questions and challenges we’ve seen. Some articles focus on strata-specific issues, while others offer general tips for all sellers. Check them out for insider advice on selling your property!
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Selling a condo with YVR Real Estate Group
Our Clients’ Stories
His experience in real estate and professional approach speak volume...
I have worked with Darius for the last 10 years, purchased my condo and sold it with his help. He has always been very responsive and professional. His experience in real estate and professional approach speak volume. I would gladly recommend Darius to anyone who’s interested in real estate…
I have NEVER seen realtors work so hard so determined doing their...
Where do we start… Darius came to us after an absolutely terrible experience with another realtor we were against signing with anyone at that point but something about them drew us in so we signed. (let the new experience begin) After a phenomenal amount of open houses, showings and multiple
Our property has sold $20,000 over the last similar listing!
I love their approach. Darius walked us through the process, worked creatively, showcased our property on social media, and sold our property $20,000 over the last similar listing.
Selling a Condo in BC
If you can’t find the answer you need, don’t worry – ask us! We’re here and happy to help you out!
Ask us anythingWhat taxes do you pay when selling a house in BC?
The general property transfer tax rate is 1% of the fair market value for amounts up to and including $200,000 and 2% of the fair market value for amounts greater than $200,000 up to and including $2,000,000.
Do you need a lawyer to sell a house in BC?
When you sell your home, you will need to hire a notary or lawyer to represent you in your transaction and facilitate completion.
When is the best time to sell?
Market fluctuations may follow specific patterns depending on the province, city, or neighbourhood. These patterns may be seasonal, repeating yearly, or reliant on transient variables. Locals in Vancouver tend to move during the spring, summer, and fall when the weather conditions are most suitable. Since most real estate transactions have a closing period of 30 to 90 days, the most popular times to buy a home in Vancouver are typically in the spring and fall. Holidays, extreme weather, interest rate hikes, changes to mortgage rules, or local media coverage can also affect buying behaviour.
Listing your property in late spring and summer can significantly enhance its appeal, especially if curb appeal is a factor. While home sales tend to peak in the spring and fall, they do occur year-round. If your goal is to move sooner rather than later, you can still achieve your desired outcome, although it may take longer. It’s worth considering that there are fewer buyers from December to February and from June through August. However, this also means fewer listings, translating to less competition for your home once it’s on the market.
How much is my property worth?
The value of a home is determined by what buyers are willing to pay. To get the best price, sellers need to accurately estimate the fair market value of their home. The final selling price is determined by the market, so setting the right initial listing price is crucial to getting the best value for the property.
Do I need to fill out and sign the Property Condition Disclosure Statement?
The bank or lender needs to review the details before issuing an approval; not providing the property disclosure statement will stall the approval process. A property disclosure statement crossed out on all pages and signed by the seller is acceptable to most lenders and banks. Therefore, obtaining this can expedite approval.
Any issues indicated on a property disclosure statement must be promptly addressed. It is crucial to ensure these issues are resolved before the subject removal date, as this is a key requirement for the approval process.
How does a rescission period work?
The 3-day recission period allows buyers to rescind a contract to purchase residential real property up to 3 business days after an offer is accepted. The three-day period starts the first day after the accepted offer and does not include weekends or recognized holidays. It allows the buyer to walk from the deal for no reason within 3 business days. From day 4 onwards, the buyer can only walk from the deal if subjects are not removed. If rescinded, the buyer must pay the seller 0.25% of the accepted purchase price. The recission period can NOT be waived by the buyer or seller.
It is important to note that if the offer is conditional with subject clauses to the buyer’s benefit and the buyer does not remove them, the 0.25% fee to the seller DOES NOT APPLY.