Good Rule or Bad Rule? Depends on the Buyer

When I'm reviewing a status certificate, we're mostly looking for red flags. Things like financial issues, special assessments, litigation, anything that signals a problem with the corporation.

That part of the review is about identifying what's wrong.

But there's another layer of the status certificate that works differently:

The condo rules.

Condo rules aren't about being right or wrong. They're about fit.

A rule that's a dealbreaker for one buyer can be a selling point for another.

For example...

A building that bans smoking entirely is a problem for a buyer who smokes, yet a positve thing for a buyer who doesn't want to smell it around the building.

A building that prohibits short-term rentals is an obstacle for a buyer planning to list on Airbnb and a positive for a buyer who is moving in personally and wants security and stability.

This week I put together a video walking through 4 condo rules that get discussed most often with my clients... pets, smoking and cannabis, short-term rentals, and balcony use.

If you work with condo purchases often, it's certainly worth a watch.

The point isn't to read the rules and look for something objectionable. It's to make sure the client is reading them against their own lifestyle before they waive that status certificate condition, not after.

Latest YouTube Video: