What should be included in the documentation for selling a condo?

The declaration of co-ownership agreement is a crucial document in the sale of a condominium. This agreement outlines the rules and regulations governing the condominium development, including the rights and obligations of unit owners, the management structure, and the financial responsibilities associated with the property. It plays a significant role in informing potential buyers about the operational and financial aspects of the condo association, ensuring that they understand what is required of them as owners.

Having this document is essential for prospective buyers as it provides transparency regarding management practices, limitations on property modifications, fees, and any potential assessments or liabilities they could face. Thus, including the declaration of co-ownership agreement in the documentation is vital for an informed transaction and protects both the seller and the buyer by clarifying ownership rights and communal responsibilities within the condo association.

While other documents like the deed of sale, municipal tax bills, and the certificate of location are important, they do not provide the comprehensive overview that the declaration of co-ownership does. The deed of sale merely finalizes the ownership transfer, while municipal tax bills relate to financial obligations and the certificate of location shows the property boundaries and features but may not address the governance issues central to condo living.