Q: I am a real estate agent and have a transaction that is conditional on the review of the status certificate. I did not receive a waiver of this condition even though I know there are no issues with the status certificate, but rather a signed mutual release from the purchaser’s realtor. Is this deal still active or do I need to find another interested buyer for my client’s property?
A: First, when a person is attempting to purchase a condominium, they should make the offer conditional on review of the status certificate by their lawyer.
The lawyer for the purchaser will review this document and all of the other accompanying documents to make sure there are no problems with the property. However, this condition is usually at the discretion of the purchaser and for their benefit.
Even if the status certificate appears to be satisfactory, the buyer can simply indicate they are not satisfied and the transaction is no longer.
Time to look for a new purchaser.