When units in the rental pool are up for sale, it can sometimes become confusing as to who needs what information. As the seller, who has the Rental Management Agreement with Deerhurst Resort, it is important that you keep us informed of your intentions and progress so that we can assist you, the new owner and the guests with a smooth sale of the unit.
Outlined are the steps for selling a unit that is in the rental program.
1. Choose a real estate agent that is familiar with Deerhurst Resort and the rental business model. There are many questions from purchasers during the sale process that they will need to have knowledge of. Ensure your real estate agent has a copy of your rental management agreement, condominium rules, and revenue statements, as the potential purchasers will request that information, and the resort is unable to provide this information until a firm offer is confirmed.
2. Inform Emily Gervais, Homeowner Services Manager, that you are selling and confirm the real estate agent who has your listing. Please also advise your property manager of the Condo Corporation.
3. Showing your unit to potential buyers:
- Real Estate agents can gain access to the unit by making an appointment with the Homeowner Services Manager, Emily Gervais. A minimum of 48 hours’ notice must be provided.
- Deerhurst Resort will do everything possible to have your unit ready for viewing when your real estate agent has a showing.
- Real Estate agents will have access to a unit regardless of the housekeeping status provided the unit is not occupied (at minimum, the room will be stripped of dirty linen and garbage removed).
4. Access to the unit & keys:
- Substitute units will not be given for viewing if the unit for sale is unavailable.
- Keys to the units will be issued to the real estate agent by the front desk and must be returned to the front desk. Identification must be provided upon key pickup by the real estate agent
5. Accepting an offer:
- Please remind your real estate agent of your responsibilities pertaining to selling your unit as outlined in your rental management agreement.
- Please keep Deerhurst Resort and the Condo Corporation informed of the new owners’ intentions and anticipated close date.
- Have your lawyer contact Jeanne Lajoie, Homeowner Services Manager, upon closing to advise us of the change of title and how to contact the new resort homeowner.
- Give your real estate agent your owner’s locker keys to be passed to the new owner, and remove all personal items.
Condo Corporation & Property Management
The term condo applies to a type of property ownership. What makes the units at Deerhurst Resort condos is not their physical structure but the way in which owners have agreed to share the ownership of the common elements of the property while retaining individual ownership of parts of the property which constitute their units.
i.e., Summit Lodge Building 51 – a condo unit owner has freehold title to his/her unit and, at the same time, shares jointly with other unit owners the ownership of the common elements, considered the atrium, hallways and land surrounding the building, including the parking spaces & Summit Lodge Pool.
How condos are run:
The owners of each unit are members of the condo corporation and have the right to vote at meetings. An elected board of directors, like a town council, makes decisions on behalf of the owners.
The condo corporation is responsible for managing the condos, property, finances, condo corporation records, reserve fund study and all other related matters. As an owner, you are a member of a condo corporation. It is similar to, but not the same as, being a shareholder of a business corporation.
Board of Directors:
Owners elect a board of directors to oversee the condo property and the affairs of the condo corporation.
Condo Property Manager:
Condo corporations hire a condo property manager (or a condo management services provider) to oversee day-day operations and be the contact for individual condo owners.