Lenders scrutinize a condo corporation's financial health, since a poorly funded reserve or a pending special assessment affects the building's ability to maintain itself and, in turn, the lender's security. A buyer's condition period for a condo purchase typically needs extra time to review these documents with a lawyer.
Townhomes can fall on either side depending on whether they are bare land condominiums with shared common elements or freehold properties with no corporation at all, so confirming which structure applies changes what documents a buyer needs to review.
A condo review can add 5 to 10 business days to a buyer's condition period beyond what a detached-house purchase needs, and marketing differs too, since a condo buyer usually cares more about monthly fees and building rules than a house buyer does.
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