Today, we’re sharing how our Edmonton real estate team helped a client sell her condo — despite a special assessment with an unknown cost — and how both buyer and seller walked away satisfied.
🧍♀️ The Seller’s Situation
Our client owned a charming condo in a well-maintained building in Edmonton. She was ready to move forward with her life, but the timing was tough: the condo board had just announced an upcoming special assessment — without confirming how much it would be.
This presented a real challenge. Understandably, potential buyers were nervous about the unknown costs. Our client was equally concerned that this would derail the sale or force her to lower her asking price dramatically.
📘 Quick Primer: What Is a Special Assessment?
A special assessment is a one-time fee charged to condo unit owners when major repairs or improvements are needed and the condo’s reserve fund falls short. These assessments cover expenses like roofing, exterior repairs, or upgrades to shared amenities.
For buyers, hearing “special assessment” raises red flags — especially when the exact amount hasn’t been announced.
💡 Our Strategy: The Holdback Solution
Rather than letting uncertainty hold back the transaction, we introduced a lawyer-managed holdback to protect both parties and ensure the Edmonton condo sale moved forward smoothly.
Here’s what we did:
- Negotiated the sale price as usual.
- Arranged for a portion of the seller’s proceeds to be held in trust by the lawyer.
- Once the special assessment amount was finalized, funds from the holdback covered it.
- Any remaining funds were returned to the seller.
This structure allowed the buyer to purchase with confidence, knowing they wouldn’t be responsible for the unknown special assessment. Meanwhile, our seller was able to finalize her condo sale on time and without last-minute surprises.
🛠️ Why This Approach Works
This type of arrangement offers several benefits:
✅ Builds Trust – Buyers feel reassured that they’re protected from future costs.
✅ Protects Sale Price – Sellers avoid heavy discounts due to uncertainty.
✅ Ensures Transparency – Everyone knows exactly how the money will be used.
✅ Keeps the Sale on Track – No waiting around for condo board decisions.
🎉 The Outcome: A Smooth, Successful Edmonton Condo Sale
The transaction closed without a hitch. The buyer felt protected. The seller was relieved. And we were proud to help create a win-win scenario through creative thinking and client-focused service.
This kind of situation is more common than you might think in Edmonton’s condo market — and with the right strategy, it’s absolutely manageable.
🤝 Real Estate Is About Problem-Solving, Not Just Property
Whether it’s a special assessment, title concern, or financing complication, we’re here to help our clients navigate every curve in the road.
If you’re planning to sell a condo in Edmonton — and something’s making the process feel complicated — reach out to us. We’ll help you find a smart, confident path forward, just like we did here.
📞 Contact our Edmonton real estate team today. Let’s turn your challenge into your next big success.
