How Long Does It Take to Prepare a Condo Board Package?
Nov 12, 2023
Assembling the various documentation for a condo board package can be accomplished in as
little as an hour if you’ve done your homework. As the buyer, you’ll already have access to
most of the information requested such as tax returns and bank statements. How quickly you
can put everything together depends on how efficient your record-keeping is.
If the condo board application asks for reference and/or verification letters, it’s always a good
idea for you to request these the moment you have a signed contract. The same goes for the
mortgage application; you should complete this as quickly as possible once you’ve signed the
purchase application.
In most cases, you will not be able to submit your condo board package until the bank has
issued a commitment letter. This process usually takes at least three weeks. It’s a good idea to
prepare everything else during this interim period such that you will be in a position to submit
the application within a day or two of receiving the mortgage commitment letter.
If the condo board package asks for seller signature pages or any application fees or deposits, it’s a good idea to request these items as early as possible to prevent delays.