If you’re just starting out on your home buying adventure, you may come across this scenario, especially if you’re buying a condo in Toronto and its surrounding cities.
You ask your agent to book a showing on a place to see it the following evening after work.
Your agent schedules the appointment and messages you back that the appointment is confirmed and they will meet you at the property.
The next day, just after lunch while at work, you receive another message from your agent telling you that the place sold last night.
“Damn,” you think to yourself “I really liked that condo.”
You reply to your agent asking what did it sell for?
“Not sure.” Your agent replies. “It’s conditionally sold.”
What Does Sold Conditionally Mean?
Now, maybe you have no clue what sold conditionally means?
A property that is conditionally sold means that the seller and buyer have agreed to a deal. The price is good. The closing date works for them both and a deposit has been delivered by the buyer to the listing brokerage.
Yet, the buyer wants to make sure about a couple of things before going all-in on the purchase. They have conditions.
The most common condition during a property purchase is on financing or mortgage approval.
Essentially, the buyer is waiting for the mortgage lender to give them a final approval on the mortgage.
Other conditions may be a home inspection or, in the case of a condo purchase, a review of the condominium documents and status certificate by a lawyer.
Now that we know what conditions mean, let me explain why an agent can’t tell you what the selling price was.
The selling price of a property is only posted to the MLS once a property has become “firm”, meaning the buyer has satisfied their conditions.
Their mortgage was approved or they had the home inspected and are OK with the inspection report.
Once the conditionals are all met, then the sold price gets posted to the real estate agent side of the MLS and your agent can let you know the selling price.
Agent Side of the MLS
Unlike the public side of the MLS (realtor.ca) real estate agents have complete access to all of the sold price information that is not posted to the public side of the MLS because of privacy reasons.
The good news is if you are working with an agent, you are a client and your agent can provide you with sold info once posted.
If you are not working with an agent, you can sign up to certain websites that provide the sold prices or, find the info at the land registry office.