If you’re buying a condo in the area, you need to review the condominium documents. These documents generally include the Declarations and Bylaws, the Rules and Regulations, the current year budget, the meeting minutes, and a list of the current Association Board Members. NOTE: If you’re buying a single family home or a multi-unit building, this step won’t apply to you.
When you buy a condo, you’re not just buying a particular condo unit, you are actually buying into the common elements of the entire property as well. You need to figure out if the building/buldings are stable and the association is managing the property in a sustainable manner, financially and otherwise and/or if there could be potential problems, either with large upcoming maintenance issues (which would dramatically increase the HOA fees) or delinquent condo owners who aren’t paying their HOA fees, etc.
It’s also important to learn about the HOA’s rules such as:
- Are there pet restrictions (number of pets, breeds, weights, etc.)?
- What is the process, if I wanted to make improvements in landscaping, or changing windows/doors, etc.?
- Can I lease out my condo unit and, if so, for how long?
- How is parking handled? How is mail handled?
- Is there a clubhouse, golf course, pool, etc.? Is there an extra fee for use or membership?
For the above reasons and more, we strongly urge you to read each condo document thoroughly. Write down any questions or issues you’d like to know more about as we can ask for clarification or further documentation. Pay particular attention to the meeting minutes as this is often where you’ll learn what’s really going on in the building and any future plans for large and potentially costly repairs.
After you’ve read the condo docs, email me any questions you have and whether you feel comfortable going forward, want to cancel the contract or would like additional information.
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