When you purchase a condo, during the attorney review period it is essential to review and approve or disapprove the condominium documents. These documents typically include Declarations and Bylaws, Rules and Regulations, the current year budget, meeting minutes, and disclosures. It is important to know what you are buying into when purchasing a condo as this not only includes your particular unit but also the building itself. You must assess if the building is financially healthy or if there are potential problems such as major maintenance requirements or unpaid HOA fees. Furthermore, it is necessary to familiarize yourself with any rules that may be in place such as pet restrictions (number of pets allowed, breeds accepted etc.), moving in restrictions (day/time), elevator reservation procedures, fees for leasing your unit (if allowed) and for how long.
Also, it is a great idea to get to know the members of your HOA board… as you can get hints of any impending special assessments which would be a debt you have to pay.
When considering a condo, it’s important to assess the building’s stability and financial health. You’ll need to consider any potential maintenance issues or delinquent HOA payments. Additionally, you should be aware of the building’s rules – such as pet restrictions, move-in times & fees, elevator reservations and leasing regulations. If more than 50% of the building is renters, your mortgage lender may view this as a risky investment and not approve your loan.
We urge you to read all of the condo documents thoroughly and take note of any questions or issues you may have. Pay special 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 big ticket repairs. Additionally, review our mortgage officer’s list of important condo questions before making your decision. Once you’re done, email me with any questions or concerns so that I can provide clarification or further documentation if needed. Also let me know if you feel comfortable moving forward with the purchase, want to cancel the contract, or would like additional information.
