If you’re buying a home governed by an association, at some point during the review time period, you need to review and approve or disapprove the condominium documents. These documents generally include the Declarations and Bylaws, the Rules and Regulations, the current year budget, the meeting minutes, and any amendments. If you’re buying a single family home or a multi-unit building that is not governed by an association, this step won’t apply to you. 

The reason you need to review these documents is that when you buy a condo, you’re not just buying your particular unit, but you’re also buying into the building. You need to figure out if the building is stable and healthy financially speaking or if there could be potential problems, either with big upcoming maintenance issues or delinquent condo owners who aren’t paying their HOA fees, etc. It’s also important to learn about the building’s rules such as:

  1. Are there pet restrictions (number of pets, breeds, weights, etc.)?
  2. Can you move in any day/time or are there restrictions on when you’re allowed to move in?
  3. Are there are move in fees or procedures such as needing to reserve an elevator?
  4. Can you lease your unit and, if so, for how long?
  5. Is more than 50% of the building renters? If so, there is a good chance your mortgage lender won’t approve the loan as a building with too many renters is a risky investment

For all of the above reasons, 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 big ticket repairs.

In addition, I suggest you contact your lender or title company for important questions to ask. 

With an Homeowners Association, there usually aren't as many rules and restrictions, but you may find out that your husband can't park his commercial vehicle in the driveway, or you can't park your boat on the side of the house, or perhaps your pet isn't approved in the community. You'll find out if your lawn service is covered in your fees and what type of security is provided as well.

After you’ve read the condo/association docs, email me any questions you have and whether you feel comfortable going forward, want to cancel the contract or would like additional information.

Questions?  

Call me at 954-464-5434 or email me at Linda@CrossroadsRealtyTeam.com.