Purchasing a Condo

Are you ready for the next step after finding the perfect condo? Before your signature hits the paper make sure you’ve done the research to avoid getting stuck with more than you bargained for.

Do you know what the complaints are had by the owners in the complex or the upcoming projects scheduled? Be sure to read the association’s board meeting minutes.

Do you know what a repair fund is and does your community have one? Be careful of places where residents have small maintenance fees.

Do you know if the replacement costs for the insurance policy covers the rebuilding costs? Get a copy of the certificate of the insurance.

Do you know if the association is in the free and clear? A real-estate lawyer can help decipher the association bylaws.

Do you know the rental policies of the complex? If the complex is professionally managed you should be sure to research them, as well as the association.

For more information on these topics and others, read Condo Shopping? Ask These 7 Questions Before You Buy.

Disclaimer: The information provided on this website is of a general nature and should be not intended to be used as legal advice. Please make an appointment with Student Legal Services to discuss your legal matters.
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