Ready to Buy a Condo? Do you Know this?

ready to buy a condo questions

Ready to Buy a Condo? Are you sure?

 

Want to Buy a Condo? Do you know…?

  • That there are Governing Docs & State Statutes which control the community association
  • What the governing docs are
  • Why the governing docs are necessary
  • The pros & cons of buying a newly-built condo
  • Why the number/% of rental units in the Association is important
  • Why it matters if the developer is still in control of the association
  • Why an Association has a Board of Directors
  • There are rules you must obey (such as parking and pets)
  • There may be fines for not following the rules
  • What special assessments are
  • What a reserve study is
  • What a reserve fund is
  • Why an association may have rental restrictions
  • What parts of the condo are  your responsibility to maintain
  •  What parts of the condo are the responsibility of the association
  • The collection policy for delinquent dues? – When a Lien and/or Foreclosure can be filed?
  • If your association has a reserve fund
  • If your association had a reserve study prepared
  • If the Association is fully funding its reserves according to the reserve study
  • If the Board can approve a special assessment on its own, or is an owner vote required
  • How much the Board can increase dues without a vote by the owners
  • If there a routine maintenance schedule
  • If delinquencies are high and cash-flow is poor
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