When purchasing a condominium, it’s very important that you ask questions to understand how the condo association is run. Unlike a single family where the owner has total control of its use, a condominium has conditions, covenants, restrictions and often additional rules that govern how the individual unit owners are to share the common areas or facilities. Common areas may include hallways, stairways, elevators, exterior areas, lobbies and even utilities such as the heating system.
To help home buyers better understand how a condominium association works, real estate law firm Gilmartin Magence LLP has put together a helpful list of questions that home buyers should ask.
Here is a sampling:
In addition to these questions, it’s also a good idea to ask how often the association meets (monthly, quarterly, annually) and to request a copy of the meeting minutes for the past year or so. Note that not all condo associations write formal minutes; in just a three-unit building, for instance, it is unlikely to have minutes.
Additionally, you and your attorney should review the association budget and the condominium documents – typically the master deed, unit deed, declaration of trust and the rules and regulations for the building, if any.
Author: Donna Charpentier
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