Step 17 - Review the Condo Docs

February 2, 2024

Step 17 - Review the Condo Docs

Review the Condo Docs (applicable to those who are buying a condo)

If you're in the process of buying a condo, it's important to take some time during the attorney review period to review and approve or disapprove the condominium documents. These documents typically include the Declarations and Bylaws, the Rules and Regulations, the current year budget, the meeting minutes, and the 22.1 disclosure. If you're purchasing a single-family home or a multi-unit building, this step won't apply to you. However, it still may be worth it (if you are buying a property/home within an association) that you review the rules and regulations so you know what is allowed in the community (i.e. exterior colors, noise, etc.)

The reason for reviewing these documents is that when you buy a condo, you're not just purchasing your unit, but you're also becoming a part of the building community. It's crucial to determine if the building is financially stable and healthy and to identify any potential issues such as upcoming maintenance needs or delinquent condo owners who aren't paying their HOA fees. You'll also want to understand the building's rules and regulations, including aspects such as pet restrictions, move-in procedures, leasing policies, and the percentage of renters in the building.

For all these reasons, we strongly recommend thoroughly reading each condo document and noting down any questions or concerns you may have. We can then request clarification or additional documentation to address these. It's especially important to pay attention to the meeting minutes, as they often provide insight into the building's current status and any plans for major repairs.

Additionally, it's a good idea to review our mortgage officer's list of important condo questions to ask.

After reviewing the condo docs, feel free to email me with any questions you have and let me know if you feel comfortable moving forward if you're considering canceling the contract, or if you need additional information.

If you have any questions or need further assistance, don't hesitate to reach out. We're here to help you through this process.

Let me know if there's anything else you need assistance with!

 


Work With Us

Bringing together a team with the passion, dedication, and resources to help our clients reach their buying and selling goals. With you every step of the way.